When cardholders use UnionPay cards in Korea, Thailand and Singapore, they use local currency (Korean won, Thai baht or Singapore dollar) for cash withdrawal and consumption. After the withdrawal and consumption are completed, China UnionPay will convert the amount into RMB according to the market exchange rate on the transaction day and provide it to the mainland card-issuing bank, which will deduct the cardholder's account balance immediately, so there is no exchange rate risk for the cardholder.
The procedures and operations for cardholders to use UnionPay cards in Korea, Thailand and Singapore are basically the same as those in China. When using POS to swipe a card, the cardholder needs to enter the card password. If you don't have a password, press confirm directly. Whether it is a debit card or a credit card, the cardholder must reserve his signature on the back of the card for the cashier to check when signing the consumption bill. Take care of the card properly, and beware of password leakage when using the card at ATM.
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Cardholders do not need to pay any formalities when using their credit cards in UnionPay card merchants in Korea, Thailand and Singapore. Only by ATM can the cardholder pay a certain handling fee, and the specific charging standard will be decided by the issuing bank. Compared with other brands of cards, the use cost of UnionPay cards will be lower.
According to the relevant regulations of the People's Bank of China and the State Administration of Foreign Exchange, the use of RMB UnionPay cards abroad is limited to the consumption expenditure and small cash withdrawal under current items such as shopping, catering, accommodation, transportation and medical care. When withdrawing cash from overseas ATMs of UnionPay cards, the daily accumulated amount of each card shall not exceed the equivalent of RMB 5,000. You can't withdraw cash through overseas bank counters or through merchant POS machines.
People's Daily Online-China UnionPay answers questions about the use of UnionPay cards in South Korea and Singapore.