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  1. #1

    To Canadians- does CIBC accept electronic money transfers from Paypal?

    I have some money (US funds) in my Paypal account, and apparently I can only receive that money through electronic transfer to my bank account, which is CIBC. Does CIBC by default support electronic transfers from Paypal? I reside in Canada, obviously.

    Thanks,

  2. #2
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    I don't see why you would have a problem with that. I withdraw $$ from my Paypal account into my TD Canada Trust account on a regular basis. Just go into your Paypal account and enter your banking info. Make sure that you match all the bank account info very carefully. As well, be sure you clearly specify the name registered to the bank account. If there are any errors, you are in for a delay.

    Once set up, you can withdraw whenever you want (there is a fee for every withdrawl, so don't do it too often). It normally takes about 4 business days before I see a withdrawal end up in my bank account.

    Good luck.

    Vito
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  3. #3
    Thanks Vito. My main concern is CIBC, which doesn't seem as high tech as some of the other banks like Royal or TD.

  4. #4
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    CIBC seems pretty much one of the big banks so I'm pretty sure you'd have no problems. They have online banking (https://www.pcbanking.cibc.com/english/servlet/SignOn ) as well as all the other services offered by the other majors, so it should be OK. To be safe, though, just give your local branch a call tomorrow and I'm sure they will confirm that it's OK.

    Vito
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  5. #5
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    Yup, I'd put money on the fact that you can transfer $$ from Paypal to CIBC.

    They're already involved in handling email-based funds transfer:

    http://www.pcbanking.cibc.com/englis.../TestDrive.jsp

    Vito
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  6. #6
    Thanks Vito for all the help. If there's someone who has a CIBC account and uses Paypal as well, a final confirmation would be appreciated as well.

  7. #7
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    Wow, what a shocker. While I was sitting here doing my work, I called the CIBC HelpLine. Was on hold for 15 minutes - who cares, it was on speakerphone (and toll free).

    The guy didn't even know what Paypal was. He had to go and ask one of his supervisors. Answer: CIBC does not currently handle Paypal transfers...

    I'm glad I didn't place that bet...

    Vito
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  8. #8
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    It works fine, I use CIBC and thats where my money from paypal goes. Its just a direct deposit, I don't see why you thought CIBC would have been different then any other bank.
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  9. #9
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    That's what I would've thought. But the "supervisor" on the phone said no.

    Hmmf. Some supervisor, huh??

    Vito
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  10. #10
    Wow that is a shocker indeed Vito. See, I told you CIBC isn't exactly high tech Maybe I'll still call tomorrow to confirm, but so far it's not going good. Damn.

    Edit- Opps just read the other response as well. LOL so much confusion. Guess I'll just call tomorrow and clear things up for good.
    Last edited by GeorgeC; 03-23-2003 at 07:55 PM.

  11. #11
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    Supervisor doesn't mean smart If they have never heard of it then obviously it won't work
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  12. #12
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    Originally posted by easybyte
    Wow that is a shocker indeed Vito. See, I told you CIBC isn't exactly high tech Maybe I'll still call tomorrow to confirm, but so far it's not going good. Damn.
    Easybyte, I just said it works fine. Just add the your bank account information to your PayPal account, make the transfer, in 5 business days you will see your money. Done and Done.
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  13. #13
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    Well, as Spingen said, he uses Paypal with his CIBC account and all is good. So likely I just got a guy on the phone with room-temperature IQ.

    Looks like you're in luck!

    Vito
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  14. #14
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    CIBC may not be the most high tech, but they're the only bank whom I could get direct deposit from 2checkout.com to work with!!!

  15. #15
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    Originally posted by Mekhu
    CIBC may not be the most high tech, but they're the only bank whom I could get direct deposit from 2checkout.com to work with!!!
    how were you able to do this?? AFAIK they're not capable of doing that yet.... tell me the secret!
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  16. #16
    If you have a checking account or even savings, add it to paypal and withdraw your cash. Its just a simple wire transfer. I do it all the time with TD.

    It'll even convert your USD funds to CAD.

    I don't even think they know what paypal is. Just ask them if you can wire money to your account from another bank.
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  17. #17
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    Originally posted by dhabets
    how were you able to do this?? AFAIK they're not capable of doing that yet.... tell me the secret!
    I don't see what the problems are with any of these people using cibc, td, royal, scotia or other canadian banks. You just have to call and get their routing number. 2-5 minute phone call is all thats required/
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  18. #18
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    Originally posted by Spingen
    I don't see what the problems are with any of these people using cibc, td, royal, scotia or other canadian banks. You just have to call and get their routing number. 2-5 minute phone call is all thats required/
    I spoke with their international department and last time I tried (december) I was told they (CIBC) weren't setup yet for direct deposits from the US.

    Wire transfers: yes
    Direct deposit: no.

    If you're with CIBC, please do give me that #
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  19. #19
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    Originally posted by Spingen
    I don't see what the problems are with any of these people using cibc, td, royal, scotia or other canadian banks. You just have to call and get their routing number. 2-5 minute phone call is all thats required/
    Just wanted to say that paypal can make deposits, but that's 'cos they have a Canadian presence....
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  20. #20
    Another question- does Paypal support dispensing of payment through check for Canadian members? I could have sworn I saw this option advertised on their homepage before...

  21. #21
    On a related note, I am currently shopping around for a Canadian bank that does USD accounts which work on the US system (i.e. cheques with a routing number rather than a transit number and institution number in the MICR encoding).

    The reason is that PayPal refuses to do a direct deposit to a Canadian bank for an account in USD. This can become quite costly if you have to go and pay your suppliers in USD.

    (note: "doesn't seem to" or "seems to" is used because few employees seem to have any idea what I'm talking about when I say I want the cheques (or EFT) to clear on the US system)

    CIBC doesn't seem to, Scotia doesn't seem to, VanCity doesn't seem to, Bank of Montreal seems to (very rude on phone, not interested!), Royal Bank seems to (one free transaction, one transaction free for every direct deposit, 0.50 thereafter), TD seems to ($4/month), HSBC seems to (unsure).

    Based on the research I've done, I'm leaning to Royal Bank... there future acceptance of CertaPay and their ties with Moneris (if I need to use them in the future) are also pluses.

    I'd love to hear from others that have tried this. I'd be happy to stick with VanCity, they are great, but they don't seem to offer a setup like this, and it would be rather costly for me to constantly switch between currencies.
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  22. #22

    I know scotia bank will.

    I'm sure most Canadian banks will. (Keep in mind most don't seem to know what paypal is.) But as long as you have your checking information then you can have your funds deposited to any canadian bank.

    Least that what the paypal information indicates.
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  23. #23
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    I use CIBC sometimes from paypal, so I know it works. Also works with President's Choice if it matters
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  24. #24
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    As to CIBC not being high tech; they originaly were the first bank in canada to promote paypal as a internet payment method for acepting credit cards online. Also CIBC has banks allover north america, newyork being one of their major locations.

    I also use paypal with my Presidents choice bank account (which is managed by CIBC) and direct transfers in my account work fine. Although it took a while for somone to give me a correct routing number. If your using CIBC as your bank I would suggest moving over to the "Presidents choice" or "Bizsmart" no fee banking.

  25. #25
    Interblaze, routing number as in it works as a US account? Or did you mean transit number & institution number?
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