![]() Send money from wherever you are and simplify your international payments by using CIBC Global Money Transfer ™ for Business. CIBC Global Money Transfer ™ for Business With ACH, you can future-date payments up to 100 days in advance, set up recurring and bulk payments, track payments with a unique reference number, and cancel a payment for $25.īottom line: if you have suppliers and employees in the U.S., you can use ACH as on option to replace cheques. Recipients don’t pay anything to receive except for any account activity fees they may incur. Payments can be made in USD only and costs $10 per payment, after a one-time connection fee of $350. ACH allows you to send funds directly from your business account to suppliers and employees in the U.S., using CIBC SmartBanking ™ for Business. Dollar Cross Border Payment ServiceĪn Automated Clearing House (ACH) acts the same way as an EFT, but for payments to the U.S. With direct deposit, you can future-date payments up to 100 days in advance, track payments with a unique reference number, cancel a payment for $6.00, and trace a payment for $10.īottom line: if you’re looking to send payments of more than $25,000, recurring or bulk payments within Canada, direct deposit is the right method. There’s no cost for recipients except for any account activity fees they may incur. The cost is $2 per payment or a monthly maintenance fee, file import fee and transaction fees for bulk payments. Payments can be made in CAD or USD with a higher maximum amount per payment than Interac e-Transfer, and also allows for recurring and bulk payments, which makes it a great option for direct deposit payroll. Electronic Funds Transfer (EFT) - direct depositĪn Electronic Funds Transfer (EFT), or direct deposit, provides the ability to send funds directly from your business account to suppliers and employees within Canada and is available on CIBC SmartBanking ™ for Business. It’s also important to note that recurring and bulk payments aren’t an option, and you can only use e-transfers in Canada.īottom line: Interac e-Transfer® for Business is easy, fast, and inexpensive, as long as your payments are up $25,000 or less and within Canada. You can cancel a transaction for $3.50, but once funds are deposited into the recipient’s account, the transaction can’t be reversed. With Interac e-Transfer ® for Business, you can future-date payments up to 100 days in advance and track payments with a unique reference number. Account transaction fees may apply for recipients, but they can expect payment in real time, often within an hour of the e-transfer being sent. It costs $1.50 per transaction, but e-transfers are free for most CIBC Business Operating Accounts. This feature is available with support for multi-signatory accounts and payment approval entitlement on CIBC SmartBanking™ for Business. Interac e-Transfer ® for Business allows you to send funds up to $25,000 from your business account easily and safely to anyone with an email address, mobile phone number or Canadian bank account. We want you to make the best decision for your business, so here’s an explanation of all the payment options available for CIBC Business Banking clients. It might seem overwhelming and confusing to know which payment method to choose. Instead, there are many digital options that businesses can use to make payments in Canada and around the world, more securely and with faster turnaround times. Cheques are slow and take time to clear your account, making real-time cash flow management difficult, not to mention the risk of cheque fraud. A cheque is an obvious way for a business to make payments to a supplier, an investor, or an employee, but it’s not often the best choice.
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