Name
Gold Bao (non-object gold transaction business)
Introduction
"Gold Bao" business is the transaction with USD against foreign currency without overdraft, and is conducted by individual customers over the counter or via other electronic financial services, it is also known as "paper gold". The business also provides series products of RMB. The transactions are carried out in USD.
Our Advantages
Convenience of transaction: no physical delivery of gold is carried out, thus various storage/inspection costs can be avoided, also, customer transaction costs can be reduced.
More hours for transaction service: Each branch is different in business hours as per their different conditions; the longest is 24-hour a day, covering the transaction hours of major international gold markets.
Various methods for transaction: At present, the transaction can be carried out via counter service, or on the equipment of telephone transaction, etc.
Flexible methods for transaction: the transactions can be carried out via the trading at market price or agency trading. Market transaction is also known as the current price transaction, i.e., conducting the real-time transactions based on the bank's current offer. Agency transaction, also known as hanging deals, that is, the investors can first leave the transaction order to the bank, when the bank's quotation reaches the exchange rate which is in line with the price in investor's mind, the bank's computer system will carry out the transaction at once based on the investors' commissioned orders. Agency trading via telephone, is the most efficient way of operation.
Efficient fund settlement: offsetting transaction can be carried out for several times on that very day. More investment opportunities are available.
Target Customers
Domestic and foreign individuals with valid ID and full civil competence can conduct the firm offer of gold trading.
Process
Transaction over the counter: customers with certain amount of USD deposits can go to the designated branches of Bank of China to fill relevant documentation and submit them to the counter staff.
Telephone transaction, self-service transaction
Apply for current all-in-one passbook and Great Wall Debit Card in Bank of China, also, deposit certain amount of USD in it; Telephone trading account is opened when the following process is carried out: you should apply for it in any outlet of Bank of China with your valid ID, you should fill relevant application form and sign the agreement, also, you should submit it to counter staff together with current all-in-one passbook and Great Wall Debit Card. Afterwards, you should put in 6 numbers as account password. In the telephone transaction system, customers can carry out the transaction with audio telephone, dialing the transaction number, and putting in correct account number and password.
Required Documents
Valid ID Certificate.
Risk Disclosure
1. Gold price is experiencing violent fluctuations due to the influence of the international political and economic factors, as well as the influence of various unexpected events. Therefore, individual firm offer of gold trading is involved with both risks and opportunities.
2. The minimum amount: 1 ounce of gold, the amount above 1 ounce is increased progressively by 0.1 ounce; In the first transaction, only gold can be purchased, no overdrafts or deposit transaction can be carried out (that is to say, only firm offer can be carried out); currently quotations are carried out in USD/ounce, with trading spread of 4 USD, without any other handling fees.
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