Originally Posted by
medic-again
I'll be traveling to China a lot next year and am thinking to open a checking account with either Capital One or Schwab so I can get cash. Their websites aren't very specific and the phone representatives aren't much better.
I know both banks reimburse ATM fees. Do they do this even it's no broken out as a seperate fee by the ATM?
Do the banks also reimburse the currency conversion fee Visa or Mastercard charge? Capital One used to do this, but not sure if it's still in effect.
How are the exchange rates from these banks? I wonder if the lack of fees is made up by a poor exchange rate.
Can't speak to CapOne checking, but Schwab Checking and CapOne credit cards are both truly fee free. Schwab won't automatically reimburse ATM fees that aren't reported separately by the ATM owning bank, but if you save your ATM receipt and it shows an odd number of RMB being withdrawn, you should be able to get it reimbursed by mailing in the receipt. That is, if Chinese ATMs even charge ATM fees (I haven't been to China in several years, but as of 2002 I had never encountered an ATM owner fee in China).