CIBC Cards Foreign Transaction Fees & Alternatives for International Travel
CIBC offers debit and credit cards which can be on either the Visa or Mastercard networks, for global usage. You can use a CIBC card to spend when you're abroad, or to make a cash withdrawal. There are fees to use your CIBC cards overseas, and to spend in foreign currencies when shopping online.
This guide walks through how CIBC international card fees work on some of their most popular credit and debit cards, and also touches on alternatives such as Wise and Koho which may help you lower the costs of transacting by card overseas.
CIBC international fees: Quick summary
| Questions | Answers |
|---|---|
| Does CIBC charge foreign transaction fees? | Yes. While CIBC's fees may vary depending on the specific card you have, generally there is a 2.5% CIBC foreign transaction fee to pay. |
| Can I use my CIBC debit card internationally? | Yes. CIBC issues cards on Visa and Mastercard networks, which are accepted globally. Use your card wherever you see the network logo, but be aware of any extra card payment fees before you travel. |
| Are there debit cards with no foreign transaction fees in Canada? | Some debit card issuers like Wise and Koho focus on making international payments as cheap as possible. Wise has no foreign transaction fee, while Koho waives foreign transaction fees on some plan types. |
Does CIBC charge foreign transaction fees?
Yes. While specific account and card fees can vary a little, there is usually a CIBC foreign transaction fee to pay when you use your card to spend or withdraw in a foreign currency.
If you use a CIBC debit card the amount deducted from your CAD account will usually include a 2.5% fee. And if you use a CIBC credit card, the amount added to your bill will usually include a 2.5% foreign transaction fee.
Can I use my CIBC card internationally?
Yes. CIBC issues both debit and credit cards which can be used internationally conveniently. You can get CIBC cards on either the Visa or Mastercard network, depending on the specific card you select. You'll just need to look out for the card network logo on an ATM or at the checkout when you travel.
How does CIBC compare on international fees?
CIBC card fees can vary depending on the card type. Credit cards have annual fees and interest for example, while debit cards may be linked to a chequing account which has a monthly fee to pay. International fees from CIBC can be quite similar across card types, but they're not exactly the same.
Here we've highlighted 3 CIBC cards to give a flavour of the fees you pay with both credit and debit options, and also taken a look at alternatives like Wise and Koho which can help lower your overseas costs. We dive into a more close analysis of these CIBC alternatives, and a few more, a bit later on.
| Provider | Monthly/Annual fee | Foreign transaction fee | ATM fee | Exchange rates |
|---|---|---|---|---|
| CIBC Aventura Visa Infinite Credit Card | 139 CAD annual fee | 2.5% | 5 CAD - 7.5 CAD depending on the location and the ATM operator + interest | Visa rate |
| CIBC Dividend Visa Infinite Credit Card | 120 CAD annual fee | 2.5% | 5 CAD - 7.5 CAD depending on the location and the ATM operator + interest | Visa rate |
| CIBC Advantage Debit Card | 16.95 CAD - 29.95 CAD for everyday chequing accounts | 2.5% | 2 CAD - 5 CAD depending on the location and the ATM operator | Visa rate |
| Wise debit card | No ongoing fees | None | 2 withdrawals to 350 CAD/month with no Wise fee, then 1.5 CAD + 1.75% | Mid-market rate + fee from 0.48 |
| Koho Mastercard Debit Card | 0 CAD - 22 CAD/month | 1.5% on Essential Plan, waived on other plans | Some plans offer no fee withdrawals | Mastercard rate |
*Details correct at time of research - 3rd March 2025
CIBC foreign transaction fees
Generally, the CIBC foreign transaction fees are the same for both debit and credit cards. The primary difference is how the card works, and what other fees may apply.
With a debit card your overseas payment is converted back to CAD using the network exchange rate and a 2.5% foreign transaction fee before being deducted from your account balance. With a credit card the same fee applies, when the overseas spending is converted back to the base currency of the card (CAD or USD), and then added to your bill.
Here's a reminder of the CIBC cards we looked at earlier, including their type and the foreign transaction charge.
| CIBC card | Card type | Foreign transaction fee |
|---|---|---|
| CIBC Aventura Visa Infinite Card | Credit Card | 2.5% |
| CIBC Dividend Visa Infinite Card | Credit Card | 2.5% |
| CIBC Advantage | Debit Card | 2.5% |
CIBC card exchange rates
When you use your CIBC card overseas the exchange rate - including the foreign transaction fee - is important. This determines how much is deducted from your CAD balance if you use a debit card, and decides how much is added to your monthly bill if you use a credit card.
CIBC cards will use the network's exchange rate - set by Visa or Mastercard - to calculate the CAD value of your spending. The relevant foreign transaction fee is also applied at this stage - usually 2.5%. It's very important to check the exchange rate being used for your overseas payments, so you can predict what you'll pay in the end.
CIBC card alternatives
While using your CIBC debit or credit card abroad may be convenient and secure, you might want an alternative if you're looking to cut down on foreign transaction fees and access the best possible currency exchange rates.
Here we've picked out some strong CIBC alternatives for international travel, including the Wise debit card which lets you hold multiple currencies and spend with no foreign transaction fee.
We've also added in the Koho card which has some account plans with no foreign transaction fees, the Canada Post Cash Passport as a prepaid card option, and the BMO Matercard debit card in case you want to stick with a debit card from a major bank.
| Providers | Coverage | Foreign transaction fee | ATM fees |
|---|---|---|---|
| Wise debit card | Hold and exchange 40+ currencies, spend in 150+ countries | None | 2 withdrawals to 350 CAD/month with no Wise fee, then 1.5 CAD + 1.75% |
| Koho Mastercard Debit Card | Hold CAD, spend wherever Mastercard is accepted | 1.5% on Essential Plan, waived on other plans | Some plans offer no fee withdrawals |
| BMO Debit Mastercard | Hold CAD, spend wherever Mastercard is accepted | 2.5% | 1.5 CAD - 2 CAD |
| Canada Post Cash Passport Mastercard prepaid card | Add CAD, convert to one of 6 supported currencies | If you don't have the currency you need in your account there's a 3.25% foreign transaction fee | Variable fees by currency |
*Details correct at time of research - 3rd March 2025
Wise card
| 💡 Great for: Hold 40+ currencies, and spend in 150+ countries, with mid-market exchange rates |
Wise offers multi currency accounts which support 40+ currencies for holding and exchange.
Once you have an account you can order your Wise card for free, and spend in 150+ countries, with mid-market exchange rates and low fees. Cards are contactless and compatible with major digital wallets, allowing you to pay and manage your account with just your phone.
Wise accounts also offer account details to receive payments in 20+ currencies, which can be helpful if you're receiving money from overseas and don't want to convert incoming payments to CAD every time.
| Features | Wise pricing |
|---|---|
| Account & card fees | No ongoing fees, no card issue fee |
| Currency conversion | Mid-market exchange rates with low, transparent fees |
| Supported currencies | Hold 40+ currencies, get account details to receive payments in 20+ currencies |
| International ATM fees | 2 withdrawals to 350 CAD/month with no Wise fee, then 1.5 CAD + 1.75% |
| International transaction limits | Spend 55,000 CAD a month, withdraw up to 7,000 CAD |
*Details correct at time of research - 3rd March 2025
More information on - Wise Card Review, and How to use Wise card abroad
Koho card
| 💡 Great for: Several different account plans including some with no monthly fees, and others with ongoing charges and no foreign transaction fee |
Koho cards can be used globally and are issued through Mastercard. You can add CAD to your account and then spend anywhere the network is supported.
The Koho Essential plan has no monthly fee which can be attractive - but there is a foreign transaction fee with this account type of 1.5%. If you upgrade to a higher tier account you will pay up to 22 CAD a month in fees, but there are no foreign transaction fees to worry about.
Koho's varied account plans and cards can mean you're able to match the card to your normal spending needs, keeping fees as low as possible.
| Features | Koho pricing |
|---|---|
| Account & card fees | 0 CAD - 22 CAD/month account fees |
| Currency conversion | 1.5% foreign transaction fees on Essential Plan, waived on other plans |
| Supported currencies | Hold CAD, spend wherever Mastercard is accepted |
| International ATM fees | Some plans offer no fee withdrawals |
| International transaction limits | Spend up to 9,000 CAD daily, withdraw up to 1,510 CAD a day |
*Details correct at time of research - 3rd March 2025
More information - KOHO international fees
BMO card
| 💡 Great for: Bank issued Mastercard debit card which can be linked to several different account plans |
BMO offers Mastercard debit cards which you can then link to the chequing account of your choice. Different account plans have their own fees, and while there are monthly charges in most cases, you may be able to waive these costs by maintaining a minimum balance in your account.
CIBC mainly issues cards on the Visa network. Having several cards, including some on different networks like Mastercard can be a good strategy when you're abroad. However, with BMO you pay a 2.5% foreign transaction fee for overseas spending so this may be better as a card for emergency use rather than daily payments.
| Features | BMO pricing |
|---|---|
| Account & card fees | 4 CAD - 30.95 CAD monthly fees deepening on the account you pick |
| Currency conversion | 2.5% foreign transaction fee |
| Supported currencies | Hold CAD, spend wherever Mastercard is accepted |
| International ATM fees | 1.5 CAD - 2 CAD |
| International transaction limits | Check the account terms and conditions for the specific plan you choose |
*Details correct at time of research - 3rd March 2025
Canada Post Cash Passport
| 💡 Great for: Prepaid travel card you can use to hold 6 currencies and spend overseas conveniently |
The Canada Post Cash Passport supports Canadian, US and Australian dollars, Euros, British pounds, Japanese yen, and Mexican peso. You pay a fee to get your card in the first place and can then add CAD balance and convert to the currency you need for spending.
There's no fee to spend a foreign currency you hold in your account. However, if you don't have the currency you need in your account there's a 3.25% foreign transaction fee.
Bear in mind that Canada Post's exchange rate may include fees which you pay when converting your currencies. Compare your options and check the rates before you convert.
| Features | Canada Post Cash Passport pricing |
|---|---|
| Account & card fees | 15 CAD card purchase fee |
| Currency conversion | Canada Post's exchange rate may include fees which you pay when converting your currencies - if you don't have the currency you need in your account there's a 3.25% foreign transaction fee |
| Supported currencies | Add CAD, convert to one of 6 supported currencies |
| International ATM fees | Variable fees by currency |
| International transaction limits | Withdraw up to 960 CAD a day, and spend up to 4,000 CAD daily |
*Details correct at time of research - 3rd March 2025
CIBC international ATM fees
International ATM withdrawal fees apply when you want to withdraw money from your account when you are abroad. CIBC ATM fees can vary depending on the card you have, and where you make a withdrawal. Here's a summary:
| Card type | Withdrawal in Canada | Withdrawal in the US | Withdrawal anywhere else |
|---|---|---|---|
| CIBC debit card | 2 CAD | 3 CAD + 2.5% foreign transaction fee | 5 + 2.5% foreign transaction fee |
| CIBC credit card | 5 CAD + 2.5% foreign transaction fee US Dollar Aventura Gold Visa card - 3.5 CAD + 2.5% foreign transaction fee | 7.5 CAD + 2.5% foreign transaction fee US Dollar Aventura Gold Visa card - 3.5 CAD + 2.5% foreign transaction fee | 7.5 CAD + 2.5% foreign transaction fee US Dollar Aventura Gold Visa card - 3.5 CAD + 2.5% foreign transaction fee |
*Details correct at time of research - 3rd March 2025
In Canada you can make withdrawals using the Interac network with CIBC. Internationally, use Visa and Plus network ATMs.
Here's a reminder of the ATM fees for the providers we looked at earlier as a comparison:
ScotiaCard Visa debit card: 3 CAD - 7.5 CAD depending on the location and the ATM operator. No foreign transaction fee
Wise debit card: 2 withdrawals to 350 CAD/month with no Wise fee, then 1.5 CAD + 1.75%. No foreign transaction fee
Koho Mastercard Debit Card: Some plans offer no fee withdrawals. No foreign transaction fee for some accounts, 1.5% on Essentials plan
Canada Post Cash Passport Mastercard prepaid card: Variable fees by currency. 3.25% foreign transaction fee if you don't have the required currency in your account
CIBC no foreign transaction fee credit cards
At the time there are no CIBC no foreign transaction fee credit cards.
There are travel optimised cards which offer good ways to earn travel based rewards - but for overseas use you'll still pay a 2.5% fee.
The only exception here is the CIBC US Dollar Aventura Gold Visa Card which is linked to your CIBC USD account. This means you can be billed for USD purchases from your USD account with no additional currency conversion fees on US dollar transactions.
How to use CIBC cards for travel
Use your CIBC debit or credit card to pay for things and make cash withdrawals during your overseas trips. You'll need to check which network your card is issued on - Visa or Mastercard - and then look out for the network logo when it's time to pay.
Where can I use my CIBC card?
You can use your CIBC credit card anywhere the network is accepted. Cards are on the Visa or Mastercard networks which cover most countries in the world, such as the US, Mexico, the UK and EU countries.
Use your CIBC Visa debit card at millions of merchants in over 200 countries. You can also use your debit card to withdraw cash at ATMs that display the Visa or PLUS logos.
Do I need to tell CIBC I'm traveling?
No. You do not need to tell CIBC before using a CIBC card overseas. Just make sure your contact information is correct in the CIBC app so the bank can get in touch with you if they have questions or concerns about a transaction.
How do I know if I have to pay foreign transaction fees with CIBC?
Check your CIBC card's terms and conditions before you travel, to be clear on the fees which apply. In particular, look out for foreign transaction fees and overseas ATM fees.
CIBC card foreign transaction limits
CIBC card transaction limits can vary depending on the type of card you have and how you use your account.
Generally, you can spend freely to your card's credit limit if you have a credit card, or to the balance of your account if you have a debit card.
If you're making ATM withdrawals limits apply which you can manage by calling the CIBC telephone banking line or visiting a branch.
How to avoid CIBC foreign transaction fees
Here are some pointers to help you avoid foreign transaction fees on a CIBC card:
Check your card's terms and conditions before you travel, to be clear on the fees which apply
Consider getting a specialist travel card linked to a multi-currency account from a provider like Wise so you can spend freely in foreign currencies
Look out for cards with no foreign transaction fees
- Wise doesn't charge you to spend a currency you have when you have enough currency balance, and Koho waives foreign transaction fees on some account plans
Always pay in the local currency wherever you are - choosing to spend in CAD will mean paying more in the end
Conclusion: Are CIBC cards good for travel?
CIBC debit and credit cards are easy to use internationally. They're on the Visa or Mastercard networks which are globally accepted, and there's no need to inform CIBC before you travel. The downside is that you'll pretty much always pay foreign transaction fees of 2.5% when you use a CIBC card, plus additional fees for ATM use.
Having a specialist travel card can help you reduce your overall costs. You'll be able to choose from a provider like Wise which lets you hold money in many currencies conveniently for free spending overseas. Or you may choose a card from Koho which has a monthly fee and no foreign transaction fees when you travel. Use this guide to compare a few options and select the right one for your needs.