Believe it or not, it was impossible to transfer money from one bank to the other easily before. No matter how huge the amount it is, you have to withdraw cash in one bank counter, bring it to the other bank counter (with high risk) and deposit the money in the destination bank – all are manual operations and used cash. I am almost driven mad to be forced get the money from ATM machine and wait in the long line to pay my mortgage for my apartment. As a habit of an IT industry professional, I kept asking: Why not a service to enable transfer of money electronically? The cash transactions are just stupid.
Run told me the availability of the service. The China Pay (run by the China Union Pay Co. Ltd.) started the cross-bank money transfer business from end of March, 2003. Now, it supports money transfer of 11 banks. According to their website, you need to go to the out-bound bank (the money you transfer your money out) counter to apply for the service and you can conduct online transfer with China Pay.
The application for Bank of China is only processed in three branches in Shanghai downtown. I remember one is at 1221, Nanjing West Road (map).