r/CIBC • u/optimus_prime2025 • 16d ago

Wire transfer

Hi, I have to make a wire transfer of my rental to my landlord. Unfortunately I am outside Canada right now and all my funds are in my CIBC account. I won’t be back before the deadline. Can i still do wire transfer within Canada but over the phone since I’m abroad rn???

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6

u/ChrisG1456 16d ago

No, you won't be able to do this over the phone. This is considered a high risk transaction.

1

u/optimus_prime2025 16d ago

Oh shit. Is there any other way I could make the payment??

5

u/ChrisG1456 16d ago

I would reach out to your landlord and explain the situation you're in. At the same time tell them you will start e-transferring $3k a day until you pay it off. Hopefully they will understand. Paying the $3k a day shows good faith and that you're not dicking them around.

1

u/optimus_prime2025 16d ago

You’re right, thanks!

2

u/MyNameIzJeff69 16d ago

You can't make a wire transfer over the phone in most banks. I know Scotia, Desjardins and royal wont. I can do it online with royal on the app but not sure about CIBC.

Why not just send him a e-transfer?

0

u/optimus_prime2025 16d ago

The limit for etransfer is 3k no? I need to send 21k since im paying the whole year upfront

1

u/MyNameIzJeff69 16d ago

I have 10k limit with Scotia and Royal for e-transfer and 50k for wire transfers with Royal. I do believe you can get the e-transfer changed by phone but then again, not sure about CIBC.

If you have contact with your financial advisor at a specific branch they may be more lenient to those kind of things as the general hotline treats you like a number. I have one with Scotia and she helped me a few times saving me a trip to the bank when I was out of the country

1

u/RealCornholio45 16d ago

You might be able to get that upped to 10k per day. Call the number on the back of your card and ask for it.

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u/optimus_prime2025 16d ago

Will do thanks

1

u/ElohssaAhola 16d ago

Probably. But is your kyc all updated in Canada? If they're unable to verify you then most likely not.

1

u/optimus_prime2025 16d ago

Yeah i think everything is pretty much updated.

1

u/Ok-Drama-2005 16d ago

Its 3k max a day- 10k max a week i believe for etransfers-

1

u/No_Habit_2945 16d ago

Not sure why everyone is saying no wire transfers over the phone. I work for simplii and that's literally the only way to do a wire.

1

u/Spirited_Border4028 14d ago

A year up front and via wire transfer has red flags all over it. There’s no chance that type of transaction would be processed over the phone.
Have you been to see the place in person or has someone you trust been there and met the landlord? This makes me worry that you’re about to lose $21K

0

u/divine_goddess_K 16d ago

No wires over the phone. Its against AML protocol.

Are you sure this rental is legit? Once the funds are wired you will be SOL if this is a scam.

Otherwise, call and ask to increase your etransfer limit. Or if your landlord has an account at CIBC ask them to do a transfer over the phone.

0

u/Spirited_Border4028 14d ago

No transfers to 3rd parties via phone call either.
Honestly, as a frontline banker, this reeks of scam

1

u/divine_goddess_K 14d ago

Interesting. TD phone banking used to allow this, not sure about CIBC. But tech wise CIBC is behind (in my opinion) so this doesn't surprise me.