Personal Finance

CIBC Bank USA Smart Account™

  • Last Updated:
  • Jan 30th, 2023 8:43 pm
Tags:
Deal Addict
Sep 5, 2005
1693 posts
2429 upvotes
Victoria
Jagstyles wrote: Which USD credit card did you apply for? Is it domiciled in Canada or the U.S and I’m assuming it’s a way for you to make USD purchases without FX fees?
The only USD card that CIBC offers to Canadian clients. It's the USD Gold Aventura Visa.
Correct on no FX fees. I have some USD income so that allows me to keep it USD and not pay currency exchange.
Deal Addict
May 16, 2017
2454 posts
3227 upvotes
Jagstyles wrote: Except you pay for every transaction. They don't have any options/plans that would exempt you from paying fees for every single transaction on the account, at least not that I'm aware of.
How many small USD transactions do you do that .75 is meaningful? I mean, sure there is the principle of not paying fees but that has to be traded-off against utility and convenience rather than spite.
Member
Feb 8, 2020
317 posts
196 upvotes
So I can’t apply for this without a CIBC checking account or LOC
Deal Addict
May 13, 2005
4050 posts
4091 upvotes
Montreal
Cynophile wrote: So I can’t apply for this without a CIBC checking account or LOC
US CIBC Bank USA Smart Account - Term and Condition
The CIBC Bank USA Smart Account is available to CIBC clients with an eligible CIBC (Canada) deposit account or Personal Line of Credit (PLC) who are Canadian or U.S. residents and are over 18 years of age.
https://www.cibc.com/en/personal-bankin ... nking.html

Canada CIBC US$ Personal Account - Term and Condition
Available to clients who have:
  • Non-registered accounts, except for the CIBC Bank USA Smart Account and CIBC Personal Lines of Credit (PLC) accounts
  • Eligible accounts that are in good standing and
  • A valid mobile number on file with those accounts
https://www.cibc.com/en/personal-bankin ... count.html
Sr. Member
Aug 3, 2019
700 posts
430 upvotes
Montreal
Just opened this account yesterday to move away from HSBC because of the sale, it was fast and approval was instant. It already appeared in my CA cibc account so all is good. was eeasy to fund it thru bank of america using Zelle.
Deal Addict
User avatar
Aug 7, 2013
1588 posts
500 upvotes
GTA
crazyb0y wrote: Just opened this account yesterday to move away from HSBC because of the sale, it was fast and approval was instant. It already appeared in my CA cibc account so all is good. was eeasy to fund it thru bank of america using Zelle.
What will be your primary use case for this account?
Sr. Member
Aug 3, 2019
700 posts
430 upvotes
Montreal
Jagstyles wrote: What will be your primary use case for this account?
Instant transfer between US-CA. I work in the US and have family over there so it is handy if I wanna movemoney quickly between 2 countries. But of course for large transfers Wise is the best option
Newbie
Dec 4, 2022
14 posts
4 upvotes
"Please remember to make a deposit into your new account within 30 days of opening it"

So I can do this will like 5$? No minimum?
Deal Addict
Dec 14, 2017
1497 posts
1820 upvotes
Vancouver
twotimmy wrote: "Please remember to make a deposit into your new account within 30 days of opening it"

So I can do this will like 5$? No minimum?
Great minds think alike haha!

I just did a $5 ACH transfer from my TD US -> CIBC US
Sr. Member
User avatar
Jul 14, 2018
532 posts
657 upvotes
Just found this thread. Been using this account for over a year, back when it had a monthly fee but your 1st year was free.

The only complaint I have is the same one others have mentioned: if I want to fund my broker (eg. IBKR), or withdraw US dollars at the branch, there's a $0.75 fee applied at the end of the month for each tx*. Still worth it for me but kind of puts a damper on the deal.

I think you can use the US$ ATMs for free to access the american account within Canada - and get US$ cash, but you can't exactly ask for all-$1s or any other common requests like cheques, etc. From what I understand, the CIBC agents behind the counter on the Canadian side can't work with the US Smart account, only the US Savings account.

*this is because per regulation, the US$ have to come from Canada, so you perform a free cross-border transfer and then pay $0.75 on the Canadian US$ savings account when it gets debited out.
Newbie
Jan 15, 2013
26 posts
20 upvotes
You can fund IBKR via bill pay on the us side for free.
Sr. Member
User avatar
Jul 14, 2018
532 posts
657 upvotes
vzmvzm wrote: You can fund IBKR via bill pay on the us side for free.
I was looking into that, but it looks like they mail a check to IBKR? If that's true, I found it kind of odd (insecure?) and possibly slower than EFT, then again, EFT took em 6 business days before I could trade with it.

I might try it with a small amount...
Deal Addict
May 13, 2005
4050 posts
4091 upvotes
Montreal
NinjaSaves wrote: I was looking into that, but it looks like they mail a check to IBKR? If that's true, I found it kind of odd (insecure?) and possibly slower than EFT, then again, EFT took em 6 business days before I could trade with it.

I might try it with a small amount...
IKBR able to accept bill payment online. I've tried it with US Alliant Credit Union and the money send to IKBR next business day.
You could try to pay $1 using CIBC Bank USA Smart Account.

https://forums.redflagdeals.com/u-s-bas ... #p37056321
Sr. Member
User avatar
Jul 14, 2018
532 posts
657 upvotes
X360 wrote: IKBR able to accept bill payment online. I've tried it with US Alliant Credit Union and the money send to IKBR next business day.
You could try to pay $1 using CIBC Bank USA Smart Account.

https://forums.redflagdeals.com/u-s-bas ... #p37056321
IBKR isn't listed in CIBC USA's list of payees. You can manually type in an address to make the bill payment to, but it appears they just send a cheque to that address and it takes 4 business days.
Screenshot_20230127_141828_Chrome.jpg
Newbie
Jan 15, 2013
26 posts
20 upvotes
It is sent electronically, I sent a bill pay on Thursday 2022-11-17 and it was available Monday 2022-11-21 . I did the same with BMO harris and it was sent as a check, sent Monday 2022-11-21 and not available until 2022-12-05.
Deal Addict
User avatar
Mar 23, 2009
1090 posts
1029 upvotes
Toronto
NinjaSaves wrote: IBKR isn't listed in CIBC USA's list of payees. You can manually type in an address to make the bill payment to, but it appears they just send a cheque to that address and it takes 4 business days.
Screenshot_20230127_141828_Chrome.jpg
Did you search for "Interactive Brokers"?

I think I was able to find it because it says "electronic" as Delivery method.
Deal Addict
May 16, 2017
2454 posts
3227 upvotes
NinjaSaves wrote: IBKR isn't listed in CIBC USA's list of payees. You can manually type in an address to make the bill payment to, but it appears they just send a cheque to that address and it takes 4 business days.

Screenshot_20230127_141828_Chrome.jpg
Not being on the list that pops-up doesn't necessarily mean it will be sent by check. I've added other payees that aren't on the list and they are paid electronically. You won't know until you try - be sure to use the published bill payment address.
Jr. Member
User avatar
Feb 25, 2005
198 posts
55 upvotes
Toronto
Can anyone confirm that you can move USD from investors edge to this account with conversion? What I’m looking to do is moving some USD dividend from IE into my wise USD account without converting. Someone mentioned using EQ, but it wants to use CAD to convert into USD for transfer into wise.
Deal Addict
May 16, 2017
2454 posts
3227 upvotes
holychristian wrote: Can anyone confirm that you can move USD from investors edge to this account with conversion? What I’m looking to do is moving some USD dividend from IE into my wise USD account without converting. Someone mentioned using EQ, but it wants to use CAD to convert into USD for transfer into wise.
I presume you mean "move USD from investors edge to this account with<out> conversion"?

Not directly - but you can open a CIBC (Canada) US Personal Account, transfer the Investors Edge USD to there, then transfer from US Personal to CIBC Bank US Smart Account without any conversion. Only cost will be 75c fee for a debit transaction on the US Personal Account.

Top