Yuan-denomination China UnionPay cards acceptable in the US

A RMB-denomination China UnionPay card has been acceptable in the US as of Dec. 5.

A UnionPay card holder uses USD-denominated cash withdrawal service or consumption in the US. Then the China UnionPay informs the issuing bank in China the amount of the deal in terms of yuan based on the exchange rate on the market the same day. The issuing bank deducts the corresponding amount on the holder's account. The holder is free from exchange rate risk.

No service fees are charged for consumption. But the issuing bank charges the card holder for ATM service.

China UnionPay cards are acceptable in Singapore, South Korea, Thailand, Indonesia, Philippines, Vietnam, Germany, France, Spain and Luxemburg. The service will be expanded to Australia, New Zealand, Japan and Malaysia soon.

By People's Daily Online