Detailed Explanation of ATM Withdrawal Fees and Exchange Rates
When using ATM machines in China, withdrawal fees and exchange rates are two major cost factors that foreign tourists need to focus on. Below is a specific analysis:
I. Withdrawal Fees (ATM Fees)
- Fee Structure
- Issuing Bank Fee: Your overseas bank may charge a fixed fee or a percentage of the withdrawal amount for international withdrawals (e.g., 1%-3%).
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Local Chinese Bank Fee: Some Chinese ATM operators (such as Bank of China, Industrial and Commercial Bank of China, etc.) may charge additional fees for international card withdrawals, typically ranging from 10-20 RMB per transaction.
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Advantages of UnionPay Network
- If your bank card has the UnionPay logo, withdrawing money from UnionPay ATMs in mainland China usually incurs no local handling fees (but your issuing bank may still charge fees).
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Non-UnionPay cards (such as Visa, MasterCard) may not be usable at some ATMs or may incur higher fees.
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Common Bank Fee Reference | Local Chinese Bank | International Card Withdrawal Fee (Per Transaction) | |--------------------|-----------------------------------------------------| | Bank of China | 15 RMB | | Industrial and Commercial Bank of China | 10-15 RMB | | Construction Bank | 10 RMB | | China Merchants Bank | Some ATMs waive fees |
II. Exchange Rates (Exchange Rate)
- Exchange Rate Calculation Method
- Issuing Bank Rate: In most cases, the exchange rate is determined by your issuing bank (based on the international foreign exchange market rate at the time of withdrawal).
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Local Chinese Bank Rate: A few ATMs may display Dynamic Currency Conversion (DCC), converting RMB directly into your home currency. DCC rates are often unfavorable, so it is recommended to choose 'Settle in RMB'.
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Advantages of UnionPay Cards
- UnionPay cards use the People's Bank of China daily exchange rate, which is generally more favorable than Visa/MasterCard rates.
- You can check real-time exchange rates via the UnionPay website or app.
III. Practical Suggestions
- Ways to Reduce Fees
- Prioritize using UnionPay cards and withdraw cash from ATMs supporting UnionPay (such as Bank of China, Industrial and Commercial Bank of China, Construction Bank, etc.).
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Withdraw as close to the ATM limit as possible (usually 2,500-5,000 RMB per transaction) to minimize accumulated fees from multiple withdrawals.
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Avoid DCC Traps
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During ATM operations, if the screen asks whether you want to settle in a certain currency, always choose "No" or **"Settle in local currency (RMB)".
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Other Precautions
- Inform your issuing bank of your travel plans in advance to avoid frozen transactions abroad.
- Some banks offer "global no-fee" accounts (such as Charles Schwab, Revolut), so it’s worth checking beforehand.
- Keep withdrawal receipts for bill verification.
IV. Recommended ATM Locations
- Airports/High-Speed Railway Stations: After entering the country, you can withdraw cash from ATMs at airports (such as Beijing Capital Airport, Shanghai Pudong Airport).
- Large Hotels/Malls: These places often have ATMs that support international cards.
- Commercial Area Bank Branches: Preferably choose one of the four major banks (Bank of China, Industrial and Commercial Bank of China, Construction Bank, Agricultural Bank).
V. Backup Payment Methods
- Mobile Payments: Link Alipay or WeChat Pay and recharge with foreign cards (real-name authentication required).
- Cash Exchange: Exchange foreign currencies for RMB at bank counters or airport exchange points (passport required).
