The expansion is said to take place for CIBC Personal Banking and Small Business customers, which will allow them to send money in real-time to qualifying Visa debit and credit cards. With CIBC Global Money Transfer (VFM) capabilities that now support Visa Direct, CIBC clients can send funds in minutes to an activated debit card in real time, and in up to 48 hours to an eligible credit card in more than 80 countries with no transfer fees.
Customers need to transfer the recipient's Visa debit or credit card number, along with their name and address. Launched in 2015, the CIBC Global Money Transfer service leverages the foreign exchange expertise and technology of CIBC Capital Markets, which works closely with the Personal and Small Business Banking teams to ensure clients can send money overseas easier, faster and more affordably with multiple innovative payment and receiving methods, including the ability to transfer funds using eligible CIBC credit cards in order to get bonuses.
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