Question 1

Why should I use Canadian Imperial Bank of Commerce (CIBC)?

Accepted Answer

CIBC (CM: NYSE, TSX) is a leading and well-diversified North American financial institution trusted by over 14 million clients in Canada, the U.S. and around the world. Our 49,000 employees provide holistic and tailored financial solutions to meet the varying needs of our personal, business, and institutional clients across the globe. Ranked among the top 10 safest banks in North America* higher education sector partners across the world leverage CIBC&rsquo;s wealth of industry expertise to facilitate cross-border payments. Whether you&rsquo;re studying locally or abroad, CIBC offers secure and dynamic global payment solutions, allowing you to pay your tuition and other fees easily to academic institutions across the world so you can focus on what matters most &mdash; your education. For more information on how we can support your financial needs, please see our FAQs or contact our 24/7 student support at studenthelp@cibc.com. * Global Finance magazine&rsquo;s World&rsquo;s Safest Banks Rankings, 2023

Question 2

Why should I use the CIBC payment platform to pay my tuition?

Accepted Answer

Your Educational Institution has partnered with Canadian Imperial Bank of Commerce (CIBC) to provide its users with preferred foreign exchange rates for paying tuition fees for studying abroad. These preferred exchange rates are applied to your payments, allowing you to pay your tuition in your home currency. Other benefits include: Bank wire quotes are valid for 72 hours (excluding weekends and Canadian holidays) to give you peace of mind against any adverse currency price fluctuations. The platform allows you to track your tuition payment and notifies you when your payment is received. The transaction flows through in a fully secure banking environment. Faster processing times and automatic transfer to student accounts. Preferred foreign exchange rates offered exclusively to the Educational Institution&rsquo;s international students and alumni. For more details, visit your school&rsquo;s payment page. You can also visit the University Canada West, Carnegie Mellon University, University of Illinois, Georgia Institute of Technology, Purdue University, Syracuse University, Niagara College, or University of Southern California page.

Question 3

Do I need a CIBC account to use this payment platform?

Accepted Answer

No, you do NOT need a CIBC account or visit a CIBC banking center. You can pay your university fees from anywhere, at any time, conveniently online.

Question 4

How can I check the status of my tuition payment?

Accepted Answer

You can track your payment anywhere, anytime by visiting the payment platform. Please log into the portal, or you can input the unique Reference ID generated for each transaction in the &lsquo;Track Your Payment&rsquo; functionality on the top menu of the platform. Alternatively, please send an email to studenthelp@cibc.com if you have any further questions or require more clarity.

Question 5

Can I pay in any other currency other than my home currency?

Accepted Answer

Yes. We recommend making payments in your home currency due to the preferred foreign exchange rates CIBC offers, but you will have the option to make payments in USD, CAD (where applicable) or other major currencies.

Question 6

Can I pay my tuition through an Agent?

Accepted Answer

Yes. When initiating a transaction on the platform, select the relationship of the payer as &lsquo;Agent&rsquo; while on the &lsquo;Payer Details&rsquo; page. Ensure the instruction sheet is delivered to the Agent to make the tuition payment.

Question 7

Do I need to inform my Educational Institution of the tuition payment?

Accepted Answer

This is not necessary as CIBC informs the Educational Institution of all payments received. Your student account will be automatically credited.

Question 8

How will I know when my funds are received?

Accepted Answer

You will receive an email notification from CIBC advising you that your funds have been received and processed to the Educational Institution. Please allow 2-3 business days for your student account to be updated accordingly.

Question 9

I made a mistake and need to correct information I entered in the portal?

Accepted Answer

Please contact CIBC immediately at studenthelp@cibc.com. Please ensure you have mentioned the following information in your communication: Student Name Student ID Transaction Reference Number Date of Transaction Amount

Question 10

How can I contact CIBC’s team for further support?

Accepted Answer

For any questions regarding your university fee payment, please direct them to CIBC&rsquo;s financial professionals available 24/7. Please click here for contact information.

Question 11

I received a confirmation email indicating funds have been sent to the school, yet my student account hasn’t been updated?

Accepted Answer

Once the funds have been sent to the Education Institution, please allow 2-3 business days for your student account to update accordingly. If the transaction time exceeds this, please contact us at studenthelp@cibc.com.

Question 12

I haven’t received my refund amount, and it’s been over a month outstanding?

Accepted Answer

Please allow 2-3 weeks for the refund to come to your account. Note, the refund will be sent the same way the initial payment was received. Please check the account used to make the initial payment (bank account, credit card account, Alipay/WeChat account etc.). If you have still not received the refund, please contact us at studenthelp@cibc.com.

Question 13

Why should I pay my tuition with a bank wire through CIBC International Student Pay as opposed to another method of payment?

Accepted Answer

Making a tuition payment using a traditional bank wire through the CIBC portal will allow you to take advantage of preferred exchange rates that CIBC provides to your Educational Institution, in most cases resulting in material cost savings. The portal also allows you to lock in your rate for 72 hours (excluding weekends and Canadian holidays), providing you with protection against currency fluctuation. Please note, this option requires you to complete your payment by taking the instruction sheet provided by CIBC to your local bank to wire the funds.

Question 14

Why do I have to make a payment within 72 hours?

Accepted Answer

The Foreign Exchange market is dynamic and prices are changing continuously. To protect the payer from this volatility, CIBC is able to offer protection for a 72-hour period, not including weekends and Canadian holidays.

Question 15

What happens if I make a payment after 72 hours?

Accepted Answer

Any payment made after the 72-hour deadline will be subject to a new exchange rate. The quote expires after the 72-hour window. CIBC will process the transaction, but the amount sent to the Educational Institution will differ based on the market. For any questions regarding the transaction please feel free to contact CIBC at studenthelp@cibc.com.

Question 16

I lost my instructions sheet, how can I get a copy of it?

Accepted Answer

Please log onto the portal, and click on the &ldquo;Transaction History&rdquo; page to send the instruction sheet to the email address on file.

Question 17

Why is my currency not available as a bank wire option?

Accepted Answer

CIBC&rsquo;s Foreign Exchange department trades around 30 different countries, however, there are some currencies that are not supported due to banking regulations, sanctions or other reasons. To help international students and alumni, CIBC provides the option to make payments in USD, CAD (where applicable) or other major currencies.

Question 18

Some information was missed by the local bank when transferring the funds?

Accepted Answer

Please contact CIBC immediately at studenthelp@cibc.com and provide the information. Please ensure you have mentioned the following information in your communication: Student Name Student ID Transaction Reference Number Date of Transaction Amount

Question 19

My local bank is charging a fee to send money, is that covered in your fees?

Accepted Answer

No, the local bank charges are not covered under the quote provided by CIBC. Please send the quoted amount in full and pay any additional fees directly to your local bank.

Question 20

I made the payment, yet still received an expiration notification?

Accepted Answer

While the payment might have been sent within the 72-hour timeframe, the delay before CIBC receives the funds will differ based on region and intermediary banks. We recommend sending the payment as soon as the transaction is initiated on the CIBC portal to avoid such situations. If you sent the funds and received an expiration notification, please send an email to studenthelp@cibc.com with proof of funds sent within 72 hours. CIBC will evaluate the situation on a case-by-case basis. Please ensure you have mentioned the following information in your communication: Student Name Student ID Transaction Reference Number Date of Transaction Amount

Question 21

Why is my processed amount lower than the amount I had sent?

Accepted Answer

The processed wire could be lower than the amount you had sent for several reasons. The most common reason is due to intermediary bank fees. CIBC processes the full amount received to the Educational Institution. If the payment was sent past the 72-hour window, the payment will be converted at the new market rate. Therefore, the amount processed might be more or less than the amount initially sent based on currency fluctuation. Please contact us at studenthelp@cibc.com if you have further questions about your payment.

Question 22

Why should I pay my tuition fees via direct debit through CIBC International Student Pay as opposed to another method of payment?

Accepted Answer

Making a payment using Direct Debit through the CIBC portal will allow you to take advantage of preferred exchange rates that CIBC provides to students studying abroad, in most cases resulting in material cost savings. In addition, the entire payment process is completed online, and the payer does not need to go to their local branch to complete the payment.

Question 23

Who is able to use the Direct Debit option?

Accepted Answer

Direct Debit is available for students/alumni from the United States paying from a US bank account or students/alumni from Canada paying from a Canadian bank account studying internationally.

Question 24

How long does it take for the tuition fees to be deposited into my Educational Institution's account?

Accepted Answer

The average debit transaction will take 2 to 5 business days to be deposited into the Education Institution&rsquo;s bank account. Once the funds have been sent to the Education Institution, please allow 2-3 business days for your student account to update accordingly.

Question 25

What additional information is needed to pay via Direct Debit?

Accepted Answer

You will need to provide the following: Name of Bank/F.I Bank Account Number 9 Digit A.B.A Routing Number Bank/F.I Full Address Type of account

Question 26

My transaction failed. What can I do now?

Accepted Answer

Once a transaction has failed, you are able to initiate a new one through the CIBC portal. Most transactions fail as a result of incorrect banking information being inputted, so we recommend verifying your account information with your bank prior to submitting a transaction.

Question 27

I can’t pay the full amount of my payment request because of insufficient funds in my debit account.

Accepted Answer

If there are insufficient funds in your account, the transaction will fail. You may be charged NSF charges by your local bank, which is not covered under the quote provided by CIBC. If you wish to initiate a new transaction, please do so through the CIBC portal and ensure that there are enough funds in your account.

Question 28

Why should I pay my tuition for studying abroad with a Visa/Mastercard through CIBC International Student Pay as opposed to another method of payment?

Accepted Answer

Making a university fee payment using Visa/Mastercard through the CIBC portal will allow you to take advantage of preferred exchange rates that CIBC provides to your Educational Institution, in most cases resulting in material cost savings. The Visa and MasterCard payment option allows students and alumni to pay fees in their home currency when CIBC is unable to accept bank wire transactions in that particular currency.

Question 29

Which cards do you accept?

Accepted Answer

We accept both debit and credit cards issued by Visa and MasterCard.

Question 30

How long does it take for the tuition fees to be deposited into my Educational Institution’s account?

Accepted Answer

On average, Visa and MasterCard transactions will be processed within 2 business days, but some may require up to 5 business days to be deposited into the Education Institution&rsquo;s bank account. Once the funds have been sent to the Education Institution, please allow 2-3 business days for your student account to update accordingly. If the transaction time exceeds this, please contact us at studenthelp@cibc.com.

Question 31

I can’t pay the full amount of my payment request because of my credit card limit.

Accepted Answer

We recommend you contact your local bank for further assistance. Alternatively, you may make multiple payments through the CIBC platform to send the total amount owed to the Educational Institution

Question 32

My transaction failed. What can I do now?

Accepted Answer

Transactions often fail as a result of incorrect information being inputted. Please review your payment details and ensure the information is correct. Transactions also fail as a result of CIBC&rsquo;s security protocols. When making a payment using Visa/Mastercard, CIBC has an additional security measure to authenticate the cardholder. When making a transaction, the payer will be required to input a one-time verification code sent to the phone number linked to the cardholder&rsquo;s account. Please ensure you have the phone linked to the cardholder with you while making the payment. For further assistance, please contact us at studenthelp@cibc.com.

Question 33

Why is the Visa/Mastercard payment option more expensive than bank wire?

Accepted Answer

The Visa/Mastercard payment option has additional fees charged by the processor. These fees are not charged by CIBC or your Educational Institution.

Question 34

Why should I make a tuition payment with China UnionPay through CIBC International Student Pay as opposed to another method of payment?

Accepted Answer

Paying tuition fees with China UnionPay through the CIBC portal gives Chinese students and alumni studying abroad the opportunity to pay in their home currency (CNY) and utilize the preferred foreign exchange rates applied through CIBC&rsquo;s portal.

Question 35

How long does it take for the tuition fees to be deposited into my Educational Institution’s account?

Accepted Answer

On average, China UnionPay transactions will be processed within 3 business days, but some may require up to 5 business days to be deposited into the Education Institution&rsquo;s bank account. Once the funds have been sent to the Education Institution, please allow 2-3 business days for your student account to update accordingly. If the transaction time exceeds this, please contact us at studenthelp@cibc.com.

Question 36

Which UnionPay cards can be used?

Accepted Answer

All UnionPay debit and credit cards issued in China can be used.

Question 37

My transaction failed. What can I do now?

Accepted Answer

Please review your payment details and ensure the information is correct. If your information is valid and the payment continues to fail, please contact your local bank to verify your card limit, or contact us at studenthelp@cibc.com.

Question 38

I can’t pay the full amount of my payment request because of my China Union Pay card limit.

Accepted Answer

We recommend you contact your Chinese bank for further assistance. Alternatively, you may make multiple payments through CIBC&rsquo;s platform to send the total amount owed to the Educational Institution.

Question 39

Why is the China UnionPay payment option more expensive than bank wire?

Accepted Answer

China UnionPay payment option has additional fees charged by the processor. These fees are not charged by CIBC or your Educational Institution.

Question 40

Why should I pay my tuition via China UnionPay through CIBC International Student Pay as opposed to another method of payment?

Accepted Answer

Making an international tuition payment using WeChat/Alipay through the CIBC portal gives Chinese students and alumni the opportunity to pay using their preferred digital wallet and utilize the competitive foreign exchange rates applied through CIBC&rsquo;s portal.

Question 41

How long does it take for the tuition fees to be deposited into my Educational Institution’s account?

Accepted Answer

On average, WeChat/Alipay transactions will be processed within 3 business days, but some may require up to 5 business days to be deposited into the Education Institution&rsquo;s bank account. Once the funds have been sent to the Education Institution, please allow 2-3 business days for your student account to update accordingly. If the transaction time exceeds this, please contact us at studenthelp@cibc.com.

Question 42

My transaction failed. What can I do now?

Accepted Answer

Please review your payment details and ensure the information is correct. If your information is valid and the payment continues to fail, please contact us at studenthelp@cibc.com.

Question 43

Why is the WeChat/Alipay payment option more expensive than bank wire?

Accepted Answer

The WeChat/Alipay payment option has additional fees charged by the processor. These fees are not charged by CIBC or your Educational Institution.

Frequently Asked Questions