Bank launches express remittance service between mainland, Taiwan

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Last updated at: (Beijing Time) Monday, March 01, 2004

Bank launches express remittance service between mainland, Taiwan

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China Construction Bank announced Monday the official launch of an express remittance service that cuts the time to transfer money between China's mainland and Taiwan from one or two days to just two hours.

The CCB, one of the "Big Four" state-owned commercial banks, teamed up with 17 local banks and branches of 23 foreign-funded banks in Taiwan in the new business, a bank spokesman said.

The remittance can be in US dollars, HK dollars, Japanese yen or euros, the first such comprehensive package offered by a financial enterprise on the mainland.

Analysts noted the CCB's service was tailored to meet the demand of increasing trade exchanges across the Taiwan Straits.

The remittance service had been running on a trial basis over the half year past and welcomed by a growing number of clients. Inareas heavy with Taiwan-funded businesses such as Guangdong, Fujian and Jiangsu provinces, a combined equivalent of more than 150 billion US dollars flowed between the mainland and Taiwan, with the help of the CCB network.

Source: Xinhua

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