Signaling greater financial cooperation between the two countries, Bank of China Ltd., one of the big four Chinese banks, has begun issuing a debit card in Thailand.
The state-owned Chinese commercial bank’s Thailand unit launched the Great Wall card, a dual-currency debit card, in association with China UnionPay on July 15, a spokesperson for bank tells PaymentsSource.
With the launch, Bank of China became the first Chinese bank to launch a debit or credit card in Thailand, he says, noting the card is designed for businessmen, tourists, students and others who frequently travel between the two nations.
“The card, which will be denominated in both yuan and baht, will be usable in both countries in addition to other countries accepting China UnionPay,” the spokesperson says.
“We expect to issue at least 50,000 cards in the first year,” he says.
ATM withdrawals and purchases initiated with the debit card are limited to a daily maximum of 100,000 baht (US$3,332 or 2,361 euros) or 20,000 yuan (US$3,089 or 2,188 euros) per day, and cardholders pay no sign-up or annual fees in the first year. Subsequent fee information was not available.
Some 35,000 merchants in Thailand accept China UnionPay cards, as do more than 6,000 ATMs there, according to the company’s website. The card company began moving to get its cards accepted in Thailand in 2005.
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