No-fee cash pick up is now available in over 40 countries
TORONTO, Aug. 29, 2022 /CNW/ - To help clients save time, increase convenience and remove barriers to sending and receiving funds abroad, CIBC today announced the expansion of its Global Money Transfer (GMT) service to include cash pick up through MoneyGram, a global leader in the evolution of digital P2P payments, enabling same-day, no-fee cash transfers to more than 40 countries.
"For many clients, sending money abroad to friends and family can be challenging as it is often necessary for the recipient to pick up funds in cash," said Vineet Malhotra, Managing Director and Head, Alternate Solutions Group & Retail Solutions Group, CIBC. "Enhancing access to international money transfers and capabilities through innovative solutions like working with MoneyGram to enable cash pick up means greater convenience, faster, for our clients."
CIBC GMT Cash Pickup is available in over 40 countries, including India, the Philippines, Sri Lanka, Mexico and Jamaica, and works seamlessly by providing a MoneyGram reference number to the sender via email within minutes, with the same reference number required for recipients to pick up funds on the same day.
It is estimated that more than two-thirds of the remittance market is supported via cash pick up and CIBC is the first major Canadian bank to offer this feature without transaction fees. With CIBC Global Money Transfer, clients can send up to $2,000 in a single transaction and up to $2,999.99 within 24 hours.
"We are extremely pleased to announce our latest successful partner integration, this time with CIBC," said Grant Lines, Chief Revenue Officer at MoneyGram. "Through our modern, mobile, and API-driven platform, CIBC has been able to seamlessly plug into our global network and provide expanded services for their clients."
CIBC Global Money Transfer, first launched in 2015, provides clients an easy, fast and affordable way to send money abroad with multiple innovative payment and receipt methods including the option to fund transfers with eligible CIBC credit cards to earn rewards. Some of the features of 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 CIBC Online Banking®
- A transfer limit of up to $50,000 every 24 hours via bank account, cash pick up, push to card and other options
- Same day transfers with cash pick up and most direct-to-bank transfers received within one business day
- Cash back and rate discount offers
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Small 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, 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.
MoneyGram International, Inc. (NASDAQ:MGI), a global leader in the evolution of digital P2P payments, delivers innovative financial solutions to connect the world's communities. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve over 150 million people in the last five years. The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's top brands to serve consumers through its direct-to-consumer digital channel, global retail network, and embedded finance business for enterprise customers. MoneyGram is also a leader in pioneering cross-border payment innovation and blockchain-enabled settlement. For more information, please visit ir.moneygram.com, follow @MoneyGram on social media, and explore the website and mobile app through moneygram.com.