CIBC Bank USA Smart Account™

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.

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.

So I can’t apply for this without a CIBC checking account or LOC

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

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.

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?

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

"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?

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

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.

You can fund IBKR via bill pay on the us side for free.

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...

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

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.

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.

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.

I had to add them manually.

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.

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.

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.