Newspaper article The Canadian Press

CIBC Partners with UnionPay to Expand Its No-Fee Money Transfer Service to China

Newspaper article The Canadian Press

CIBC Partners with UnionPay to Expand Its No-Fee Money Transfer Service to China

Article excerpt

CIBC expands no-fee money transfers to China

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TORONTO - CIBC is partnering with Chinese financial services company UnionPay International to expand its remittance business and allow its customers to transfer money to China with no upfront fees.

The bank introduced its CIBC Global Money Transfer service, which charges no upfront fees and promises competitive exchange rates, in late 2015.

Since then the service has expanded to more than 45 countries, including Pakistan, Sri Lanka, Vietnam and the U.S.

Vineet Malhotra, CIBC's managing director and head of the alternate and retail solutions, says that since launching the no-fee service the lender's remittance business has grown by about 800 to 900 per cent.

Malhotra says the bank decided to tackle this segment of the market as a way of building relationships with clients, particularly among the country's growing immigrant community. …

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