CIBC International Transfer - Procedures, Rates & All You Should Know

CIBC, short for Canadian Imperial Bank of Commerce, is one of the “Big Five” banks in Canada. The bank provides personal, investment, business, and many other banking services to millions of Canadians and many other customers around the globe. CIBC is well-known for its excellent banking services, strong security, and speed - three qualities that are important for executing international transfers.

In this article, we explored CIBC’s international transfer services, applicable fees, and other key questions you may have about the bank.

An Overview of CIBC

The Canadian Imperial Bank of Commerce (CIBC) is one of the largest and most popular banks in Canada. With a robust customer base of more than 10 million people around the world, the bank has definitely lived up to its reputation.

In 2017, CIBC marked 150 years of prosperous history and paid homage to their origin as the biggest merger of two prominent banks in Canada: The Imperial Bank of Canada and the Canadian Bank of Commerce.

CIBC was founded in June 1961 and its headquarters is located in Toronto’s Financial District. The bank has over 1000 banking centres spread across Canada. Every year, the bank is acknowledged by numerous organizations for its immense business success, employee ambitions, customers and community commitment, as well as other notable achievements.

How Can I Open an Account and Transfer Money With CIBC?

Here, we will highlight how to open an account with CIBC using their mobile banking app. Also, we’ll discuss the steps to take when you want to transfer money using the app. This information is outlined below.

Opening an Account with CIBC

Follow the steps below to open an account with CIBC

Step 1:

To sign up for a CIBC Account through the mobile app, start by downloading the CIBC mobile app from the App Store or Google Play Store for free. Once you’ve successfully downloaded the app, you will be required to input your credit or debit card details.

Step 2:

Go ahead to confirm your identity by providing the platform with a contact method that they can use for verification. You can either use a phone call, email, or SMS for verification.

Step 3:

Input the verification code sent to you and create a secured password for your CIBC Mobile Banking Account. Note that your password is personal and should not be revealed to others.

Step 4:

Provide other personal details requested from you and proceed.

Step 5:

Once the registration process is complete, you will be logged into your bank account and can make a cash transfer instantly.

Since CIBC is one of the oldest banks in Canada, there are different ways you can open an account with them. You can open your account online, via phone or by visiting any of their branches in person.

How to Execute CIBC International Transfers

We outlined the steps to execute CIBC international transfers below:

Step 1:

Log into your CIBC Mobile Banking account and tap on the toolbar on your right-hand side, then select “Global Money Transfer”. Once you do this, you will see the Global Money Transfer portal on CIBC’s website.

Step 2:

On the portal, start by filling out the basic information about your payment. Input the amount of money you want to send and the currency you the recipient to receive the money in. Thereafter, review the exchange rate and if you are satisfied with it, tap “Send Money”.

Step 3:

The next step is to enter your recipient’s details. This includes your recipient’s full name, country, home address, type of bank account, currency, as well as their bank details.

Step 4:

Review all the information you provided and tap on “Submit”. Please ensure that all the details you provided are accurate before you proceed with the payment.

Once your CIBC international transfer is successful, your recipient should expect to get the money you sent within 1 to 3 working days.

What Information Do I Need To Open An Account with CIBC?

Regardless of if you open your CIBC account online, in person, or via the phone, here are some important information you will be asked to provide:

• Full name
• Date of birth
• Social Insurance Number
• Occupation
• Contact details
• Proof of Canadian residential address

What Will CIBC Charge You?

The total amount of charge your transaction will incur largely depends on the amount of money you want to transfer. Here’s a list of CIBC's fixed fees for standard wire transfers:  

• Any transfer you execute that is less than C$10,000 will attract a service fee of C$30
• Transfers within the range of C$10,000.01 to C$50,000 will attract a service fee of C$50
• Transfers you make of C$50,000 or more will attract a service fee of C$80

CIBC Global Money Transfer fees

According to the CIBC website, there are no transfer fees for Global Money Transfers. However, this is not so true since they weave a hidden fee for every international transaction you execute. This fee is called the exchange rate margin and it is incorporated into every money you send abroad using CIBC.

Essentially, the exchange rate margin implies that the exchange rate CIBC offers you is slightly worse than the actual exchange rate, called the “mid-market exchange rate”. This fee ranges anywhere between 1% to 4% of your total transfer amount. So, although they claim to change zero transfer fees, CIBC still charges you through its insane exchange rates.  

The CIBC’s website doesn't mention this fact, stating only that "standard foreign exchange rates apply" to international transfers, and that "bank account transaction fees" can also apply.

Global Transfers With CIBC: Other Fees You Should Anticipate

Besides the fixed fees and hidden transaction charges you have to pay when executing international transfers with CIBC, there’s more. You may still have to pay extra fees before the cash arrives in your recipient’s account. Depending on the circumstances of your transaction, here are other charges to expect:

• A wire return fee of C$35 if the money has to be sent back to your bank account for any cause
• A correspondent bank charge (between the range of C$10 to C$100) if the transfer will not be sent directly to your recipient’s bank.

What Types of Transfers Can You Make With CIBC?

With the CIBC Global Money Transfer service, you can transfer cash using 3 ways:

• Send money to bank accounts in over 120 countries
• Send money to UnionPay accounts (China)
• Transfer to either Visa credit cards or Visa Debit in over 80 countries

Essentially, the CIBC wire transfer service allows you to transfer money to almost all countries in the world. However, the wire transfer service is more expensive than the standard CIBC global money transfers (usually between $30-$80). Also, it may take longer for your transfers to get to the recipient. In addition, you have to go to any CIBC branch before you can initiate a wire transfer. So most people prefer to use the CIBC Global Money Transfer.  

If you want to transfer cash within Canada, CIBC offers its customers free Interac e-Transfers via its chequing accounts.

What Currencies Can You Send with CIBC?

CIBC allows you to send money abroad to over 120 countries through their transfer service. Some popular currencies on this platform include:

• USD US dollar
• GBP British pound
• PHP Philippine peso
• EUR Euro
• MXN Mexican peso
• INR Indian rupee
• CNY Chinese renminbi
• SGD Singapore dollar

Currencies that are not supported by the CIBC Global Money Transfers service can be supported by the CIBC wire transfers service. However, note that wire transfers are generally more expensive and slower.

Note that the CIBC may restrict you from transferring to countries that are prone to the Government of Canada bans due to political unrest, war or harsh economic instability.

What are the Maximum and Minimum CIBC Sending limits?

When executing a CIBC Global Money Transfer, you will be allowed to transfer up to CAD 30,000 within 24 hours. Note that transaction limits are placed when transferring to certain countries. For instance, the maximum limit for transfers to Brazil is CAD 10,000 while the maximum limit for transfers to China is CAD 6,000 for a single transaction.

If you pay for your transaction using a credit card, the maximum transfer limit will be decreased to CAD 15,000 for each transaction within 24 hours. It may also be decreased to your card limit, depending on which amount is lower. The lowest amount of money you can transfer with CIBC is CAD 100.

You can transfer almost any amount via CIBC wire transfer, however, you’ll need to visit one of CIBC’s branches in person to initiate the wire transfer.  

What Payment Methods Does CIBC Accept?

There are primarily 3 methods of payment for CIBC international transfers. Here is a list of these three methods:

• Bank transfers from any CIBC account
• CIBC credit card.
• CIBC line of credit

Note that you cannot make payment for a CIBC international transfer through a non-CIBC card or account.

What is CIBC Global Money Transfer Speed?

Generally, transfer speeds vary depending on the currency you’re transferring. Funds usually arrive at the destination within 24 hours. However, some transfers you make may take about 1-3 business days to get to the recipient.

Pros and Cons of CIBC International Transfers

Let’s take a look at some of the pros and cons of CIBC transfers:

Pros of CIBC International Transfers

Pros of CIBC international transfers include

1. Earn rewards - You earn mouth-watering rewards when you make transfers with any eligible CIBC credit card.

2. Flexible payment methods - CIBC allows you to execute transfers from either a CIBC bank account, line of credit, or credit card.

3. Broad range of destination countries - With CIBC, you can transfer money from Canada to more than 120 countries globally including the UK, US, Philippines, England, India, Australia, Japan, Mexico, and China.

4. High maximum limits - You can send a whopping amount of CAD 30,000 every day to most countries in the world. Note that this limit is CAD 15,000 when you pay using credit cards unless your credit card limit is lower.

Cons of CIBC International Transfers

Cons of CIBC international transfers include

1. Minimum transfer amount. CIBC doesn't allow you to send any money less than $100.

2. You always need a CIBC bank account. If you want to make a CIBC international transfer, you’ll have to open an account with them and this may attract a monthly fee.

3. High wire transfer fees. Sending a wire transfer with CIBC costs between $30-$80 in fees. It all depends on the total amount of money you are sending.

Is Sending Money through CIBC Global Money Transfer Safe?

Yes, it is safe to transfer money abroad using CIBIC. The bank takes active measures to protect customers’ money. They implement some safety practices including encrypting data on all browsers supported by the bank, making use of 2-factor authentication, using high blockchain technology to confirm customers’ identities, automatically terminating sessions when customers are inactive for a while, and monitoring users' account activity regularly.

Also, CIBC is regulated and authorised by FCAC (Financial Consumer Agency of Canada). All deposits held in the bank are also insured by the CDIC (Canada Deposit Insurance Corporation).

In addition, all CIBC account holders are covered by the CIBC Mobile Security and CIBC Digital Banking Guarantee. CIBC will take accountability and fully pay back any money taken from your bank account as a result of fraud, as long as you meet your obligations. This obligation includes creating and using only hard-to-guess passwords and checking your bank statements regularly for suspicious transactions.

What are the Alternatives to CIBC?

Due to the high transaction fees and other hidden fees on CIBC, it may not be your best option if you are trying to save cost. We recommend that you use a good online money transfer provider like SanaTransfer to execute your international transfers.

SanaTransfer allows you to send money abroad at competitive market rates and low transaction costs.

Also, it is very easy to sign up on the platform. You only have to download the app for Android or iOS and register. Then you can start sending money abroad. Additionally, this platform allows you to track any transaction you send abroad until it gets to the intended recipient.

Does CIBC Have an App?

Yes, CIBC has a mobile app that allows you to execute global money transfers online. It is available on both Google Play Store (for android devices) and the App Store (for iOS devices). Here are some things you can do with the CIBC app:

• Send money abroad. You can send Global Money Transfers which will be funded by your bank account.
• Manage all your accounts and money.
• Log in with biometrics. If your phone supports face scanning or thumbprint reading, you can use any of these unique features to lock and safeguard your CIBC mobile account.

Note that you can’t send wire transfers using the app. If you want to send CIBC wire transfers, you must visit the bank to initiate the transaction.

How do I contact CIBC?

To contact CIBC, visit any of their local branches around you. Also, you can reach them through these other ways:

Email. clientcomplaintappeals@cibc.com

Phone Number: 1-800-567-3343 or 416-980-3343

Website: www.cibc.com

Also, you can log in to your online banking app (or browser) to get more personalized customer service from the official CIBC’s virtual assistant.

Bottom Line

Although CIBC is a world-class bank, its services don't come cheap, especially for people who are trying to cut down costs. As highlighted above, the bank fees may be financially tasking compared to available alternatives.

SanaTransfer offers easy, fast and secure payment services with better rates and faster payouts for international remittance. Sign up now to get started.

Download the app for Android or iOS.