CIBC International Wire Transfer: Sending & Receiving Transfers from Abroad

Are you a CIBC customer looking to send money abroad or settle an international bill? This guide covers everything you need to know about CIBC international transfers, including hidden costs, delivery times, and step-by-step instructions. 📝

Sending money overseas with your bank might feel like the most obvious choice, but may not b e the cheapest or fastest option.

Using specialist alternatives like Wise, OFX, or Remitly can often save you money and significantly speed up your transaction. 🏦

🇨🇦 Key info on transferring 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, OFX, and Remitly 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, OFX, and Remitly.

*Information correct at time of writing - 23rd June 2026

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

Specialist money transfer providers can often be cheaper and faster because they avoid processing your payments through the global SWIFT banking network.

Instead, companies like Wise, OFX, and Remitly use their own internal payment networks. This allows them to eliminate costly intermediary bank fees and deliver your money abroad significantly faster than a bank. 🎉

*Information correct at time of writing - 23rd June 2026

Wise 

Open a Wise account online or in the app, to send payments to 140+ countries, quickly or even instantly.

Currency conversion uses the mid-market rate with low fees from 0.48%. 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

Remitly

Remitly allows Canadian customers to send money to over 175 countries worldwide using their website or mobile app. Delivery speeds are customisable, giving you a choice between their high-speed Express model or their more affordable Economy option. 📱

Funding your payment through an Express transfer with a debit or credit card ensures your money arrives within minutes, though this path carries higher card processing costs.

Alternatively, funding via an Economy bank account transfer reduces the upfront fees significantly, but delivery will stretch up to several business days. ⏱️

Fees vary depending on the destination, currency and transfer method and include a markup on the exchange rate. Verified Canadian accounts can move up to 140,000 CAD per transaction. 🎯

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 130+ countries, with options available including:

• Send to a bank account

• Send for cash pick up via 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:

*Information correct at time of writing - 23rd June 2026

📊 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.

Need a cheaper alternative? 💸

⏳ 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 2 to 5 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, but usually takes 1-2 business days. ⏱️

Need a faster alternative? 🚀⏳

Depending on where you are sending money, using your bank to make a transfer may not be your quickest option. While CIBC's online Global Money Transfers can clear within 1 to 2 business days, standard wire transfers may take up to 5 business days. ⏱️

If delivery speed is your top priority, choosing a specialist provider can significantly shorten your waiting time:

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

🎯 CIBC international transfer limits 

If you want to send a CIBC Global Money Transfer, the following limits may 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 may 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 might apply in this case.

Need to send a larger transfer? 📊

Large amount transfers with CIBC 🏛️

CIBC’s Global Money Transfer service has fairly low money transfer 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

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

📲 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:

1. Log into the CIBC app and tap Transfers 📱

2. Select Global Money Transfer

3. Enter the payment amount and select a recipient

4. Confirm how you want to pay and how you want the payment to be received

5. You may need to complete a verification step 🔒

6. Enter the reason for transfer, and a message for the recipient

7. 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:

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 130+ 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.

📥 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.

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 bank address for incoming wires 🏛️

If someone is sending you a wire transfer from abroad into your CIBC account, they will need the correct banking address alongside your personal banking details to ensure the payment routes smoothly.

How to track your CIBC transfer📱

Once your outbound payment is submitted, you can check if the money has left your balance by logging into your CIBC mobile app or online banking profile to review your transaction history. 📲

Because bank networks do not provide an interactive, live tracking link online for standard wires, you will need to monitor your digital feed to ensure the funds have cleared on your end.

If your money has not arrived with the recipient within five working days, you can contact customer support directly so an advisor can check their internal processing systems and trace the payment for you. ☎️

CIBC international transfer receiving fees

As we’ve mentioned, there’s a fee to receive a payment from abroad to your CIBC account:

How to contact CIBC about a wire transfer

If you need help setting up an international transaction, tracking a pending payment, or resolving an issue with an incoming wire transfer, you can connect directly with the customer service team. 💬

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, OFX, and Remitly to see which works out best for your specific needs.

📚 Useful resources

• CIBC International Wire Transfers: CIBC sending and receiving wire transfers guide

• CIBC Global Money Transfers: Guide to making CIBC international Global Money Transfers

• Wise Large Transfers: Wise guide for sending high-value payments

• OFX International Transfers: OFX overseas transfer information for Canada

• Remitly International Money Transfers: Official page for Remitly Canada