CIBC Global Money Transfer

Overview

With the world becoming smaller and smaller every day and people having access to anything and everything over the internet, it’s extremely important that we have an easier, faster and cost-effective way to send money abroad.

If you own a business that makes bulk purchases in China or someone who just has family in different parts of the world, then the Canadian Imperial Bank of Commerce (CIBC) Global Money Transfer is the answer to all your queries where not only can you send money for free but it’s also completely secure and the amount may be deposited in their accounts anywhere in the world within 24 hrs. or one business day.

The CIBC Global money transfer is a service offered by CIBC to individuals and businesses who want to send money from Canada to approximately 45 different countries around the world for free. This service is only available to existing or new CIBC clients.

How it Works

As mentioned above, this service is only available to people who have any one of the following accounts listed below with CIBC.

It is extremely simple to use this service. The money can be sent online, by going into the nearest CIBC branch or just using the CIBC mobile banking app.

If you are using online banking or the CIBC mobile app, you just have to follow these 4 simple steps

  1. Log in to your online banking or mobile app with your access card number and password
  2. Once you are logged in, select the global money transfer option, located on the left-hand corner.
  3. Just enter the beneficiary’s information including their account number and the country the funds are being sent to.
  4. Lastly, just add the dollar amount and click submit.

If all the information is entered correctly, the funds will be deposited into the recipient’s account within one business day.

Pricing

This service is absolutely free as long as you have one of the following accounts listed above with CIBC. However, it might be a good idea to check with the recipient’s bank and determine whether they will be charged a fee for receiving the funds in their account.

In addition, it’s important to keep in mind that there is a minimum amount of $100 Canadian per transaction and the maximum amount that can be sent every 24 hrs. is $9,999.99 Canadian in total.

Benefits

The best part of this service is that it is completely free and there are no hidden charges to send funds abroad.

With the Canadian population, comprising of more than seven million immigrants and newcomers and about $30 billion Canadian dollar remittances, it was extremely important for CIBC leverage to this market by providing its customers a service which is not only user-friendly but also free of charge.

The service is also easily accessible where you can just use your online banking or mobile app from the comfort of your home and the funds will be sent anywhere in the world.

In addition, the funds will be deposited in the accounts within 24 hrs. and you don’t have to wait 4-5 days for the individual to receive the money.

Pitfalls

Although there are a lot of benefits for using this service, it does come with a few shortfalls.

There are only 45 countries that you can send the funds to which does not include some Middle-eastern or African countries such as UAE, Egypt, Ghana to name a few.

Additionally, the service is only available to people who have an account with CIBC and if you want to take advantage of this service, you will have to set up an account with them

Furthermore, because you are sending the funds to different countries, you will have to convert the funds at the exchange rate quoted by CIBC and it does not let you use any third-party such as KnightsbridgeFX to exchange the currency for you at a better rate.