The Radical Travel Guide to Beijing, China: How to get cash
Banks and ATMs
There are many banks and ATMs in Beijing. However, if you are unable to visit the few foreign banks / ATMs courtesy of Citigroup or HSBC, you may consider Bank of China. Other than Bank of China try to avoid Chinese banks. They are generally unreliable.
Foreign ATMs and travelers checks
Both Western banks and Bank of China ATMs accept foreign ATM cards. Their ATM machines will dispense Chinese RMB and provide instructions in both Mandarin Chinese and English. If you have a passport for identification, these banks will also exchange travelers checks for cash. You can also get cash using both ATM cards and certain credit cards including Visa, Mastercard, and American Express.
ATM withdrawal limitations
You are typically limited to withdrawing RMB 2,500 per transaction.
ATM rejection
If your ATM card is rejected, don't be
concerned. It is not uncommon for ATM machines to run out of cash, the
international cash network to be down, or for you to mistakenly attempt
to withdraw more than the withdrawal limit. These will all lead to your
card's rejection.
Conversion rate
The current conversion rate is about RMB 8.27 : US $1. Conversion commissions are based on your bank's policies.
Credit cards
Credit cards are widely accepted at larger shops, hotels and restaurants.
June 8, 2005 | Permalink
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Comments
Hi Ezra,
Actually, you can withdraw 2500 per transaction. Why do they do this? Of course to earn a fee for each one. The rate of exchange at a bank machine is typically not as great as what you can get at the branch. 8.18 - 8.19 at the machine, however, I have also seen credit card co's only give 8.07 on a cash advance.
At the teller, the cash rate is about 8.21 and if you wire funds into an account and xfer them electronically, you can get a better rate.
Per the card's rejection - the message (presumably to protect the banks face) is for you to contact your financial instution - don't do this. It will be a waste of time. As you indicated, because the bank machine is out of cash it will generate the error. If you call your bank, they will not see any problem with your account and wonder why someone is contacting them. Your action could cause a problem.
If the card ever gets eaten by a machine, go to the branch, explain what happened - show them your passport and they will generally give the card back.
Cheers,
Joseph
Posted by: Joseph Rubenstein | Jun 15, 2005 12:47:15 AM
