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.
Thousands of Canadians are now using this new no-fee service, which makes it cheaper and easier to send money back home to support family or manage their personal affairs. Canadians are among the top in the world per capita when it comes to sending money abroad, with India and Philippines the second– and third-largest destinations for international money transfers from Canada.
"We’re very pleased with the response we’ve had from our clients,” says 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 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.
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 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 Philippines, such as the U.K., France, Germany, and Australia. CIBC plans to add another 20 countries to the service by the end of this year.