Bank of America + China Construction Bank = FREE TRANSACTIONS

[plim]

some may already know, but thought i'd share this very useful information:

 

If you have a BOA account in america, you can use CCB atms and withdraw money at no charge. (tested, works!)

 

http://cnreviews.com/entrepreneurship/conv...2_20080529.html

 

same goes for wiring money to china. have your SO open up a CCB and you can send money at no charge! (not yet tested, will try in near future)

 

http://www.banking-business-review.com/art...49-F1F81F3B8B9E

[chilton747]

If BOA was doing this with ICBC in Guangdong then I would jump on it immediately!!

[plim]

some more information on this:

 

Bank of America provides free account-to-account wire transfers from Bank of America to China Construction Bank (CCB) customers. Available for transfers between California consumer (personal) accounts only in Alameda, San Francisco and San Mateo counties. Small Business accounts are not eligible.

- $45.00 wire transfer fee waived.

- Free transfers are subject to the following limits:

- Up to $1,500 per transfer

- Up to $3,000 can be sent in a 30 day period

- Up to 3 wires can be sent in a 30 day period

Also, note that transfers exceeding the above limits will be assessed the $45.00 fee.

 

Contact center associates speaking Mandarin and English will be available to accept wire transfer orders once the customer has been set up in the banking center.

 

To establish wire transfer or more information, please contact us directly at 1.800.729.9473. We are available to assist you Monday through Friday from 5:30 a.m. to 3:00 p.m. Pacific Standard Time.

[IllinoisDave]

Any word on wiring in the opposite direction?

[rogerluli]

So this is only good for Bay area residents??? Could an online account be opened from somewhere else???

[credzba]

So this is only good for Bay area residents??? Could an online account be opened from somewhere else???

 

I have my b of a account from austin, and mailed the debit card to my wife in China.

We could withdraw about 2,000 rmb per day.

 

I made sure it was a debit only card, not visa just in case it got lost in china it could not be used without the pin.

[plim]

Any word on wiring in the opposite direction?

 

the article makes it sound like it would work. but not sure which construction banks will allow this, and im not sure if the receiving bank has to be part of the pilot program as well. sorry, not very useful huh? my suggestion is to send CCB an email and ask them if and where you can do it.

 

So this is only good for Bay area residents??? Could an online account be opened from somewhere else???

 

yea, as far as i know. i went to the boa in SF yesterday and they told me only the big branches are part of the pilot program so you need to call around and find out where its possible. i'm getting really tired of running around for this, but i'll post once i have success. they open monday, ill be calling all the branches before going in.