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Chinese Bank Launches Express Remittance Business
The China Construction Bank (CCB) Monday launched an express individual electronic remittance business, which enables the remittance to reach the receivers' accounts within 24 hours.
A spokesman for the bank said the new business is based on studies of China's individual remittance market conditions and clients' demands, and draws on the advantages of various kinds of remittance. It enjoys the support of the bank's urban business networks and capital clearing systems.
With the new service, clients are able to remit money to other places with current bankbook, credit cards, cash and other ways of payment, and the money will reach receivers' accounts within a day.
The CCB charges 1 percent for the remittance and the maximum charge is 50 yuan (about 6.4 U.S. dollars), which is beneficial for large sum remittance.
The spokesman said that by the end of April, the bank has handled 6.17 million remittances, with a total value of 161.4 billion yuan, or a monthly average of over 7 billion yuan.
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