Innovative no-fee CIBC Global Money Transfer service reshapes
$30-billion-a-year Canadian market
TORONTO, Oct. 15, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) is eliminating the fees for Canadians to send
money overseas, dramatically reshaping the $30-billion-a-year Canadian
international remittance market with an innovative no-fee service
making it cheaper and easier to send money back home to support family
or manage personal affairs.
"We're making it as affordable as possible for our personal banking
clients to provide for their loved ones back home by removing upfront
fees when sending international remittances," says Larry Tomei, Senior
Vice President, National Sales and Service, CIBC. "Canadians can now
avoid paying upfront charges, which can be significant, and have the
confidence in knowing that the amount of money they send will be
received by their loved one."
The new no-fee CIBC Global Money Transfer™ service makes it easier,
faster and more affordable for clients to send money overseas through
online banking or at a CIBC banking centre. The service, currently
available to more than 34 countries, will be expanded to include
approximately 60 countries by the end of 2016.
"After listening to our clients who are looking for a better and less
expensive solution, we've enhanced our technology so that they can send
money overseas quickly and simply online and in our banking centres
with no added fee," says Vineet Malhotra, Managing Director and Head,
Alternate Solutions Group and Retail Solutions Group, CIBC.
"With our industry-leading platform for foreign exchange we are
disrupting the market and believe we will deepen our existing client
relationships and attract more clients to our bank, particularly from
Canada's growing newcomer population," Mr. Malhotra adds.
Canadian remittance market valued at $30 billion
Valued at US$23 billion ($30 billion) by the World Bank, Canada's
international remittance market is one of the largest in the world as
more than seven million immigrants from around the globe have made
Canada their home with many maintaining ties to family, property and
business investments abroad.
"It's common for Canadians to send several hundred dollars per
transaction, which speaks to how widespread the need is for a faster,
more affordable solution to send money globally and CIBC's commitment
to supporting the needs of newcomers to Canada and immigrants who have
long called this country home," Mr. Tomei says.
Some of the features of the new CIBC Global Money Transfer service
No upfront fee to send money abroad
Competitive exchange rates
Daily transfer limits of up to $2,999.99 via online banking and up to
$9,999.99 in total (through online banking and CIBC banking centre
Most transfers will be received by the recipient within one business day
Available via CIBC online banking and CIBC banking centres from CAD or USD accounts
CIBC is a leading Canadian-based global financial institution with
nearly 11 million personal banking and business clients. Through our
three major business units - Retail and Business Banking, Wealth
Management and Wholesale Banking - 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. You can find other news releases and
information about CIBC in our Media Centre on our corporate website at www.cibc.com.
For further information:
Caroline Van Hasselt, Director, External Communications, 416-784-6699 or firstname.lastname@example.org