Bank of America and China Construction Bank introduce free wire transfer service

Source: Bank of America

Bank of America and China Construction Bank (CCB) today announced a joint pilot program to offer free consumer account wire transfer service to and from China by eliminating all fees on transfers.

This joint effort will provide more comprehensive, higher quality and more efficient financial services to both bank's customers.

This pilot program is only available in the United States at 110 Bank of America locations in Alameda, San Francisco and San Mateo counties. In China, the program is available in nearly 250 CCB locations in Beijing, Shanghai, Guangdong, Zhejiang, Liaoning and Xiamen.

In this program, any Bank of America customer who uses one of the 110 participating pilot banking centers and who has a checking or savings account may make free money wire transfers to any CCB consumer account holder in China. Alternately, CCB's personal customers in the pilot communities of China may make a wire transfer to any Bank of America consumer account holder at more than 5,700 banking centers across the United States.

Bank of America customers can save approximately $45 per transaction.

This is another new product offered as a result of joint efforts of the two banks following the successful launch of their free ATM cash withdrawal service in April. As part of the progress and alliance both banks have been engaged in since signing a strategic agreement last year, this new pilot program will create a money wire transfer solution for consumer banking customers who need to send cash between China and the United States with more convenience, less cost and faster delivery.

"We are excited to offer this special pilot program to our Bay Area customers," said Steve Silvestri, market president for Bank of America, San Francisco. "Enabling our customers to make free wire transfers to China is yet another way we are demonstrating how we want to be the bank of choice for the Chinese community."

"With this pilot program China Construction Bank and Bank of America continue to demonstrate our commitment to the diverse communities and customers we serve country to country," said CCB executive, Mr. Hu Changmiao. "Our goal is to leverage our combined resources to po provide our clients with first class financial products and services."

Product Benefits - United States:
  • Customers can sign up for the program at 110 Bank of America locations in Alameda, San Francisco and San Mateo counties.
  • With one easy phone call, participating customers are able to send money to friends and family Monday through Friday from 5 a.m. to 4 p.m. Pacific time.
  • Bank of America phone service is able to assist Chinese customers in both English and Mandarin.
  • Bank of America customers are able to wire up to $3000 per month and $1500 per individual transaction. There is a maximum of three transactions allowed per month.
  • Transactions are subject to foreign exchange regulations as administered by China's State Administration of Foreign Exchange.

    Product Benefits - China:
  • CCB will offer free wire transfer services in 242 of their stores in the following six branch locations: Beijing, Shanghai, Guangdong, Zhejiang, Xiamen, and Liaoning. CCB personal (consumer) customers can use this service by visiting a store in any of these branch locations.
  • CCB will waive all fees for customers in China using this service.
  • The maximum that can be transferred at one time from China to the United States is $2,000 dollars.

    Bank of America pioneered free account service transfer with its SafeSend program which launched nationwide in the United States earlier in 2006. Through its strategic relationships with banks in Mexico, the company has been offering free account service transfer to customers wishing to send money back home to friends and family in Mexico, saving customers millions of dollars in transaction fees.
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