Lunar New Year is one of the
busiest times of the year for remittances to China
TORONTO, Jan. 17, 2017 /CNW/ - Ahead of this year's
Lunar New Year, CIBC (TSX: CM)
(NYSE: 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 Transfer™ 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.
About CIBC
CIBC is a leading Canadian-based global financial institution
with 11 million personal banking and business clients. Through our
three major business units - Retail and Business Banking, Wealth
Management and Capital Markets - CIBC offers a full range of
products and services through its comprehensive electronic banking
network, branches and offices across Canada with offices
in the United States and around the world. Ongoing news
releases and more information about CIBC can be found
at www.cibc.com/ca/media-centre/ or by following on
LinkedIn (www.linkedin.com/company/cibc), Twitter @CIBC,
Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.
SOURCE CIBC - Corporate