20 April, 2009
How to transfer funds from Paypal to CIBC/RBC ?
Firstly Paypal will ask you for an account number, a transit number and an institution code.
You need to call your bank, and ask them for:
ACCOUNT NUMBER (7 to 12 digit number)
TRANSIT NUMBER (usually 5 digits)
and INSTITUTION CODE (3 digit number).
The Institution code for CIBC is 010
Here are some INSTITUTION CODES for Canadian banks:
001 – Bank of Montreal = BMO
002 – ScotiaBank
003 – Royal Bank of Canada
004 – Canada Trust = TD Bank
006 – National Bank of Canada
010 – CIBC = Canadian Imperial Bank of Commerce
016 – HSBC Bank Canada
177 – Bank of Canada
260 – Citibank of Canada
309 – Citizens Bank of Canada
614 – ING Bank of Canada
Usually an account number is like this (this one is RBC):
00334-51-08410 00334 is the transit number, and the remaining the account number
So, since it is RBC, you’d enter this info in paypal:
Institution Code: 003
Account #: 5108410
Usually you can call your bank and just ASK them for this info (you can also check on online-banking if you have it set up). The number to you bank is on the back of your debit card.
On a cheque, you can find the same info, it’s written like this: [ transit number ] [ institution code ] [ account number ]