How to use foreign currency credit cards in China

The currency used by foreign currency cards is not the legal currency of the country where it is located, but foreign currency. Generally speaking, the currencies of many countries are incompatible. The card labels of various foreign card organizations such as Visa, MasterCard, JCB, etc. on credit cards are universally accepted. These labels are all classifications of foreign currency cards, so You can also pay domestically, and most banks have international credit cards. There are corresponding card swiping channels in China, even if it is foreign currency, it can be used on a device with a visa or mastercard logo.

If it is just a simple foreign currency card, you can try the following two platforms for consumption.

Choose Meiya. Many friends tested Niya and the effect was not obvious. You can try American and Asian or Eurasian consumption. Generally, what we choose to consume is an electronic gift card. After the purchase is completed, the card number will be sent to our reserved email address.

Download the Union QuickPass APP on your mobile phone and choose overseas cards. You can choose different countries or regions. If you are close, you can choose Hong Kong or Taiwan. Then choose overseas purchases and use international credit cards and foreign currencies to purchase.

How to use foreign credit cards in China

Credit cards processed overseas need to be used at specific shops or POS machines in China, such as VISA, MasterCard, JCB and other card issuing organizations. If you want to use your credit card to make purchases in China, you must find a POS machine that uses the channel with this logo.

Cards issued by members (banks) of international card issuing organizations can be used for payment at the organization's authorized merchants. Such cards are called international cards. The six major international credit card organizations are VISA, MasterCard, American Express, UnionPay, JCB and Diners Club. Except for UnionPay and JCB, the other four major credit cards all originated in the United States. JCB is very useful in Japan. Although JCB is also an international card, some online purchases do not accept JCB.

Usually international credit cards use US dollars as the settlement currency. When you use UnionPay cards in foreign currencies overseas to debit in RMB and settle in RMB, there is no need to purchase foreign exchange for repayment. Almost all bank cards with the "UnionPay" logo that are used daily in China can be used overseas.

International credit cards can be used for overdraft consumption (consumption first and repayment later). The more common international credit card brands are Visa, MasterCard, etc. All major domestic commercial banks also offer international credit card services. You can easily apply for a credit card at the bank counter. There is no interest on deposits on international credit cards.

A RMB account and a US dollar (or Hong Kong dollar) account are opened in the card at the same time. In addition to swiping the card domestically, depositing, withdrawing cash and making inquiries at ICBC nationwide business outlets or "UnionPay" ATM machines, you can also Use or withdraw local currency at designated merchants of VISA, MasterCard or American Express cards and ATMs with their logos around the world, and enjoy the preferential exchange rates of international credit card organizations, reducing the losses and troubles of foreign currency exchange.

RMB accounts and foreign currency accounts (US dollars or Hong Kong dollars) each have their own credit lines and do not affect each other. In addition, U.S. dollar accounts can be used for shopping on foreign websites. The unique online transaction switch function of Peony International Card fully guarantees the security of your card use.

How to use US dollars with Bank of China credit card? Can I withdraw cash?

According to the regulations of the State Administration of Foreign Exchange, cardholders are not allowed to overdraft and withdraw foreign currency cash in the country. You can use the U.S. dollar amount within the credit limit through corresponding overseas VISA, MasterCard and other channels; such as your credit card If you have excess US dollars, you can withdraw them for free at the Bank of China counter.

The above content is for your reference, please refer to actual business regulations.

How to use U.S. dollars with China Merchants Bank credit card?

It depends on how you use it. It can be used on overseas websites. If you swipe your card in an overseas mall, there are two basic card swiping lines, UnionPay line and international line. (VISA, MASTERCARD, JCB or American Express, etc.). When the card is swiped on UnionPay lines, the payment will be settled directly in RMB; when the card is swiped on international lines, the payment will be settled in US dollars. Since overseas consumption by credit card will be settled in U.S. dollars, if the consumption amount is non-U.S. dollars, there will be an exchange fee between the two currencies, which is 1.5 of the transaction amount. The exchange fee is collected by our bank on behalf of international organizations. If the consumption amount is in US dollars, there will be no foreign exchange settlement fee. (If you use a full-currency credit card, you can spend any foreign currency in the world with 0 currency exchange fees. The function of purchasing foreign exchange will be automatically activated. Foreign currency consumption can be repaid in RMB.)

How to use the U.S. dollar part of the credit card ?

The US dollar part of the credit card can be used as follows:

1. When you are abroad, you can swipe the card and use the US dollar account in the credit card;

2. Overseas websites support US dollar transaction payment website transactions.

In addition, there is currently no way to overdraft or use the US dollar account balance in your credit card in China.

U.S. dollar accounts on credit cards generally cannot be withdrawn, but can only be used, and can be used at websites or stores that accept U.S. dollars. To withdraw cash, you have to go abroad, and the handling fee is very high, which is not cost-effective. We know that when using international credit cards to make purchases abroad, transactions can be conducted through different lines, such as UnionPay, Visa, MasterCard, American Express, JCB, etc.

When choosing the UnionPay line, all foreign currency transactions will be converted into RMB amounts according to the real-time exchange rate and credited to the RMB account of the international card. For example, after spending HKD 1,000 through UnionPay in Hong Kong, the cardholder will receive a text message saying "Spent 881.69 RMB", indicating that the consumption has been directly converted and credited to the RMB account. In this way, the repayment method is naturally the same as that of ordinary cards. RMB consumption is completely consistent. And UnionPay does not charge any handling fees. If you choose other routes, the consumption amount will be charged to the foreign currency account, and you may face a foreign exchange fee.

For example, if you use a RMB-USD dual-currency card to make purchases in Europe through non-UnionPay channels, the international organization will convert the consumption amount in euros into US dollars and credit it to the US dollar account of the dual-currency card. During this period, there will be A currency conversion process. Corresponding international organizations such as Visa, Master, American Express, and JCB will charge a certain handling fee, usually around 1.5. The cardholder needs to repay the US dollar account after returning to the country.

When there is a debt on a credit card’s foreign currency account, repayment is not so worry-free. Maybe the first thing you think of is repayment through a debit card-linked account. Indeed, this is a good way, but not all linked accounts can automatically repay credit card foreign currency debts.

Generally speaking, when binding a debit card for automatic repayment, the cardholder needs to choose whether the debit card account is associated with the credit card foreign currency account. If there is no choice, the debit card account will only repay the credit card RMB account arrears. Only after the automatic repayment function of the foreign currency account is set up, the arrears in the foreign currency account will be repaid together.

China Merchants Bank’s repayment method is quite special. Cardholders can choose to open a one-card foreign currency account and automatically repay the credit card foreign currency account after completing the linking procedures, which is “foreign currency repaying foreign currency”. Cardholders can also choose to activate the "RMB to foreign currency" function of the All-in-One Card. On the final repayment date, the RMB deposits in the All-in-One Card account will automatically purchase foreign currency for repayment at the listed price, and priority will be given to repaying foreign currency debts.

Here, there is a question that needs to be reminded. If the cardholder has activated the above two functions at the same time, then the automatic purchase of foreign exchange, that is, "RMB to foreign currency" will be prioritized. That is to say, when the card holder has When the RMB deposits are enough to repay the foreign currency debt on the credit card, the funds in the all-in-one card foreign currency account are of little use. At the same time, because the deposits are used to repay the foreign currency debt, the RMB debt may not be repaid in full. Therefore, it is recommended to retain only one of the two functions.

Pudong Development International Cardholders can also choose automatic RMB repayment, automatic RMB foreign exchange purchase repayment and automatic repayment of foreign currency linked accounts when going through related procedures. However, unlike China Merchants Bank, RMB arrears will be repaid first.

Baidu Encyclopedia "Credit Card"

What can international credit cards do/how to use

Card friend Xiaoqi applied for an international credit card, but this type of credit card is not I know it very well, so I don’t know how to use it. In fact, the use of international credit cards is very simple, similar to UnionPay credit cards. You can use this card to make purchases, withdraw cash, etc. Let’s learn more about it together.

"International credit card" is actually a credit card that card friends know can be used for international routes such as VISA and MASTERCARD. With this kind of credit card, you can swipe your card for consumption or online shopping in places that support VISA and MASTERCARD networks around the world. .

If you need an international credit card with wider coverage, it is recommended to choose a credit card on the VISA network. Every domestic bank that can issue credit cards has credit cards that support the VISA network, which makes it more convenient to use. International There are so many things you can do with a credit card.

The specific usage is as follows:

1. You can use overdraft without deposit, and you can enjoy an interest-free repayment period of 20-56 days;

2 .Using international credit cards, you can withdraw cash at correspondingly marked ATM machines, but a handling fee will be charged and interest will be calculated;

3. You can enjoy discounts and accumulate points by swiping your card at designated cooperative merchants around the world. ;

4. All credit cards can accumulate personal credit. Use more cards, repay on time, and develop good credit, which will be of great benefit to handling bank-related business in the future.

5. Globally accessible, you can swipe your card at POS machines with relevant logos;

6. Some international credit cards have points for swiping cash and you can also participate in the bank's Promotions and more.

The above is just the tip of the iceberg of the functions of international credit cards. As for the specific uses, it depends on which organization's credit card you hold. However, although international credit cards are very useful, you should not use them when using them. Blindly, you need to pay attention to some things.

Notes on international credit cards are as follows:

1. Annual fee. Credit cards all charge annual fees. Although the annual fees are not very high, waiving the annual fee requires special approval. Of course, there are now bank regulations that waive the annual fee after a certain number of transactions.

2. Fees charged by international organizations. International cards are automatically converted into various currencies according to the real-time exchange rate when consumption is made. This conversion is done by international card organizations VISA, MasterCard, etc., and a handling fee of 1 for the consumption amount will be charged.

3. Exchange rate discount. To avoid this fee, it is best to use a card in the same currency for which country you are going. Nowadays, most international cards are US dollar cards, but it is more troublesome to go to Australia. There are no Australian dollar cards in the country; but there are Euro cards. Bank of China and Bank of Communications have Euro cards. In addition, Bank of China and Industrial and Commercial Bank of China also have Hong Kong dollar cards.

This ends the introduction on how to use US dollar credit cards and how to use US dollar credit cards cost-effectively. Have you found the information you need?