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Yup, I did the same thing in China by withdrawing RMB from my bank account at Bank of America at a China Construction Bank ATM and immediately depositing it in
by dnr 13y ago
Yup, I did the same thing in China by withdrawing RMB from my bank account at Bank of America at a China Construction Bank ATM and immediately depositing it in my local account. Zero fees and good exchange rate.
The only annoying part was that the amount I needed to pay my initial rent + security deposit was more than my daily withdrawal limit, so I had to transfer up to the limit three days in a row to get enough money in there to start.
- rahimnathwani 13y agoI heard from a colleague that this deal no longer exists. I opened a CCB account before my last trip to the US. I was charged a 3USD ATM fee at the BofA ATM. I don't know what exchange rate was applied when the 303USD was converted to CNY, but most Chinese banks load these transactions much less than those in the UK (which usually charge 2.25% to 2.75% above the Visa wholesale rate).
- dnr 13y agoYeah, that was in 2009. I don't know if CCB/BoA still have the no-fee agreement. But now I have a checking account at Schwab that refunds all ATM fees, including internationally, so I could do it with that.