Effective June 1, 2004, Bank of China - New York launched BOC Wire Express Service to include automatic express notification on remittances via text message for beneficiaries in China who are mobile phone subscribers of China Mobile and China Unicom, the two largest wireless communication providers in China. This service enhancement is free of charge. To take advantage of this new feature, simply include on your remittance form the beneficiary’s mobile phone number in China.
Since December 2002, Bank of China Chinatown Branch started to offer three new remittance services and they are Deposit-Remittance Link Service, Family Care Remittance Service, and Golden Age Remittance Service.
Three New Services Available
No matter where you are located, Bank of China’s swift remittance service can help you convey your love and care to your loved ones quickly and securely around the world. We believe that our reputation is built upon your satisfaction with our service.
Deposit-Remittance Link Service
The service is designed for non-residents of New York City who need faster remittance.
Currently, our non-account customers who live outside of New York City have to use personal checks, cashier’s orders or money orders as payment tools in order to remit money, which become available to be wire transferred after at least 7 to 14 business days. This fund clearance processing time can be reduced to 2-4 business days by using this new service.
You must have a Certificate of Deposit (CD) with us and sign relevant guaranty agreement. The accumulated amount of the remittance must be less than 90% of total CD amount within a 30-day period, otherwise the next remittance which is equal to the remaining 10% of the total CD amount can only be processed after a 30-day interval. Also, the remitter and depositor must be the same.
Family Care Remittance Service
This service is designed for U.S. citizens or permanent residents, who need to remit money regularly to their family members in a city/town where Bank of China has a presence, but for various reasons are unable to travel to our bank to make the remittance.
You are eligible for this service if you maintain an account (Personal Statement Saving, Checking, Money Market Account, or Time Deposit Account) with us.
The maximum of each remittance is $3,000 per month and $7,500 per quarter. The remitted funds will be automatically deducted from your account.
Golden Age Remittance Service
This service is designed for U.S. citizens or permanent residents who want to regularly receive their U.S. retirement income while residing in China for an extended period of time.
Like the Family Care Remittance Service, you need to maintain an account (Personal Statement Saving, Checking, Money Market Account, or Time Deposit Account) with us to use this service. The maximum of each remittance is $3,000 per month and $7,500 per quarter. The remitted funds will be automatically deducted from your account. The recipient’s bank must be a branch of Bank of China. If your hometown is not in mainland China, Hong Kong or Macau, you must provide the name, address and account number of your bank.