CIBC International Money Transfers Review 2021 | Finder Canada

Review: CIBC Global Money Transfer

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Send no-fee international money transfers using CIBC's mobile app or visit a branch to send a wire transfer.

  • Good for fee-free transfers, discounts on first transfer and transferring large amounts.
  • Not so great if you need to transfer money fast or to someone who doesn’t have a bank account.

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CAD 100

Min. Transfer Amount

CAD 50,000

Max. Transfer Amount

1 - 2 days

Transfer Speed

Details

Product NameCIBC International Money Transfers
Min. Transfer AmountCAD 100
Max. Transfer AmountCAD 50,000
Transfer MethodsOnline, Phone, Agent, Bank Account to Bank Account
Transfer OptionsRegular payments, Market orders, Forward contracts
Transfer Speed
Minimum transfer time
1 - 2 days
Customer ServicePhone, Chat, Email, Branch
Available CurrenciesAED, ALL, ARS, AUD, BAM, BBD, BDT, BGN, BMD, BRL, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, DOP, DZD, EGP, EUR, GBP, GHS, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, LKR, MAD, MUR, MXN, MYR, NGN, NIO, NOK, NZD, PEN, PHP, PKR, PLN, QAR, RON, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, UYU, VND, ZAR
Online Transfer FeeCAD 0

CIBC exchange rates and fees

CIBC claims to offer fee-free transfers to 90 countries through its online payment platform. If you want to send money to any other countries, you’ll need to pay between $30 – $80 for a wire transfer.

CIBC also adds a 2-5% margin onto the mid-market exchange rate, which is the rate between the bid (buying) and ask (selling) price of a currency. This means your transaction could end up costing more than expected, especially if you’re sending a large amount.

See what your transfer with CIBC could look like

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 100 1 - 2 days CAD 0.00 0.792 USD
3,962
Send money to 90+ countries around the world with zero transfer fees. Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Take a look at CIBC’s exchange rates in more detail

Available currencies

You can send cash overseas to more than 120 countries with CIBC’s online transfer service. Some of the more popular currencies include:

  • USD US dollar
  • GBP British pound
  • EUR Euro
  • PHP Philippine peso
  • INR Indian rupee
  • MXN Mexican peso
  • SGD Singapore dollar
  • ZAR South African rand
If you want to send an unlisted currency, you would need to send a wire transfer, which comes with much higher fees.

What types of transfers can you make with CIBC?

CIBC can send money directly to your recipient’s bank account so long as you know their banking information, including bank name, account number and SWIFT or IBAN code.

They don’t offer regular transfers or any forex options like forward contracts or limit orders, which would allow you to lock in a favourable exchange rate for the future. However, they do give you a discount on your first transfer and give you a bonus credit when you refer a friend.

If you want to send money within Canada, you can do so using Interac e-Transfers.

How long does a transfer with CIBC take?

Transfer times vary based on the currency you’re sending. Typically, funds arrive the same or next business day, although some transfers may take 2-3 business days to arrive.

What payment methods does CIBC accept?

You can only pay for your transfer with CIBC through a bank transfer from either your chequing or savings account. Your minimum transfer will have to be at least $100 and max transfers cap out at $30,000 for personal clients and $50,000 for business clients.

Transfers typically takeClock icon for transfer speed

Same or next business day

(2-3 business days for some transfers)

Is CIBC safe to use?

  • Security and regulation. Government-regulated, can enable 2-factor authentication
  • Established. 1961
  • Number of customers. 10 million
*According to CIBC on 10 June 2020.

CIBC can enable 2FA, meaning that when you log in, you’ll need to go through 2 levels of verification to access your account.

How does CIBC make money?

CIBC offers fee-free online transfers, which means it makes most of its money by charging a margin on the exchange rate. For wire transfers, fees run between $30-$80, depending on how much money you send. In addition, they’ll charge a margin of 2-5% above the mid-market exchange rate.

For example, if the mid-market rate to send CAD to USD is $0.751, the bank might offer you a rate of $0.735. This means that they get to keep $0.016 on every dollar you exchange. On a transfer of $10,000, this can add an extra cost of $160.

How to register an account

You can register for a CIBC bank account either online or by visiting a branch. To register online, you’ll need to provide personal details like your Canadian address and Social Insurance Number (SIN). The bank will use this information to do a credit check. You can also go into the bank to ask about opening an account.

Once you’re all set up, you’ll be able to register for CIBC’s online banking or mobile app, which is where you’ll carry out money transfers.

To send money online, first sign in to your mobile or online banking. Select “Global Money Transfer” from the list of services on the right-hand panel and enter your recipient’s personal and banking information, along with how much you want to send.

If you want to send a wire transfer, simply go into your nearest branch.

What is CIBC?

CIBC came out of a merger between the Canadian Bank of Commerce and the Imperial Bank of Canada back in 1961. It’s the 5th largest bank in Canada by assets and has offices in Canada, the United States and overseas.

In a nutshell

Pros

  • No transfer fee for online transfers. CIBC claims that their online money transfers are fee-free.
  • 24/7 access. You can use their mobile banking app to send money overseas at any time of day.
  • High maximum limits. Personal clients can send up to $30,000 per day, and business clients can send up to $50,000 per day.
  • Special offers. Get a discount on your first money transfer, plus get a cash credit for referring a friend (after they make their first transfer).
  • Send to a wide range of countries. You can send to 90 countries around the world including the US, UK, Philippines, India, England, Australia, Mexico, Japan and China.

Cons

  • Poor exchange rates. They add a larger margin to the exchange rate than specialist money transfer services.
  • High fees for wire transfers. If you want to send a wire transfer, it can cost between $30-$80 in fees, depending on the amount.
  • Non-members can’t access. To send money, you’ll need to open a bank account.

How does CIBC compare to other providers?

CIBC is just one among many banks and specialist companies offering international money transfers. Use our calculator below to see how CIBC stacks up against the competition.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.796 USD
3,982
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
USD 150 1 day CAD 15.00 0.792 USD
3,950
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.797 USD
3,983
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.8 USD
3,966
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Frequently asked questions

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