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Simplii Incoming wire instructions
November 20, 2023
10:23 pm
Fritz23
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I am struggling with the instructions Simplii is providing: https://www.simplii.com/content/dam/simplii-public-assets/documents/pdf/bank-accounts/wire-payment-instructions.pdf

Is my understanding for an incoming USD wire from outside Canada and the US correct iwth some questions:

Pay to:
Canadian Imperial Bank of Commerce
81 Bay St., Toronto, ON M5E 1Z8, Canada
Swift BIC: CIBCCATT
No Account #: ????

Beneficiary Bank
CIBC Simplii Financial
305 Milner Avenue, 5th Floor, Scarborough, ON M1B 3V4, Canada
Beneficiary Name: Me
TRANSIT #: 001030800
Account #: My Simplii USD account # ????

Thank you!

November 22, 2023
11:22 am
Itellyouwutt
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November 22, 2023
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I believe you also have to provide information about yourself beyond your account number. Here is what the form says:

This must match the beneficiary details of what is
on the Simplii Financial account.
Please include:
Account Number
Account Holder Name
Account Holder Address
(Street Address, City, Province,
Postal Code, Country)

November 22, 2023
11:39 pm
Corange
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I've sent USD wires to my Simplii USD from Cayman twice successfully without using an intermediary bank and beneficiary bank - it seems like that's how it should be but the instructions for outside the US and Canada say to send it to the CIBC SWIFT with simply additional instructions to the bank where you add in simplii's transit code. This has worked though if you forget the extra instructions field the wire will fail, and the wire does seem to take 2 days rather than 1 probably due to manual processing, which I find stressful when wiring for the first time.

November 22, 2023
11:50 pm
Corange
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To be more clear different banks tend to have the information to be filled out slightly different, but my wire transfer was filled out like:
Account name: corange
Account number: simplii account number
Swift:CIBCCATT
Instructions to receiving bank: //CC001030800

So basically filling it out exactly like it was a CIBC account except for the addition of the note to CIBC

November 23, 2023
3:54 am
Norman1
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April 6, 2013
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Simplii Financial is just a brand name used by CIBC. The Simplii accounts are actually rebranded CIBC accounts.

So, another intermediary bank is not needed after the wired funds for a Simplii account reach that Toronto CIBC branch for SWIFT code CIBCCATT. That branch can route the funds internally within CIBC to branch 30800, that special branch within CIBC for the Simplii-branded accounts.

As Corange noted, the wire receiving instructions for Simplii-branded accounts look very much like the instructions for CIBC-branded accounts at Sending and Receiving Wire Transfers.

November 24, 2023
8:07 pm
Fritz23
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Thank you all!

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