On January 18, UnionPay International and one of the top five banks in Canada, Canadian Imperial Bank of Commerce (hereinafter referred to as CIBC) jointly announced that they had launched UnionPay cross-border remittance service in Canada for the first time. From now on, Canadian residents are able to transfer money to the UnionPay cards issued by 13 banks in mainland China through CIBC banking centers, Mobile Banking App, and online banking via CIBC’s Global Money Transfer service. The remittance will be received within one working day.

Canada is one of the countries with the largest number of overseas Chinese. Many of the Chinese who live and work in Canada need to transfer money to China. According to the statistics available from the World Bank, Canadians send more money abroad to China than any other country. In 2015, Canadians sent approximately C$4.2 billion to China, about one-fifth of Canada’s total global remittances. With the Spring Festival approaching, UnionPay International partners with CIBC in launching the cross-border remittance service with a daily transfer limits of $10,000, making it easier for the Canadians to remit money to mainland China.

UnionPay cross-border remittance service has three advantages: First, it is convenient. The remitter only needs to provide the recipient’s name and UnionPay card number, and usually the remit can be received within on working day. The recipient can use or withdraw the money immediately. Second, it is preferential. The exchange rates will be fixed before remittances, and the money will be deposited into the UnionPay accounts in RMB; therefore, the recipient does not need to pay fees. Third, it is flexible. The service is available via CIBC banking centers, mobile banking app, and online banking. During this Spring Festival (now to Feb. 16), every customer who enjoys this service will receive a complimentary Year of the Rooster ½ ounce pure silver coin and will be entered to win one of eight pairs of tickets to Beijing or Shanghai.

Now, Canadian residents are able to remit money to the UnionPay cards issued by many banks including Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Everbright Bank and Hua Xia Bank. Other mainstream banks in mainland China will launch this service soon.

It is now quite convenient to use UnionPay cards in Canada. UnionPay cards are accepted at more than 85% of the local ATMs and over 100,000 stores. Dozens of the local colleges and universities accept UnionPay cards to pay tuition fees online. Since last August, some daily spending merchants in Canada have started accepting UnionPay mobile QuickPass. Customers can pay with UnionPay chip cards with “QuickPass” signage or QuickPass-enabled smartphones at these merchants. Canada thus became the first country in North America that has embraced UnionPay mobile QuickPass.