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ameatp
Seeker
Joined: May 13, 2006
Posts: 48
Status: Offline
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 Posted:
Feb 13, 2007 - 03:18 PM |
 
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| Post subject: ATM exchange rates |
Which banks atm has the best exhange rate for withdrawing money? |
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hautumncloud
LoopKicker
Joined: Nov 04, 2006
Posts: 911
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Feb 13, 2007 - 09:00 PM |
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Assuming that you are asking about foreign bank accounts (foreign currency against RMB). For Canadian Dollars, I find Citibank has a better rate than HSBC when withdrawing from ATM in China. |
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ameatp
Seeker
Joined: May 13, 2006
Posts: 48
Status: Offline
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Feb 13, 2007 - 09:10 PM |
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US Dollar but I guess close enough. |
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Oilman
Reacher
Joined: Nov 22, 2005
Posts: 295
Location: Xu Jia Hui
Status: Offline
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Feb 13, 2007 - 09:23 PM |
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I can tell you I haven't noticed a difference, all of the banks are raping me! I believe I get around 7.52 at HSBC for my US Dollar. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar
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Feb 13, 2007 - 09:27 PM |
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If your US account is at Bank of America, withdrawing from China Construction Bank ATMs is wise. |
_________________
بارك الله ، بارك الله |
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ameatp
Seeker
Joined: May 13, 2006
Posts: 48
Status: Offline
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Feb 13, 2007 - 10:44 PM |
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Wow 7.52 that's crazy, go somewhere else. I just ended up going to a nearby Bank of China ATM and checked my balance and they were giving it to me for 7.7399. |
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Oilman
Reacher
Joined: Nov 22, 2005
Posts: 295
Location: Xu Jia Hui
Status: Offline
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Feb 13, 2007 - 11:11 PM |
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I think my Bank in the states is screwing me, I must be honest I wasn't paying much attention but was startled when I looked. I use USBank, I am not sure if particular banks have different arrangements. I have used HSBC, BOC and Commercial and all very similar, I think it is my Bank's problem. |
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Sorry, I somehow sometimes is an illiterate~~~~~~~ |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9887
Location: EOA Seminar
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Feb 13, 2007 - 11:49 PM |
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When you look at the exchange rate you need to take into account the forex fees imposed by the various networks such as Visa, MasterCard and AmEx. The vast majority of withdrawls in foreign currency is subject to a 1.5% forex fee and usually an additional 1.5% surcharge added by your bank. |
_________________
بارك الله ، بارك الله |
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phiota
Raver
Joined: Nov 01, 2005
Posts: 479
Status: Offline
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Feb 14, 2007 - 02:05 AM |
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I am using Washington Mutual "Free Checking" account which gives you free withdrawals overseas (still 1% charged by china atm) and free overseas wire transfers.
John |
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tnmom
LoopKicker
Joined: Mar 04, 2004
Posts: 923
Location: Shanghai
Status: Offline
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Feb 14, 2007 - 07:54 AM |
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It's definitely worth comparing a few banks - especially if you are relying on ATMs for your day to day expenses. We have 2 accounts in the US and had used our Bank One account for the last 2 years. Now it's a Chase account and the exchange rate has gotten worse and only one free ATM a month. I compared in Dec and Chase was giving us 7.58 rmb/usd while Bank of America was giving 7.81 rmb/usd. BoA has no fees if you use China Construction atms. |
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Cylon
Rocker
Joined: Mar 28, 2006
Posts: 717
Location: Hongkou, Shanghai
Status: Offline
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Feb 14, 2007 - 09:49 AM |
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splitsecond
Talker
Joined: Jan 23, 2007
Posts: 115
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Feb 18, 2007 - 07:30 PM |
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i use BoC with a wellsfargo ATM card (not the VISA or MC debit/ATM card they also try to pass on you) and the rate is always just about the interbank rate. if you have an VISA/MC debit card, it's hard to say what network you're using when you draw on it-- with an ATM only card, there's no questions.
does anyone know if the CBC atms are on the PLUS or Cirrus network? i think i've tried using them w/o success.
forex in the US is the real ripoff. i had some HKD that i needed to transfer into USD. hsbc here wanted around 3.5% for it (about the same as every other bank)-- and it's their paper. in china, i think the rates i was getting for forex at banks were 0.75%. and o/c the atm fees that you get hit with are usually from your own bank though i've got an acct with WF that does not charge for using other atms. |
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answerer
Raver
Joined: Apr 26, 2006
Posts: 453
Location: Shanghai
Status: Offline
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Feb 18, 2007 - 10:06 PM |
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CBC? Unless the ATMs specifically have a Plus/Cirrus logo on them, you can expect that they aren't part of any network except their own and China Union Pay. |
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splitsecond
Talker
Joined: Jan 23, 2007
Posts: 115
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Feb 18, 2007 - 11:04 PM |
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sorry-- meant CCB. is CCB on plus/cirrus or is BofA's access through some other network? |
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marzet
Lurker
Joined: Jan 16, 2007
Posts: 22
Status: Offline
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Feb 25, 2007 - 01:47 AM |
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Can anybody give me advice on how to manage following (future situation):
1. Expenses in Germany in EUR / Therefore I need to transfer monthly
2. Salary paid in EUR or HKD to .. well I don't know how my company will handle it, and I guess they don't know yet as well, so still chance to suggest.
3. Having at present bank account in HK w/ credit card and bank account in Germany w/o credit card.
How is the best way to limit currency exchange losses? Thanks a lot |
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