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Email this7:42 pm
April 11, 2020
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Hello,
I understood Simplii does not charge for incoming wire transfers, CIBC acts as a correspondent bank for all Simplii incoming wire transfers. CIBC charges $10.00 for each wire transfer received. This is in addition to any other bank’s correspondent fees.
My questions is: Who is paying thew CIBC charges $10.00 if the originator of a USD wire to my Simplii USD savings account is electing the option "OUR" in the wire SWIFT form; field 71A “Details of Charges”? “OUR“ means in general the originator pays all the transaction fees. The beneficiary receives the full amount.
Would the fee of $10 still to be deducted from the total amount the sender transfers/wired to my Simplii account (e.g. from $1,000 sent I would get only $990)?
Thaks,
Fritz
6:38 am
November 20, 2022
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Fritz23 said
Would the fee of $10 still to be deducted from the total amount the sender transfers/wired to my Simplii account (e.g. from $1,000 sent I would get only $990)?
Thaks,
Fritz
I got the total amount sent lesser $10.00 but there is no way to tell whether that was charged by CIBC or any correspondent/intermediary bank.
8:07 am
April 6, 2013
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Simplii is just a trade/brand name used by CIBC. All our Simplii-branded accounts are actually accounts issued by CIBC branch 30800 in Scarbourough. CIBC is actually the beneficiary's bank (SWIFT BIC: CIBCCATT, Canadian clearing code: //CC001030800), not a correspondent bank, for wire transfers to a Simplii-branded account. CIBC/Simplii does charge for incoming wire transfers.
According to Simplii's schedule of "Costs for special requests and additional products and services", incoming wire transfers from another financial institution would be charged one of the following:
| Special requests | Cost (Canadian Dollar accounts) |
Cost (Foreign Currency accounts) |
|
Wire transfer from another financial institution Correspondent bank may levy additional charges |
$10 |
CNH 50.00 EUR 7.00 GBP 6.00 INR 600.00 PHP 400.00 USD 10.00 |
According to SWIFT: MT 103 - 19. Field 71A: Details of Charges, "OUR" means the sender pays all charges:
| BEN | Beneficiary | All transaction charges are to be borne by the beneficiary customer. |
| OUR | Our customer charged | All transaction charges are to be borne by the ordering customer. |
| SHA | Shared charges | All transaction charges other than the charges of the financial institution servicing the ordering customer account are borne by the beneficiary customer. |
The wire was likely coded "SHA" and not "OUR" if $10 was deducted by Simplii.
There's no magic with the "OUR". Originating bank will either charge an extra $10 to the sender or send $10 less along to the correspondent bank and beneficiary's bank.
7:09 am
September 20, 2016
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I received an incoming wire transfer from New Zealand last month and even though they paid for my fees at their end by choosing "Our", I was still charged $10. by Simplii (They sent me a screen shot proving they paid recipient's fee)
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