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September 15, 2005
Chinese travellers able to withdraw money from Citibank ATM machines worldwide soon
Chinese citizens who travel abroad soon will be able to use Citibank's vast network of automated teller machines in 50 countries worldwide to withdraw money.
As part of the deal, Citibank signed a reciprocal agreement yesterday with China's national China UnionPay Co., a Beijing network owned by more than 80 card-issuing banks. Customers of Citibank visiting China increasingly will be able to access ATMs connected to the nationwide UnionPay system of 8,000 machines.
Citigroup and UnionPay officials conceded enforcing China's legal maximum of 5,000 yuan, or about $618, in withdrawals a day per person could be open for abuse. It will be upto Chinese banks to ensure the such limits are enforced.
The deal may be a pre-curser to more expansion of such services to other developing countries allowing travellers to access cash from ATMs instead of carrying cash or travellers checks.
Posted by admin at September 15, 2005 05:52 AM