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