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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18037
Location: ZhongShanParkArea SH
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 Posted:
Mar 28, 2007 - 04:21 PM |
 
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| Post subject: Bank of America ATM |
Been awhile since i've posted something useful.  Just a reminder...
For those travelling or living here but need access to B of A accounts, you can use Versateller ATM cards at China Construction Bank for no additional fees to withdrawl RMB from your US-based B of A accounts. China Construction bank is partially owned by B of A and absorbed B of A's fledgling Shanghai retail business last year and as part of the deal, they offer their services.
I believe that wire transfers from B of A to China Construction bank may also not have a middle bank fee, but please check with the bank on that. |
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Last edited by yu888 on May 09, 2007 - 04:09 PM; edited 1 time in total |
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p1atl10
Board Royalty
Joined: Mar 18, 2005
Posts: 6259
Location: Shanghai
Status: Offline
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May 04, 2007 - 10:33 AM |
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Thanks for the tip....BoA account holder for years. Been using Bank of China and paying the feesw...Never again! |
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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 |
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rocket31
Newbie
Joined: May 18, 2007
Posts: 3
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May 21, 2007 - 03:21 AM |
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Are there actually no fees as if using your BofA ATM card in the USA? How is the exchange rate determined when changing to RMB? |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18037
Location: ZhongShanParkArea SH
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May 21, 2007 - 11:59 AM |
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exchange rate is banks rate like any other ATM you use. Obviosuly the bank makse money somewhere in that rate, but its better than if you went in with cash to exchange for sure.
Yes, use their ATM as if its a Bank Of American Versateller. |
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Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18037
Location: ZhongShanParkArea SH
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May 21, 2007 - 12:11 PM |
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7.676 vs 7.6938
On May 15, my last transaction was calculated at the first value while the bank rate average that day was the second value. About .0023 or 0.23% bank exchange differential. (in real terms its less than 2 fen (rmb) per $1 exchanged or $0.24 per $100USD exchanged)
Beleive me, thats better than walking into a bank |
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Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
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rocket31
Newbie
Joined: May 18, 2007
Posts: 3
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May 21, 2007 - 12:19 PM |
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Thanks for the info and you're right, last week I changed for cash at BofChina, it was 7.59. Hopefully, we can continue to withdraw from China Construction Bank without fees for a long long time... |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18037
Location: ZhongShanParkArea SH
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May 25, 2007 - 04:30 PM |
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glad i could help. adn to think I am not even that much a fan of B of A, but this is surely more convenient. (I hate Citi even more so... ) |
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Thoughts & updates about Shanghai On my Blog for more details:Random Thoughts about Living in Shanghai...and more |
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amyatwharton
Talker
Joined: Dec 10, 2006
Posts: 102
Location: Shanghai
Status: Offline
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Aug 15, 2007 - 12:08 AM |
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I used BoA/CCB from March - June, aside from the occasional denial of service, it was gold Definitely look into it... |
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bobl4198
Newbie
Joined: Dec 10, 2007
Posts: 6
Status: Offline
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Jan 07, 2008 - 06:04 AM |
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I am moving to Shanghai in Feb and need to move money monthly frpm a China bank to BoA account in the USA. Will this work with CCB and keep the fees low? Not sure what my choices are but my new company requires that I deposit my China income into a China bank. |
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amyatwharton
Talker
Joined: Dec 10, 2006
Posts: 102
Location: Shanghai
Status: Offline
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Feb 17, 2008 - 01:29 PM |
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I withdrew about $1000 USD yesterday at CCB (3 2500 RMB withdrawls) and today I'm locked out. Does anyone know how long this withdrawal lockout will last? I'm trying to pay housing and tuition fees - cash only, of course  )
Thanks! |
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CoffeeHawk_0
Board Buddha
Joined: July 14, 2005
Posts: 14444
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Feb 17, 2008 - 03:57 PM |
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any withdraw limit is usually a 'per day' amount, but you might have to consider USA time zones. |
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BONNIE
Veejay
Joined: June 17, 2005
Posts: 1909
Location: Amsterdam/Shanghai
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Feb 17, 2008 - 04:30 PM |
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Best is to phone your bank at home. I have terrible trouble with the bank putting "fraud" markers on my account if they see more 5000rmb coming out of the account. If you don't phone them quickly they cancel your card !
I had my debit card cancelled twice last year and my credit card 4 times. It's not funny when they cancel both at the same time  |
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Siberia.......Here I come ! |
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chinamonty
Reacher
Joined: May 12, 2006
Posts: 293
Location: Shenzhen
Status: Offline
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Feb 24, 2008 - 03:44 PM |
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Yes that is good advice wherever you come from. I made sure I rang my bank in Australia with a query soon after I got here and got them to make a record that I was actually here and what cities to expect transactions from regularly. This seeems to be working well -touch wood. |
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