Originally Posted by fun888
I did two experiments in hong Kong with my b of a ATM card and the citi ATM at their respective bank owned ATM machine... both without any aTM fee charge.
the exchange rate for HK$500 at each terminal on the same day, within 2 minutes (3/2 and 3/13 twice). BofA has the best rate of $7.76 (at the official exchange rate published by the Asia Wall Street Journal) while citi is only $7.68 which is 1% less than the official rate.
If you need Chinese YMB$, the best way is to get it from the bofA ATM in hong kong, the exhange rate is at the official rate too... Y$8.02. I can only get $7.9 inside China using cash. ATM rate are usually lower at Y$7.8 Citi has ATM at all major cities within China.
As to credit card, I get the offical rate of Y$8.02 and HK$7.76 using my charless Schwab credit card without any surcharge.
Just returned from China and used the citi ATM at the PVG AIRPORT TO GET CASH. When I returned, I found out that there is a surcharge of $5, or 1%, on my statement. The exhange rate is about 0.7% less than the official exchange rate as listed on the Asia Wall street Journal.
Call to Citibank, the lady answered cannot give me an answer. talked to a supervisor: It is Citi new policy to charge 1% on all foreign aTM transactions. If you use a non-Citi ATM, there will be another $5 to 7 surcharge per transaction.
Bank of America has a better exchange rate than Citi and they do not charge the extra 1% on their own aTM machines.
the moral of the story is ; stop using an citi credit card and ATM oversea.