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Posts: 26

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Q: moving to china , i use bank of america, can i withdraw 1500.00 cash monthly from atm with no fees

will be there long term, 5 years, but i dont want to open an account in china, i want to withdraw cash 1 time a month for all bills, can i do this without paying fees, i heard there are atm's all tied in with worldwide banks that are on the same network

12 years 25 weeks ago in  Money & Banking - Beijing

 
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Posts: 5592

Emperor

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i have bank of america i withdraw from china construction bank for free

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12 years 25 weeks ago
 
Posts: 1006

Shifu

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Usually there's a 30 or 35 RMB fee per transaction and there's also a daily maximum and an amount per withdrawal but it would be cheaper than having the money wired over....

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12 years 24 weeks ago
 
Posts: 5592

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bank of america has a special arrangement with china construction bank it is free for BOA customers and dont know of any maximums because i think i must be the only foreigner in china who is poor, but still if you each give 100rmb to my foundation then tedwillbepoornomore Wink

subhash.sah:

Same as crimo never large sums but usually withdraw small amounts from China Construction Bank ATM with no fees. One thing you would have to do is, you will have to go to the bank of america branch office in US and you would have to fill out some forms stating that you would be using your debit card in China. The card must be VISA or Master enabled though.

11 years 51 weeks ago
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12 years 24 weeks ago
 
Posts: 2607

Shifu

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The only one that is directly linked with Bank Of America is China Construction Bank. You will usually have a 4 digit code when you use your card in the states but in China the code is 6 digits. You need to find out why there are 2 extra digits and then go use China construction bank! 

subhash.sah:

4 digit code still works its bank specific not country specific.

11 years 51 weeks ago
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11 years 51 weeks ago
 
Posts: 3037

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You, and some of the repliers, are considering only what you see from abroad, not what happens in China.

First, how to get around converting your 4 digit PIN number in USA to the Chinese 6 digit one needed here.  Easy, if your PIN number is "XZYW", just use here "00XZYW" or add two zero digits in front of it.

Now, not getting into withdraws with or without a fee, what other limitations are here in using ATM's.  For example, you are limited to 5,000 Rmb withdraws per 24 hour days.  So, since $ 1,500 US is about 9450 Rmb, you will need to do it one half per day.

Now, and this happens if you realize it or not.  You claim you do it without paying a fee, but hidden in the transaction by China Construction Bank will be at least two fees.  One will be for the actual transaction of using a foreign debit or credit card to take money out.  At ATM machines, it runs about 1 % of amount taken.  At tellers it will be 3 %.  And the second fee will be for exchanging your dollars into local currency.  And this will happen even if Bank of America tells you there will be no fees BY THEM, but they do not control what local Chinese Banks do here.

The way to find out if they do charge you a fee or not is to do a transfer.  For easier explanation assume you transfer $ 1000 US dollars.  After doing it, check your bank statement and see if you were charged at Bank of America $ 1,000 or $ 1010 dollars.  If $ 1010 you know it is a fee from Constuction Bank.

And last, two things.  Please make sure you tell Bank of America when you are coming to China.  Otherwise when the first charge arrives there from China, they will assume your card was stolen and your account frozen.  And second, make sure you do give the bank a secondary address for you, because they will not mail new cards to China when the old one expires.  You need to have a trusted relative or friend who agrees to allow you to use his address so you can renew the card when it expires.

And double check that the branch of Bank of America you use is tied up with the INTERLINK SYSTEM with UnionPay, which is the one used by all banks in China. 

subhash.sah:

I have checked my bank account every time I used my card at the China Construction Bank ATM. I didn't see any discrepancy in the amount. Lets agree to disagree, here's an idea Bank of America or China Construction Bank neither of them charge fees for the transaction; however China Construction may be making money by altering the exchange rate here and there. Also no 00 required at the ATMs at China Construction Bank, I have only ever entered my 4 digit pin and worked like a charm every-time.

11 years 51 weeks ago
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HappyExPat:

Well, I am glad for you, I do know how little money some of us have, and every penny counts. But an officer of Constuction bank told me in broken English they do charge a fee for withdrwals on ATM of 1 %, and 3 % of amount at teller window.

11 years 51 weeks ago
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11 years 51 weeks ago
 
Posts: 1008

Shifu

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Hmmm, I never had a problem changing or adding numbers to my pin, but I ran into problems with Bank of America freezing my account every third transaction because I'm in China and they know this, then charge me 36 US dollars to unfreeze it. Change banks if you can, they do have serivce fees, BOA charges 6 US dollars for all international transactions and withdrawals

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11 years 50 weeks ago
 
Posts: 3334

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You shold get that limit daily. 

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11 years 50 weeks ago
 
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