Canadian Imperial Bank of Commerce (TSX: CM) announced Monday that it is expanding the capabilities of its Global Money Transfer service to Visa Direct for CIBC personal and business banking clients.
Sending Money Faster
With CIBC Global Money Transfer (GMT) 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.
All clients need to complete a transfer is 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. This unit will work 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 to earn rewards.
“At CIBC we want to make it easier, faster and affordable for clients to send money abroad when they need to,” said Diane Ferri, Senior Vice President, Cards, CIBC. “The CIBC Global Money Transfer payment option through Visa Direct offers our clients greater flexibility to send funds around the world.”
Wall Street’s Take
On December 8, Canaccord Genuity analyst Scott Chan maintained a Buy rating on CM with a C$161 price target. This implies 13.2% upside potential.
Overall, consensus among Wall Street analysts is that CM is a Strong Buy based on seven Buys. The average Canadian Imperial Bank of Commerce price target of C$165.63 implies 16.5% upside potential to current levels.