getting money/debit vs credit cards

Last time I was in China, I used my credit card to make purchases. The Chinese vendors charged me 4% to use it, and then my Visa charged me another 3% when the bills came in. That adds up! For my next trip, I plan on using my debit card. My bank says they won%26#39;t charge me the 3% transaction fee, the only fee will be whatever the machine in China costs me.

My question: Does anyone know what the usual charge is for ATM machines in China and what is the maximum allowed out per transaction/per day?

BTW, I don%26#39;t recommend taking travelers checks. I thought they were a pain to exchange. I had to find a bank that could process them, it just took a lot of time.

getting money/debit vs credit cards

From what I remember, the ATMs that would accept foreign credit cards (many ATMs only accept domestic cards, so be careful) charged about 3 dollars US as a transaction fee, in addition to whatever your own bank might charge.

getting money/debit vs credit cards

Thanks for the info.

I don%26#39;t have any extra charges from the ATM in China when I use my debit card from overseas. My bank charges me 5 SGD for each transaction though.

The maximum amount allowed for each transaction seems to vary according to bank, location and even with each particular ATM! The usual norm in Shanghai now seems to be 2500 RMB/transaction (up to 5000 RMB/day) but there%26#39;re others with lower limits, eg 1000 RMB/transaction. That could make it expensive.

Thanks. What I found out from my credit card company (after a little more digging) is that Visa is going to charge me a 3% for credit, but 1% for using my debit card. That 2% adds up when you plan on buying a lot!

most shops will charge transaction fee ,you can find CITY BANK at Wangfujing area in Beijing.if you dont want to pay for the transaction fee,

What do you mean? What are my options at CitiBank?

I too am interested in hearing any comments about the use of ATM%26#39;s in Beijing and / or fees charged on transactions.

Let%26#39;s say I plan on buying some furniture for around $2,000. My options for paying are

A) Cash. NO transaction fees or service charges, but worrisome to carry around.

B) Charge to credit card. Chinese vendor charges 4% and credit card company charges 3%, so I end up spending $140 more.

C) Charge to debit card. 4%+1% still has me paying $100 more

D) Get cash from ATM. Uncertain fees and can I get enough?

E) Cash advance from bank. I have to find a bank, and the fees are outrageous.

F) Traveler%26#39;s Checks. Don%26#39;t I have to pay for those too? Plus I have to find somewhere to change them. Can you change travelers checks at hotels or only banks?

A previous poster mentioned going to City Bank, but how would that help? I%26#39;m very curious.

Thanks for any help...I love these forums!

A) Cash. NO transaction fees or service charges

Oh yes there is, unless you pay the vendor with your own currency. All foreign exchange transaction involves fees and charges, but theyare built into the exchange rates (thus buy and sell rates). Cash exchange rate has a fee of 5-20%, depends on where you get your money changed.

I used my debit cards (one VISA from the UK and another MAESTRO from the NL) at various places in Beijing and Shanghai and I got charged the standard fee from my banks and none from the Chinese banks. The charges are not more or less than other methods, I think. Convenient places are Bank of China and there is also an HSBC ATM at Oriental Plaza. I do not know charges for credit card though.