Canadian immigration fuels international money transfers

Today, one out of five, or 20% of all Canadians are foreign-born, roughly equivalent to Quebec’s population. If we add in second generations, the number becomes 40%.
And each year this number grows larger. In 2016, 320,000 new immigrants came to the country, add to that another 300,000 foreign temporary workers, and another 350,000 international students.
These international students often choose to settle in Canada, with currently more than 50% of them doing so. The government is contemplating legislations to make the process easier for them.
Recent studies confirm Canadians are getting older. The number of Canadians over age 50 has now surpassed those aged 14 and under.
With the rapid greying of the population and low birth rate, immigration has become the fuel for the economy.


Immigrants send money overseas


In today’s global world and internet age, immigrants continue to have links to their families and friends back home, who they often send money back to.
Canada happens to be one of the world’s top global remittance countries on a per capita basis. In 2015 alone, Canadians have sent approximately $24 billion abroad in 2015.
A challenge immigrants face during such times is deciding which service provider to trust to send the funds.
The associated costs– fees, exchange rates, etc – can vary by banks/financial institutions.

How to choose a provider?


1. 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.

2. What’s the most convenient method of sending money home?
Some companies make transferring money a challenging & 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.

3. What is the foreign exchange rate being utilized?
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.

4. How long will the transfer take?
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.

5. 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.

6. Can you trust the company?

Check the financial viability of the transfer service provider – is it a stable organization that you are relying on?

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, eg. $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 one of Canada’s top banks, providing you with the assurance of 150 years of banking expertise.

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