Bank of China has signed an agreement with remittance service provider BTS, a subsidiary of Spain’s second largest bank BBVA, to jointly launch a new product which will bring convenience to overseas Chinese who intend to send money home.

Among numerous remittance companies in the US, BTS is the only one under the supervision of the US Federal Reserve. Rigid supervision effectively helps BTS ensure standardized and regular services. Moreover, BTS possesses a consummate anti-money laundering system which meets all requirements of the regulatory authority.

In recent years, with the increasing number of Chinese who work overseas or live abroad, an enormous market has formed as these people need to remit their money home. And such remittance has become one of the important sources for China’s revenue from current account transfer.

This new product for international remittance jointly launched by Bank of China and BTS will adopt the system of the Society for Worldwide Interbank Financial Telecommunication. It is able to satisfy multi-currency remittance and will not charge any fees for telecommunication, currency bid/offer spread, and service provided by intermediary banks. It will not only provide convenience for overseas Chinese to send money home but also realize maximum reduction of fees for exchange. This should be a beneficial measure for Chinese people who take a tour or live abroad. ( Chinanews.cn )