When sending money abroad to the Canadian Imperial Bank of Commerce (CIBC), understanding the importance of SWIFT/BIC codes becomes crucial. These standardized banking identifiers, developed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), ensure your funds reach the intended bank accurately and efficiently.
Understanding CIBC's SWIFT Code
The SWIFT code for Canadian Imperial Bank of Commerce is CIBCCATTCLS . This unique identifier corresponds to the bank's headquarters located at Suite 700-595 Bay Street, Toronto, Ontario, M5G 2M8, Canada.
The code's structure follows international standards:
- First 4 characters (CIBC): Bank code identifying Canadian Imperial Bank of Commerce
- Next 2 characters (CA): Country code for Canada
- Following 2 characters (TT): Location code for Toronto
- Last 3 characters (CLS): Branch identifier (optional)
The Critical Role of SWIFT Codes in International Transfers
For both sending and receiving international payments, using the correct SWIFT code is essential. The code CIBCCATTCLS serves as a precise routing instruction that directs funds to CIBC's systems, ensuring timely and secure delivery of your transfer.
SWIFT codes have become indispensable in global finance by:
- Enhancing security in cross-border transactions
- Minimizing errors in bank routing information
- Reducing potential delays or misdirected funds
Best Practices for International Money Transfers
Before initiating any international transfer, financial experts recommend:
- Double-checking the recipient's SWIFT code against official bank records
- Verifying the complete bank address information
- Confirming any additional account details required by the receiving bank
Whether you're an individual making your first international transfer or a business managing frequent cross-border payments, understanding SWIFT codes like CIBCCATTCLS can significantly streamline your financial transactions and provide peace of mind.