Can a visitor visa holder open a bank account in Canada? Here's your guide
Learn how visitor visa holders open a bank account in Canada. Discover requirements, options, and how a Wise account simplifies this for travelers in Canada
Your guide to closing a CIBC account
Closing a bank account can be annoying, confusing, and stress-inducing. But it doesn't have to be. In this article, we'll guide you through the process of closing a Canadian Imperial Bank of Commerce (CIBC) bank account.
Whether you're switching to another financial institution or simply don't need the account anymore, Wise can help. You can manage your funds easily thanks to the amazing money management features in store. More on that later!
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How to Close a CIBC Account
You can close your CIBC account one of two ways:
- In person at an CIBC Banking Centre
- Over the phone with CIBC Telephone Banking by calling 1-800-465-2422¹
You can use either of these options if you are closing an account and transferring the funds to another CIBC account. However, you can only close your account in person if you are closing your CIBC account altogether.¹
Whichever option you choose or need, a helpful associate will guide you through the process. Your experience should be quick and easy.
About closing a CIBC account online
If you came to this article wondering how to close a CIBC account online, you may not like this answer. Unfortunately there is no current option to close your CIBC account online. You can only close your account completely in person at a CIBC Banking Centre. If you are transferring funds to another CIBC account, you can also do so over the phone by calling 1-800-465-2422.¹
Fees for Closing a CIBC Account
While CIBC doesn’t mention fees for closing an account, there are fees for transferring your funds to other institutions.
| Services | Fee per service² |
|---|---|
| Transfer bank account (using a Balance of Account form) | 19.50 CAD |
| Transfer from CIBC RRSP/RRIF/LIF Daily Interest Savings Account/GIC | 100.00 CAD |
| Transfer from CIBC TFSA Tax Advantage Savings Account®/GIC | 100.00 CAD |
Meet Wise - Your International Money Transfer Alternative
To close your CIBC account, all you need to do is follow the instructions from an associate in person or over the phone. While you close your account, you might want to consider Wise, a money business service that you can use to
- Manage your funds in CAD, USD, EUR, GBP and more!
- Send money at the mid-market rate - say goodbye to currency conversion fees!
- Transfer fees starting as low as 0.43% - and you always know them before you send your money!
- Breathe easy with no monthly fees for your Wise account or the Wise card!
With no minimum balance or monthly fees, you won’t have to wonder about recurring fees either. This financial tool even offers the convenience of sending money via Interac e-Transfer via your Wise account with high limits!
All these benefits make Wise a fantastic choice for managing money transfers.
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Sources:
Sources verified on: 01 September 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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