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
1 Actual fund availability varies by receiving financial institution, receiving account type, region, and whether transaction is
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.