ATM withdrawals limits at China Merchants Bank raised to RMB10K in Shanghai

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During a trip last month to Beijing I noted that I could withdraw RMB10,000 in a single transaction at China Merchants Bank ATM machine. Well it seems this is now available in Shanghai at least at the branch opposite to my office. This comes handy for me as I withdraw a lot from my Hong Kong HSBC account, RMB15/transaction come pile up quite fast when you are limited to RMB2,500 or RMB3,000/transaction. Also this will definitely help with decreasing the long queues that you find at those ATM machines especially during lunch time. Hope other banks follow suit soon.

First post China Banking Blog

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Well, this is it. Afer years of delays, I finally put myself into launching this blog that will cover Chinese banking, both for personal users (in particular for expats in China) and at a macroeconomic level.

The objective is to discuss or comment on recent banking news, share relevant banking tips that could be useful to foreigners in China. Over time I hope this blog will become a reference when it come to banking in the middle kingdom.

As to myself, I came to China in 1998 and have been living then since, completing both my bachelor and master degree in Finance at local universities, and currently a business owner living in Shanghai. While I do not currently work in the banking industry, China banking has been a field of interest since my master degree which was on foreign investment into the banking industry in China. China has some of the largest banks on the planet but at the micro level Chinese banks still face structural issues that the ongoing reforms might take years to address.

English is not my first language so you will have to give me a break on that :-)

If you have questions about banking in China feel free to email me as well at askpatrick @ mychinabanking.com I will do my best to assist, your question might also make it to the Q&A section of this blog if relevant to other visitors.

Let’s get rolling then and watch out for new articles in the next few days.

Patrick