CIBC International Student Pay

CIBC is a Tier 1 global financial institution with ‘state of the art’ electronic foreign exchange platform. CIBC was also named the strongest publicly traded Canadian based global bank – and the only North American bank in Bloomberg’s ranking 5 years in a row (Bloomberg Markets, 2015).

Your educational institution has partnered with CIBC to provide payers with preferred exchange rates when submitting student fee payments from abroad. This platform allows you to make payments in your’ Home Currency/Preferred Currency’ with access to a number of innovative payment methods. Other benefits include:

• Bank wire quotes are valid for 72 hours (excluding weekends and Canadian holidays) to provide payers peace of mind against any adverse currency price fluctuations.
• The platform allows the student to track their payments and provides notifications when the payment is received.

Please log into the student portal and view the status of your transaction there. Alternatively, please send an email to studenthelp@cibc.com if you have any further questions or require more clarity.

The credit/debit card methods will typically be the fastest method of payment. By paying with credit/debit card you have the added convenience of completing your entire payment online, without needing to visit a bank branch in person. When completing a payment through the International Student Pay platform using a credit/debit card, the rate provided will be valid for 30 minutes and after completing the transactions the funds will automatically be debited from your account.

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.

Yes. Please select the relationship of the payer as “Agent” and ensure the instruction sheet is delivered to the Agent to make the payment.

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

Any payment made after the 72 hour deadline may be returned. The quote expires after the 72 hour window, and we may not be able to process your payment after this time. For any questions regarding the transaction please feel free to contact CIBC at studenthelp@cibc.com.

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

This is not necessary as CIBC informs the Educational Institution of all payments received.

Please log onto the student portal, click on the “Transaction History” page to send the instruction sheet to the email address on file.

You will receive an email notification from CIBC advising you that your funds have been received and processed to the Educational Institution.

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.

Direct Debit is available for students from the United States paying from a US bank account who pre-authorize CIBC to debit the fee amount from the bank account specified.

The Direct Debit option in most cases is cheaper than the traditional bank wire method. In addition the entire payment process is completed online, and the payer does not need to go to their branch to complete the payment.

The average debit transaction will take 2 to 5 business days to be deposited into the Education Institution’s bank account.

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

Once a transaction has failed, you are able to initiate a new one through the ISP 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.

If there are not enough funds in your account to pay the tuition, 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 ISP portal and ensure that there are enough funds in your account.

China Union Pay provides Chinese students studying abroad the opportunity to pay in their home currency (CNY) and utilize the competitive and preferred foreign exchange rates applied through CIBC’s International Student Pay.

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’s bank account. If the transaction time exceeds this, please contact us at studenthelp@cibc.com.

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

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.

The Visa and MasterCard payment option allows students to pay fees in their home currency when CIBC is unable to accept bank wire transactions in that particular currency.

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

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’s bank account. If the transaction time exceeds this, please contact us at studenthelp@cibc.com.

We recommend you contact your local bank for further assistance. Alternatively, you may make multiple payments through the International Student Pay platform to send the total amount owed to the educational institution.