You can use a CIBC bank transfer if you need to send money to another country. We’ll talk about the steps and costs in this piece.
CIBC Global Money Transfer
Customers of CIBC can do these things at the office closest to them, but they will need to get some information from the receiver first. So, keep reading because we will also talk about a way CIBC gives you to send money online and abroad.
How to send a wire transfer from CIBC
As we’ve already said, you can only make a cash payment with CIBC at one of their banks. You can’t do it online, so you’ll need to talk to someone when you get there. On top of that, you need to find out where the beneficiary banks. These things:
- Full name, location, and account number of the beneficiary.
- Name and full address of their bank.
- Number of institutions.
- Number for transit.
- SWIFT or BIC code (It lets you know which bank it is).
Also, you may need a route number based on where you want to send the money. For example, European countries use IBAN (International Bank Account Number), while the US uses ABA or Fed Wire. To be sure, call the bank of the person who will get the money and ask about it.
How much does a cash transfer from CIBC cost?
How much it costs to send a wire transfer through CIBC varies on how much you’re sending:
- If you send less than $10,000, the service fee is $30.
- From $10,001.01 to $50,000: $50 service charge
- Any amount over $50,000 comes with a $80 service fee.
On the other hand, getting wire transfers in your CIBC account costs C$15 per transfer plus any gap caused by the exchange rate. There may be other fees for using an associate bank, so you should check with your bank agent.
How to send a free bank transfer through CIBC
You can use CIBC Global Money Transfer if you want another way to send money overseas. It’s the same as a bank transfer, but you can do it online and there are no fees.
You can send money to more than 120 countries, and it usually gets there in one to three business days. Wire transfers take between three and five business days. For this to work:
- Sign in to CIBC Online Banking or Mobile Banking and click on Global Money Transfer.
- Then type in how much you want to send and who you want to send it to.
- Choose the account from which you want to move the money, then click “Submit.”
Even though this way is better than a regular bank transfer, you can only send between $100 and $30,000 at a time. With bank payments, you have more options, but you still have to pay some fees.
How to get a cash payment from CIBC
Now, as a CIBC customer, we’ll show you how to receive a wire transfer:
- Your name and address have to match what’s on your account.
- The number for the CIBC is 0010.
- You can find your deposit’s transit and account numbers by logging into Online Banking and looking in your accounts for the number that goes with your deposit.
- The format is xxxxx-yy-yyyyy. The first 5 letters (x) are the transit number, and the last 7 letters (y) are the account number.
- The code for SWIFT BIC is CIBCCATT.
Now you know everything you need to know about cash payments at CIBC bank!