China CITIC Bank is one of China’s largest banks with headquarters in Beijing. Founded in 1987, it has more than 80 million customers with branches in more than half of China’s provinces and municipalities. It is the only Chinese bank to be authorized for opening foreign currency accounts, making it the country’s most diversified bank for overseas investment.
China’s largest banking institution, China CITIC Bank, has been in operation for over 30 years and serves over 2 million customers in the country. The bank’s business includes corporate banking, personal banking, and treasury services. It was founded in 1984 and is based out of Beijing, China.
China’s largest banking institution, China CITIC Bank, has been in operation for over 30 years and serves over 2 million customers in the country.
Debit Card Facilities
China’s CITIC Bank has been in the process of implementing a new debit card system. The new cards will allow customers to withdraw and transfer cash to different banks and fund future purchases at stores and businesses. The new cards will be compatible with the UnionPay system which is based in China and it will be available for use throughout Asia. UnionPay is one of the major payment providers worldwide, so this move coincides with their goals for expansion.
New technologies are continuing to change the way we bank, and a new app from China CITIC Bank is looking to be a leader in the field. The app, Powerapp, is designed for both personal and corporate banking. Like many other Western banks, China CITIC Bank has been using technology to service its clients.
It currently has operations in 17 countries, including China, Hong Kong, Singapore, Malaysia, Thailand and Australia. The company has grown significantly since its inception and the average annual salary for their employees is $60,000 USD (2018). These employees are also given medical services to all employees as well as health insurance coverage. China’s largest bank offers one of the best salaries in the country.
China’s CITIC Bank is experiencing an unprecedented number of cash withdrawals, with over $1.4 billion in withdrawals in only the past two weeks. Although other banks are experiencing similar levels, CITIC Bank has reported the highest volume. The Chinese government has not commented on the withdrawal phenomenon, but it is speculated that many people are taking their money out of China to avoid economic volatility and potential corruption investigations into the family members of top officials.
Tracking Your Spending
China CITIC Bank has started a new program that is giving customers a Smart Card to help them keep track of their spending. The card will allow people to withdraw money from ATMs, make purchases in stores, and pay bills with the bank automatically debiting their account. This rise in technology is meant to help customers budget by tracking how much they spend each month.
Cash Withdrawal Fees
China CITIC Bank has recently increased the fees for withdrawing cash from their ATMs. The new service charge is now at 3 renminbi ($0.50) per withdrawal, which is a 25% increase from the previous 2 renminbi ($0.30) fee. The bank has stated that these changes will make ATM usage “more cost-effective” and will be helpful in discouraging people from going to non-CITIC ATMs.
Card Replacement Fees
In the 21st century, it’s all about convenience. The latest trend in China, banking is to replace one’s debit card with a new card. While some people are concerned of the high cost of changing banks, others are dazzled by the prospect of having one less card to hold on to.The current fee for replacing a CITIC Bank debit card is RMB100 ($15 USD). And that doesn’t include any other changes made to one’s account.