Nowadays, People's Bank of China has released new rules of the adjustment of the Financial Business. They will be implemented since 1st December 2016 (Tomorrow).
These new rules are also important measures for preventing the Telecom & Network Fraud.
Let me give you a brief introduction!
Check it!
From 1st December 2016,one person can just open one bank card in each bank(For one "Type Ⅰ" Account).
⊙"Type Ⅰ" Account is a Full Function Account and you are entitled to all the business services of the bank.
⊙"Type Ⅱ" Account is a Complementary Account, you can use it to deposit, to buy investment products, to consume,to pay the fees and etc.The Maximum is 10,000RMB per day.
⊙"Type Ⅲ" Account is mostly used on small scale payment,such as Internet payment and mobile payment.
You can also use it to consume and pay the fees sometimes. The Maximum is 1,000RMB in a single day.
What does it mean?
If you have a Debit Card in "X Bank",then you can not apply for another card of "X Bank" in Guangzhou or other cities any more since December 2016.
In addition, the cards you opened before 1st December 2016 are still valid. 
People's Bank of China also cancel the handling charges when you transfer, deposit and withdraw money in other cities.
This new rules will be implemented by the end of this year.
The effect of those rules are equal to canceling the roaming charges by the mobile operators.
You can go everywhere within China with just one bank card!
In addition, People's Bank of China is raising requirements to transfer money by ATM,mobile phone and E-bank.
For example,if your bank card has been out of use for half year, then you have to go to the bank counter personally and re-activate the card.
When you transfer to someone at the bank counter , there will be Options for Collection Time , such as real-time,normal pace and the next day.
However, if you transfer to someone at the ATM, the money will be transfered to the account after 24 hours. It means that you can recall it within 24 hours if you regret.
When you transfer more than 50,000RMB, you must use the "USB key ","Cipher" or "Token" to confirm. You can't transfer hundreds of thousands with just one PIN code as before since December.
If an individual transfer of more than 300,000RMB or a company transfer of more than 1,000,000RMB,you will receive Transaction Confirmations from the bank.
Only you make a confirmation, can the transfer be done.
If you have any question, please contact HACOS or make comments below.
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