CIBCt has partnered with UnionPay International, one of the world’s largest international bank card networks, to help clients send money transfers to China within 24 hours with no costly upfront remittance fees.
Canadians send more money abroad to China than any other country, according to the latest statistics available from the World Bank. Canadians sent approximately US$4.2 billion to China in 2015, about one-fifth of Canada’s total global remittances.
CIBC introduced its no-fee CIBC Global Money Transfer™ service in 2015 and since then has grown to more than 45 countries, including the United States, Pakistan, Sri Lanka, Trinidad and Tobago, Vietnam, and now China. CIBC has also provided service to Hong Kong since the introduction of the service. Recipients receive funds in their local currency. For example, in China, recipients receive money transfers in renminbi (RMB).
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
- Available via CIBC Mobile Banking App, CIBC online banking and CIBC banking centres
From Jan. 16 to Feb. 16 (midnight EST), every client who sends money to China using CIBC Global Money Transfer will receive a complimentary Year of the Rooster pure silver coin and will be entered to win one of eight pairs of tickets to Beijing or Shanghai