A really good friend of mine who works at Bank of America is always touting its China solutions. He occasionally emails me beautiful brochures with beautiful graphics, presumably detailing how I can move my firm’s paltry earnings between the US and China, and vice versa. My reaction has always been to think that every big bank can do that. Appears I was wrong.
Transpacifica has a post today, entitled, “Bank of America and China Construction Bank, or No-Fee USD Withdrawals in China,” explaining how BofA’s ownership stake in CCB translates on the ground to allowing one to “move USD into RMB with no ATM fees, no exchange rate adjuncts, and generally few headaches:”

Many international travelers are familiar with the pain of double-barrel ATM fees — one from the machine that gives you money, and one from a U.S. bank penalizing you for using someone else’s terminal. Worse yet is the percentage of the withdrawal charged as an “exchange rate adjunct.” Before I discovered the BoA-CCB deal I was losing almost 7 percent on my USD withdrawals in China.
Now, I withdraw money from a BoA checking account with the debit card I received in the United States with no fees whatsoever: It transfers at market rate from USD to RMB and gives me cash.

My firm banks at Wells Fargo because it has a branch right in our building. We will be moving into a new (and bigger and better) office come July 1, one block from our present branch and one block from a Bank of America branch. I am going to see if Wells Fargo has anything comparable and if it does not….

Print:
EmailTweetLikeLinkedIn
Dan Harris

I am a founder of Harris Bricken, an international law firm with lawyers in Los Angeles, Portland, San Francisco, Seattle, China and Spain.

I mostly represent companies doing business in emerging market countries. It has taken me many years to build my network and it takes constant communication and travel to maintain it. My work has been as varied as securing the release of two improperly held helicopters in Papua New Guinea, setting up a legal framework to move slag from Canada to Poland’s interior, overseeing hundreds of litigation and arbitration matters in Korea, helping someone avoid terrorism charges in Japan, and seizing fish product in China to collect on a debt.

I was named as one of only three Washington State Amazing Lawyers in International Law, I am AV rated by Martindale-Hubbell Law Directory (its highest rating), I am rated 10.0 by AVVO.com (its highest rating), and I am a SuperLawyer.

I am a frequent writer and public speaker on doing business in Asia and I constantly travel between the United States and Asia. I most commonly speak on China law issues and I am the lead writer of the award winning China Law Blog (www.chinalawblog.com). Forbes Magazine, Fortune Magazine, the Wall Street Journal, Investors Business Daily, Business Week, The National Law Journal, The Washington Post, The ABA Journal, The Economist, Newsweek, NPR, The New York Times and Inside Counsel have all interviewed me regarding various aspects of my international law practice.

I am licensed in Washington, Illinois, and Alaska.

In tandem with the international law team at my firm, I focus on setting up/registering companies overseas (via WFOEs, Rep Offices or Joint Ventures), drafting international contracts (NDAs, OEM Agreements, licensing, distribution, etc.), protecting IP (trademarks, trade secrets, copyrights and patents), and overseeing M&A transactions.