CIBC adds Sri Lanka to its popular no-fee Global Money Transfer service

Vineet Malhotra, Managing Director and Head, Alternate Solutions Group and Retail Solutions Group, CIBC

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One of Canada’s largest banks, CIBC is expanding its popular Global Money Transfer service by adding Sri Lanka to a growing list of countries that Canadian residents can send money to without paying any fee.
Since CIBC launched its no-fee Global Money Transfer service over the past year, it’s become a hit with the Indian, Filipino and other immigrant communities in Canada who regularly send money back home, the bank said in news release.
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. On a per capita basis, Canadians lead the world for sending money abroad.
“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 enhancing our technology, we’re able to eliminate the upfront cost of sending money overseas at competitive exchange rates and make it much easier and faster.”
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.
“It’s common for Canadians to send several hundred dollars per transaction, which speaks to how widespread the need is for a more affordable solution to send money globally and CIBC’s commitment to supporting the needs of newcomers to Canada and immigrants who have long called this country home,” says Mr. Malhotra.
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. The sender needs simple information like the recipient’s name, address, bank name, account number and the bank/branch code of the bank in Sri Lanka. Transfers can be sent to any bank account in Sri Lanka.
Anyone wishing to take advantage of the service must have a 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.
In addition to Sri Lanka, CIBC’s Global Money Transfer service is now available to more than 40 countries including India, Pakistan, Philippines, the U.K., France, Germany, and Australia. CIBC plans to add more countries in the coming year.