Navigating international wire transfers can be daunting, especially when dealing with bank codes. Selecting the correct SWIFT/BIC code is crucial to ensuring funds reach their destination securely and on time. This article provides a comprehensive overview of the SWIFT/BIC code for the Canadian Imperial Bank of Commerce (CIBC), one of Canada's leading financial institutions.
Understanding CIBC's SWIFT Code
CIBC's primary SWIFT code is CIBCCATT CLS . This unique identifier not only represents the bank in international transactions but also helps pinpoint specific branches. The bank's headquarters are located at Suite 700-595 Bay Street, Toronto, Ontario, M5G 2M8, Canada.
SWIFT/BIC codes typically consist of 8 to 11 characters that precisely identify financial institutions worldwide. The structure follows specific conventions: codes ending with "XXX" typically denote a bank's headquarters, while 8-character codes without branch identifiers default to the main office. Using the correct CIBC SWIFT code helps prevent potential delays and complications in fund transfers.
Key Components of CIBC's SWIFT Code
The SWIFT code CIBCCATT CLS breaks down as follows:
- Bank Code (CIBC) : The first four letters identify the financial institution
- Country Code (CA) : The next two letters represent the country (Canada)
- Location Code (TT) : These characters specify the bank's primary location
- Branch Code (CLS) : The optional last three characters identify specific branches
International Transfers with CIBC
CIBC offers streamlined solutions for international money transfers, whether for personal remittances or business transactions. Verifying the correct SWIFT code before initiating any transfer is essential for successful transactions. It's advisable to confirm this information through official bank channels to ensure accuracy.
As global commerce continues to expand, using the proper SWIFT/BIC code has become increasingly important. Incorrect codes may result in delayed funds or additional fees. When conducting international transactions with CIBC, carefully verify all banking details to avoid unnecessary complications.