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China set to open up to Taiwanese ATM cards

December 27, 2013

ATM cards from Taiwanese banks soon will operate on ATMs in China, according to WantChinaTimes.com:

ATM cards issued by Taiwanese banks will soon be able to withdraw cash in China, the Financial Supervisory Commission said Thursday, following its approval of a platform that will make withdrawing money in China easier for Taiwanese bank accountholders.

The new platform will allow ATM cards from participating financial institutions to be used at ATMs and stores in China.

Taiwanese card-holders will have to apply for new cards in order to reap the benefits of the service, however.

Financial institutions which want to provide the service to their customers will have to apply after a trade in services agreement with China is approved by the legislature, which could happen in the first half of 2014.

China's UnionPay card already is accepted for cash withdrawals at ATMs and purchases at stores in Taiwan.

Read more about ATM regulatory issues.