Change Your Bank Card Before It Stops Working on May 1
Some important changes are coming to Chinese bank cards starting next month.
The magnetic stripe that appears on many debit cards with chips will no longer be usable by ATMs and POS machines across China from May 1, 2017 in efforts by the Central Bank improve card security.
Not sure if your card needs to change? Here's a rundown of three types currently available in China, and info on whether or not you'll need to switch them:
1. Magnetic Stripe Only Cards
These cards will continue to work after May 1. But banks highly encourage customers with magnetic stripe cards to apply for chip versions, which are much safer.
According to Sina, there is no timetable in place to completely phase out magnetic stripe cards.
2. Chip Only Cards
Relax! These cards are considered extra secure and will also still work after May 1.
3. Magentic Stripe + Chip Cards
The magnetic stripes on these hybrid cards will NOT work after May 1, though the chip will continue to function. The reason for disabling the stripe? Banks say it's less secure on the hybrid cards. And while it's not necessary to change these cards, it's highly recommended.
How to Change Your Chinese Bank Card
Have a hybrid card and want to change it? Head over to the local bank where you opened your account and they'll switch it for you. Don't forget to bring your ID (read: your passport) as well as the original card to get your brand new one.
You'll still be able to use your old card while the bank creates a new one.
Here's a rundown of fees and processing times at major Chinese banks (h/t People's Daily):
ICBC
Changing Fee: RMB5
Do you need to change your card number? For account numbers starting with 62, no.
Processing time: N/A
Hotline: 95588
China Construction Bank
Changing Fee: RMB5
Do you need to change your card number? For account numbers starting with 62, no.
Processing time: Within a week
Hotline: 95533
Agricultural Bank of China
Changing Fee: RMB5
Do you need to change your card number? For account numbers starting with 62, no.
Processing time: Within 15 working days
Hotline: 95599
Bank of China
Changing Fee: Free!
Do you need to change your card number? For account numbers starting with 62, no.
Processing time: Within 10-15 working days
Hotline: 95566
Bank of Communications
Changing Fee: RMB5
Do you need to change your card number? For account numbers starting with 19, no. For account numbers starting with 17, yes.
Processing time: Within a week
Hotline: 95559
China Merchants Bank
Changing Fee: RMB5
Do you need to change your card number? Ask at the counter
Processing time: If you don't need to change your card number, you can get the new card right away. If you do need to change your card number, you will get your new card within a week.
Hotline: 95555
China Citic Bank
Changing Fee: RMB10
Do you need to change your card number? No.
Processing time: Right away.
Hotline: 95558
Postal Savings Bank of China
Changing Fee: No more than RMB10
Do you need to change your card number? N/A
Processing time: N/A
Hotline: 95580
Note: not every bank has confirmed they've received a notice to disable the swiping feature on magnetic stripe chip cards by May 1, according to Sohu. Contact your bank if you're unsure as to whether or not you need to change your card.
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