Canadian Imperial Bank of Commerce: Foreign Currency Exchange, International Wire Transfer & ATM Fees explained

Travelling or sending money abroad? Discover Canadian Imperial Bank of Commerce’s (CIBC) fees for International Wire Transfers, Currency Exchange and for using your credit or debit card abroad (incl. ATM fees). You'll learn how to save money and how to make smarter decisions about currency exchange.

CIBC international money transfer - all you need to know

CIBC provides a complete international money transfer service to its customers through online banking or a mobile app. CIBC does not charge an up front fee if you use their Global Money Transfer service, although you will be paying up to three percent more in hidden exchange rate fees than you would through a specialist money transfer provider.

CIBC currently offers currency exchange to 75 countries around the world. If you’re sending money to the U.S., you can use your Canadian bank accounts and lines of credit. If you’re sending to countries outside the U.S., you can send money from your Canadian and U.S. bank accounts and lines of credit.

CIBC does put limits on the amount you can transfer. The minimum amount is $100 CAD and the maximum is $15,000 CAD in any 24 hour period. Note that these limits are slightly different if you’re sending money to China or Vietnam.

At the time of writing, CIBC also offer cash incentives for sending money internationally, with them giving you $30 CAD when you complete your first transfer.

CIBC has a special Facebook Messenger chatbot known as Remi. CIBC says Remi is, “CIBC’s Global Money Transfer Digital Assistant, who can help you transfer money, check exchange rates, alert you when currencies fluctuate and more.”

If you send money to the same recipient repeatedly, CIBC will store their details to make future transactions quicker and easier. You can check on the progress of your transfer at any time from your online banking service or the CIBC app.

For help with international money transfers, you can call CIBC at 1-866-330-7344, 24 hours a day, 7 days a week.

What are CIBC’s  international wire fees and exchange rates?

Global Money Transfer service

CIBC does not charge a fee for their Global Money Transfer service. Global Money Transfer transactions do count towards allowable transaction limits, so in some cases bank account transaction fees may apply.

International wire transfers

CIBC does charge for international wire transfers (made outside the Global Money Transfer service.) The fees for these are:

• $10,000 or less: $30 CAD
• $10,000 - $50,000: $50 CAD
• $50,000 or more: $80 CAD

Incoming wire payments are charged at $15 CAD each. Payments in other currencies are charged at an additional $15 CAD on top of other fees charged.

CIBC foreign exchange rates

It is not easy to find CIBC foreign exchange rates. They say, “CIBC offers foreign currency rates and exchange at your banking centre. For less common currencies (outside of the U.S. and Europe), call at least 48 hours in advance to confirm availability. If you need to get historical or current foreign exchange rates, contact CIBC Telephone Banking at 1-800-465-2422. Help is available 24 hours a day, seven days a week.”

Fortunately, it is possible to get exchange rate information from their Remi BetaBot Facebook service. Here’s how CIBC’s rates stack up, converting between Canadian and U.S. dollars.

• Converting $1,000 CAD to USD through CIBC, you would receive $722.23 USD
• Converting $1,000 CAD to USD at the very best exchange rates, you would receive $743.06 USD
• This means CIBC is around 2.8 percent more expensive than the best rates, and about 2.5 percent more expensive than a specialized money transfer provider.
• In real terms, if you’re sending $2,000 CAD overseas, you’ll pay around $50 more in hidden fees in the exchange rate than if you were to use a specialized currency exchange service.

This is why it is generally not recommended to wire money internationally with CIBC if you’re looking for the cheapest way to send money abroad, but to compare all providers with Monito and find cheaper alternatives.

Find out more with our complete guide on how banks and money transfer operators make money with hidden fees.

How long does a CIBC international wire take to arrive at the recipient bank?

CIBC state that some transfers will complete in a business day, but that others can take two to three business days, depending on where the beneficiary is located, and the currency you’re transferring money into.

If you’re in a hurry, try finding the fastest way to send money abroad by comparing all international money transfer services with Monito.

How to make a CIBC international wire transfer?

In order to send an international wire transfer with CIBC you will need to:

1. Sign into your online banking account or the CIBC mobile app
2. Select “Global Money Transfer”
3. Enter the beneficiary’s information
4. Select how much you want to send and complete other details including the reason for the transfer
5. Pay for and agree the transfer

Note that you must already be a CIBC customer and that you will need to have enough funds in your account or line of credit.

You will need to provide beneficiary details so that CIBC knows where to send your money. You will typically need to include:

• Their full name and street address
• The IBAN or bank account number
• A SWIFT code or BIC (this identifies their bank) and the full bank address
• Any other information they have like sort codes or routing code
• Any special instructions or notes

The funds will be deposited directly into the beneficiary’s account.

What is CIBC’s SWIFT Code?

If someone needs to send you money from abroad, they’ll need a SWIFT Code for CIBC. Their SWIFT code is: CIBCCATT

Which CIBC address should someone use when sending me money from abroad?

Canadian Imperial Bank of Commerce

1015 King Street West

Hamilton, Ontario L8S 1L3

Canada

What is CIBC’s IBAN?

IBANs are not used for transfers to Canadian bank accounts.

What Monito Likes About CIBC

• If you’re a CIBC customer, you can send money internationally simply from your online banking service or a smartphone app
• Secure transfer with a bank you already trust with your money
• No upfront transfer fees

What Monito Dislikes About CIBC

• Hidden fees in the currency exchange rate margin
• No visibility on the exchange rate applied to your transfer beforehand
• It takes up to three business days
• You can only send money to a bank account

CIBC currency exchange service

If you’re travelling abroad and want to exchange to a foreign currency before your travel,  you can order your money online before you go. CIBC does not charge a fee for this service. You can have the currency delivered to your closest CIBC branch, your home or to Pearson Airport. It takes between one and three business days to post your funds to you.

CIBC does not list currency exchange rates on its website, although it’s likely they are similar to the rate you would get for international money transfers. This means they will typically be between 2.5 and 3 percent more expensive than using a specialist money provider.  

You can find better deals, and pay less, by comparing international money transfer providers.

Using your CIBC credit card abroad

In general, the foreign fees applied for using your CIBC credit card abroad will depend on your credit card. You can compare the options on CIBC’s website or learn about innovative multi-currency cards here. Most credit cards will typically charge between a 2.5 and 3 percent foreign transaction fee on the total purchase amount.

What are the fees for using CIBC credit or debit cards at an ATM abroad?

Here are the costs for using CIBC debit and credit cards at ATMs:

• Within the U.S.: $3 CAD each plus a 2.5 percent administration fee
• Outside Canada and the U.S.: $5 CAD each plus a 2.5 percent administration fee

What are the fees for paying in foreign currencies online or at a shop with CIBC credit or debit cards?

Typically, you will pay an additional 2.5 percent foreign transaction fee when using a debit or credit card to make a purchase in another country.

💡 Tip
You always want to pay in the local currency! If you pay in your home currency (CAD), you’re getting a dynamic currency conversion (DCC) which is often a very bad rate (we’ve seen 5-18% currency exchange margin).