| Author |
Message |
orionisastar
Seeker
Joined: July 09, 2006
Posts: 60
Status: Offline
|
 Posted:
Oct 17, 2006 - 06:17 PM |
 
|
| Post subject: Bank of America, China Constuction Bank |
I'm not sure how many people are aware of this, but it seems to work pretty well for my girlfriend and me and solves what we thought would be a major problem when we were preparing to come over. We told some more seasoned Shanghai residents about it yesterday and they were surprised, so in case no one else knows, here's the deal:
If you open a Bank of America account in the US, or whereever else they have banks, you can withdraw from it without charge at China Construction Bank ATM's. The exchange rate is the same as everywhere else, but no five dollar charge and no two+ charge that you normally get withdrawing money at ATM's. I don't know how this works or why, except that Bank of America owns 19% of CCB, but if you're withdrawing from another bank in the US it might be worth looking into switching.
I'm not pushing Bank of America or anything, but it seems a remarkable deal considering China's banking regulations and the fact that my employer pays me USD straight into my account at home.
Hope this is helpful. |
_________________
www.realbeer.com.cn |
|
|
|
yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17971
Location: ZhongShanParkArea SH
|
| Posted:
Oct 18, 2006 - 05:55 AM |
|
|
China COnstruction bank took over Bank of America's retail services IN China after B of A closed retail operations earlier this year. Part of the deal was to save operations costs but eliminating retail services and passing it on to the local Construction Bank. Local Bank of America retail accounts were transferred to Construcion and fees were waived accordingly. Vesateller machines were shut down but the fee-free service was added to Contruction Bank's offerings to take care of B of A customers here in SH. |
_________________
Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
|
 |
|
MrBeijingles
Talker
Joined: July 28, 2006
Posts: 106
Status: Offline
|
| Posted:
Oct 24, 2006 - 05:42 PM |
|
|
Wow, I didn't know that. That makes my life a little bit easier now. Thanks for posting it. |
|
|
|
|
|
tnmom
LoopKicker
Joined: Mar 04, 2004
Posts: 916
Location: Shanghai
Status: Offline
|
| Posted:
Oct 27, 2006 - 12:50 PM |
|
|
I agree - thanks for posting. I have a Bank of America account still open in the US that we stopped using here due to high atm fees but hadn't gotten around to closing. Now I just have to find the closest China Construction bank! |
|
|
|
|
|
janlynn
Wonder Wit
Joined: July 19, 2005
Posts: 3593
|
| Posted:
Oct 27, 2006 - 03:25 PM |
|
|
I have an HSBC account in the US and am charges no fees at HSBC locations around the world |
_________________
Some people never go crazy. What truly horrible lives they must lead |
|
|
|
|
MrBeijingles
Talker
Joined: July 28, 2006
Posts: 106
Status: Offline
|
| Posted:
Oct 28, 2006 - 12:08 PM |
|
|
I just tried it and it didn't work for me. Maybe I'm doing something wrong. I tried withdrawing money from my Bank of America saving account using my Bank of America Debit card at a large CCB and it said the transaction was declined. Then, I tried to check the balance and that was declined too. Maybe the problem is that I am trying to withdraw from a savings account. I'll try later with a checking account. |
|
|
|
|
|
MrBeijingles
Talker
Joined: July 28, 2006
Posts: 106
Status: Offline
|
| Posted:
Nov 07, 2006 - 10:53 AM |
|
|
I tried calling the Bank of America office in Shanghai and got nowhere. |
|
|
|
|
|
yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17971
Location: ZhongShanParkArea SH
|
| Posted:
Nov 09, 2006 - 09:00 AM |
|
|
|
|
|
|
LaVecchiaSignora
SuperStar
Joined: July 24, 2006
Posts: 1531
Status: Offline
|
| Posted:
Nov 09, 2006 - 09:23 AM |
|
|
BOA is is the Azia Center MrBejingles, was the phone nr correct? |
_________________
I like walking in the rain because no one knows im crying |
|
|
|
|
MrBeijingles
Talker
Joined: July 28, 2006
Posts: 106
Status: Offline
|
| Posted:
Nov 09, 2006 - 12:30 PM |
|
|
I thought the Bank of America was in the Stock Exchange Building.
Anyway, I went to the big CCB bank on HuaiHai Road and it worked but several banks in Pudong didn't work. SO strange. |
|
|
|
|
|
LaVecchiaSignora
SuperStar
Joined: July 24, 2006
Posts: 1531
Status: Offline
|
| Posted:
Nov 09, 2006 - 12:50 PM |
|
|
No, Azia Center is their HQ. |
_________________
I like walking in the rain because no one knows im crying |
|
|
|
|
yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17971
Location: ZhongShanParkArea SH
|
| Posted:
Nov 09, 2006 - 05:42 PM |
|
|
|
|
|
|
bobl4198
Newbie
Joined: Dec 10, 2007
Posts: 6
Status: Offline
|
| Posted:
Jan 07, 2008 - 08:03 AM |
|
|
Anyone know how it works the other way. I will be in Shanghai in Feb and will need to transfer money from a China bank account to a USA bank (have existing BoA accounts) monthly. Wondering if CCB/BoA relationship will work. |
|
|
|
|
|
yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17971
Location: ZhongShanParkArea SH
|
| Posted:
Jan 11, 2008 - 12:12 AM |
|
|
|
|
|
|
leidelaohu
Wonder Wit
Joined: June 11, 2007
Posts: 3725
Status: Offline
|
| Posted:
Jan 12, 2008 - 07:36 PM |
|
|
^^ Hey yu ! Do you know anything about how B of A got back to being B of A ? After that "merger" where North Carolina people swallowed up Bank of America and spit the BofA leadership out, I thought they renamed the whole thing NationsBank ? |
|
|
|
|
|
yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17971
Location: ZhongShanParkArea SH
|
| Posted:
Jan 17, 2008 - 11:25 AM |
|
|
B of A is stronger brand than Nations so they Kept the B of A name. Just be glad they didnt name it its original name...Bank of Italy! |
_________________
Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
|
|
|
|
progolferyo
Seeker
Joined: Dec 26, 2006
Posts: 50
Status: Offline
|
| Posted:
Jan 22, 2008 - 11:17 AM |
|
|
Does anyone have a list of verified ATM machines that this ATM-free partnership works on? |
|
|
 |
|
yu888
Board Deity
Joined: Jan 25, 2003
Posts: 17971
Location: ZhongShanParkArea SH
|
| Posted:
Jan 22, 2008 - 01:44 PM |
|
|
|
|
|
|
progolferyo
Seeker
Joined: Dec 26, 2006
Posts: 50
Status: Offline
|
| Posted:
Jan 22, 2008 - 09:19 PM |
|
|
Well maybe not all of them, a few.
FYI, I live in the Zhongtan Rd. / Zhongshan Park area. Any suggestions? |
|
|
|
|
|
xiaotiqin
Squeeker
Joined: Mar 15, 2008
Posts: 17
Status: Offline
|
| Posted:
Apr 05, 2008 - 06:09 PM |
|
|
You still have to pay the currency exchange fee for withdrawing at a CCB ATM drawing funds from a US dollar account in the US. But I guess no additional surcharge/fees. |
|
|
|
|
|
amyatwharton
Talker
Joined: Dec 10, 2006
Posts: 102
Location: Shanghai
Status: Offline
|
| Posted:
June 16, 2008 - 12:50 AM |
|
|
Is it possible to deposit RMB into my Bank of America account at a local China Construction Bank branch? I'm leaving the country next week and will be getting a rent deposit back plus some, and I'd rather not carry that back in RMB (or USD) on the plane. |
|
|
|
|
|
p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6073
Location: Shanghai
Status: Offline
|
| Posted:
June 16, 2008 - 06:52 AM |
|
|
| Quote: |
Is it possible to deposit RMB into my Bank of America account at a local China Construction Bank branch?
|
Yes....but only if you have a dual currency account.
| Quote: |
and I'd rather not carry that back in RMB (or USD) on the plane.
|
Do not carry it back in RMB....it is extremely difficult to exchange RMB in the US.
Curious....If you are leaving the country, (and I assume that this means for good?), why would you consider leaving money here in RMB when it will continue to appreciate against
the dollar.
Put it in USD....carry it back. Unless you are planning to return. |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
|
|
|
|
leidelaohu
Wonder Wit
Joined: June 11, 2007
Posts: 3725
Status: Offline
|
| Posted:
June 16, 2008 - 08:58 AM |
|
|
| p1atl10 wrote: |
| ... why would you consider leaving money here in RMB when it will continue to appreciate against the dollar. |
Ummm, because it will continue to appreaciate against the dollar ? Especially with banks paying crap interest rates these days ?
Not so sure about the dual currency problem, either.I use the BofA / CCB system myself, put dollars in one end and take rmb out the other. Have never tried depositing rmb but maybe I should. |
|
|
|
|
|
amyatwharton
Talker
Joined: Dec 10, 2006
Posts: 102
Location: Shanghai
Status: Offline
|
| Posted:
June 16, 2008 - 05:20 PM |
|
|
Yeah, I'm considering just carrying it back, since the dollar's in a bad place right now, but I also don't want to misplace a big wad of bills in-flight. I have a few friends who've done so...guess it's time for one of those silly around the neck wallets :/ |
|
|
|
|
|
p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6073
Location: Shanghai
Status: Offline
|
| Posted:
June 16, 2008 - 05:59 PM |
|
|
They also sell money belts and ankle belts....so you will not look quite so much the geek! |
_________________
Not all chemicals are bad. Without chemicals such as hydrogen and oxygen, for example, there would be no way to make water, a vital ingredient in beer.....Dave Barry |
|
|
|
|
|
|
Forum FAQ
Search
Preferences
Watched Topics
Log in to check your private messages
Log in
