Detailed explanation of domestic banks, international credit cards and wire transfers and the construction of online banking legal system
Overview of Domestic Banks and International Credit Cards
With the development of economic globalization, major domestic banks have launched various types of international credit cards to meet consumers’ growing cross-border consumption needs. These cards not only support domestic consumption, but also facilitate convenient payments and cash withdrawals overseas, reducing the inconvenience caused by foreign currency exchange.
ICBC Peony International Credit Card
ICBC Peony International Credit Card supports the simultaneous opening of RMB accounts and foreign currency (U.S. dollar or Hong Kong dollar) accounts. The card has an independent credit limit and is equipped with an online transaction switch function for enhanced security. Cardholders can use ATM machines with VISA, MasterCard or American Express logos around the world to withdraw cash or spend money.
Agricultural Bank of China Golden Harvest Credit Card Dual Currency Card
The Agricultural Bank of China Golden Harvest Credit Card Dual Currency Card also has two accounts in RMB and USD, and the two accounts share the same credit limit. When using a US dollar account for overseas non-UnionPay POS purchases or ATM cash withdrawals, no additional handling fees will be charged; when non-US dollar currency transactions are involved, international settlement fees will be charged according to the corresponding proportion.
BOC Great Wall International Card
The Bank of China Great Wall International Card offers a variety of currency options (US dollars, Hong Kong dollars, euros, pounds), and chip technology that complies with international standards ensures its wide acceptance around the world. Cardholders can make purchases around the world through the VISA or MasterCard network and withdraw money through ATM machines with the “PLUS” or “CIRRUS” logo.
Telegraphic transfer (T/T) and its application in cross-border e-commerce
As a traditional cross-border payment method, wire transfer is still widely used in international trade. It allows remitters to send encrypted telegrams through banks to designated accounts to complete the transfer of money. Depending on the payment time point, wire transfers can be divided into pre-T/T (prepaid), post-T/T (cash on delivery) and mixed modes. Among them, the method of paying 30% in advance and 70% of the balance payment is more common. This method takes into account the balance of interests between the buyer and the seller.
Improving the legal framework for online banking
With the rise of online banking, the traditional legal system is facing many challenges, especially the regulations on electronic signatures and certification services that need to be improved urgently. The “Electronic Signature Law” and its supporting regulations “Measures for the Administration of Electronic Authentication Services” promulgated in 2005 laid the foundation for the construction of an online banking legal system. However, there are still many flaws in the current legal framework, such as the vague definition of the responsibilities of third-party certification agencies and other issues that need to be resolved urgently.
In order to better adapt to the needs of the Internet financial era, it is necessary to further revise and improve relevant laws and regulations, establish a special legal system including but not limited to electronic payment, clarify the rights and obligations of all parties, and ensure the healthy development of online banking business . In addition, for contract disputes between online banks and customers, it is recommended to introduce special laws to guide the establishment of dispute resolution mechanisms to protect the legitimate rights and interests of consumers.