luek096

i'm positive. 2% fee is not applied to transactions made in china. i have used my card many times in china with the most recent usages in last summer, the foreign transactions are posted onto my statement as the amount in local currency and the amount in us dollars calculated based on the exchange rate, usually u would expect an extra line below telling you how much for the 2% foreign currency charge, but i never see that for purchases made in china. as far as i know, discover has an agreement with unionpay which is the biggest card brand there. cards bearing the unionpay logo are accepted almost all the time in china if the merchant takes credit card, and discover cards are treated just as the same. but sometimes you do need to educate the cashier a little bit by mentioning the word unionpay.

anacapamalibu

Discover: Motiva Card

Foreign Currency Transaction Fee
2% of the U.S. dollar amount of each purchase made in a foreign currency


https://www.discovercard.com/cardmem...rch_gsan_txt_5

Discover : Miles Card


2% of the U.S. dollar amount of each purchase made in a foreign currency


Discover: More Card

Foreign Currency Transaction Fee


2% of the U.S. dollar amount of each purchase made in a foreign currency

They have 6 different types of cards.Checked the rate and details of them. Didn't see any that don't charge the 2%. That's how banks make most of their profit. FEES
http://www.discovercard.com/credit-c...hpu_cc_all_txt


effective on May 1, 2009

Foreign Currency Transaction Fee Finance Charges
We are adding a new section to inform you that we will charge you a Foreign Currency Transaction Fee Finance Charge for each purchase made in a foreign currency:

“Foreign Currency Transaction Fee Finance Charges. We will charge you a Foreign Currency Transaction Fee FINANCE CHARGE of 2% of the U.S. dollar amount of each purchase made in a foreign currency. The imposition of Foreign Currency Transaction Fee Finance Charges may result in an Annual Percentage Rate for purchases that is higher than the nominal Annual Percentage Rate. To obtain the total Finance Charge on purchases for each billing period, we add any Foreign Currency Transaction Fee Finance Charges for the billing period charged under this section to any Periodic Finance Charges calculated under the Periodic Finance Charges section for each purchase transaction category and add up these amounts

ckjmglee

We're flying in from the US to Beijing next week and will only have USD as we enter China. We do need to get 5 people and our luggage to the Hilton Wangfujing...

Is the airport issue mainly the 50RMB fee or is the exchange rate also dramatically worse at the airport?

I'll need to change some money at the airport, but how much?

If I'm reading this thread correctly, it will be best to exchange at our hotel, right?

Thanks!

Peter_N-H

Beijing Airport has private, fee-charging, exchange counters, but also bank branches that are not fee-charging, typically not on the main walking routes (Terminal 3) but just to one side. There are only tiny variations in the exchange rate between banks on any particular day, so you needn't fret about that. Your simplest and most economical route to cash is likely to be by using an ATM card (bank card) at any of very many ATMs in the arrivals hall. Check with your bank about what it charges, tell it that you are going to be in China to make sure that your transations are not blocked, and make sure it carries Mastercard, Cirrus, Plus, or Visa logos.

Peter N-H
China

ckjmglee

My bank, Wells Fargo, charges $5 for any ATM transaction outside the US. Do the ATM's in China also charge a fee for using the ATM?

Peter_N-H

There are few free-standing commercially operated ATMs in China, all but a tiny handful belonging to banks. Whatever your bank says it will charge you is the sum total of all you will have to pay. There is at least one US card with no charges, I hear (Capital One?) and others have reported that their banks have special relationships with particular Chinese banks also making their ATMs fee-free (although they always get something from you on the exchange rate).

When calculating the meaning of flat fees per withdrawal, note that these are often limited to ¥2000 to ¥2500 (or as little as US$290 at current rates). And although multiple successive withdrawals are usually possible, it will in this case by US$5 per time.

bgwwlm

Strongly recommend using ATMs for money. The big charge will usually come from the U.S. bank, with the Chinese bank generally charging a 1% fee on top of that (unless you find a Chinese bank that has a no-fee arrangement with your U.S. bank, such as Bank of America and China Construction Bank).

When changing RMB to back foreign currency, the rule seems to be that you don't need receipts for amounts under US$500. As with most rules in China, though, the actual application depends on the user... also, you should be able to change RMB to foreign currency at major banks outside of China, at least in modest amounts (I have changed RMB to Hong Kong Dollars at HKG and I have changed RMB to Euros at the Bank of Ireland).

tauphi

While this is true, all foreign passport holders (including HK/Macau/Taiwan residents) are allowed to exchange US$500 worth of foreign currency per day, without receipts.

tauphi

That's all well an good, but has anyone actually been charged the extra 2% when using a Discover card in China? Or for that matter has anyone been unable to use a Discover card at a location where a Unionpay card is accepted?

tauphi

Changing foreign banknotes to RMB at Chinese banks means that you'll be paying a 1%-3% cash-to-telegraphic fee. It's usually hidden because they'll simply use the cash exchange rate which is worse by that amount compared to the telegraphic exchange rate.

ckjmglee

Oops, it's even worse than I thought... I called Wells Fargo and they told me that its $5 plus +3% of the transaction to use a non US ATM (plus any fees from the owner of the Chinese ATM -1%?). Using the ATM for a 2,000RMB withdraw will mean about fees totaling 115RMB...

Seems like the best bet might be to pay the 50RMB fee in the terminal to exchange USD to RMB so that we can pay the taxi driver...

Or am I missing something?

moondog

Do you happen to have a BofA account, or Schwab, or something else with a fee free option? I had this very conversation with a friend before he came to China two weeks ago.

ckjmglee

Unfortunately I don't - tried the credit union, but no coverage in China... Simplified and consolidated all the various accounts last year...

Villavic

So it's recomendable to change at banks or hotels, but not airports? (I read somewhere that the rate was controlled so was the same anywhere). I'm planning to bring cash, dollar bills, and my cards just in case, cause peruvian banks commision are expensive when you get money on foreign ATMs.

moondog

I think this whole airport scare has been greatly overblown. Basically, fx rates in China don't vary a lot by location. In the past, hotels, banks, ATMs, and CCs were compelled to use the exact same rates. As I understand it, slight deviations from the official rates are now permitted, but the difference isn't significant (unless you're planning on spending big money over there).

The issue that gave rise to this thread was that some airport bank branches tack on y50 to all fx transactions. I'm guessing they number less than 100. Given that there are --perhaps-- 10 million other places to change money in China, it's not so difficult to avoid these service charging establishments.

While you may feel like you're a captive (of the y50 surcharge) upon arrival in PEK or PVG, you'll still be able to find sans fee fx opportunities. The fx ATMs are good, for example. And, if you walk up to the departures level in either airport, there are banks that won't hit you either.

All that having been said, your best bet (assuming you don't fancy bringing a large wad of cash) will likely be to call your local bank and ask if they have any partnerships with Chinese banks. Most banks in the US do, so I'm assuming Peruvian banks are also in the game.