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MasterCard and ICBC Collaborate to Help Visitors to China

March 11, 2014 Financial No Comments Email Email

MasterCard will collaborate with China’s biggest bank, Industrial and Commercial Bank of China Limited (ICBC), to waive ATM cash withdrawal fees for inbound travelers when they use their MasterCard card across China.

Cardholders traveling to China will enjoy the convenience of withdrawing cash with MasterCard cards at all ICBC ATMs in China without having to pay a withdrawal fee to the bank. ICBC currently operates the largest number of ATMs across the country and its ATMs are the first in China to accept EMV cards.

According to the China Inbound Travel Development Annual Report 2013, which is jointly published by the China National Tourism Administration and China Tourism Academy, the number of foreign travelers visiting the country is on the rise. With this collaboration, travelers visiting China will benefit significantly as they will have the option to make unlimited cash withdrawals throughout their stay in the country without being charged a withdrawal fee by the bank. As part of the collaboration with MasterCard, ICBC will upgrade over 60,000 of its ATMs to cater to foreign travelers by offering multi-language menu options.

“We are working closely with partners to offer innovative products and services to suit the growing number of travelers visiting China. We have previously collaborated with ICBC to introduce a multi-currency travel credit card to offer Chinese consumers a convenient and safe payment option while they travel. With this new offering, travelers to China no longer need to worry about surcharges when they withdraw cash in China,” said Dennis Chang, head of China for MasterCard.

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