Withdrawing USD in a China Merchant Bank branch

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Mar 15, 2018, 11:16 am

bledfeet

Original Poster

Join Date: Jun 2015

Location: TPE/GVA/LYS

Posts: 12

Withdrawing USD in a China Merchant Bank branch

Hi, this is quite a specific question.

I've been working few years in China, and remember I have some US left in my multi-currency China Merchant Bank account. (USD not RMB).

I'll make a layover in Shanghai soon and was wondering if I could take out easily (via ATM or on the front-desk) those USD in a CMB branch? I still have that Union Pay card that is still valid.

Thanks!

Mar 16, 2018, 12:32 am

chipmaster

Join Date: Aug 2014

Location: 42.1% in PDX , 49.9% in PVG & 8% in the air somewhere

Programs: Marriott Ambassador Elite, UA 1K, AS MVP GLD 75K, DL Pt

Posts: 1,086

Quote:

Originally Posted by bledfeet

I can only comment do you think from any US branch you can withdraw Canadian dollar or Mexican Peso, I'd forget the USD out of ATM.
I suspect given the Chinese very tight restriction on cash flow out of the country conversion is very tightly monitored with fees not so favorable fees, just saying...

But best of Luck, it is likely the reason I've still gone the cash route even as everyone else local has gone AliPay/WeChat and I look like an extinct animal paying with RMB.

Mar 16, 2018, 5:58 am

tauphi

Join Date: Apr 2009

Location: HKG

Posts: 1,315

Quote:

Originally Posted by bledfeet

Should be fine as long as you bring an ID with you. The daily USD withdrawal limit is ~~$5000~~ $10000.

bledfeet likes this.

Last edited by tauphi; Mar 16, 2018 at 9:07 am Reason: Incorrect limit.

Mar 16, 2018, 6:09 am

bledfeet

Original Poster

Join Date: Jun 2015

Location: TPE/GVA/LYS

Posts: 12

Quote:

Originally Posted by tauphi

Should be fine as long as you bring an ID with you. The daily USD withdrawal limit is $5000.

Awesome! Thanks for the extra information. I think the limit I can carry in cash at the airport is $5000, so it's perfect!

Mar 16, 2018, 9:07 am

tauphi

Join Date: Apr 2009

Location: HKG

Posts: 1,315

Quote:

Originally Posted by bledfeet

Awesome! Thanks for the extra information. I think the limit I can carry in cash at the airport is $5000, so it's perfect!

Actually I was wrong. The daily limit for withdrawals is actually USD10000. The daily limit for USD cash deposits without proof of origin is USD5000.

Mar 16, 2018, 1:12 pm

cxfan1960

Join Date: Nov 2006

Programs: MPC,CA,MU,AF

Posts: 8,171

Quote:

Originally Posted by bledfeet

It sounded to me you are taking cash out of China. Please bear in mind the monetary policy in China. You can only take out:
* Up to ￥20,000 in CNY, and;
* Up to US$5000 equivalence in total cash (including USD, CNY and other currencies) unless you have documents (in which case the allowance can be increased to US$10000).

Having said that, I doubt if that is really enforced in airports (some airports do have customs X-rays though).

Mar 16, 2018, 5:52 pm

JPDM

Join Date: Feb 2013

Location: China and Canada

Posts: 1,886

Note that if the passport that you used to open the account expired, you may have to bring that old passport. You new passport number will not match what they have on file and this may be an issue. They will need to update your profile. Been there.

Mar 16, 2018, 6:44 pm

moondog

A FlyerTalk Posting Legend

Join Date: Dec 2000

Location: Shanghai

Posts: 42,037

Quote:

Originally Posted by bledfeet

1. You definitely need to do this face to face
-fortunately (for you), 招&#3 4892; has good customer service, in general
2. They can provide you with hard money on the spot
3. They can also transfer your USD to CNY within your account, which you can pull out of ATMs worldwide in local currency

Eta: I always go with #3 , myself. While the idea of converting USD to CNY and back to USD might seem absurd on the surface, Chinese banks are pretty good wrt fx rates. And, when I'm in the US, I withdraw from credit union ATMs that also utilise (close to) spot fx rates.

bledfeet likes this.

Last edited by moondog; Mar 16, 2018 at 7:14 pm