Oct. 26—China Construction Bank (CCB) and Bank of America (BAC) jointly launch remittance service in foreign currency for individual clients between certain China’s cities and American cities, namely CCB-BAC direct remittance. This is the second time for these two banks to provide a new service in cooperation after they offered service to withdraw cash from ATMs of other side with charge free in this April. This kind of cooperation will definitely help these two banks better serve their customers both inside and outside of their country.

One year ago, CCB and BAC officially signed the agreement governing their strategic investment and cooperation. With the development of their cooperation, the two banks nailed down 20 technology-assistant projects in three business lines for 2006, based on CCB’s development strategy. Their cooperation projects focus on retail banking, and include information technology, corporate banking, risk management, finance, human resources, and etc. So far, CCB and BAC have enjoyed a sound progress in their cooperation over these projects, part of which have been completed and scored practical achievements. This time for the two banks to coordinately launch CCB-BAC direct remittance means another fruit of their cooperation.

It is introduced that CCB-BAC direct remittance is to meet the need of individual customers in China and America. With this service, clients can remit their foreign currencies between China and America in an easy and fast way and at a low cost. According to CCB and BAC remittance agreement, customers can receive this service with charge free only if they can meet the following requirements: if customers remit no more than US$ 2000 for one transaction at CCB’s pilot branch from their individual account to America, they can receive free service; if customers remit no more than US$ 1500 for one transaction and no more than accumulated amount of US$ 3000 for three transactions in one month at BAC’s pilot branch from their individual account to China, they can receive this service with charge free.

Reportedly, CCB will provide this service at over 300 pilot outlets in Beijing, Shanghai, Guangdong, Liaoning and Xiamen; BAC will offer this service at over 100 pilot outlets in San Francisco of California, and other places. Customers can dial CCB’s hotline 95533 or call BAC’s foreign currency business center in Los Angeles to make enquiry.