China Unionpay (中國銀聯) began bank card transaction services in Taiwan yesterday, allowing cardholders to withdraw cash from automatic teller machines (ATMs) nationwide with a maximum of 10,000 yuan (US$1,474) per day.
“The launch of the service will not only boost the consumption of Chinese tourists in Taiwan, but it will also promote local tourism,” Chao Yang-ching (趙揚清), chairwoman of the Financial Information Service Co (FISC), said during a service launch ceremony in Taipei.
Chao said that more than 16,100 ATMs out of about 25,600 in Taiwan can provide these transaction services, which are available at the nation’s most popular tourists attractions such as the National Palace Museum and Taipei 101.
“A process fee of around NT$32 will be charged per transaction,” she added.
The Bankers Association of the ROC (銀行公會) said that each China Unionpay cardholder can withdraw up to 10,000 yuan per day with a maximum of NT$20,000 per transaction, making things more convenient for Chinese tourists who are only allowed to bring in a certain amount of cash when entering the country.
Xu Luode (許羅德), chief executive officer and president of China Unionpay, told reporters on the sidelines of the ceremony that around 2.2 billion Unionpay bank cards are in circulation, generating a turnover of around 7.7 trillion yuan a year.
When asked when Taiwanese tourists will be able to withdraw cash from ATMs using Taiwanese bankcards in China, Xu said: “I think, in principle, it should be no problem, but technical problems need to be resolved first. Currently, there’s no timetable for it, but both sides intend to push for it.”
A total of 18 local banks participated in the project, including the Bank of Taiwan (臺灣銀行), Land Bank of Taiwan (土地銀行), Taiwan Cooperative Bank (合作金庫銀行), First Commercial Bank (第一商業銀行), Hua Nan Commercial Bank (華南商業銀行), Chang Hwa Commercial Bank (彰化商業銀行), Taipei Fubon Bank (台北富邦銀行) and Mega International Commercial Bank (兆豐國際商銀).
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