Canada: Fee free RMB money transfers from CIBC

CIBC has announced a partnership with international card network, Union Pay, to help provide fast, transfers to China as part of its CIBC Global Money Transfer service. The service will allow money transfers to China to happen within 24 hours and will not incur any upfront fees. According to Vineet Malhortra, Managing Director and Head, Alternate Solutions Group and Retail Solutions group at CIBC , “This partnership further solidifies CIBC as a leader in the remittance industry…with the Chinese New Year one of the busiest times of the year for remittances to China, our money transfer service gives clients a less expensive way to send money abroad.” Customers sending money to China using the CIBC Global Money Transfer between the 16th of January and 16th of February 2016 will also be rewarded with a complimentary Year of Rooster pure silver coin, and have the chance to win one of eight tickets to Beijing or Shanghai.

According to statistics from the World Bank, Canadians sent an approximate of $4.2 billion in money transfers to China in 2015, equating to around one fifth of Canadas total global remittances. CIBC’s move to partner with Union Pay could therefore prove profitable as they take advantage of transfers to this key market, particularly during the Chinese New Year.

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