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Cross-Bank Deposit Business for Foreign Currency Initiated in Ningbo

Recently, since Ningbo Payment and Clearing System opened the cross-bank deposit business for foreign currency, so far 30 banks or so have offered the US dollar business. It's learned that BOC Ningbo Branch is the first in China to offer such service for the payment and clearing system construction.

Cross-bank business for foreign currency, also known as personal foreign currency cross-bank transference, enables individuals in possess of an account at a certain bank to transfer their foreign currency at another correspondent bank (also accepting bank), in line with the stipulations of national foreign currency management. A service charge of 20 Yuan will be charged by the accepting bank for each transaction.

This business saves customers such problems as complex processing, slow transference, high service charges, etc., and avoids exchange loss in transference of foreign currency. With its opening, Ningbo Payment and Clearing System becomes more complete, as Ningbo residents are able to make instantaneous payment whatever the currency type and business type is

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