Currency

Renmin bi: The Chinese currency is the renmin bi, also known as the yuan or kuai as it referred to on the street. Originally fixed at around 8.27 to on against the dollar, over the past year or so the RMB has been given a small amount of room to shift, so small fluctuations against the dollar are not unheard of. Expect the RMB to remain at about the current exchange rate of about 6.8 to one against the dollar, and 9.2 to one against the Euro.

Bank Notes: Chinese currency comes in 1, 2, 5, 10, 20, 50 and 100 paper Yuan bills. Smaller bills and coins come in denominations of one Yuan, five Jiao, on Jiao and five Fen. Have plenty of smaller bills on hand, especially 10's and 50's, for small purchases and taxis. Shop owners and taxi cab drivers will whine and complain if you try to give them a 100 RMB bill. 20 RMB bills and under are helpful for buying tickets at the metro. Collect 1 RMB coins for use in certain busses.

Banking

You can change money, traveler's checks, and use ATM's at most branches of Bank of China, Industrial and Commercial Bank of China, and China Construction Bank – China's national banks. Local Shanghai banks such as China Merchants Bank, Bank of Communications, and Shanghai Pudong Development Bank can often but not always change money. Most banks are open Monday through Friday 9 am through 12 pm and 1 pm through 4:30 pm. Aside from Bank of China, China Commercial Bank and China Construction Bank, most banks are closed on the weeked.

Bring your Money to China

If you have credit card or a debit card affiliated with a major credit card company, then you can make cash withdrawals from ATM's at most of China's large national banks, large branches of some of some foreign banks like Citibank and HSBC, airport, and even large hotels and shopping centers.

ATM

Visa and MasterCard are definitely the most widely accepted of all credit cards, but you should be able to find ATM's that accept American Express and other credit cards regularly. Before you make a withdrawal, first confirm that the machine you are using can accept your card. The types of cards that an ATM accepts are usually labeled on a panel overhead or on the ATM's introductory screen.
Be sure to enquire about you credit card's withdrawal fees before you leave home, so that you are not shocked by hidden fees when you receive your bill. As with anywhere, take caution when making an ATM withdrawal. Do not make huge withdrawals alone at night, be discrete with your password, and do not forget to retrieve your card when your transaction is completed.

Credit card

If you want to pay directly with a foreign credit card, you can freely do so at expensive hotels, restaurants, and large shopping malls. Keep in mind that inmost places, including smaller hotels and many middle range shopping centers, cash is the only accepted form of payment. Cash advances from major credit cards can be made at major branches of Bank of China, and a handful of national bans.

Traveler's Check

Traveler's checks are still a much safer option than cash. They can be changed at most branches of the Bank of China, at airports, and in many in larger hotels. Change money as you need it. Pickpockets are not unknown in China, especially on crowded busses or trains, so the inconvenience of changing money may be offset by your added feeling of security. If something happens to your checks, be sure to have handy the local contact number of the issuing company, so that you can be issued replacements.

Special Note

If you leave urban Shanghai for the countryside or the suburbs, then all bets are off regarding credit cards and traveler's check. When you leave town, bring a good supply of local currency with you and be very careful.

Communications

Long Distance Telephone Calls

Making a long distance call from Shanghai is the same as it is all over China. Calls from within the hotel are extremely expensive. If you make international calls regularly, then you better buy a local Shanghai IP telephone card. IP card rates are about 80% cheaper than standard international rates. It is also possible to buy IP cards with substantial discounts. Expect to pay about 30 RMB for a 100 RMB IP card. International rates are often written on the back of the card. Calls to Hong Kong and Macao tend to run 1.2 RMB per minute and calls to North American 2.8 RMB per minute. Calls to other international locations can be as expensive as 3.6 RMB per minute.
You call also use IP card telephone booths found at the Shanghai telecommunications office and along the street. Most of these places use a network IP telephone system and prices are pretty reasonable.

Cell phone

The China Telecom network is compatible with most telephone networks worldwide. If you take your cell phone to China, and do not mind astronomical roaming charges, then you can use it anywhere in the country.
If you plan to stay in Shanghai for a long time and want access to cellular telephone service, then you can buy a local telephone SIM card. Cards can be found almost everywhere including newspaper stands, the Shanghai telecommunication office, and cellular telephone stores. A China Telecom card costs between 60 RMB and 100 RMB, and includes a limited amount of telephone credit. China Unicom sells cheaper cards. You will need to buy special cell phone cards to increase the balance on your phone. Expect to pay about 0.3 RMB per minute for local calls. China Telecom generally has better coverage and special deals such as 10 RMB for 500 minutes of answered calls.

Internet

Most hotels and hostels provide free internet service, and many hotel rooms, bars, and cafes also provide wireless internet access. To accesses wireless internet you will need your own laptop computer and LAN card.
Internet cafes – wang ba – provide internet access for locals and travels. It can be hard to find a wang ba on Shanghai's main street, but you should be able to find plenty in Shanghai's more residential areas. Wang ba provide cheap internet access, usually 2 to 3 RMB per hour.