CIBC eliminates fees for Canada-US money transfer
25 October 2016 | 2976 views | 0
CIBC (CM.TO) (CM) 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.
"Since launching Global Money Transfer a year ago, we have seen a significant increase in the number of clients using the service to send money globally. With so much cross border payment activity between our two countries, we're confident that the US service will be embraced by our clients," says Vineet Malhotra , Head, Alternate Solutions Group, CIBC Capital Markets. "Whether you are sending money to friends and family, covering expenses for a personal or rental property, or making university tuition payments, we are delivering an affordable and reliable way to transfer money with no up-front fee."
CIBC recently added Global Money Transfer to CIBC Mobile Banking, allowing clients to send money across borders to 45 countries from wherever they are.
"We know Canadians are using alternative providers to send money south of the border in order to avoid the delays associated with traditional remittance processes. Thanks to the expansion of our Global Money Transfer service they can now benefit from the speed and ease of a fintech from their bank," adds Mr. Malhotra.
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