Tibet Currency
The official name of the currency in Tibet is Renminbi, which literally translates to People’s Currency and is abbreviated to RMB. People also call it Chinese yuan, which is abbreviated to CNY. You can write either CNY 1,000 or RMB 1,000.
At present, banknotes in denominations of 1, 5, 10, 20, 50, and 100 yuan are in circulation. One yuan coins are also widely used. Due to inflation, banknotes or coins with a value of less than one yuan, including one jiao and five jiao, are rarely used in China. 100 RMB is the highest currency.
Here only refers to the paper money; the coin RMB is not acceptable in Tibet as there is no Tibetan language on it. As the world currency, USD is acceptable in Lhasa and Shigatse at many hotels or restaurants.
Exchange Money in Tibet
If you start your Tibet tours from another city in China, like Beijing, Shanghai, Chengdu, etc., you can exchange money in any one branch of the four state-owned banks. Namely, Bank of China (BC), Industrial and Commercial Bank of China (ICBC), Agriculture Bank of China (ABC), and Construction Bank of China (CBC). But if you come to Tibet from Nepal directly, you can do this in Lhasa, Shigatse, Gyirong, and Purang as well. For a small amount, you can exchange it with our tour guide. For the big one, the guide will lead you to Bank of China, the only bank in Tibet that provides the exchange service of foreign currency and travelers’ checks. Of course, the receptions of some four or five-star hotels also offer money exchange only for the hotel guests. But they need to charge a handling fee, and the rate will be a little bit higher than the current cash buying rate that published by Bank of China.
The current exchange rate of the Yuan is about 7.1 for 1 US Dollar. However, the exchange rate keeps changing and it is better to recheck again before you exchange. We suggest you change all your foreign currencies in Lhasa, the capital city of Tibet, as it’s the most convenient place compared with the other three mentioned before. Here is the information of The Bank of China in Lhasa,
And please keep some change, like 10, 20, or 50 CNY, which you can use in some remote rural area, such as Shannan, Ngari, Nyingchi, Nagqu; and the smaller one, like 1, 2, or 5 CNY (Yuan in Chinese), which can be donated to monasteries or those beggars you meet on the street.
Credit Cards
With the development of tourism, credit cards are accepted for more and more hotels, shops in Lhasa. After all, it’s the capital city of Tibet. But in other cities, it may not work well. Besides, it usually charges an extra 3-4% as a service fee when you use credit cards to pay the bill.
The Lhasa Central branch of the Bank of China is the only place in Tibet that provides cash advances on a credit card, a 3% commission is deducted.
In general, it is more convenient to use cash than credit cards in Tibet as credit card usage is limited in Tibet. It’s better to take enough cash with you. About the daily cost, here is some information for your reference:
Budget: Less than US$75
Midrange: US$75–150
Top End: More than US$150
Tip: we suggest you take less than 5000 USD cash to China. If you bring more than this amount (5000 USD – 10000 USD), you need to fill in a form for custom declaration. If you take your bank card, then there is no limit.
Nepalese Rupee
11 currency notes are available in denomination of NPR 1, 2, 5, 10, 20, 25, 50, 100, 250, 500, 1000. 1 NRP is subdivided into 100 Paisa. Paisa is a coin. It is are available in 9 denominations of the coin, 1, 5, 10, 20, 50 Paisa, and 1, 2, 5, 10 Rupee.
Nepalese Rupee and Indian Rupee
Nepalese Rupee is an independent currency. It is written and pronounced the same as the Indian currency, but the exchange rate is different. The exchange rate between Nepalese rupee and Indian rupee is fixed at 1:1.6. Once the exchange rate between the Indian rupee and the US dollar fluctuates, so does the exchange rate between Nepalese currency and the US dollar.
Exchange Money in Nepal
Touring in Nepal, it is very convenient to exchange foreign currency in major cities such as Kathmandu, Pokhara, and Chitwan. The main foreign currency in circulation in Nepal is the US dollar and the exchange rate is usually around 80:1. Euros, British pounds, Australian dollars, Singapore dollars, and other major currencies can be exchanged. But according to NRB (Central Bank of Nepal), not all foreign currencies can be exchanged in Nepal. Therefore, if the foreign currency you carry is less known, it is best to exchange it in the Thamel area of Kathmandu. If you plan to hike, it is best to bring rupees. Because ATMs or currency exchange points cannot be found in remote rural areas, and credit cards are rarely accepted. It is recommended that you change the cash you need into rupees before arriving in Kathmandu. In case the money is not spent, you can sell them back to some money exchanger with a little loss on the exchange rate.
