Expats can open Shanghai bank accounts at any bank in Shanghai, although transfering of currencies is usually limited, as China still has strict currency laws. If you need to transfer large sums of cash you'll be required to show documentation and receipts for the currency exchanges so its best to check with your local bank first.

ATM machines are available all over, and many will work with your bank account from home. Visa and MasterCard are widely accepted at places frequented by foreigners, though most transactions in smaller stores are cash only.

Note that there are no checking accounts in China.

MONEY in CHINA

The Chinese currency or RenMinBi (RMB or Yuan) is based on the decimal system, breaking down into units of ten Mao or Jiao, and one hundred Fens (the easiest way to remember this is to think of a Fen as a penny and a Jiao as a dime).

NOTES - Are available in all denominations from 1 Jiao, 2 Jiao, 5 Jiao, 1 Yuan, 2 Yuan, 5 Yuan, 10 Yuan, 20 Yuan, 50 Yuan, and 100 Yuan.

Locally the RMB or Yuan can be referred to as the Kuai.