About Bank of Asia
Transfer / Remittance
What is Bank of Asia?
Bank of Asia is a physical bank licensed and regulated by the authorities of the British Virgin Islands (BVI). It uses advanced digital channel to provide cross-border banking services for clients all over the world. For more information, please visit About Us
Where is your headquarter?
Bank of Asia is headquartered in the British Virgin Islands. Please refer to Contact Us for more details.
Do you have other branches?
We don’t have other branches at the moment. The banking services are provided through digital channels which are built on the advanced FinTech platform.
Who can open an account with Bank of Asia?
Bank of Asia provides banking services to corporates and individuals who pass our robust KYC checks, except residents of the BVI due to the type of license.
What is the minimum age for account opening?
The minimum age for account opening is 18 years (as of the application submission date).
How do I open an account?
You can apply both corporate and personal accounts on our website from anywhere in the world. The account opening process requires the use of mobile phones and e-mails for two-factor authentication. Please refer to Accounts for more details.
You may also approach the Bank’s designated Corporate Service Providers (CSPs) for assistance in corporate account opening process. Applying through CSPs can enjoy a special offer. Please contact us for more details.
What is the cost of opening an account?
Please refer to our fee schedule.
How do I access my bank account?
Please download Bank of Asia Mobile App and login with your e-Banking ID and password. All banking services are available on the Mobile App.
What services are available with the BOA mobile app?
Currently, you can use your mobile app to check your account balance, review recent account activities and transfer money between accounts. More functions will be available in the future.
Can I log into my bank account on different mobile devices?
Yes, you can log into your bank account on up to two different mobile devices. But your bank account cannot be assessed on two devices simultaneously.
Can I link one mobile phone number to multiple bank accounts?
Yes, one mobile phone number can be linked to multiple bank accounts.
How to close my account in Bank of Asia?
Please contact our customer service for assistance if you would like to close your bank account.
Is my money safe?
We are regulated by the British Virgin Islands Financial Services Commission (BVI FSC) and comply with international standards. We are also regularly inspected by the FSC and appoint designated external auditors.
How do your bank ensure the security of my personal information?
All personal data transmitted to the Bank’s database via Internet will be encrypted. Our infrastructure is continuously audited in compliance with the relevant legal and regulatory requirements.
What measures has Bank of Asia taken to ensure the system security?
We value cyber-security and it is the foundation of our platform. Our core banking system conforms with global security standards such as ISO27001. We implement central access rights to prevent accidental data corruption, improper manipulation and outright fraud. To protect transactions, we adopt encrypted data transmission, anti-fraud real-time alerts, monitoring usage of information, and providing for secure transaction history archive.
In addition, we apply leading technology in multiple levels such as multilayer of firewalls, anti-malware, email sandboxing, end user protection software to protect the bank’s core network from internal and external security threats. Emergency systems have been set up in dedicated data centres with industry standard physical access controls with monitoring in place to restrict access to authorised personnel only.
Furthermore, we adopt a two-factor authentication system to enhance network security by logging into accounts with a combination of two different types of authentication. This will prevent unauthorised access to your mobile app banking.
What will you do with my information?
We only use customer’s information when providing banking services. With the consent of our customers, we may also use it to provide you with other financial services from our affiliates such as wealth management. Please refer to our full Personal Data Policy for more details.
Is the mobile validation procedure secure?
The free one-time password authentication is one of the safest authentication procedures in online mobile banking. When you conduct an online transaction, you will be asked to enter a verification code in order to log in to your e-banking account. The verification code will be sent via SMS to your mobile phone number registered with us. For security reasons, the verification code is valid only for a short period of time.
How do I withdraw my deposits?
You can transfer your deposit to another bank account via online banking service, which also supports cross border remittance. You will be able to withdraw cash through the ATMs once service is available.
How to remit funds to my BOA account for the first time?
Please contact our customer support for wiring instructions.
What countries and currencies are supported for international remittance?
Currently we provide remittance service to all countries under FATF (Financial Action Task Force). We support outward remittance for the following currencies: USD, EUR, GBP and HKD. There is no restriction on inward remittance, but other currencies will be automatically exchanged into USD if they are not USD, EUR, GBP or HKD.
What are the transaction fee for different currencies?
Please refer to our Fee Schedule for details.
Why is my remittance rejected?
There are two situations for most of the rejected cases:
Situation 1: incomplete information or mistakes in the provided information;
Situation 2: the remittance is rejected by the recipient bank.
We will send you a notification (by SMS and email) to inform you that the remittance has failed.
How long will it take for international remittance?
It usually takes 3 to 5 business days for international remittance to be completed.
How do I get help?
If you have any enquiries, please contact us by phone, email or post. For details, please refer to Contact Us.
How do I file a complaint?
You may contact our complaint hotline at +1 284 394 2403 (Monday to Friday 08:00 – 17:00 GMT-4/UTC-4, except for public holidays in British Virgin Islands), or email us at firstname.lastname@example.org.