CIBC AC Conversion Prepaid Travel Card Review
The CIBC AC Conversion Prepaid Travel Card can support holding a balance in 10 different major currencies, to let you spend and make withdrawals with no extra foreign transaction fee in 45 countries. Get a card with no initial fee, add money and convert to the currency you need to make overseas spending straightforward. But what will the CIBC travel card cost you, and how can you use it?
In this article, we’ll cover all you need to know about CIBC AC Conversion Prepaid Travel Card, fees, features, pros and cons, plus we’ll also introduce a few alternatives you might want to compare - like Wise.
What is the CIBC AC Conversion Prepaid Travel Card?
The CIBC AC Conversion Prepaid Travel Card supports major currencies like Canadian, US, Australian, and Hong Kong dollars, euros and pounds. In total there are 10 currencies you can add to the card, and then there’s no fee to spend a currency you hold in your account while you’re away. This guide walks through how this card works, who it’s good for, and what to do if you decide it’s not your perfect match after all.
Key features: CIBC AC Conversion Prepaid Travel Card
Hold and exchange 10 major currencies
No fee to get your first card
No fee to spend a currency you hold in your account
1 free ATM withdrawal every month
Add money online or in the CIBC app
2.5% fee applies if you don’t have the currency you need for spending
| CIBC AC Conversion Prepaid Travel Card pros | CIBC AC Conversion Prepaid Travel Card cons |
|---|---|
✅ 10 major currencies supported for spending in 45 countries ✅ No order fee and no ongoing fee to pay ✅ Spend up to nearly 3,000 CAD every day as long as you have the balance available ✅ Get help in a CIBC branch if you need it | ❌ ATM fees apply once you’ve made your 1 free withdrawal every month ❌ 2.5% foreign transaction fee |
Who is the CIBC AC Conversion Prepaid Travel Card debit card for?
CIBC offers this card for travel use primarily. The currencies it covers are ones popular with Canadians heading overseas on a trip, including USD, EUR, MXN and more. Here’s a quick summary of who the CIBC AC Conversion Prepaid Travel Card might be good for:
International travellers heading somewhere which uses one of the 10 supported currencies
People shopping online in foreign currencies
Anyone looking for a secure back up for spending when abroad
Is the CIBC AC Conversion Prepaid Travel Card safe?
Yes. CIBC is a major bank in Canada and safe to use. The CIBC travel money card has chip and PIN technology to keep it secure, and you’ll also be able to manage your account and card in the CIBC app when needed.
CIBC AC Conversion Prepaid Travel Card alternatives in Canada
This guide will help you understand if the CIBC AC Conversion Prepaid Travel Card is the right option for you. But what else is out there if you decide against it? Here are a couple of alternative cards you might decide to compare - in a quick head to head overview:
| CIBC AC Conversion Prepaid Travel Card | Wise debit card | Canada Post Cash Passport | |
|---|---|---|---|
| Linked multi currency account | Hold and spend 10 currencies | Hold and spend 40+ currencies Get account details to receive payments in 10 currencies | Hold and spend 7 currencies |
| Availability | Canadian residents - personal customers only | Personal and business customers in Canada and many other countries globally | Canadian residents - personal customers only |
| Card order fee | No fee for first card - 25 CAD replacement fee | No fee | 15 CAD |
| Monthly or annual fees | No fee | No fee | No fee - inactivity fees can apply if you don’t use your card regularly |
| International ATM withdrawals | 1 free withdrawal monthly Then varying fee based on currency, equivalent to about 3.5 CAD | 2 withdrawals a month, to the value of 350 CAD free - 1.5 CAD + 1.75% after that | Varying fee based on currency, equivalent to about 3 CAD |
| Exchange rates | CIBC rate when loading card | Mid-market rate | Network or provider rate when loading card |
| Foreign transaction fees | 2.5% | None | 3.25% |
| International Money Transfers | Not available | From 0.43% | Not available |
Different travel money card options can suit different customer needs - so comparing a few does make sense to make sure you get the best one for your specific needs:
Check out Wise if you want an account you can use for day to day spending with a broad selection of supported currencies, mid-market rates and low fees
The Canada Post Cash Passport might be a good bet for you if you want a travel card you can pick up instantly in a branch - just head to a post office to get your card and add one of the 7 supported currencies
Learn more: Wise account review
How does the CIBC AC Conversion Prepaid Travel Card work?
The CIBC AC Conversion Prepaid Travel Card is a prepaid Visa debit card which you can use to hold 10 currencies. When you order your card you’ll need to load your chosen foreign currency. Once it arrives, call or go online to activate the card - you can then manage your card and account in an app to make it easy to add money in future.
Use your card to tap and pay in stores and to make ATM withdrawals. The 10 supported currencies are used in about 45 different countries - but you can use this card globally if you don’t mind the foreign transaction fee which applies when spending an unsupported currency.
Is CIBC AC Conversion Prepaid Travel Card a credit card or debit card?
The CIBC AC Conversion Prepaid Travel Card is a prepaid Visa debit card linked to a digital account you can load electronically through an app.
The card is a physical card only - you can’t generate a virtual version of the CIBC AC Conversion Prepaid Travel Card.
Is the CIBC AC Conversion Prepaid Travel Card a Visa or Mastercard?
The CIBC AC Conversion Prepaid Travel Card is a prepaid Visa debit card linked to a digital account you can load electronically through an app.
CIBC AC Conversion Prepaid Travel Card fees & limits
Here are the important CIBC AC Conversion Prepaid Travel Card fees to know about:
| Service | Fee |
|---|---|
| Order fee | No fee |
| Optional shipping fee | 15 CAD |
| Replace card | 25 CAD |
| Foreign transaction fee | 2.5% |
| ATM withdrawals in Canada | No fee |
| ATM withdrawals internationally | 1 free international withdrawal monthly Then fees are varied by currency: USD 2.95 EUR 2.50 GBP 1.95 MXN 49.95 HKD 21.95 AUD 3.95 JPY 349.95 TRY 7.95 CHF 2.95 |
*Fees correct at the time of writing - 27th March 2024
CIBC AC Conversion Prepaid Travel Card exchange rates
When you add money to your account, the CIBC exchange rate will apply which might include a markup on the mid-market exchange rate. That’s a fee.
If you spend a currency you don’t hold in your account there’s also a fee. In this case your spending will be converted using the Visa exchange rate, with a 2.5% foreign transaction fee included.
CIBC AC Conversion Prepaid Travel Card limits
There are a few limits which apply to the CIBC AC Conversion Prepaid Travel Card, which have been set to keep customers and their accounts secure:
| Service | Limit |
|---|---|
| Minimum load | None |
| Maximum load (single transaction) | 2,999.99 CAD |
| Maximum balance | 20,000 CAD |
| Maximum spending (24 hours) | 2,999.99 CAD |
| Maximum ATM withdrawal (24 hours) | 2,000 CAD |
How to get CIBC AC Conversion Prepaid Travel Card
You can order your CIBC AC Conversion Prepaid card online or by downloading the card’s app. You’ll have to add a balance to your digital account to cover any relevant costs of the card - if there’s a delivery fee to pay for example - and to add some money to your account for spending later. Here’s what to do:
Download the CIBC AC card app
Select the option to sign up and order a card
Enter your personal and contact information
Upload the required documents and ID, following the on screen instructions
Add a foreign currency balance when prompted
Your card will be mailed to you - you may also be able to collect in a branch
How to activate your CIBC AC Conversion Prepaid Travel Card
Once the card arrives you can activate it by calling the number on the back of the card, online or in the card app.
How long does it take for a CIBC AC Conversion Prepaid Travel Card to arrive?
Delivery times can vary - there’s an option to have the card delivered by courier for a fee if you need it quickly. You’ll see the estimated delivery times in the card app when you set up your account.
How to use CIBC AC Conversion Prepaid Travel Card?
Use your card to make contactless and chip and PIN payments in stores at home and abroad. You can also use your card to make ATM withdrawals and to pay for things online. As it’s a prepaid card there are some occasions when your card can not be used - this is common when hiring a car or booking a hotel room, for example.
How to top-up your CIBC AC Conversion Prepaid Travel Card
Use the card’s app to top up your balance in your preferred currency. You’ll also be able to view transactions, and to convert between currencies.
How to withdraw money from CIBC AC Conversion Prepaid Travel Card
Use your travel card to make an ATM withdrawal at home or abroad just as you would any other debit card. Bear in mind you’ll need to have enough in your digital account to support the withdrawal in the first place as this is a debit product not a credit card.
Can I deposit cash into CIBC’s AC Conversion Prepaid Travel Card?
No. You can only deposit to your account electronically through the card app.
How to use a CIBC AC Conversion Prepaid Travel Card overseas?
You can use your CIBC AC Conversion Prepaid card globally wherever Visa is accepted. However, it’s important to note that a foreign transaction fee of 2.5% applies if you’re spending in a currency you don’t have in your account. This applies whenever you’re somewhere that uses an unsupported currency, or if you’re somewhere that uses a supported currency but you don’t have sufficient balance in your account to cover the cost of the transaction.
You can also use the CIBC AC Conversion Prepaid card to spend online in foreign currencies.
Supported currencies
You can hold a balance on the CIBC AC Conversion Prepaid card in any of the following currencies:
Canadian dollars – CAD
United States dollars – USD
Euros – EUR
Great British pounds (UK) – GBP
Mexican peso – MXN
Hong Kong dollars – HKD
Australian dollars – AUD
Japanese yen – JPY
Turkish lira – TRY
Swiss franc (Switzerland) – CHF
CIBC AC Conversion Prepaid Travel Card for business
The CIBC AC Conversion Prepaid card is not intended for business use. If you want a multi-currency account and card for business purposes, check out Wise Business instead.
You’ll get the same perks you get as a Wise personal customer, and lots of business friendly extras like batch payments, cloud accounting integrations and multi-user access, too. Here are a few Wise Business features to know about:
Hold and exchange 40+ currencies with the mid-market rate
Get paid to your account in 10 currencies with low or no fees
Order linked debit and expense cards for you and your team
Send money to 160+ countries with low fees from 0.43%
Conclusion: Is the CIBC AC Conversion Prepaid Travel Card worth it?
The CIBC AC Conversion Prepaid card can be a good choice if you’re going to one of the countries where the 10 supported currencies are used. However, this only covers about 45 countries - so it’s worth double checking if you’re going somewhere more exotic. If you end up spending in an unsupported currency, there are extra foreign transaction fees to pay.
Compare the CIBC AC Conversion Prepaid card against alternatives to see which works best for you. The Wise card is a flexible all round alternative which supports 40+ currencies and can be used in 150+ countries, while the Canada Post Cash Passport is another strong contender if you don’t have time to wait for a card to arrive by mail. Just head into a post office branch to get your card instantly.
CIBC AC Conversion prepaid card for travel FAQs
Is the CIBC AC Conversion Prepaid Travel Card free?
There’s no fee to get your first card, but there are some transaction fees including ATM withdrawal charges and a foreign transaction fee when spending in a currency you don’t hold in your account. Compare your options from CIBC with other providers like Canada Post and Wise to see which works out best for you.
Can foreigners in Canada use a CIBC AC Conversion Prepaid Travel Card?
To get the CIBC AC Conversion card you’ll need to register an account using a recognised ID and address document - this means it might not be the most suitable option for a foreigner who is not a resident. Consider a Wise account - available more or less globally - instead.
Can Canadian citizens use a CIBC AC Conversion Prepaid Travel Card?
Yes. You can order your card online and have it delivered to your home address easily, to spend in 45 countries.