UnionPay International in partnership with Canadian Imperial Bank of Commerce (CIBC) has introduced UnionPay cross-border remittance service in Canada.
Now, the Canadian residents can transfer money to the UnionPay cards issued by 13 banks in mainland China through CIBC banking centres, mobile banking app, and online banking via CIBC’s Global Money Transfer service. The remittance can be received within one working day.
Initially, UnionPay cards issued by Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Everbright Bank and Hua Xia Bank can be used for transfer money. Other mainstream banks in mainland China will launch this service soon.
UnionPay said that it cross-border remittance service is convenient, as the remitter has to give the recipient’s name and UnionPay card number to transfer the money, and usually the remit can be received within on working day.
The exchange rates will be fixed before remittances, and the money will be deposited into the UnionPay accounts in Chinese currency RMB; therefore, the recipient does not need to pay fees.
The cross-border remittance service of UnionPay International and CIBC has a daily transfer limit of $10,000.