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which ATM for Schwab debit card in Shanghai?

which ATM for Schwab debit card in Shanghai?

Old Sep 5, 18, 4:35 pm
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which ATM for Schwab debit card in Shanghai?

Can someone recommend which Bank ATM would work for the Schwab Debit card? I prefer near People's square as I plan to stay at the Shanghai Marriott city centre hotel. Also does Shanghai use 4 PIN or 6 PIN?
If there is a reliable ATM at Shanghai Pudong airport , that would work too for the taxi. Otherwise, I will book a transfer in advance. We won't be arriving to Shanghai till 11P.M ish.
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Old Sep 5, 18, 5:10 pm
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1. Any one of your preference?

2. 4.
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Old Sep 5, 18, 5:12 pm
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Originally Posted by metoo View Post
Can someone recommend which Bank ATM would work for the Schwab Debit card? I prefer near People's square as I plan to stay at the Shanghai Marriott city centre hotel. Also does Shanghai use 4 PIN or 6 PIN?
If there is a reliable ATM at Shanghai Pudong airport , that would work too for the taxi. Otherwise, I will book a transfer in advance. We won't be arriving to Shanghai till 11P.M ish.
My new Schwab card gets rejected about 40% of the time, but in the past 90% of ATMs have worked fine nationwide, and 99% in Beijing/Shanghai. I have withdrawn money from ICBC and Merchants during the past 3 days. If you don't have a local account, I suggest you open one so you can use WeChat/Alipay.
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Old Sep 15, 18, 5:28 pm
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My Schwab withdrawal success rate is now back to 100%, but I don't attempt the drill at obscure banks. BOC, CMB, and ICBC work best. CCB is also okay in Beijing and Shanghai, but not so okay in Guangdong/Guangxi.

Eta: obscure banks often work, but if you have a choice, go with a big bank.
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Last edited by moondog; Sep 15, 18 at 6:59 pm
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Old Sep 21, 18, 8:45 pm
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Originally Posted by moondog View Post
My Schwab withdrawal success rate is now back to 100%, but I don't attempt the drill at obscure banks. BOC, CMB, and ICBC work best. CCB is also okay in Beijing and Shanghai, but not so okay in Guangdong/Guangxi.

Eta: obscure banks often work, but if you have a choice, go with a big bank.
We are going to test it out soon. Do you see any unfavorable FX rate with the cash withdrawal? I know we'll have to give up something. Nothing is really free.
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Old Sep 21, 18, 8:56 pm
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Originally Posted by RedSun View Post
We are going to test it out soon. Do you see any unfavorable FX rate with the cash withdrawal? I know we'll have to give up something. Nothing is really free.
I have never once been burned on FX rates for cash withdrawals. Basically, BOC sets rates daily, and other banks use them as well.
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Old Sep 21, 18, 9:37 pm
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Originally Posted by moondog View Post
I have never once been burned on FX rates for cash withdrawals. Basically, BOC sets rates daily, and other banks use them as well.
That is cool. It is just like $600/month. ATM would be better than $45 wire fee. Wire would be good for large amount of $$$.
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Old Sep 21, 18, 9:42 pm
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Originally Posted by RedSun View Post
That is cool. It is just like $600/month. ATM would be better than $45 wire fee. Wire would be good for large amount of $$$.
Schwab isn't an actual bank (they use a sub account under JPM), so making deposits can be a little challenging. As such, I suggest that you locate a branch near you that permits physical deposits. Withdrawals are quite easy.
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Old Sep 21, 18, 9:46 pm
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Originally Posted by moondog View Post
Schwab isn't an actual bank (they use a sub account under JPM), so making deposits can be a little challenging. As such, I suggest that you locate a branch near you that permits physical deposits. Withdrawals are quite easy.
I get both Schwab bank and broker accounts. They are also linked to my regular bank account. Things are easy here.
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Old Sep 22, 18, 3:30 am
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Originally Posted by moondog View Post
Schwab isn't an actual bank (they use a sub account under JPM), so making deposits can be a little challenging. As such, I suggest that you locate a branch near you that permits physical deposits. Withdrawals are quite easy.
What are you talking about? According to FDIC, Schwab is its own bank. There is nothing suggestion JPM is affliated with Schwab in term of banking.
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Old Sep 22, 18, 8:43 am
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Originally Posted by garykung View Post
What are you talking about? According to FDIC, Schwab is its own bank. There is nothing suggestion JPM is affliated with Schwab in term of banking.
When you wire money to them, you send it JPM. I have been a client for 10 years now, and know the drill quite well.
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Old Sep 22, 18, 4:22 pm
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Originally Posted by RedSun View Post
We are going to test it out soon. Do you see any unfavorable FX rate with the cash withdrawal? I know we'll have to give up something. Nothing is really free.
Neither the owner of the ATM nor your bank fix the exchange rate. That would require an amazingly large number of bilateral agreements. Everything is determined by the "clearing house", mostly VISA. You can get the exchange rate here: https://usa.visa.com/support/consume...lculator.html/
Then there may or may not be fees by the banks at both ends. AFAIK, Chinese banks have no fee for using their ATM. Then it depends on the package with your bank. My bank in Canada charges no fees except a markup on the fx.
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Old Sep 24, 18, 4:10 pm
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Originally Posted by moondog View Post
When you wire money to them, you send it JPM. I have been a client for 10 years now, and know the drill quite well.
2 issues with your statement:

1. Are you sure Chase is not an intermediary bank?

Note - to those who don't know, intermediary bank is a term commonly used in wire transfer. It is not always possible to do a wire transfer from Bank A to Bank C. So Bank A would need to rely on Bank B, a middle-person bank to facilitate the transfer. Bank B is known as intermediary bank.

2. 10-year of history with Schwab does not automatically mean you know them well. Logically, there is no relationship between both.
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Old Sep 24, 18, 4:46 pm
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Originally Posted by garykung View Post
2 issues with your statement:

1. Are you sure Chase is not an intermediary bank?

Note - to those who don't know, intermediary bank is a term commonly used in wire transfer. It is not always possible to do a wire transfer from Bank A to Bank C. So Bank A would need to rely on Bank B, a middle-person bank to facilitate the transfer. Bank B is known as intermediary bank.

2. 10-year of history with Schwab does not automatically mean you know them well. Logically, there is no relationship between both.
I am certainly not an expert in this area, but I know that wiring money to BofA, Citi, or even my mom's tiny bank in Florida does not require an intermediary. The JPM hop used to be semi important because it added an extra day to the process, but this is no longer the case, so I think we can put this sidebar to bed (e.g. the technical details don't matter as long as the process works).
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Old Sep 24, 18, 6:06 pm
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Schwab Bank is indeed a real bank. That's why you can write and clear checks on your Schwab Bank account. No doubt Schwab maintains correspondent banking relationships with large banks in major financial centers, like JP Morgan. It's very common for smaller banks to establish these relationships, especially for clearing international transactions.

Schwab Brokerage is a separate legal entity and not a bank, though Schwab in fact operates pretty seamlessly between the bank and the brokerage so they do seem much as one.
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