CIBC promises fee-free RMB money transfers to China through UnionPay partnership

Source: CIBC

Ahead of this year's Lunar New Year, CIBC (CM.TO) (CM) is pleased to announce that it 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.

"This partnership further solidifies CIBC as a leader in the remittance industry by providing fast, secure service with no upfront fees, saving money for our clients and making it easier for their families to receive deposits," says Vineet Malhotra, Managing Director and Head, Alternate Solutions Group and Retail Solutions Group, CIBC. "With the Chinese New Year one of the busiest times of the year for remittances to China, our money transfer service gives clients a less expensive way to send money abroad."

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 Transferâ„¢ 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.

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