CIBC Smart for Foreign Workers Account Review April 2021 | Finder Canada
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CIBC Smart for Foreign Workers Account review

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The CIBC Smart for Foreign Workers Account is an optimal choice for individuals in Canada on a work permit for under one year.

Individuals in Canada on a work permit will find the CIBC Smart for Foreign Workers Account useful while they adjust to their new lifestyle. The benefits of this account only last one year which means users will need to find another solution if they plan to stay in Canada longer.

30-second take

  • Low monthly fee and unlimited transactions for foreign workers adjusting to life in Canada.
  • Account holders will need to find a new chequing account solution after one year.
  • There is no minimum income requirement to be eligible for this account.

What are the benefits of the CIBC Smart for Foreign Workers Account?

The CIBC Smart for Foreign Workers Account is designed for individuals who are a temporary resident of Canada on a work permit. Check out the benefits of the chequing account below:

  • No monthly fee. Banking with this account is free.
  • Unlimited transactions. Enjoy no limits on transactions, including Interac e-Transfers.
  • Global money transfers. Send money to friends and family using free CIBC Global Money Transfers. The service is available in over 90 countries.

What should I look out for?

Before proceeding with the CIBC Smart for Foreign Workers Account, consider the following factors:

  • Fees for other services. Overdraft protection, insufficient funds, stop payments and other similar services are not free with this account.
  • One-year limit. After your one-year term is up, you can no longer use this account. You will be responsible for finding another chequing account solution with CIBC or another bank.

CIBC’s ATM network and fees

Wherever you’re working in Canada, you can utilize CIBC’s widespread network of over 1,000 ATMs. At an ATM, users can access recent transactions and view debit and credit account balances. If you ever need to withdraw a foreign currency, some CIBC ATMs near travel hubs allow you to take out select currencies.

ATM withdrawals performed at CIBC ATMs are free. Non-CIBC withdrawals within Canada cost $2 each. In the US, each ATM withdrawal costs $3 plus a 2.5% administration fee. Outside of Canada and the US, each ATM withdrawal costs $5 plus a 2.5% administration fee.

What other chequing account options does CIBC offer?

If you’re working in Canada for longer than a year, you may want to consider other options with CIBC. A brief description of each can be found below:

  • Smart Account. This account offers a flexible transaction range. Users that only incur 12 or less transactions pay a monthly fee of $4.95. If you make more than 20 transactions, the monthly fee is $14.95. Each transaction between this range costs $1.25. Interac e-Transfers are free.
  • Smart Plus Account. Ideal for the global banker, this account has unlimited transactions including Interac e-Transfers and international ATM withdrawals. The monthly fee is $29.95 and there’s an option for CIBC credit card rebates.
  • Everyday Chequing Account. Only 12 transactions per month are included with this account. The monthly fee is $3.90 and transactions over the limit cost $1.25 each.

Compare with other chequing accounts

Name Product Interest Rate Account Fee Debit Transactions Interac e-Transfer Transactions
Scotiabank Preferred Package
0%
$16.95 per month ($0 if requirements met)
unlimited
unlimited
Earn a $300 welcome bonus. Plus, for a limited time, earn up to 1.75% on your MomentumPLUS Savings Account.
Scotiabank Ultimate Package
0%
$30.95 per month ($0 if requirements met)
unlimited
unlimited
Earn a $300 welcome bonus. Plus, for a limited time, earn up to 1.80% on your MomentumPLUS Savings Account.
Scotiabank Basic Plus Bank Account
0%
$11.95 per month ($0 if requirements met)
25 free per month
Free
Pay no monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month.
Scotiabank Student Banking Advantage Plan
0%
$0
unlimited
unlimited
Sign up today and get up to 5,000 SCENE or Scotia Rewards Points. Terms apply. Apply by April 30, 2021.
Scotiabank Basic Bank Account
0%
$3.95 per month
12 free per month
Free
With a low monthly account fee, you can choose between earning points toward the SCENE or Scotia Rewards reward programs.
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How do I open a CIBC Smart for Foreign Workers Account?

  1. From CIBC’s website, click Bank Accounts then Foreign Workers under Offers and Bundles.
  2. Click Meet with us.
  3. Select Personal Banking.
  4. Select Bank Accounts.
  5. Select Apply for a new chequing or savings account. Click Continue.
  6. Enter your Canadian postal code. Click Find.
  7. Select the branch you would like to visit. Click Continue.
  8. Select a date and time. Click Continue.
  9. Enter your full name, email address and phone number. Click Confirm and book meeting.
  10. Attend the meeting and discuss opening a CIBC Smart for Foreign Workers Account.

Eligibility

You must meet the following criteria to be eligible for the CIBC Smart for Foreign Workers Account:

  • Be a temporary Canadian resident
  • Hold a valid work permit and identification documents
  • Be the age of majority in your province or territory

Required information

During the application process, you will be asked to provide the following information:

  • Full name
  • Date of birth
  • Phone number
  • Email address
  • Work permit
  • Valid identification documents

How do I deposit or withdraw my money?

Cash can be deposited to your Smart for Foreign Workers Account at a CIBC branch or ATM. Depositing cheques can be performed online, at a branch or ATM. Withdrawing cash can be done at a branch or ATM using your debit card. Most banking can be done from home using the CIBC Online Banking or Mobile services.

Bottom line

People adjusting to life in Canada while on a work permit will find the CIBC Smart for Foreign Workers Account beneficial. Individuals who are staying in Canada for longer than a year or permanently should seek other chequing account options.

Frequently asked questions

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