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CIBC

$25 to refer, $25 to send $100 using Global Money Transfer

  • Last Updated:
  • Aug 28th, 2017 10:00 am
[OP]
Member
Aug 6, 2012
376 posts
477 upvotes
AURORA

[CIBC] $25 to refer, $25 to send $100 using Global Money Transfer

Seeing that a lot of RFD has a CIBC account from their $300 Smart promo, thought I'd post this & hopefully someone benefits...

Summary:
- CIBC is offering $25 to refer and $25 to send a CIBC Global Money Transfer with referral link from someone who has done a GMT
- If you have a foreign bank account or a trustworthy friend, you can send a $100 Global Money Transfer (essentially a wire transfer with no sending fees) & profit
- Your net profit is anywhere from $3.75 to $47.50 depending on if you can refer a friend & the receiving bank's incoming wire fee (waived or $15 US)

How do I make money off this deal?
- Reward: $25 to send a Global Money Transfer (with a referral) & $25 to refer people to use Global Money Transfer (you can refer family & friends)
- Minimum amount to send: $100 CAD in foreign equivalent
- Costs: $2.50 (CIBC's 2.5% FX Markup) + Cost for your recipient for an incoming wire transfer (typically $15 US for US accounts, but many bank accounts waive this fee)
- Net Reward: Anywhere from $3.75 to $47.50 depending on if you self-refer for later transfers & the receiving bank's incoming wire fee

How do I do this?
1) If you have a TD Bank, N.A., Alliant Credit Union, or a RBC Bank (Georgia), N.A. US-based account with a US address, you can wire the money to yourself (imo easiest & USD is most versatile)
- TD (except on Premier) & RBC will charge $15 US for an incoming wire transfer
- TD Premier account (minimum $2500 balance to waive fees) & Alliant don't charge incoming wire fees.
- You can message your US bank to switch your address to an US address to make this work.
2) If you have a foreign bank account with a foreign address, you can also wire the money to yourself.
3) If you have trustworthy friends/family, you can wire money to them.
- Some US banks (i.e. Chase, Citi, BoA) waive fees for their more expensive accounts.
- If wiring to China, CIBC uses UnionPay, so there shouldn't be any incoming wire fees there.

What is CIBC Global Money Transfer?
- Essentially a free wire transfer
- Only caveat: You must do your FX transaction with CIBC
- ex: If you have a USD account with CIBC, you can't use Global Money Transfer to send USD to a US account. You must take the money from a CAD account and let CIBC do the FX.

What information do you need from your recipient?
- Name
- Address
- Bank Name
- Bank Account Number
- UnionPay Card Number (for China transfers)

How do I send a Global Money Transfer?
1) Login to Online Banking & click Global Money Transfer
2) Add the recipient & their banking info to the Global Money Transfer system.
3) Select text/call to verify that you're completing the transaction (e-mail doesn't work, you'll get an error e-mail)
4) Send the $100 CAD in foreign equivalent to your recipient.
5) Profit... you'll see $25 from "Branch Transaction CREDIT MEMO IBB PAYMENT AND TREASURY OPERATION" in around 2 weeks.

What countries can I send to?
Australia, Austria, Bangladesh, Belgium, China, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Liechtenstein, Luxembourg, Malta, Mexico, Monaco, Morocco, Netherlands, New Zealand, Norway, Pakistan, Philippines, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Trinidad and Tobago, United Arab Emirates, United Kingdom, United States, Vietnam

What currencies can I send?
AED, AUD, BDT, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, ILS, INR, JMD, KRW, LKR, MAD, MXN, NOK, NZD, PKR, PHP, PLN, RMB, RON, SEK, SGD, THB, TTD, USD, VND

Note: Contrary to what the T&C's page says, there's no way to e-mail the GMT referral link to a friend from CIBC Online Banking. You can only copy & paste the code and send it to a friend... I've tried it & it still works in getting the $25.
4 replies
Member
User avatar
Sep 3, 2012
292 posts
61 upvotes
Toronto
Is There a way to see the FX before adding a recipient?
[OP]
Member
Aug 6, 2012
376 posts
477 upvotes
AURORA
Lawrence0317 wrote: this exchange rate is making a joke.
Standard 2.5% Markup (~$2.50) on a $100 transfer

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