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Originally Posted by trueblu
(Post 18924983)
Note that the daily withdrawal limit on almost all chinese atms is not a daily limit, but rather a 'this withdrawal just now' limit. I often withdraw 10k from an ATM where the limit is 2500, but just 4 times -- don't even need to take my card out, but it won't spit out more than 2500 in one go. For the BoA card, you can set what daily withdrawal limit you want -- and it's fairly generous if you want it to be.
tb |
Originally Posted by deltame
(Post 18917472)
Best ATM option for withdrawing cash (in China) is to use BOA Visa debit card, no fee from any ATM that belongs to China Construction Bank (widely available in most cities in China). If you don't have an account with BOA, you can open a basic no fee checking account (eBanking) then use online ACH at the BOA site to transfer in some money from Chase before you fly out to China. Keep in mind that there is a daily ATM withdrawal limit and the amount could vary, e.g., up to 2500 or 5000RMB/day in Shanghai.
Best credit card option is Discover card (processed via UnionPay in China) or other credit cards that have no foreign exchange fee (but do watch out for DCC as eluded by another poster). The best ATM cards are those issued by banks that are fee free everywhere in the world. Schwab is the most popular one here because it is completely free and many of us tied them to our Schwab Visa cards back when they existed. But, there are numerous others out there (e.g. small banks, credit unions, and brokerage companies that don't have their own ATMs). |
Originally Posted by moondog
(Post 18960072)
BofA is far from the best ATM card to use in China because it's only fee free at CCB ATMs, which are sometimes hard to find... and, the one's near me in Beijing tend to run out of money every Sunday/holiday.
The best ATM cards are those issued by banks that are fee free everywhere in the world. Schwab is the most popular one here because it is completely free and many of us tied them to our Schwab Visa cards back when they existed. But, there are numerous others out there (e.g. small banks, credit unions, and brokerage companies that don't have their own ATMs). If OP currently has investment or deposit accounts with Schwab or other similar institutions, he/she probably would already be aware of the free ATM withdraw benefit (than asking about Chase debit card). So he probably should consider whether or not to open a new account. From OP's other posts, I gather he/she is located in NYC/NJ metro area, so OP wouldn't need worry about locating a BOA ATM or branch (when necessary) here in the US. I'm aware of the advantages of Schwab ATM card (if it were me I'd actually go with the equally wonderful Fidelity cash management ATM card since I have my 401(k) and also other investment accounts with them). In my mind, though, I'd opt for "opening" these types of accounts primarily for investment needs - I don't discount the no fee ATM benefit but its a nice silver lining only (it alone isn't going to be the deciding factor for open a new account). An BOA (e-banking) account, however, is ideal as a supplement bank account for travel cash needs. No minimum balance requirement + no monthly fee, means no cost to open/maintain such an account and there is no further string attached (and its entirely separate from the rest of the financial accounts but easy to transfer in money via ACH), and if necessary one can get to a local ATM or branch location without hassle. p.s. I have never experienced CCB ATM running out of cash, albeit I only visited those in Shanghai. I never had a problem finding CCB ATM locations in Shanghai either. |
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