China, Australia-friendly debit card launched to make travel easier

China UnionPay and the Bank of China Thursday in Sydney launched the very first Australia and China- friendly dual-currency debit card, expected to smooth the way for tourists, students and business people traveling between the two countries.

When traveling in China, holders of the Great Wall international dual-currency debit card, issued by the Bank of China in Sydney, will be able to make transactions in renminbi, debited to a RMB currency account attached to the card.

Card holders will also be able to make purchases in Australian dollars when traveling in Australia, debiting an Australian account -- eliminating the need to manually convert currency.

When the card is used internationally on the global network, the transaction will be made in local currency, debited to either the RMB account or the Australian account.

The currency conversion is free.

The card is a direct result of stronger economic ties between Australia and China, said Su Ning, Chairman of the Board of China UnionPay.

"Australia is a favorite destination for Chinese tourists, students and business people. China is now Australia's largest trade partner, source of immigrants and international students. The number of Australians visiting China is also increasing rapidly. This creates new demands for cross-border financial services," said Ning.

"Last month China and Australia signed an agreement for direct conversion between the two currencies, RMB and AUD. It highlights new development in financial cooperation, and this card we are presenting today honors this policy," he said.

Ning added that Thursday's launch followed previous partnerships with the Bank of China, attempting to make travel easier for both Chinese and Australian jetsetters.

"In 2011 a UnionPay-branded RMB and AUD prepaid card was issued by Bank of China here in Australia. Once again, our two organizations join hands in launching the dual-currency UnionPay debit card which can not only be used in Australia and on 100 percent of all EFTPOS terminals in China but also in 140 countries and regions via the UnionPay global network," Ning said.

Chuntang Zhao, deputy general manager of Personal Unit Banking, Bank of China, said the bank was proud to offer this service to the growing numbers of travelers between Australia and China, which are predicted to continue to rise after reaching 1.4 million last year.

"Bilateral trade has increased dramatically in response to rising economic growth in China. There are now many more business travelers, tourists and overseas students traveling between the two countries than ever before," said Zhao.

Innovative approaches to cross-border finances will ensure China's economy continues to grow, in turn driving the resilience of Australia's economy and that of the world, said Yuming Chen, Chinese Ambassador in Australia.

"China is one of the most dynamic economies in the world," said Chen.

"The great convenience brought by this card is conducive to deeper economic ties and more exchanges between our two countries, " he added.

China UnionPay also Wednesday launched two partnerships with one of Australia's largest banks, the Commonwealth Bank, and iconic department store David Jones in Sydney, expanding its network of accessible merchant terminals to 170,000 and covering 60 percent of ATMs in Australia.

UnionPay cards are also currently accepted in duty-free stores in Australia's major airports, as well as in shopping centers, scenic spots and hotels; 97 percent of all taxis in Australia; and at China-ready educational institutions, including Macquarie University.

Card holders may also directly use UnionPay credit cards to apply for tax rebate and purchase special commodities via cross- border online stores.

The new card signifies a landmark moment in Australia-China relations, overcoming the stumbling block that prevents debit cards of local brands from being used overseas, and opening up easier and freer grassroots trade in AUD and RMB for global citizens.