CIBC clients can now send real-time money
transfers directly to eligible Visa debit and credit cards
TORONTO, Dec. 13, 2021 /CNW/ - Today, CIBC announced the
expansion of its Global Money Transfer capabilities for CIBC
personal and business banking clients with Visa Direct, enabling
money transfers in real-time1 directly to eligible Visa
debit and credit cards.
The expanded CIBC Global Money Transfer (GMT) capabilities using
Visa Direct means CIBC clients can send funds to more than 80
countries within minutes to a real-time enabled debit card, and to
an eligible credit card in up to 48 hours, with no transfer fees.
All clients need to complete a transfer is the recipient's Visa
debit or credit card number, the recipient name, and their
address.
"At CIBC we want to make it easier, faster and affordable for
clients to send money abroad when they need to," said Diane Ferri, Senior Vice President, Cards, CIBC.
"The CIBC Global Money Transfer payment option through Visa Direct
offers our clients greater flexibility to send funds around the
world."
First launched in 2015, CIBC Global Money Transfer is powered by
the foreign exchange expertise and technology of CIBC Capital
Markets, working in close collaboration with Personal and Business
Banking teams to make it easier, faster and affordable for clients
to send money abroad with multiple innovative payment and receive
methods including the option to fund transfers with eligible CIBC
credit cards to earn rewards.
"Everyday we are collaborating across our bank and with industry
leaders to bring new and innovative solutions to clients, and Visa
Direct is another recent example," said Vineet Malhotra, Managing Director and Head,
Alternate Solutions Group & Retail Solutions Group, CIBC
Capital Markets.
The addition of Visa Direct comes at a time when client demand
for digital and contactless banking options continues to
grow, a shift that has accelerated through the pandemic.
"We're pleased to be working with CIBC to help bring their
clients the solutions that are most in demand today," said
Jim Filice, VP and Head of New
Payments, Visa Canada. "Canadians increasingly expect international
money transfer services to be faster, more affordable, and
delivered through a digital-first experience."
In addition to Visa Direct, other features of the CIBC 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 Online Banking®
- Fast transfers with Visa Direct Payouts and most direct-to-bank
transfers received within one business day
- Market-leading cash back and rate discount offers
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1 Actual
fund availability varies by receiving financial institution,
receiving account type, region, and whether transaction is
domestic or cross-border.
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About CIBC
CIBC is a leading North American financial institution with 11
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets businesses, CIBC offers
a full range of advice, solutions and services through its leading
digital banking network and locations 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/en/about-cibc/media-centre.html.
SOURCE CIBC