September 26, 2016
CIBC takes leadership position in foreign exchange innovation through new CIBC Smart prepaid card launch
TORONTO -- CIBC today announced an innovation in prepaid foreign exchange with the new CIBC Smart™ Prepaid Travel Visa card available through CIBC, in the most popular denominations used by Canadians when they travel including U.S. dollars, Euros, Pounds and Mexican Pesos. They are the first reloadable foreign currency prepaid cards available through a major Canadian bank.Key Features of the CIBC Smart Prepaid Visa Card:
Reloadable prepaid cards in the most popular currencies used by Canadians when traveling (USD, GBP, Euros, and Pesos, as well as Canadian dollars)
Available through CIBC banking centres and online banking
Clients can complete their foreign exchange transaction before they travel
Make point-of-sale transactions, ATM Withdrawals and online purchases anywhere VISA is accepted – in the currency of the card
"Our new CIBC Smart Prepaid cards are the latest example of leveraging innovation to deliver a better client experience," said Bijal Patel, Executive Vice President, Products, CIBC. "Having the option to carry a prepaid card in foreign currency delivers a more secure, convenient experience for clients when they are traveling, and gives them peace of mind knowing that they've prepaid for their travel expenses before they leave home."
Leveraging innovation to disrupt existing markets
The new card is an example of leveraging innovation to deliver on client needs, and builds on CIBC's recent announcement of a partnership with Air Canada on the CIBC Air Canada AC Conversion prepaid card, a multicurrency prepaid card available exclusively through Air Canada.
CIBC's track record for innovation in foreign exchange includes the recently launched Global Money Transfer service, which reduced upfront foreign currency transfer fees to zero for Canadians sending money overseas to family and friends, a significant departure from the traditional bank model which often takes days to deliver funds and typically includes a significant upfront service fee.
"Our view is that where innovation can deliver a better solution for clients, we will reshape the way we do business to deliver on their needs," added Mr. Patel. "In cases where that means we need to completely reinvent a process or change a traditional way of doing business, we're willing to do that.