Cardholders can draw money in Australia

China UnionPay, the nation's largest credit card service company, and US firm First Data International yesterday launched a joint service for Chinese travelers to access cash in Australia via First Data's Cashcard, its largest ATM network.

The service enables China UnionPay cardholders to withdraw cash in Australia for the first time, with access to more than 5,800 Cashcard ATMs across the country.

According to Huang Xinghai, vice-president of China UnionPay's International Division, fees for the Cashcard ATM network services will be calculated at "a very favorable exchange rate". Huang did not specify what the rate would be.