Bank of America and China Construction Bank have announced a joint pilot program to offer free consumer account wire transfer service to and from China.
The pilot program is only available in the US at 110 Bank of America locations in Alameda, San Francisco and San Mateo counties. In China, the program is available in nearly 250 China Construction Bank (CCB) locations in Beijing, Shanghai, Guangdong, Zhejiang, Liaoning and Xiamen.
In this program, any Bank of America customer who uses one of the 110 participating pilot banking centers and who has a checking or savings account may make free money wire transfers to any CCB consumer account holder in China. Alternately, CCB’s personal customers in the pilot communities of China may make a wire transfer to any Bank of America consumer account holder at more than 5,700 banking centers across the US.
Bank of America customers can save approximately $45 per transaction, the bank said.
The new service follows another joint effort from the two banks, which launched a free ATM cash withdrawal service in April. It also comes after Bank of America began offering free account service transfers to customers wishing to send money to friends and family in Mexico.