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ATM tips?

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NJ
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37 posts
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ATM tips?

I leave for China on Friday and would love to save a dime where I can while there so can anyone suggest a Chinese bank that won't charge me a ton of money per transaction? Are there any that don't charge at all? Or at least the minimal $2 or so that is common in the US?

I have already checked with my bank (TD Bank) and they won't charge any fees to use another ATM.

Thanks!

~C

hong kong
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8,880 posts
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1. Re: ATM tips?

The Chinese banks do not charge, so if your bank does not charge for international withdrawals then you should not be paying any fee.

New York City, New...
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2. Re: ATM tips?

timmylulu,

welcome. I also have TDbank. I have not asked them yet but your info is good. I recently got a Capital One bank account and credit card because they do not charge foreign transaction fee on their credit card.

Phoenix, AZ
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3. Re: ATM tips?

They'll get you on the currency conversion. I am in a credit union and they're charging 1%. Chase want 3% if I use my credit card. Please check with your bank, it maybe different from mine. We go to Shangahi soon, every dollar is a prisoner, we're saving where we can too....Have a great trip.

Aventura, Florida
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16 reviews
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4. Re: ATM tips?

What's special about Capital One is that they do not charge a conversion fee.

Phoenix, AZ
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5. Re: ATM tips?

I was assuming that the OP was wanting to use his Debit/ATM card. I wish I'd known about capital One credit card though, thx for the info.

Phoenix, AZ
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6. Re: ATM tips?

Just looked into Capital One, didn't know they did regular banking too, I thought they were CC only

Baltimore, Maryland
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30 posts
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7. Re: ATM tips?

Your bank may not charge a transaction fee for using another ATM, but they may charge an exchange fee. Make sure you check. Our credit union doesn't charge the transaction fee, but there is a .8% conversion fee. That adds up if you are pinching pennies.

New York City, New...
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8. Re: ATM tips?

Hi, there is a similar thread in beijng forum I started on how to store your money. I found that china is not generally credit card friendly and so I thought that I had to bring lots of cash with me. From input from so many friendly TA members, I have decided to cut down drastically on my cash and use atm cards to withdraw money and use credit cards where accepted.

So I got a capital one credit card .(capitalone.com/creditcards/products/details/…

Last saturday, I went to the Capital one bank just to ask questions and I came out with a bank account! Just to use the atm card and get rewards which I can parlay into a few nights hotel stay.

Retired floridian, i think you mean no foreign transaction fee.on credit card purchases/payment. Correct me if I am wrong but there is a conversion fee if you get cash in foreign currency. I was just chatting online with a rep. below is a transcript of the chat.

you: it is a venture card

Cain: would that be a Venture one or Venture card?

you: Not sure at this point but I think it is just a venture card. wherein you get 2 pts. for every dollar spent and has a $59 annual fee to it.

you: Im at work and my wallet is at the locker.

Cain: That's fine, I got the answer from you.

Cain: the APR for cash advances on this card is 24.9%.

Cain: The fee would be either $10 or 3% of the amount of each cash advance, whichever is greater.

Hope this helps everyone. I will try to use my Capital one credit card as much as possible to pay for purchaes and use my ATM card for cash advances.

Canmore, Alberta
Destination Expert
for Canmore
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9. Re: ATM tips?

I seem to remember not being able to use my ATM card in machines and having to use our credit card to take advances from it., but it was back in 2006, so I could be remembering wrong or things could have changed.

Aventura, Florida
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984 posts
16 reviews
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10. Re: ATM tips?

Just to clarify.

Capital One credit card is advantageous ONLY for credit card purchases. NEVER, EVER use any credit card in an ATM machine.

Capital One use an interbank exchange rate and does not charge a conversion fee on foreign credit card purchases. Most credit cards charge between 1 and 4 percent conversion fee.

American Express used to charge 1 percent conversion fee on foreign credit card purchases and this year went up to 2.7 percent.

ATMs can carry both transaction fees and conversion fees -- or neither.

Example 1. A Bank of America debit card used in a China Construction Bank ATM will not have any transaction fee at either end, and will use an interbank exchange rate, but it will have a 1 percent conversion fee.

Example 2. A Schwab One checking account debit card used at any ATM anywhere will not have a transaction fee from Schwab and if the ATM bank charges a transaction fee Schwab will reimburse it worldwide. They use an interbank exchange rate and do not charge a conversion fee.

Some credit unions offer similar benefits but will only reimburse within the US.

Capital One is offering an online interest checking account (no minimum balance, no monthly charges) that has available a debit card with no ATM fees and they will refund up to $10 per month in ATM fees from other banks.

Banks change their policies. Shortly before you travel call the banks whose cards you intend to use and make sure their policies have not changed. Also, tell the companies where and when you are traveling so your cards are not blocked.

One other thing to be aware of. When using a credit card in a foreign, make sure the charge is done in the local currency (i.e., in China in yuan) not in dollars. This is a new gimmick where they offer to charge in dollars and you will get a terrible exchange rate.

Edited: 15 October 2010, 12:04