Step 1: Login to your CIBC account
You can send a CIBC Global Money Transfer 24/7 online of via mobile app.
|Pay By||Bank transfer|
|Receiving Options||Bank account|
|Customer Service||Phone, Live chat, Email, In person|
|Available Currencies||AED, 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|
Like many major banks, CIBC offers international wire transfers as a secure way of sending money abroad. But unlike wire transfers, CIBC Global Money Transfer lets you send funds quickly to 120+ countries with zero transfer fees.
You can also earn rewards like points and cash back when you pay for your transfer with an eligible CIBC credit card.
There are other perks to sending a CIBC international money transfer, not the least of which is that you’re using a service backed by a respected and established Canadian bank.
However, if you don’t already have a CIBC bank account, you need to open one to send a CIBC Global Money Transfer, and there’s no option for cash pickup.
When you send a CIBC Global Money Transfer, you won’t pay any transfer fees. This makes CIBC competitive with other money transfer services like Simplii Financial (also owned by CIBC) and Xe. For CIBC wire transfers, fees run between $30-$80, depending on how much you send.
For both Global Money Transfers and wire transfers, CIBC makes money by charging a 2-5% margin on the exchange rate.
Like most transfer services, CIBC deducts a small percentage of the midmarket exchange rate as a fee. The midmarket rate is the “true” exchange rate between 2 currencies before any fees are deducted. The percentage deducted is sometimes referred to as a “markup” on the exchange rate.
The markup usually falls between 2% and 5% but varies based on the sending and receiving currencies. This means the more you send, the more you’ll lose to exchange rate fees.
For example, if the CAD-USD midmarket rate is 0.7895, the bank might offer you a lower rate—say, 0.7680. On a transfer of $10,000, this means the bank pockets $215 simply from exchanging currencies.
With a CIBC Global Money Transfer, you can send funds 3 ways:
With a CIBC wire transfer, you can send money to almost any bank in the world. But wire transfers are more expensive than CIBC Global Money Transfers (usually $30-$80) and take longer (typically several business days). Additionally, you’ll need to visit a CIBC branch in person to initiate a wire transfer.
If you want to send money within Canada, CIBC offers free Interac e-Transfers with many of its chequing accounts.
You can send a CIBC Global Money Transfer 24/7 online of via mobile app.
Tap the hamburger icon on the left to access your account options and settings.
Input your recipient’s name and bank info, the transfer amount and other details.
Choose the CIBC account from which you’ll pay for the transfer, and submit.
You can send cash overseas to more than 120 countries with CIBC’s online transfer service. Some of the more popular currencies include:
Any currencies not supported by CIBC Global Money Transfers may be supported by CIBC wire transfers. However, wire transfers are more expensive and slower. Additionally, you may not be able to send to countries that are subject to Government of Canada sanctions due to war, political unrest or extreme economic instability.
When sending a CIBC Global Money Transfer, you can send up to $30,000 CAD in a 24-hour period. Transaction limits exist when sending to certain countries (for example, you can send a maximum of $10,000 CAD to Brazil or $6,000 CAD to China in a single transaction).
If you pay by credit card, the maximum transfer limit decreases to $15,000 CAD per transaction/24-hour period or your card limit, whichever is lower.
The lowest amount you can send is $100 CAD.
You can send just about any amount via wire transfer, but you’ll have to go to a CIBC branch in person to make the necessary arrangements.
There are 3 ways to pay for a CIBC Global Money Transfer:
You cannot pay for a CIBC international money transfer using a non-CIBC account or card.
Transfer times vary based on the currency you’re sending. Funds typically arrive within 24 hours, although some transfers may take 1-3 business days.
Transfers typically arrive
within 24 hours
CIBC’s fee-free global transfers are a big plus, but online money transfer companies often offer stronger exchange rates and more flexible transfer options than banks.
CIBC follows a number of best practices for protecting customers’ money including using 2-factor authentication, encrypting data on browsers supported by CIBC, using blockchain technology to verify users’ identities (through a third-party service named Verified.Me), automatically ending sessions when users are inactive and regularly monitoring account activity.
CIBC is regulated by the Financial Consumer Agency of Canada (FCAC). Deposits held in CIBC bank accounts are insured by the Canada Deposit Insurance Corporation (CDIC).
Also, account holders are protected by the CIBC Digital Banking Guarantee and CIBC Mobile Banking Security. CIBC will fully reimburse money lost from your account(s) due to fraud, provided you’ve met your responsibilities. This includes creating hard-to-guess passwords and reviewing your bank statements frequently for suspicious transactions.
You can send a CIBC Global Money Transfer online or using the CIBC Mobile Banking app, available on the Google Play store and Apple App store. (Wire transfers can only be sent in person at a bank branch.) With the CIBC Mobile Banking app, you can:
Ratings current as of May 30, 2022.
|Google Play Store||4.2 out of 5 — based on 35,284 customer ratings|
|Apple App Store||4.4 out of 5 — based on 16,358 customer ratings|
You can contact CIBC customer service by phone, in person at a local bank branch or by online chat with an automated system. Login to online banking to get more personalized service from CIBC’s virtual assistant.
Sending a CIBC Global Money Transfer is both inexpensive and convenient—especially if you already have a CIBC bank account. But you might want to look elsewhere if you need to send more than $30,000 CAD per day or want a service that offers cash pickup.
Learn more about transferring money abroad and compare popular transfer service providers in our guide to international money transfers.
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