CIBC deducted 700USD from my GIC

[panganibanalexes]

Anyone who experienced refunding their GIC in CIBC? I recently refunded my gic but when my local bank received the refund, it was 700+usd less.
The original amount i sent is 8309.08usd but the refunded amount is only 7582.18
As far as i know, there is a 20cad refund fee. 700+ us dollars is too much for a deduction.
Can somebody shed a light on this? Thank you

 

[n@bz]

Anyone who experienced refunding their GIC in CIBC? I recently refunded my gic but when my local bank received the refund, it was 700+usd less.
The original amount i sent is 8309.08usd but the refunded amount is only 7582.18
As far as i know, there is a 20cad refund fee. 700+ us dollars is too much for a deduction.
Can somebody shed a light on this? Thank you

What reason did you give for the refund request?

 

[PMM]

Hi

Anyone who experienced refunding their GIC in CIBC? I recently refunded my gic but when my local bank received the refund, it was 700+usd less.
The original amount i sent is 8309.08usd but the refunded amount is only 7582.18
As far as i know, there is a 20cad refund fee. 700+ us dollars is too much for a deduction.
Can somebody shed a light on this? Thank you

1. You have to look at the conversion rate at the time you deposited the money. Todays rate for 10K Can is 7702 US.

 

[panganibanalexes]

What reason did you give for the refund request?

I requested a refund due to visa refusal

 

[n@bz]

I requested a refund due to visa refusal

Did you check with CIBC about this? Did you upload the rejection letter?

 

[panganibanalexes]

Did you check with CIBC about this? Did you upload the rejection letter?

Yes i did. Also sent an email to cibc about my question, still awaiting fir their response. Just want to be clear on how they did the conversion. Does it mean if the equivalent TODAY of 10k cad is 7702, then they will only refund that amount?

 

[wakongah]

Yes, they will refund 10k CAD (less admin fees) at the current exchange rate. As far as they’re concerned, you sent them 10k CAD not 8k USD.

 

[scylla]

Anyone who experienced refunding their GIC in CIBC? I recently refunded my gic but when my local bank received the refund, it was 700+usd less.
The original amount i sent is 8309.08usd but the refunded amount is only 7582.18
As far as i know, there is a 20cad refund fee. 700+ us dollars is too much for a deduction.
Can somebody shed a light on this? Thank you

Most likely a conversion rate difference. The refund is processed with current conversion rates. Not the historical rates of when you originally sent the money.