There’s no guarantee that your Chinese bank card will work in most ATMs around the world. The joy of shopping quickly fades after trying multiple ATMs. When traveling, most markets won’t accept your credit card therefore you definitely need cash.
In one of my WeChat groups the decision on banking in China lead to one person sharing their tips on the Cash Passport by MasterCard. The Cash Passport is not linked to your bank account and is protected with a PIN and signature. The truly remarkable part is that you can only get one type of currency in China in terms of dollars loaded to the card from Bank of China, Agriculture Bank of China, Bank of Jiangsu, Beijing Rural Commercial Bank, and SPD Bank.
Feel free to head to any of these banks, but you will have a better chance at the Bank of China. Make sure to have your passport and get ready to convert your RMB to dollars.
Tip: Go with a Chinese friend or workmate after having them read the website to be able to articulate what you need. The website is www.cashpassport.com (Bilingual site – English and Chinese)
- Fill out the forms and wait for the card to be ready for collection and full loaded with your initial amount.(Carry your passport and residence permit)
- Memorize your pin and get ready to use your card at MasterCard ATMs around the world.
You can only load USD 500 (maximum) per day onto the card. You also have to do this at the bank at which you registered or a related branch but cannot do so at another bank with the same service. You will always have to convert from renminbi to dollars. The service fee is 0.1 percent. This isn’t a mistake. However, this isn’t to be confused with the service fee you will be charged with at the time of withdrawal. The 0.1 is loading service fee.
You can slowly load your cash then get ready to travel and enjoy yourself in case your credit card doesn’t work or you can’t use your debit card.