Innovative Global Money Transfer technology further disrupts Canadian remittance market
CIBC 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.
CIBC recently added Global Money Transfer to CIBC Mobile Banking, allowing clients to send money across borders to 45 countries from wherever they are.
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