To help clients save time, increase convenience and remove barriers to sending and receiving funds abroad, CIBC today announced the expansion of its Global Money Transfer (GMT) service to include cash pick up through MoneyGram, a global leader in the evolution of digital P2P payments, enabling same-day, no-fee cash transfers to more than 40 countries.
"For many clients, sending money abroad to friends and family can be challenging as it is often necessary for the recipient to pick up funds in cash," said Vineet Malhotra, Managing Director and Head, Alternate Solutions Group & Retail Solutions Group, CIBC. "Enhancing access to international money transfers and capabilities through innovative solutions like working with MoneyGram to enable cash pick up means greater convenience, faster, for our clients."
CIBC GMT Cash Pickup is available in over 40 countries, including India, the Philippines, Sri Lanka, Mexico and Jamaica, and works seamlessly by providing a MoneyGram reference number to the sender via email within minutes, with the same reference number required for recipients to pick up funds on the same day.
It is estimated that more than two-thirds of the remittance market is supported via cash pick up and CIBC is the first major Canadian bank to offer this feature without transaction fees. With CIBC Global Money Transfer, clients can send up to $2,000 in a single transaction and up to $2,999.99 within 24 hours.
"We are extremely pleased to announce our latest successful partner integration, this time with CIBC," said Grant Lines, Chief Revenue Officer at MoneyGram. "Through our modern, mobile, and API-driven platform, CIBC has been able to seamlessly plug into our global network and provide expanded services for their clients."
CIBC Global Money Transfer, first launched in 2015, provides clients an easy, fast and affordable way to send money abroad with multiple innovative payment and receipt methods including the option to fund transfers with eligible CIBC credit cards to earn rewards. Some of the features of 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 $50,000 every 24 hours via bank account, cash pick up, push to card and other options
Same day transfers with cash pick up and most direct-to-bank transfers received within one business day
Cash back and rate discount offers