A CIBC wire transfer is an option if you need to send money worldwide. This page will go over the procedure and expenses.
CIBC Global Money Transfer
Customers of CIBC can complete these transactions at their local bank, but they will require some information from the recipient beforehand. So stay reading because we’ll also go over a CIBC way for sending money overseas and online.
Sending a CIBC Wire Transfer
As previously stated, the only option to do a wire transfer with CIBC is through one of their banking institutions. You cannot do it online, therefore you must speak with a representative once you arrive. In addition, you must have the beneficiary’s financial details. They are as follows:
- Full name, address, and account number of the beneficiary.
- The name and complete address of their bank.
- Institutions are many.
- The transit number.
- SWIFT or BIC code (This code identifies a certain banking institution).
You will also need a routing number depending on where you are transferring the money. European nations, for example, utilize IBAN (International Bank Account Number), whereas the United States uses ABA or Fed Wire. To be certain, call the beneficiary’s bank and inquire about it.
How much does a CIBC wire transfer cost?
The cost of sending CIBC wire transfers varies depending on the amount:
- If you transfer $10,000 or less, the service cost is $30.
- Service cost of $50 between $10,000.01 and $50,000
- Any sum in excess of $50,000 incurs a $80 service fee.
Receiving wire transfers in your CIBC account, on the other hand, costs C$15 per transfer plus any currency rate spread. Other correspondent bank fees may apply, so verify with your bank’s representative.
How to Send a CIBC Wire Transfer for Free
If you want to send money overseas in another means, you can utilize CIBC Global Money Transfer. It’s the same as a wire transfer, except there’s no cost and you can do it online.
You may send money to over 120 countries, and the money usually arrives in 1 to 3 business days, as opposed to wire transfers, which take 3 to 5 business days. To make advantage of this functionality, follow these steps:
- Sign in to your CIBC Online or Mobile Banking account and select Global Money Transfer.
- Then enter the amount you wish to transfer as well as the recipient’s details.
- Select the account from which you wish to transfer funds and click Submit.
While this approach is superior than traditional wire transfers, keep in mind that you may only send a minimum of $100 and a maximum of $30,000. You have a wider range with wire transfers, but keep in mind that there are still costs to pay.
What is the procedure for receiving a CIBC wire transfer?
As a CIBC customer, we will now demonstrate how to receive a wire transfer:
- Your name and address must match the information on your statement.
- 0010 is the CIBC institution number.
- Sign in to Online Banking and search in your accounts for the number related with your deposit to get the transit and account number.
- The pattern is xxxxx-yy-yyyyy, with the first 5 characters (x) representing the transit number and the last 7 letters (y) representing the account number.
- CIBCCATT is the SWIFT BIC code.
You now have all the information you want about CIBC bank wire transfers!