Bank of China Launches Qiao Huitong in Collaboration with BTS

On March 2, it was learned from the Bank of China (BOC) that BOC jointly with BTS launches a new product for personal international remittance, namely, Qiao Huitong .

With advantages in foreign exchange as well as excellent personnel on international settlement and advanced technical support, BOC has always been committed to providing customers with high quality, efficient, convenient and all-round financial services in the field of international remittance, and has gained recognition of the customers.

In the fierce competition, BOC enjoys significant advantage in such field. In recent years, with the broadening extent of open, more and more people going abroad through labor export, overseas employment or immigration have strong demands for inward remittance to China, which has become an important source for current transfers of current account in China.

BTS, a wholly-funded subsidiary of BBVA Bancomer (the Mexican subsidiary of BBVA, the second largest bank of Spain) in Houston, is specialized in international remittance business. BTS takes the largest share of US-Mexico remittances, the largest remittance market of the world, and has gained outstanding reputation among customers.

Among all of the American companies handling remittance, BTS is the only one accepting regulation of the Federal Reserve Board. Strict regulations effectively guarantee the standardization and compliance of its business. BTS has a complete anti-money laundering system and can sufficiently meet the requirements of regulatory authorities.

To meet the increasing demand of overseas Chinese for remittance and provide better and more efficient services, BOC makes great efforts in innovating personal banking products and developing the new inward remittance service, Qiao Huitong in collaboration with BTS. BOC will rely on the BTS global network to provide customers with convenient and efficient remittance services as well as explore broader market of international remittance.

It is learned that both parties will guarantee secure delivery of the remittance to receivers through SWIFT (Society for the Worldwide Inter-bank Financial Telecommunication) system. Meanwhile, based on the customer-focused principle, both parties will satisfy the demand for remittances in multiple currencies and minimize the service fees paid by the customer.

Low service fee will be charged free of any telecommunication fee, exchange spread or intermediary bank fee, and the outgoing amount and incoming amount will be the same. Moreover, the customers may freely choose either to transfer into the designated account or draw cash at the closest outlet.