While I didn't do it, but my card should be the same... (up to my daily withdrawal limit). However, the point was to avoid the $3-5 ATM fee that each ATM charges, plus whatever fee our own bank charge on top.

My bank (Chase) used to charge a foreign ATM fee ($5 I believe) AND a "foreign transaction adjustment fee", which often make it as competitive as exchanging money at the hotel (bad!). However, now that I have the new Sapphire Checking account, the foreign transaction fee is gone and even with the $3-5 ATM fee, the exchange rate for a ~$500 withdrawal is pretty good. (My experience in Canadian and Chinese currency so far).

EDIT: Sorry, I misread your post - I didn't realize that you can take out money multiple time as a SINGLE TRANSACTION (i.e. not taking your ATM card out). I definitely didn't try that... That would also make life easier! I'll be sure to try it next time I'm in China (if I need cash next time... :-)