Originally Posted by
percysmith
You mean they only pass on the 1% Visa/MC part of the Foreign Currency Conversion fee or do the PRC banks absorb that too?
Yes, the bank absorbs the 1%.
It's a game of timing, namely you are choosing getting hit by the crappy UnionPay rate, or having the good Visa/MC rate then later getting hit by the crappy bank rate...
If you can anticipate EX fluctuation you may get something out of it.
Usually this benefit applies to Platinum Cards and above with at least 1000 RMB annual fee. My wife's CCB Platinum has it, my ICBC Platinum does too.
Originally Posted by
tmiw
Originally Posted by
AllieKat
No. It's the opposite. They're recommending you select RMB and NOT USD.
Originally Posted by
percysmith
Err no. Literally read they are recommending dual-branded cardholders accept DCC!
http://www.unionpayintl.com/column/z...SA/index.shtml
"如使用双标识卡，持卡人在美国无法选择银联网络支付，如商户提供动态货币转换服务（DCC），选择人民币 支付不通过银联网络结算！"
I can't get my head around it though - are the Visa/MC portion of the dual-branded cards now allowed to be denominated in RMB? I thought this was not allowed?
Guys, please don't forget dual-currency cards issued in CHN usually has USD as the default currency of the "dual" channel. It is a native card when used in USA.
It's going to Europe which posses a challenge. But there are also EUR dual-currency cards and even multi-currency cards (not simply dual currency cards without 1% exchange fees).
It's pretty interesting here in China. Also the rewards programs are always bad and you can miss a lot of points by what they call MCC clone or the sort. IMO Chase Sapphire Preferred beats all the cards in China. Just remember the IHG "infinite" card issued by BOC in China gives you only 10000 points for sign-up and carries a 20000 RMB annual fee, whereas the IHG Chase MC has a USD 49 annual fee and usually gives you 80000 points for sign-up.