MUCH of Canada’s multicultural identity is shaped by the unique heritage and traditions that immigrants bring with them to their new Canadian lives. In today’s global world and internet age, it is now easier than ever for them to stay connected to their families and friends back home, and this is especially true during the festive seasons. With Raksha-Bandhan coming up this August 7, many Canadian Hindus will be celebrating this special occasion dedicated to the sibling bond between brothers and sisters. Despite being physically away from home, brothers in Canada will send money back to their sisters as a symbol of his best wishes. Money transfers sent during special occasions make up a large portion of Canada’s global remittance, since it is a great way for immigrants to send home their wishes and join in on the festivities.
The challenge for senders, however, is deciding which service provider to trust when sending the funds. The associated costs are of different types – fees, exchange rates, etc., and ease and speed of transfers also vary by banks/financial institutions. It’s important to do a little bit of the homework upfront and know the right questions to ask before choosing who to go with.
Six things to consider when you want to send money home
- Is there a transfer fee?
Certain companies charge separate transfer fees, which can make up a large percentage of the money you are sending, depending on the amount you are sending.
- What’s the most convenient method of sending money home?
Some companies make transferring money a challenging and unpleasant process. You may be required to be physically present, and also be asked to fill in plenty of paperwork every time you try to make a transaction. Then there are others that offer the convenience of making international transfers straight from your smartphones.
- What is the foreign exchange rate being utilized to calculate how much your intended recipient is going to be receiving?
Watch out for the fine print. Is the exchange rate being calculated at the time when you are sending or when it arrives there? Sometimes a day or two can make a big difference.
- How long is it going to take for your remittance to get to your intended recipient?
Much like a courier service, you can pay for next day or it can take a number of days. A premium should be attributed to companies that get your money within a day.
- What are the limits on how much you can send?
Sometimes the amount you need to get to your family can be larger than the supplier limit.
- Can you trust the company that you are sending the money with?
Check the financial viability of the transfer service provider – is it a stable organization that you are relying on? After all, it is money that you are sending.
The CIBC Global Money Transfer Advantage
These are the questions that CIBC hoped to address when it created the Global Money Transfer Program for their customers. With the changing face of Canada, the bank repeatedly kept getting requests from customers for an affordable and safe way to send money to their native countries. In response to the request and understanding the customer pain points, CIBC decided there would be zero transfer fee for CIBC customers, while offering competitive exchange rates. Between these two factors alone, customers are often saving a significant amount of money. In all cases, the foreign exchange rate is calculated at the time the money is sent. In most cases, money arrives within a day of transmission. No premium is charged for this quick service. Also in response to customer needs, CIBC has one of the highest daily transfer amounts available, i.e., $9,999.99 to India and over other 40 countries ($6000 to China). CIBC takes pride in the convenience our customers enjoy when making a transfer. Whether it is through a branch, online or through your phone, sending money is intuitive & simple. As for trust, CIBC is CIBC. It is one of Canada’s top banks, providing you with the assurance of 150 years of banking expertise.