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 130 countries with zero transfer fees.<\/p>
You can also earn rewards like points and cash back when you pay for your transfer with an eligible CIBC credit card.<\/p>
There are other perks to sending a CIBC international money transfer, not the least of which is that you\u2019re using a service backed by a respected and established Canadian bank.<\/p>
However, if you don\u2019t already have a CIBC bank account, you need to open one to send a CIBC Global Money Transfer, and there\u2019s no option for cash pickup.<\/p>
When you send a CIBC Global Money Transfer, you won\u2019t pay any transfer fees. This makes CIBC competitive with other money transfer services like Simplii Financial<\/a> (also owned by CIBC) and Xe<\/a>. For CIBC wire transfers, fees run between $30-$80, depending on how much you send.<\/p> For both Global Money Transfers and wire transfers, CIBC makes money by charging a 2-5% margin on the exchange rate.<\/p> Like most transfer services, CIBC deducts a small percentage of the midmarket exchange rate as a fee. The midmarket rate is the \u201ctrue\u201d exchange rate between 2 currencies before any fees are deducted. The percentage deducted is sometimes referred to as a \u201cmarkup\u201d on the exchange rate.<\/p> 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\u2019ll lose to exchange rate fees.<\/p> For example, if the CAD-USD midmarket rate is 0.7895, the bank might offer you a lower rate\u2014say, 0.7680. On a transfer of $10,000, this means the bank pockets $215 simply from exchanging currencies.<\/p>CIBC Global Money Transfer exchange rates<\/h3>
See what your transfer with CIBC could look like<\/h3>