Currency Exchange

[rchilde]

I just want to clarify,

 

Is it true that you can use a CCB atm in mainland china to withdraw from a BoA account, with no fees and a favourable exchange (6.81....)?

Edited January 3, 2010 by rchilde (see edit history)

[Randy W]

I just want to clarify,

 

Is it true that you can use a CCB atm in mainland china to withdraw from a BoA account, with no fees and a favourable exchange (6.81....)?

 

 

Yes - we do it all the time

[mmpv]

I just want to clarify,

 

Is it true that you can use a CCB atm in mainland china to withdraw from a BoA account, with no fees and a favourable exchange (6.81....)?

 

http://locators.bankofamerica.com/locator/...ocatorPage.jsp#

 

Traveling Internationally?

 

Use your ATM card or check card within our Global ATM Alliance in the countries shown with no fees.

 

* Barclays (United Kingdom)

* BNP Paribas (France)

* China Construction Bank (China)

* Deutsche Bank (Germany)

* Santander Serfin (Mexico)

* Scotiabank (Canada)

* Westpac (Australia and New Zealand)

[ShaQuaNew]

I just want to clarify,

 

Is it true that you can use a CCB atm in mainland china to withdraw from a BoA account, with no fees and a favourable exchange (6.81....)?

 

 

Yes - we do it all the time

 

 

It's my understanding that you get the best rates by simply using your debit/credit card to make withdrawals in China direct from an ATM.

 

Here is a helpful link:

 

http://clarkhoward.com/liveweb/shownotes/2009/06/04/15914/

 

Most credit card issuers charge 3% if you use their card outside the United States. Capital One, however, has no fees at all on their credit cards when used internationally. And Charles Schwab has a great 2% cash-back credit card that is also fee-free when used abroad.

 

When it comes to using ATMs, banks will charge fees that start at 9$ per transaction! The Practical Traveler recommends a Capital One card for fee-free ATM transactions. Schwab also typically absorbs all ATM fees for many of its customers.

 

http://thepracticaltraveler.com/?page_id=12

Edited January 5, 2010 by ShaQuaNew (see edit history)

[Randy W]

I just want to clarify,

 

Is it true that you can use a CCB atm in mainland china to withdraw from a BoA account, with no fees and a favourable exchange (6.81....)?

 

 

Yes - we do it all the time

 

 

It's my understanding that you get the best rates by simply using your debit/credit card to make withdrawals in China direct from an ATM.

 

Here is a helpful link:

 

http://clarkhoward.com/liveweb/shownotes/2009/06/04/15914/

 

Most credit card issuers charge 3% if you use their card outside the United States. Capital One, however, has no fees at all on their credit cards when used internationally. And Charles Schwab has a great 2% cash-back credit card that is also fee-free when used abroad.

 

When it comes to using ATMs, banks will charge fees that start at 9$ per transaction! The Practical Traveler recommends a Capital One card for fee-free ATM transactions. Schwab also typically absorbs all ATM fees for many of its customers.

 

http://thepracticaltraveler.com/?page_id=12

 

 

Read a little further there

they charge a 3% or $10 (whatever is bigger) to use it for cash advance, plus any ATM fees charged by the local Bank...

Debit cards may be handled differently - the best thing to do is look at your bank statement after the fact and see what charges were made. For BofA and CCB (per the original question), the exchange rate is 6.81, and no fees are charged at either end. Edited January 5, 2010 by Randy W (see edit history)

[Spekkio99]

I have an HSBC account here in the US, and the last time that I was in Shanghai and in Hong Kong, I've seen HSBC atm machines all over the place. In fact, there were HSBC atms inside the Shanghai Pu Dong airport immediately after you get off the plane, before even going thru customs. I've used it before, my atm card works fine and it spits out chinese currency and deducts from my account using some kind of conversion rate.

 

I just called HSBC to check what this conversion rate is for my next trip. They told me it uses that day's exchange rate + a 3% fee. So if I take out $100, they charge me $3, and give me the remainder in chinese currency using the bank exchange rate. Seems reasonable to me, it is definitely super convenient.

[bokiwen]

I've always used ATM's for money exchange throughout China. I've had the most success at Bank of China, but I have used Construction Bank also. Most of the ATM's I've also used have allowed you to select English, and allow you to select foreign or domestic card (I believe many Chinese PIN #'s are typically 6 numbers, whereas most American PIN #'s are 4 numbers) and have given me favorable rates. I will caution that I notify my local bank before doing this, since they will put holds on accounts if they see suspicious activity.