CIBC has announced today it has eliminated transfer fees for business account customers, when sending money overseas using the bank’s mobile app, website or at a branch.
The financial institutions’s Global Money Transfer platform lets businesses send money overseas to over 75 countries, available right from a mobile device.
“We live in a connected world where business is increasingly global, and success depends on speed and efficiency,” said Andrew Turnbull, Senior Vice-President, Business Banking, CIBC, in a statement. “By saving time and money on international payments, we are helping businesses realize their ambitions in the global marketplace.”
CIBC says businesses with a Canadian or U.S. dollar account or line of credit can now “transfer money at competitive exchange rates,” making for a faster transaction instead of traditional wire payments.
The CIBC Global Money Transfer has a daily limit of $15,000, does not require registration and allows recipients to be saved for future transfers.