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Home»Fintech»CIBC introduces same-day cash pick up abroad through MoneyGram
Fintech

CIBC introduces same-day cash pick up abroad through MoneyGram

August 29, 2022No Comments3 Mins Read
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To assist shoppers save time, improve comfort and take away boundaries to sending and receiving funds overseas, CIBC as we speak introduced the enlargement of its International Cash Switch (GMT) service to incorporate money decide up by MoneyGram, a worldwide chief within the evolution of digital P2P funds, enabling same-day, no-fee money transfers to greater than 40 nations.

“For a lot of shoppers, sending cash overseas to family and friends will be difficult as it’s typically needed for the recipient to select up funds in money,” mentioned Vineet Malhotra, Managing Director and Head, Alternate Options Group & Retail Options Group, CIBC. “Enhancing entry to worldwide cash transfers and capabilities by modern options like working with MoneyGram to allow money decide up means better comfort, quicker, for our shoppers.”

CIBC GMT Money Pickup is out there in over 40 nations, together with India, the Philippines, Sri Lanka, Mexico and Jamaica, and works seamlessly by offering a MoneyGram reference quantity to the sender through e mail inside minutes, with the identical reference quantity required for recipients to select up funds on the identical day.

It’s estimated that greater than two-thirds of the remittance market is supported through money decide up and CIBC is the primary main Canadian financial institution to supply this function with out transaction charges. With CIBC International Cash Switch, shoppers can ship as much as $2,000 in a single transaction and as much as $2,999.99 inside 24 hours.

“We’re extraordinarily happy to announce our newest profitable accomplice integration, this time with CIBC,” mentioned Grant Traces, Chief Income Officer at MoneyGram. “By means of our fashionable, cellular, and API-driven platform, CIBC has been in a position to seamlessly plug into our international community and supply expanded providers for his or her shoppers.”

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CIBC International Cash Switch, first launched in 2015, gives shoppers a straightforward, quick and reasonably priced approach to ship cash overseas with a number of modern fee and receipt strategies together with the choice to fund transfers with eligible CIBC bank cards to earn rewards. A few of the options of International Cash Switch service embrace:

No switch payment and repair to over 120 nations
Aggressive alternate charges
On-line comfort, with the flexibility to ship a GMT by the CIBC Cell Banking® App or CIBC On-line Banking®
A switch restrict of as much as $50,000 each 24 hours through checking account, money decide up, push to card and different choices
Identical day transfers with money decide up and most direct-to-bank transfers obtained inside one enterprise day
Money again and charge low cost affords 

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