Shanghaiist: Are foreign transaction fees dipping into your pocket?

CYM

Thu, 08 Feb 2007 15:23:58 +0800

Yes, I recently opened a BoA account in the US and they told me I can take money out from any China Construction Bank ATM for no fee at all. Very useful!

Fai

Tue, 06 Feb 2007 19:24:27 +0800

Hey Ryan, I also have a BofA account and had to call them recently. They told me that they have global alliances with various banks throughout the world and the one to use in China without being charged is the China Construction Bank.

Ryan

Tue, 06 Feb 2007 14:57:51 +0800

I have a Bank of America US account, I used to get away with no fees at all when they had a Bank of America branch on Nanjing Road and Shimen Road. Then BOA closed and the spot was replaced by a Chinese bank. No I am screwed with nearly $8 fee for withdrawing 2000 RMB each time from my BOA account when I have too. Next trip back to US I am going to look at alternative banking, this plug the credit card fee hikes is getting crazy.

thats crap

Tue, 06 Feb 2007 11:23:59 +0800

Visa - it's everywhere you want to be (for a fee)

Steve

Tue, 06 Feb 2007 10:51:22 +0800

Using the foreign bank is definately the way to go - Citibank is another good one if you're from the US, since there isn't much of a retail HSBC branch network in the US. You can then put that periodically put that pile of RMB you withdraw from the foreign bank into an account with ICBC or another of the big 4 chinese banks, and use that local bank card for hitting the atm. There are still some fees involved, but its much cheaper and fairly convenient, despite the monthly trips to switch cash between accounts.

bei

Tue, 06 Feb 2007 10:30:43 +0800

Well you should just have a HSBC account in your own country...and then no fees when withdrawing in their ATMs worldwide (it may depend on which country u have ur hsbc account). Living in downtown Shanghai i run in HSBC ATM/branch the whole day, so its convenient. And there is one next to where i live. Then of course if u live a bit far...It hasn't prevented me from paying fees when paying with it, but at least i have saved a looooooot on cash withdrawal.

Jakob Montrasio

Tue, 06 Feb 2007 09:15:20 +0800

C'mon, if you live, eat and work in China, get a Bank Of China account and get your money transfered there. They have great service and speak perfect english. Just never forget to bring your passport, that's it...

HUA

Tue, 06 Feb 2007 03:38:42 +0800

it's not surprising at all. That's why I always use AMEX instead of Visa/Master in China. Not because AMEX does not charge a fee but the rate is lower (not substantially lower). To use a MAC machine in China will be a rip off. However, my experience using American bank check card in Europe was not as bad. According to the latest episode of Rick Steve's podcast, to withdraw money in Europe using bank card is the same as using the "foreign currency exchange" service at the airport.