Friday, April 26, 2019
CIBC (TSX: CM) (NYSE: CM) is eliminating transfer fees for businesses sending money overseas, giving them a competitive edge by making it easier and faster to do business in more than 75 countries around the world. Transfers made through CIBC's innovative Global Money Transfer platform, will reach recipients in most countries within one business day, and can be sent from a client's mobile device.
"We live in a connected world where business is increasingly global, and success depends on speed and efficiency," said Andrew Turnbull, Senior Vice-President, Business Banking, CIBC. "By saving time and money on international payments, we are helping businesses realize their ambitions in the global marketplace."
CIBC's Global Money Transfer service – the first from a major Canadian bank that eliminates transfer fees for businesses – builds on the success of the platform launched for personal clients in 2015, offering a faster, easier alternative to wire transfers. Now, businesses can efficiently manage their day-to-day operational needs, including payments to suppliers, overseas payroll, international investments, and international entity management.
"Whether our clients are a start-up looking to grow overseas or an established business with international commitments, we want to make it easier and faster for them to do business around the world," Mr. Turnbull said.
Businesses that have a CIBC Canadian or U.S. dollar account or a line of credit can now log on to CIBC online banking, go on our mobile app or visit a CIBC Banking Centre, add a recipient and transfer money at competitive exchange rates. This dramatically reduces the time spent on administration through the traditional wire payment process.
Canadian small and medium enterprise cross-border payments market valued at $146 billion
Canada's small and medium enterprise cross-border payments market is valued at US$109 billion ($146 billion) by the World Bank, which underscores the need for a fast, secure and convenient way for businesses to transfer money overseas.
"Our industry-leading platform meeting the needs of Canadians is also now a game-changer for businesses sending money overseas. It's one more tool in the kit for business owners seeking to grow and compete," said Vineet Malhotra, Managing Director and Head, Alternate Solutions Group & Retail Solutions Group, CIBC Capital Markets. "The rollout of our GMT platform speaks to interconnected teams across our bank working on innovative solutions for our clients," added Mr. Malhotra.
Some of the features of CIBC's Global Money Transfer service include: