Since CIBC launched its no-fee Global Money Transfer service just a few months ago, it’s become a big hit with the Indian, Filipino and other immigrant communities in Canada who regularly send money back home.
“We’re very pleased with the response we’ve had from our clients,” said Vineet Malhotra, Managing Director and Head, Alternate Solutions Group and Retail Solutions Group, CIBC. “We knew that our clients wanted a more affordable way to send money abroad. By enhancing our technology, we’re able to eliminate the upfront cost of sending money overseas at competitive exchange rates and make it much easier and faster.”
By eliminating the upfront fees, CIBC is disrupting Canada’s remittance market, valued at $30 billion. Typically, the fees charged for sending money abroad can add up to a significant amount, depending on the amount of money being sent.
“It’s common for Canadians to send several hundred dollars per transaction, which speaks to how widespread the need is for a 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,” says Mr. Malhotra.
CIBC has made sending money very simple and customer friendly.
While the new no-fee CIBC Global Money Transfer service is available at any CIBC Banking Centre location, there’s no need to actually go to a branch. The service is conveniently available via CIBC online banking.
Up to $10,000 can be transferred either online or at a CIBC branch directly to the recipient’s bank account in a 24-hour period, and most transfers are received within one business day. To make the transfer simple and fast, the sender includes the recipient’s name, address, bank name and account number and the bank code, also known as the IFSC code in India, which is displayed on the bank cheques. Transfers can be sent to any bank account in India to a government bank or a private bank.
To take advantage of this new service, you must have a CIBC account. Global money transfers can be made from your personal account, or a Canadian or U.S. dollar account and count towards your allowable transaction limit. The Global Money Transfer service is now available in more than 40 countries in addition to India and the Philippines, such as the UK, France, Germany, and Australia. Another 20 countries will be added by the end of this year.