CIBC partners with National Australia Bank to launch feature that provides financial advice while travelling

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On July 24, CIBC will introduce a feature suite called Travel Tools to its iOS and Android mobile banking app.

Co-developed with Visa and National Australia Bank (NAB), the feature takes advantage of a smartphone’s GPS to display, in real-time, the local exchange rate — as well as any applicable fees — users can expect to pay when completing a transaction with their Visa while travelling. In addition, the feature provides advice should users find themselves in a situation where a merchant accepts more than one form of foreign currency. Both features are compatible with 152 currencies from around the world.

CIBC says it hopes the feature will help its customers make informed purchasing decisions while they’re travelling abroad.

Related: CIBC partners with Borrowell to provide free credit scores

“With Canadian international travel up 3.5 percent in the first quarter of 2017 alone, now more than ever we are offering meaningful mobile advice to our clients so they can focus on enjoying their trip knowing we’re supporting them before, during and after their travel all from the palm of their hand,” said Steve Webster, vice president of travel cards at CIBC, in a statement issued to MobileSyrup.

In a recent study conducted by Forrester Research Inc., CIBC’s iOS and Android app was proclaimed the best Canadian mobile banking app. The U.S.-based firm specifically praised CIBC for adding features that are often not found in other mobile banking apps. Specifically, the firm highlighted the ability to order foreign currency directly within the app as something that’s not often found in other mobile banking apps.

This article was originally published on MobileSyrup

Igor Bonifacic

Igor Bonifacic

Igor Bonifacic is a Toronto-based writer interested in exploring the intersection of technology, entrepreneurship, and life.