IB Natural Life Family Wealth Management Card (UnionPay) can be used at ATMs and POSs carrying the UnionPay logo in 30 countries and regions, including Hong Kong, Macau, USA, Switzerland, Singapore and so on, which will free you from the inconvenience of carrying cash and enable you to enjoy all the fun of shopping abroad.
What kinds of wealth management cards can be used abroad?
IB wealth management cards can be used abroad straight away with no additional activation required. They are used much the same way as in China, with a password required for purchases at POSs as well as cash withdrawal and balance inquiries at ATMs. The card holder will be required to sign the receipt when making a purchase at a POS.
Where can my wealth management card be used?
IB wealth management card (UnionPay) can be used for consumption and cash withdraw at POSs and ATMs that are marked with the China UnionPay logo. UnionPay compatible POSs and ATMs are commonly found in 30 countries and regions, including: Hong Kong, Macau, Singapore, Thailand, South Korea, Vietnam, the Philippines, Indonesia, Germany, USA, France, Luxemburg, Spain, Japan, Belgium, Malaysia, Australia, New Zealand, the Netherlands, Switzerland, Italy, Kazakhstan, Russia, Egypt, Ukraine, Austria, Cambodia, South Africa, Denmark and so on.
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Is there any exchange rate risk involved when using card aboard?
When using wealth management card abroad, all cash withdrawals from ATMs and POS transactions will be made in local currency. The currency involved depends on the region you are in. When you are making a transaction, UnionPay will convert the amount spent in the local currency to RMB according to the exchange rates announced by China on the day of the transaction. The converted amount will be deducted from the RMB current account in your wealth management card immediately. Transactions can be made provided that there is a sufficient current RMB balance in the card, and thus there are no exchange rate risks.
Can I make transactions using HKD or other foreign currency savings I have in my wealth management card?
Regardless of whether you have savings in HKD or other currencies, all transactions made abroad using wealth management cards will be deducted from the RMB current account in the card.
Are there any limitations when using card aboard?
The People's Bank of China stipulates that transactions made using UnionPay Card abroad should be limited to tourism and tourist related transactions; the maximum amount of local currency that can be withdrawn from ATMs per day should be less than or equivalent to RMB 10, 000 Yuan; and that the card cannot be used to withdraw cash, make transfers over a bank counter or withdraw cash via a POS.
There is no limit on the times that wealth management cards can be used to make withdrawals at ATMs abroad. However, there is a daily limit on the amount that can be withdrawn. There is no limit on the times that your wealth management card can be used at POSs abroad. Unlike cash withdrawals, there is no limit on the sum of transactions. The only condition is that the balance in your account is sufficient. Your wealth management card will be able to be used at most commercial outlets, but will not be able to be used at certain types of commercial outlet prohibited by the state, such as gambling related outlets.
What should I do if I lose my card abroad or if it is swallowed by an ATM?
If you should lose your card when abroad, call the Industrial Bank's customer services hotline on 95561 to report the loss and freeze the card. Upon your return to China, please report the loss formally at the branch that issued the card.
If your card has been swallowed by an ATM, you should keep the slip of paper that is printed out, remember or write down the telephone number of the ATM, and retrieve your card from the outlet that the ATM belongs to within three days (starting from the day after the card was swallowed and not including weekends and holidays). Valid proof of identification (Passport or Mainland Travel Permit for Hong Kong and Macao Residents and ID card) will be required to retrieve the card. The bank in question will destroy the card if it has not been retrieved after three days and the card will need to be reissued upon your return to China.
There are no charges for using wealth management card at POSs abroad.
There will be a RMB 16 Yuan charge for each withdrawal made at foreign ATMs carrying the UnionPay logo.
There will be a RMB 2 Yuan charge for each balance inquiry made at foreign ATMs carrying the UnionPay logo.
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