Peace of mind with #CIBCnofeeGMT
I recently wrote about the importance of sending money home for many Canadian immigrants. It’s a way to help family and loved ones abroad, it’s a way to contribute to important life events you might not be able to make it back for and it’s a way to help with unexpected costs. We had a fabulous Twitter party recently in which we chatted about how with CIBC global money transfers there are no fees on the receiving end and it saves time with a very short turnaround. The party was a tremendous success because so many of you shared unique ways in which you send money overseas.
In many cultures, a family will send a child or a loved one to a new country for better work opportunities or education. They also hope that they will look after them by sending money home for their family to assist with unexpected expenses. I wrote about my parent’s immigrating to Canada; what that meant for them, their loved ones and the family members who later joined us.
The Financial Consumer Agency of Canada (FCAC) advises anyone who wants to send money overseas to ask the following questions:
1. Is there a financial institution that operates in both Canada and the recipient country? A bank, for example, with branches in both countries may be the least expensive method to transfer money. CIBC has 100% coverage for all countries on their list.
2. Does the money transfer company you are considering have a good reputation? Ask the Canadian Council of Better Business Bureaus about it—or ask relatives, friends or members of the community about their experience. CIBC is a very well reputable bank with an impeccable reputation.
3. What options are there? Depending on the service and the country the money is going to, you may be able to use email, telephone or online services. Sending a cheque or a prepaid card may also be possible. This is not applicable for CIBC. It has to be bank to bank.
4. How much will the transaction cost you? Some businesses charge a set fee to send any amount of money, while others charge a percentage of the remittance. Fees can vary widely, so be sure to shop around to get the best deal.
With CIBC global money transfer, it is free on both ends.
5. How much will the recipient get? The recipient may have to pay a fee or a tax to get the money. With CIBC Global Money Transfer (GMT) CIBC has 100% banking coverage in the countries they support.
As Canadians, we are blessed with diversity. We have immigrated here from every corner of the earth and share a vision to make this beautiful nation our home. By having the peace of mind and security of securely sending money back home to loved ones, CIBC Global Money Transfer allows us to rest a little easier knowing our loved ones are taken care of.
DISCLAIMER: This post is brought to you by CIBC Global Money Transfer. All thoughts, opinions are my own.
