Currency and Exchange:
Currency in Tibet is Chinese RMB or Chinese Yuan. Chinese Yuan is also known as Ren minbi (RMB). Notes come in denomination of 1, 5, 10, 20, 50, and 100 Yuan. The current rate of the Yuan is about 6.50 for 1 US Dollar. However the exchange rate keep changing and it is better to recheck again before you go. Beside Chinese Yuan, only US Dollar is acceptable. Bank of China, only few hotels and fewer shops accept your credit card. If you are travelling out of Lhasa, we suggest you to get a small denomination of Cash with you. Please also note that Banks are closed in Saturday and Sunday in Tibet.
Money Changer/ ATMS/ Bank in Tibet:
There are very few ATMs and money changer in Lhasa. Only bank of China accept foreigner exchanger facility in Tibet. It is hard to change your currency (USD) out of Lhasa. Better to have enough money with you while going out of Lhasa. Credit cards are use only in big hotels of Lhasa, Gyantse and Shigatse. Beside that there are few shops accept credit card in Lhasa. Out of Lhasa, Gyantse and Shigatse, it is necessary to take cash Yuan cash everywhere.
-
ATMs are limited in remote areas, and they may not always function due to network issues.
-
Always carry enough cash when traveling outside major cities, as banking services are scarce.
Currency Exchange in Tibet
You can exchange foreign currency in Tibet at banks or some high-end hotels. The Bank of China is the most reliable place for exchanging money.
Operating Hours: Monday to Friday: 9:30 am to 1:00 pm and 3:30 pm to 6:00 pm.
Recommendation:
It’s better to exchange money in Kathmand, Nepal or in Lhasa before heading to smaller towns where exchange services might not be available.
What’s the Exchange Rate in Tibet?
The exchange rate can vary, but as a rough guide:
- 1 USD = 7.1 CNY
- 1 EUR = 7.6 CNY
It’s a good idea to check the latest rates before your trip and at the time of exchange as the exchange rates is fluctuates regularly.
Credit Cards and Payments
While credit cards like Visa and Mastercard are accepted in luxury hotels and upscale shops in cities like Lhasa, most places in Tibet operate on a cash-only basis. In rural areas, credit cards are almost never accepted.
Tips for Managing Money in Tibet
- Carry US Dollar in Cash: Always keep Chinese Yuan in smaller denominations, especially when traveling to remote areas.
- Exchange in Advance: Exchange your money in major cities like Lhasa for convenience or Kathmandu, Nepal if you are traveling from Nepal.
- Plan Around Banking Hours: Banks are usually closed on weekends, so plan your currency exchange during weekdays ( Monday to Friday)
- Backup Funds: Due to possible ATM issues, have a reserve of cash for emergencies.
By being prepared, you can focus on enjoying the breathtaking landscapes of the higest plateau and rich culture of Tibet, without worrying about local money matters in Tibet.