Innovative Global Money Transfer technology
further disrupts Canadian remittance market
TORONTO, Oct. 25, 2016 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) announced today that clients can now send money to
the United States with no up-front
transfer fees, giving Canadians a faster and less expensive way to
move money to the US.
This expansion builds on a highly successful first year for
CIBC's Global Money Transfer service, which leverages a fintech
approach to innovation within the bank and furthers CIBC's
leadership position in delivering innovation to meet client
needs.
"Since launching Global Money Transfer a year ago, we have seen
a significant increase in the number of clients using the service
to send money globally. With so much cross border payment activity
between our two countries, we're confident that the US service will
be embraced by our clients," says Vineet
Malhotra, Head, Alternate Solutions Group, CIBC
Capital Markets. "Whether you are sending money to friends and
family, covering expenses for a personal or rental property, or
making university tuition payments, we are delivering an affordable
and reliable way to transfer money with no up-front fee."
CIBC recently added Global Money Transfer to CIBC Mobile
Banking, allowing clients to send money across borders to 45
countries from wherever they are.
"We know Canadians are using alternative providers to send money
south of the border in order to avoid the delays associated
with traditional remittance processes. Thanks to the
expansion of our Global Money Transfer service they can now benefit
from the speed and ease of a fintech from their bank," adds Mr.
Malhotra.
Canadians spending $17 billion a year in the US
According to Statistics Canada, Canadians visited the US over 23
million times and spent more than $17
billion south of the border in 2014 alone. In addition to
the many Canadians who have family ties south of the border,
Canadians are also one of the top foreign owners of US real estate,
creating strong financial and investment ties to the market.
"Many Canadians have family and friends in the US, and many also
either own property or need to make rental payments as they prepare
to head south, contributing to the tens of billions of dollars
spent annually by Canadians in this key market," adds Mr.
Malhotra.
Features of the CIBC Global Money Transfer service include:
- No upfront fee to send money abroad
- Competitive exchange rates
- Daily transfer limits of $9,999.99 (through online/mobile banking
and CIBC banking centre combined)
- Most transfers will be received by the recipient within one
business day
- Now available via CIBC Mobile Banking, as well as CIBC online
banking and CIBC banking centres
About CIBC
CIBC is a leading Canadian-based global financial institution
with 11 million personal banking and business clients. Through our
three major business units - Retail and Business Banking, Wealth
Management and Capital Markets - CIBC offers a full range of
products and services through its comprehensive electronic banking
network, branches and offices across Canada with offices
in the United States and around the world. Ongoing news
releases and more information about CIBC can be found
at www.cibc.com/ca/media-centre/ or by following on
Twitter @CIBC, Facebook (www.facebook.com/CIBC) and
Instagram @CIBCNow.
SOURCE CIBC - Corporate