CIBC clients can now earn rewards when sending funds to loved ones abroad this holiday season

CIBC Global Money Transfer™ can now be paid for using eligible credit cards, giving clients greater flexibility, plus the ability to earn cash back or travel points

TORONTO, Dec. 17, 2020 /CNW/ - Today CIBC announced a new payment option for CIBC Global Money Transfers, enabling clients to pay using an eligible CIBC credit card, and to earn cash back or travel rewards during the holiday season. CIBC is the first major Canadian bank to offer this Global Money Transfer payment option, along with the ability to earn rewards.

Clients with loved ones overseas or across borders can now send a CIBC Global Money Transfer (GMT) paid for with a CIBC credit card, with no upfront fee and no interest charged on the purchase if the balance is paid in full by each statement due date.¹ Most CIBC personal credit cards are eligible for this service.² For a limited time, from now until January 31, 2021, credit card holders can earn rewards on every dollar they spend on a Global Money Transfer. Clients can also continue to send money through this innovative service using their chequing or savings accounts.

"2020 has been an unprecedented year, and we want to support our clients who may be providing financial assistance or would like to send monetary gifts to their loved ones around the world" said Diane Ferri, Senior Vice President, Cards, at CIBC. "This new Global Money Transfer service payment option offers our clients greater flexibility to send funds to friends or family abroad – plus, they're rewarded with promotional cash back or travel points into the new year."

CIBC Global Money Transfer, first launched in 2015, is powered by the foreign exchange expertise and technology of CIBC Capital Markets, working in close collaboration with Personal and Business Banking teams to make it easier, faster and affordable for clients to send money overseas.

Some of the features of CIBC's Global Money Transfer service include:

• No transfer fee and service to over 120 countries
• Competitive exchange rates
• Online convenience, with the ability to send a GMT through the CIBC Mobile Banking® App or CIBC Online Banking®
• A transfer limit of up to $30,000 every 24 hours ($5,000 if using a credit card)
• Most transfers will be received by the recipient within one business day

For more information about enhancements to the CIBC Global Money Transfer service, and promotional offers, clients can visit cibc.com/gmtrewards.

About CIBC

CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

¹ Only primary cardholders can use their eligible credit card account to pay for the service.

² CIBC Aventura®, CIBC Aeroplan® and CIBC Dividend® credit cards, CIBC Select®, CIBC Classic®, CIBC Gold® and CIBC Vacationgold® credit cards are eligible for this service. U.S. Dollar Aventura Gold® Visa Cards and CIBC Business credit cards are not eligible for the Global Money Transfer service.

SOURCE CIBC

Davina Ramnarine, [email protected] or 416-309-7956