China: HSBC, BoCom to launch express remittance service
This month HSBC launches the Express Remittance service jointly with the Bank of Communications (BoCom). Express Remittance is a same-day USD remittance service, offering HSBC’s and BoCom’s corporate and commercial customers a favorable cut-off time during weekdays.
Express Remittance offers same-day USD telegraphic transfers from HSBC customers in Hong Kong to corporate accounts held at BoCom’s Guangzhou and Ningbo branches.
This is the first time that HSBC has offered a same-day USD remittance service to mainland branches outside HSBC’s branch network. The service will be extended to 80 BoCom branches across China by the end of the year. In addition, customers of BoCom’s branches at Guangzhou and Ningbo can benefit from the same-day remittance service to accounts held at HSBC branches in 10 cities across Asia-Pacific. These include Hong Kong, Macau, Taiwan, Japan, Malaysia, Thailand, India, Indonesia, Korea and Singapore. Lawrence Webb, Head of Payments and Cash Management, Asia-Pacific at HSBC, said: “We are seeing demand for more sophisticated cash management services from companies in the Greater China region. Through seamless system integration between the two banks, we have streamlined the remittance process and can now offer a much faster turnaround time to our customers. Express Remittance improves remittance lead time, accelerating fund availability and helping our customers put their working capital to better use.” Marking the new service launch, HSBC is offering a preferential local charge of HK$30 for USD telegraphic transfers from HSBC accounts in Hong Kong to BoCom accounts in mainland China. HSBC has operated in mainland China for over 140 years and made its biggest acquisition in the country in 2004 when it acquired a 19.9 per cent stake in BoCom. In July 2005, BoCom and HSBC launched a co-branded dual currency credit card in 29 cities; one million cards have been issued as of August this year. In February 2006, HSBC and BoCom jointly rolled out ChinaExpress, a documentary credit advising service providing export customers access to over 2,700 offices in 137 cities across mainland China. –www.theasianbanker.com (September 29 2006)–