CIBC FirstCaribbean International Bank business clients now have the opportunity to conduct financial transactions with ease.
The bank, on Tuesday, launched its Visa Business Debit Card, which will now provide small and medium-sized business people with a low-cost alternative payment solution for their business expenses locally, overseas or online.
The card will give the bank’s business clientele an additional channel to better manage their business funds with more convenience, control, and at a lower cost.
Director, Business Banking of CIBC FirstCaribbean William Wright who launched the new service at the Conference Room of the Church Street, St. George’s Branch spoke of the bank’s business achievement.
Wright said over the past three years the bank’s business banking segment has recorded strong growth.
He disclosed that there has been double-digit increases in sales volumes, which has translated into strong growth in the bank’s commercial and personal loan balances attributed to its business clients.
According to the Director, the introduction of the bizline Visa Business Debit Card demonstrates that the bank continues to appreciate the interest of its clients.
He disclosed that there is no credit approval needed to get a card.
“Once a client has a business banking account with CIBC FirstCaribbean they can request the card,” he said.
The card will be able to conveniently pay for purchases using funds deducted from their linked business bank account at CIBC FirstCaribbean.
Wright said it makes provisions for a daily purchase limit of $10,000, and a cash withdrawal of $2,000 each day.
CIBC’s Country Manager for Grenada, Nigel Ollivierre believes the launch of the new service signals an exciting time for the entire FirstCaribbean Family.
Ollivierre said the Business Debit Card is not only the first of its kind in the market, but is also among the very first available within the Dutch and English-speaking Caribbean.
The Country Manager is confident that the card will make it easier
for the bank’s clients to manage their spending as business professionals.
The new product features a higher daily purchase limit than a personal debit card, carries no transaction fees charged on purchases, and provides users with the ability to make easier and faster payments to international suppliers.
The product is being launched in all of the islands of the region where CIBC FirstCaribbean operates and targets its commercial clients.