TORONTO, Sept. 26, 2016 /CNW/ - CIBC (TSX: CM)
(NYSE: CM) today announced an innovation in prepaid foreign
exchange with the new CIBC Smart™ Prepaid Travel Visa card
available through CIBC, in the most popular denominations used by
Canadians when they travel including US dollars, Euros, Pounds, and
Mexican Pesos. They are the first reloadable foreign currency
prepaid cards available through a major Canadian bank.
Key Features of the CIBC Smart Prepaid Visa Card:
- Reloadable prepaid cards in the most popular currencies used by
Canadians when traveling (USD, GBP, Euros, and Pesos, as well as
Canadian dollars)
- Available through CIBC banking centres and online banking
- Clients can complete their foreign exchange transaction before
they travel
- Make point-of-sale transactions, ATM Withdrawals and online
purchases anywhere VISA is accepted – in the currency of the
card
"Our new CIBC Smart Prepaid Visa cards are the latest example of
leveraging innovation to deliver a better client experience," says
Bijal Patel, Executive Vice
President, Products, CIBC. "Having the option to carry a prepaid
card in foreign currency delivers a more secure, convenient
experience for clients when they are traveling, and gives them
peace of mind knowing that they've prepaid for their travel
expenses before they leave home."
Leveraging Innovation to Disrupt Existing Markets
The new card is an example of leveraging innovation to deliver
on client needs, and builds on CIBC's recent announcement of a
partnership with Air Canada on the CIBC AC Conversion Visa prepaid
card, a multicurrency prepaid card available exclusively through
Air Canada.
CIBC's track record for innovation in foreign exchange includes
the recently launched Global Money Transfer service, which reduced
upfront foreign currency transfer fees to zero for Canadians
sending money overseas to family and friends, a significant
departure from the traditional bank model which often takes days to
deliver funds and typically includes a significant upfront service
fee.
"Our view is that where innovation can deliver a better solution
for clients, we will reshape the way we do business to deliver on
their needs," adds Mr. Patel. "In cases where that means we need to
completely reinvent a process or change a traditional way of doing
business, we're willing to do that."
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, banking centres 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