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Bank of China

Bank of China

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5000 GBP
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FCA Regulated
5,592.18 EUR
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Bank of China bank exchange rates. The Bank of China is not a smaller mortgage lender at all, and they are in fact the third largest bank in the world however they only make up a small proportion of the mortgage lending markets within Britain at present. They are very new to the UK to have only been in the UK mortgage market since 2009.

The lender came into the British mortgage markets with a very tight and strict set of lending criteria that they did not budge from. This was because they wanted to keep the numbers level and keep quality in tight reins. With only four brokers representing them in England, the lender, of course, sits in the background.

Most of the customers who have mortgage contracts with the Bank of China made up of Chinese food outlets. And takeaways as you would imagine, and this confirmed by the lender on their internet site. They are however still also lending to other types of businesses throughout the country.

The maximum loan to value from the Bank of China would appear to be around the 70% mark, but of course, as with any lender this is on a case by case basis and also depends on the amount borrowed. Loans below £150,000 appear to be offered on a 70% LTV basis. While those £150-£500,000 appear to be mostly on a 65% LTV.

Bank of China Exchange Rates

It appears that the Bank of China usually opt for a set 15-year commercial mortgage term and they always operate on capital and interest only basis with no interest only available to customers, similar to other commercial mortgage lenders today.

Commercial mortgage seekers that apply to the Bank of China for their loan have to visit one of the four brokers in the UK to have their application processed as part of the lender's standard procedure.

There aren't any set interest rates for commercial mortgages per se. Because the lender prefers to assess each case individually and offer at whatever rate. They believe to be right for that case. This is similar to certain other commercial lenders.

The only thing that said regarding commercial mortgage lending rates. That if you look at any lender in the UK, the lowest rate you will find is around 3.5% above the Bank of England base rate. Which currently sits at 0.5% and has done since 2009. There are no fixed contracts on offer - tracker is your only option.

All those about to embark on a China tour or corporate mice trip to China here are some useful notes to consider before you leave home:

1: Credit cards are taken in some places, but many establishments will not accept foreign credit cards.

This is especially true at airports, train and bus stations which will only accept cash payments. Even Ctrip online would not accept a western card over the phone because you will be flying the next day. I had to travel to Guangzhou airport and pay in cash for internal flight tickets which were most irritating.

2: Even some banks will not let you draw money out with your credit cards. 

China Bank Exchange Rates

The most reliable bank isThe Bank Of China. It can draw cash out from their ATMs with my credit card. And with Nat West debit cards when no other bank can allow you to. They are on virtually every street in China which is reassuring.

3: ATM's Beware: 

If you do use ATMs to draw out cash, you will get quite a large fee for doing so. An ATM transaction fee and a foreign exchange fee. They can also be unreliable, and it is a real pain trying to get things sorted out if your card gets stuck or does not pay out the money. However, most banks have English speaking staff but do not rely on this as their English often very limited to Hello, Goodbye, How are you, etc. I tend to go to the counter and draw my money from the cashier using my passport as proof of identity. At least you know you will not lose your card or your cash using this approach.

4: If your stay in China is long enough it recommends opening a Chinese bank account. 

With The Bank Of China, you can then arrange transfers of your money from your UK bank into your China Bank. Union Pay accepted at all Chinese establishments and will make paying for your goods or services that much easier.

5: Always carry some cash with you. 500rmb is more than enough for most things you will need to do.

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Bank of China

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Bank of China
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Great London,
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