CIBC International Wire Transfer: Sending & Receiving Transfers from Abroad
Are you a CIBC customer looking to send money abroad to friends or family, or to settle an international bill? This guide will cover everything you need to know about CIBC international transfers including how much you’ll pay, how long transfers will take, and how to make one.
Sending money overseas with your bank might feel like an obvious choice. But banks aren’t always the fastest, cheapest or easiest option. Instead, CIBC international money transfer alternatives like Wise or OFX could be cheaper, faster, and easier to use. This guide walks through the things to consider before you send money overseas with CIBC.
CIBC international money transfer comparison
Cost is important when sending money abroad. Unfortunately, it’s not always easy to figure out what you’re really paying for an international transfer with a bank. Several different fees can apply, including;
Transfer fee - often a fixed cost paid to your own bank
Exchange rate markup - a percentage fee added to the exchange rate used
Third party charges - paid to intermediaries
These costs aren’t always easy to see upfront, which might mean you pay more than you expected - or your recipient gets more than you want them to in the end.
Online alternative providers can often offer a cheaper solution for customers sending money to bank accounts abroad. Services like Wise and OFX have invested in different ways to process international transfers which can cut out intermediary costs and transfers fees, and allow them to pass on lower overall charges to their customers.
Here’s a quick overview of CIBC versus a couple of alternative providers: Wise and OFX.
| Provider | Transfer fee | Exchange rate |
|---|---|---|
| CIBC | 30 CAD - 80 CAD for standard transfers Transfer fees may be waived for online Global Money Transfers | Exchange rates include a markup |
| Wise | Low, variable fees from 0.33% | Mid-market exchange rate with no markup |
| OFX | 15 CAD for payments up to 10,000 CAD in value, waived after that | Exchange rates include a small markup |
We’ll walk through the costs you’re likely to pay with CIBC one by one in this guide, so you can compare your options and pick the right one for your specific needs.
More about the alternatives to CIBC wire transfer
Before we get into the details about CIBC, a quick word on the alternatives we’ve picked out for Canadian customers. Both Wise and OFX are large, international and fully licensed providers which offer digital payments to a broad range of countries. Services are available online and in app - and OFX also has a 24/7 phone service. Here’s an overview:
Wise
Open a Wise account online or in app, to send payments to 160+ countries, quickly or even instantly.
Currency conversion uses the mid-market rate with low fees from 0.33%. Set up your payment with just your phone, and pay by direct debit (EFT), online bill payment, debit/credit card, wire transfer or Interac e-Transfer. While the amount you can send does depend on how you pay, you could arrange transfers to the value of 1.5 million CAD if you need to.
If you send and receive payments a lot you may also want to open a Wise account, and order a Wise card. Accounts can hold and exchange 40+ currencies and let you receive international transfers with local and SWIFT account details in a selection of currencies.
Learn more: Wise money transfer review
OFX
OFX lets Canadian customers send 50+ currencies all over the world, by phone, in the app or online. Transfers can arrive quickly, and are usually in the recipient’s account in 1 or 2 days.
There’s a transfer fee of 15 CAD for payments under 10,000 CAD in value. This fee is waived for higher payments.
In all cases, a small exchange rate markup is applied to the mid-market rate to calculate the exchange rate used to convert your CAD to the required currency.
OFX also offers more complex currency risk management products and 24/7 phone service.
Learn more: OFX Review
CIBC international wire transfer fees
CIBC offers 2 different ways to send money abroad.
Standard wire transfers are available in a branch, and with higher limits to offer flexibility for high value transfers. Fees here are pretty high, though.
As a lower cost alternative, CIBC also has its online and in app Global Money Transfer service, which waives the upfront transfer cost. You’ll still pay a fee in the exchange rate, and the limits here can be fairly low depending on where you’re sending money to and the payout option you prefer.
Let’s dig into the costs of these two options in more detail, now.
CIBC Global Money Transfers (GMT) fees
CIBC Global Money Transfers are arranged online and in the CIBC app. You can send money to 120+ countries, with options available including:
Send to a bank account
Send for cash pick up vis MoneyGram
Send to Alipay wallets in China
Send to Visa debit or credit cards
Send to China Unionpay cards in China
With Global Money Transfers there’s no upfront transfer fee. However, this doesn’t mean the transfer is free. Instead,the costs you pay are in the exchange rate - making them harder to spot and compare. There may also be third party fees to pay.
To see the full fee for this service you’ll have to get a quote for your transfer, and compare the exchange rate you’re offered against the mid-market exchange rate which you can get from Google.
The difference is the markup - the fee - which is added to the exchange rate. Markups can be variable, and can depend on the destination country and how you want the transfer to be received.
CIBC international wire fees
If you don’t want to arrange your payment online or in the CIBC app you can still set up a CIBC wire in a branch. If you’re sending an amount which is higher than the Global Money Transfer limit for your specific payment type, you’ll also need to visit a branch as the digital service has fairly low payment limits.
Finally, if the country you’re sending money to is not an option through the online payment system, a branch visit is again likely to be your only option.
Fees apply for sending a CIBC wire - including a transfer fee, exchange rate mark up, and potential third party fees. Here’s the transfer fee you pay based on the amount you’re sending;
| Service | CIBC fee |
|---|---|
| Incoming wire payment | 15 CAD fee |
| Outgoing wire payment | Payments up to 10,000 CAD - 30 CAD fee Payments from 10,000 to 50,000 CAD - 50 CAD fee Payments over 50,000 CAD - 80 CAD fee |
Third party costs can not usually be known in advance and are paid to intermediaries involved in processing the payment, rather than CIBC.
CIBC exchange rate
No matter which type of CIBC international transfer you decide to send, you need to know the exchange rate being used to convert your CAD to the currency you need your recipient to get in the end. The rate you get from CIBC is not usually the same as the mid-market rate you get when you Google your specific currency. Instead, there’s likely to be a fee added to the rate - a percentage markup - which can quickly ramp up and push up the amount you pay in the end.
Bank exchange rate markups are often about 3%. Here’s how the exchange rate markup builds up with a 3% margin used for different transfer values:
Sending 1,000 CAD - the exchange rate markup adds 30 CAD to the total
Sending 5,000 CAD- the exchange rate markup adds 150 CAD to the total
Sending 50,000 CAD - the exchange rate markup adds 1,500 CAD to the total
As you can see, particularly for higher value payments, the exchange rate markup might be the highest of all the fees you end up paying - even if you can’t easily see it.
How long does an international wire transfer take with CIBC?
The amount of time it takes for your money to arrive with CIBC depends on the specifics of the transfer.
If you’re sending a standard wire it will normally take 1 to 3 business days to arrive in the destination account.
If you’re sending a Global Money Transfer the amount of time it takes can depend on the delivery method you pick.
Payments may arrive in 1 business day but can take up to 3 business days in some cases.
Here’s a rundown of the delivery times for CIBC compared to the popular specialist providers we looked at earlier:
CIBC: 1 - 3 business days
Wise: 90% of payments arrive in 24 hours
OFX: 1 - 2 business days
CIBC international transfer limits
If you want to send a CIBC Global Money Transfer, the following limits apply:
Minimum transfer limit is 100 CAD
For most currencies you can send up to 75,000 CAD in a 24 hour period
If you pay with a credit card you can send up to 15,000 CAD in a 24 hour period, 40,000 CAD weekly, and 80,000 CAD monthly
Additional limits apply, including:
Cash pick up payments may be limited to 999 CAD per transaction
Payments to China Unionpay and Alipay have lower limits compared to bank deposits
Deposits to bank accounts in some countries have extra per transaction limits, from 3,000 CAD to 41,000 CAD depending on the currency.
If you need to send a higher payment value or if you’re sending to a currency or country not supported by CIBC Global Money Transfer, you may still be able to arrange your payment in person in a CIBC branch. Higher fees apply in this case.
Large amount transfers with CIBC
CIBC’s Global Money Transfer service has fairly low limits.
At most you can send 75,000 CAD per day, but for many payment destinations there are lower limits which may depend on how you want the money to be received.
Sending a CIBC wire in a branch is another option, which has higher limits. However, fees get higher the more you send:
Payments up to 10,000 CAD - 30 CAD fee
Payments from 10,000 to 50,000 CAD - 50 CAD fee
Payments over 50,000 CAD - 80 CAD fee
Bear in mind also that the total fee you pay as part of the exchange rate applied will also rise as you send a higher value transfer.
Ultimately the amount you can send overseas in a CIBC branch might vary depending on your specific account type. Call the bank before you visit to make sure your transfer can be processed if it is for a very high amount.
International money transfer specialists such as Wise and OFX often offer higher limits. You can compare different providers from this page: Large amount international money transfers
Learn more about Wise transfer limits here.
How to send a high amount transfer with CIBC
If you’re sending a payment over 75,000 CAD with CIBC you will need to visit a branch in person to set up an international wire.
Pros and cons of transferring money abroad with CIBC
| CIBC international transfer pros | CIBC international transfer cons |
|---|---|
✅ Familiar and secure service ✅ No upfront transfer fee for Global Money Transfer payments ✅ Arrange your payment online, using mobile banking or in a branch ✅ Send to 120+ countries, and more in a branch | ❌ Exchange rates include a markup ❌ Payments over 75,000 CAD must be sent in a branch, with fees which rise based on transfer value |
How to make an international wire transfer with CIBC
You can send a CIBC wire in a branch or use the CIBC Global Money Transfer service in the CIBC online or mobile banking service. In branch, the team member will help you work through all the required information. Online and in app, the process works through dropdown boxes and on screen prompts, making it pretty easy to use.
Here’s an overview of the process for sending a payment in the CIBC app:
Log into the CIBC app and tap Transfers
Select Global Money Transfer
Enter the payment amount and select a recipient
Confirm how you want to pay and how you want the payment to be received
You may need to complete a verification step
Enter the reason for transfer, and a message for the recipient
Check, confirm, and your money will be on the way
What information do you need to make an international transfer with CIBC?
The exact international transfer requirement will depend on where you’re sending money to, but you’ll be guided through either by prompts if sending online, or by the service team in a CIBC branch. Usually the information needed includes:
Your recipient’s name and address
The name and address of the recipient’s bank
Your recipient’s bank account number or IBAN
Your recipient’s bank’s SWIFT/BIC code
Reason for transfer
You may also need additional local information based on the destination country, such as a sort code for the UK or a CLABE number for Mexico.
Countries to send money with CIBC
Send with CIBC Global Money Transfer to 120+ countries. If the country you’re sending to is not available online or in app you may still find you can send your transfer using a standard wire in a branch. Contact the branch in advance to check availability.
Can I do online international wire transfers with CIBC?
You can send a Global Money Transfer to a bank account with CIBC, which is arranged online and deposited directly to the recipient’s bank.
Compare your options with a couple of alternatives - here’s a reminder of the specialist providers we've looked at in this guide:
Wise: Send to 160+ countries with the mid-market rate and low fees from 0.33%
OFX: Send in 50+ currencies, with payments arriving in 1 - 2 days in most cases
How to receive an international transfer with CIBC
If you’re expecting a payment from overseas into your CIBC account you’ll need to give the sender your bank name and address, your account number, clearing code, institution code and transit number to make sure the money arrives safely. Pass this information to the person sending you money and then simply wait for iit to arrive.
There’s a 15 CAD fee to receive a payment from overseas to your CIBC account.
CIBC SWIFT code
A SWIFT code is needed to make sure that international payments arrive safely into the recipient’s account. It’s a unique identifier linked to your bank, so the overseas bank sending the money knows where the transfer is headed, with no possibility of confusion.
The CIBC SWIFT/BIC code is: CIBCCATT
How to find CIBC SWIFT code?
Find the CIBC SWIFT code in your online and mobile banking, on a paper statement, or by calling the bank directly to ask.
What is the branch code for CIBC?
You’ll have a 5 digit branch transit number which is associated with your CIBC account. This will appear on statements and can also be found in your online and mobile banking system. Give this to the person sending you money to make sure your payment finds its way to your account safely.
Related: Best international money transfer apps
CIBC international transfer receiving fees
As we’ve mentioned, there’s a fee to receive a payment from abroad to your CIBC account:
| Service | CIBC fee |
|---|---|
| Incoming wire payment | 15 CAD fee |
How to contact CIBC about a wire transfer
If you are sending a wire in a branch, any member of the service team can help you with your payment. For more help with Global Money Transfers, call CIBC at 1-866-330-7344, with support available 24 hours a day, 7 days a week.
Conclusion: Is CIBC international money transfer good?
Sending money overseas with CIBC is reliable and fairly easy. However, it might not be the fastest or cheapest option available.
Compare your options, including both CIBC Global Money Transfers and wires, against alternative services like Wise and OFX, to see which works out best for your specific needs.
Related: Best Banks for International Wire Transfers
CIBC international bank transfer FAQs
How much does CIBC charge for international transfers?
CIBC charges 30 CAD - 80 CAD for standard transfers arranged in a branch - fees depend on the value. Exchange rate markups and third party fees also apply. Transfer fees may be waived for online Global Money Transfers, but markups and third party fees are still likely.
Learn more: International wire transfer fees
How long does a CIBC international money transfer take?
A CIBC standard wire will normally take 1 to 3 business days to arrive in the destination account. If you’re sending a Global Money Transfer, payments may arrive in 1 business day but can take up to 3 business days in some cases.