Exchange Rates: Remittance Business and Upfront Fees

exchange rates: The bank introduced its CIBC Global Money Transfer service, which charges no upfront fees and promises competitive exchange rates, in late 2015, according to Toronto Star. Since then the service has expanded to more than 45 countries, including Pakistan, Sri Lanka, Vietnam and the U.S. Vineet Malhotra, CIBC's managing director and head of the alternate and retail solutions, says that since launching the no-fee service the lender's remittance business has grown by about 800 to 900 per cent. NATHAN DENETTE / THE CANADIAN PRESS By Alexandra Posadzki The Canadian Press Tues., Jan. 17, 2017 CIBC is partnering with Chinese financial services company Union Pay International to expand its remittance business and allow its customers to transfer money to China with no upfront fees. Malhotra says the bank decided to tackle this segment of the market as a way of building relationships with clients, particularly among the country's growing immigrant community. The latest statistics available from the World Bank showed that Canadians sent around 4.2 billion U.S. to China in 2014 about one fifth of Canada's total remittances. Article Continued Below Remittances sums of money sent by migrants to their families back home are a massive market, with 431.6 billion U.S. being sent to the developing world last year, according to the World Bank. (www.immigrantscanada.com). As reported in the news.