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Before you move, ask your current bank for an international money order or bank draft. When you arrive in Canada, bring the money order to any CIBC banking centre to deposit the funds into your CIBC bank account. When you move to Canada, you can bring cash with you. There's no limit to how much cash you can bring.

A bank draft is a guaranteed form of payment that you can use to send large sums of money from your bank to a third party. Unlike money orders, they’re limited by only the sum you have available in your bank account.

Bank drafts are known by many names like cashier's cheque, bank check, and teller's check. Bank drafts are guaranteed by a bank and have the same liquidity as cash in general. Canadian banks issue bank drafts for amounts greater than $1,000 CAD.

2024年7月8日 · The main difference between a bank draft and a certified cheque is that bank drafts are issued directly by your bank to the recipient and are performed immediately. Conversely, certified cheques are issued by the account holder, and the funds won’t be moved until the cheque is deposited by the recipient .

2023年11月2日 · When it comes to ideal ways to make large purchases, you can write a cheque, e-transfer, or a bank draft. These are also more secure options for gifting money, especially if you have to send the money through the mail. If the purchase or money you want to send is over $3,000, a bank draft is one of the most common choices.

For example, when you make a deposit in U.S. dollars, other than a CIBC draft, CIBC must collect those U.S. funds through the applicable U.S. dollar banking system. In general, CIBC receives credit for those funds at least one, and sometimes several, business days after the U.S. dollar deposit is made to your account.

2018年11月29日 · Simplii can get a bank draft to a local CIBC within 2 business days (or sooner, but no guarantee). As most sellers will want the draft in-hand within 24 hours of acceptance, we might be sweating and wondering if we'll end up in breach of contract.

2022年2月23日 · Unlike a check, a bank draft guarantees the availability of funds in the account. At the time a bank draft is transmitted, the amount requested is “frozen” on a separate balance. In other words, it is deducted from the client’s account, and in effect, the obligation to transfer the money to the recipient of the funds falls on the bank.

2024年12月2日 · To transfer money using a bank draft, you’ll need to obtain one from your bank by visiting a physical branch. You will then be responsible for delivering the bank draft to its intended recipient, who can cash it in at their bank. For some banks, it’s also possible to request a bank draft through your online banking account.