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Minimum Transfer Amount
Fastest Transfer Speed
24 hours
Receiving Options
Bank account

Our verdict

Get fee-free money transfers to 120+ countries and earn rewards on your transfer when you pay with an eligible CIBC credit card.

CIBC Global Money Transfer is good for CIBC account holders looking to send zero-fee international money transfers. Consider alternatives if you aren't interested in opening a CIBC bank account or want to send money for cash pickup. You may also be able to find lower cost money transfer elsewhere.


  • No transfer fees
  • Flexible payment methods


  • May be more expensive than specialist money transfer services

In this guide

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Product details

Product Name CIBC
Pay By Bank transfer
Receiving Options Bank account
Customer Service Phone, Live chat, Email, In person

What is CIBC Global Money Transfer?

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.

Pros and cons of CIBC Global Money Transfer


  • Zero transfer fees. Avoid transfer fees when sending money internationally.
  • Flexible payment methods. Fund transfers from a CIBC bank account, credit card or line of credit.
  • Earn rewards. Pay for your transfer with an eligible CIBC credit card, and earn rewards points or cash back.
  • High maximum limits. Send up to $30,000 CAD per day for most countries ($15,000 CAD when paying by credit card, unless your card limit is lower).
  • Wide range of destination countries. You can send to over 120 countries including the US, UK, Philippines, India, England, Australia, Mexico, Japan and China.


  • Minimum transfer amount. You can’t send less than $100 with a CIBC Global Money Transfer.
  • Need a CIBC bank account. To send a CIBC international money transfer, you’ll need to open a bank account, which could come with a monthly fee.
  • 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. (CIBC Global Money Transfers come with $0 transfer fees.)

CIBC Global Money Transfer fees

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.

CIBC Global Money Transfer exchange rates

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.

See what your transfer with CIBC could look like

Name Product Offer Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
24 hours
Send money to 120+ countries around the world with zero transfer fees.

What types of transfers can you make with CIBC?

With a CIBC Global Money Transfer, you can send funds 3 ways:

  • Transfer to bank accounts in 120+ countries
  • Transfer to Visa Debit or Visa credit cards in 80+ countries
  • Transfer to UnionPay accounts (China)

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.

Setting up a CIBC Global Money Transfer: Step by step

Step 1: Login to your CIBC account

You can send a CIBC Global Money Transfer 24/7 online of via mobile app.

Step 2: Select Global Money Transfer

Tap the hamburger icon on the left to access your account options and settings.

Step 3: Enter your transfer details

Input your recipient’s name and bank info, the transfer amount and other details.

Step 4: Submit the transfer

Choose the CIBC account from which you’ll pay for the transfer, and submit.

What currencies can you send with CIBC?

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
  • CNY Chinese renminbi

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.

CIBC sending limits

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.

What payment methods does CIBC accept?

There are 3 ways to pay for a CIBC Global Money Transfer:

  • Bank transfer from a CIBC account
  • CIBC credit card (earn rewards such as points and cash back with eligible cards)
  • CIBC line of credit

You cannot pay for a CIBC international money transfer using a non-CIBC account or card.

CIBC Global Money Transfer speed

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 arriveClock icon for transfer speed

within 24 hours

How does CIBC compare to other money transfer services?

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.

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
Name Product Offer Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise)
24 hours
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Xe Money Transfers
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
Within minutes
From $0
Use code HELLO to get $20 off on first two transfers on a min transfer of $250. Valid until November 30, 2023.
Instarem offers zero transfer fees on all transfers.
Within minutes
From $0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Finder Award
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Finder Award
Within minutes
From $4.99
For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Xe Money Transfers
Within minutes
Xe has fast transfers with low fees and a range of foreign currency tools.
Finder Award
24 hours
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 50+ currencies.

Is sending a CIBC Global Money Transfer safe?

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.

How to keep your money safe from money transfer scams

Does CIBC have an app?

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:

  • Send money abroad. Initiate Global Money Transfers funded by your CIBC bank account balance.
  • Manage accounts and funds. Check your balance across CIBC accounts and products, transfer funds between accounts and send money domestically with Interac e-Transfers.
  • Log in with biometrics. On phones that support face scanning and thumbprint reading, use these features to lock your CIBC account.

Ratings current as of May 30, 2022.

Google Play Store4.2 out of 5 — based on 35,284 customer ratings
Apple App Store4.4 out of 5 — based on ‎16,358 customer ratings

Best international money transfer apps

How do I contact CIBC?

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.

Bottom line

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.

  • Zero-fee international money transfers
  • Pay by bank transfer, credit card or line of credit (CIBC products only)
  • Send money around the world anytime, anywhere via online banking or mobile app

Learn more about transferring money abroad and compare popular transfer service providers in our guide to international money transfers.

Frequently asked questions

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