The currency in Tibet is Chinese RMB (Short for Chinese Pinyin Ren Min Bi). And the basic unit of RMB is Yuan (¥), also called Kuai in spoken Chinese. The second unit of RMB is Jiao, the third unit is Fen. Ten fen make up one jiao and ten jiao make up one yuan, but people seldom use the fen since they are worth little. The units of yuan are denominated of one, two, five, ten, twenty, fifty and one hundred, and one, two and five for jiao. There are paper notes and coins, but most people would like take notes.
The only place to change foreign currency and travellers check in Lhasa is the Bank of China, Tibet Branch, it is located at Lingkhor street, by the left of Potala palace. You can also change the money in Shigatse, Zhangmu or Purang and Ngari or at the airport on arrival.
You may also change the cash in some hotels, but the exchange rate may be lower in the bank, and besides, most of the currencies, Australia dollar, Us dollar, Uk pounds. Japan Yuan, the euro, etc are acceptable at the Bank of China, Tibet Branch.
You'd better take some travellers cheques before you go, because teh exchange rate is higher than it is for cash. travellers checks from the major companies such as Citibank, American Expres are accepted here.
Credit card in western country is quite popular, but in Tibet, just a few places accept, some top-end hotels in Lhasa, or Bank of China, Tibet Branch, the commission fee is about 3%. So far, our company don't accept credit card, too. You have to go to Bank of China to draw out the money first if you pay us in Tibet.
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