Can I do online wire transfers with CIBC? Here’s a closer look

It’s not possible to send a CIBC® online wire transfer.¹ However, CIBC Global Money Transfer (GMT) is an alternative for small, everyday payments. If you’re looking for a solution to send large amounts online, Wise has you covered!

In this guide, we’ll take a look at how to make an international transfer, including fees, exchange rate costs and how long it takes to send money abroad with CIBC.

We’ll also look at Wise, your online international alternative. You can send bill payments or conduct large business transactions with just the touch of a button(*).

We'll take a closer look at:

How can I make international transfers at CIBC? How is the CIBC Global Money Transfer different from their wire transfers? How much do international transfers cost at CIBC? Looking for an easier and cheap way to send your money abroad? Try Wise Here’s how Wise compares with CIBC when sending money abroad: How to make an international transfer at CIBC How to make an international wire transfer at CIBC How to make a Global Money Transfer with CIBC What information do I need for international transfers with CIBC? How long does a CIBC international transfer take? Final thoughts on sending money abroad with CIBC

How can I make international transfers at CIBC?

To make international transfers at CIBC, you’ll need to visit a CIBC Banking Centre to complete your payment.¹

You can use CIBC Global Money Transfer to send funds abroad via online banking or the CIBC mobile app. You can transfer money to over 130 countriesand your recipient should receive their payment within 1 business day.²

How is the CIBC Global Money Transfer different from their wire transfers?

There are a few key differences between a CIBC Global Money Transfer and an international wire transfer.

As we already mentioned, you can’t send a CIBC wire transfer online, but you can send a GMT from your CIBC online banking account or mobile app.

Global Money Transfers are typically used for international payments of less than 30,000 CAD, whereas wire transfers are better suited to large payments.¹ However, you may need to pay a fee for your wire transfer.

How much do international transfers cost at CIBC?

If you need to send money in a currency other than CAD, the provider will convert your funds using CIBC’s exchange rate.

This rate can fluctuate depending on when you send your transfer – and CIBC adds a markup to make a profit from foreign transactions.³

Let’s take a closer look at how much it costs to send an international wire transfer with CIBC.

Transaction	Fee
Outgoing wire transfer	10,000 CAD or less: 30 CAD 10,000.01 to 50,000 CAD: 50 CAD Greater than 50,000 CAD: 80 CAD¹
Incoming wire transfer	15 CAD¹
Cancellation of wire payment	35 CAD + any correspondent bank fees⁴

If you receive a wire transfer from a foreign currency account, the equivalent fee will be charged in the same currency as the account using CIBC’s exchange rate.¹ This means you may end up paying more than expected.

There are some costs and limits to consider before sending your Global Money Transfer.

Transaction	Fee
Minimum amount	100 CAD²
Maximum amount	It depends on where and how you’re sending money abroad. In most countries: By bank account or line of credit: 75,000 CAD By credit card: 15,000 CAD²
Outgoing GMT	No fee + CIBC exchange rate + bank account transaction fees²

Looking for an easier and cheap way to send your money abroad? Try Wise

Use Wise for all of your international transactions – big and small. You can manage money in over 40 currencies or send funds to over 160 countries around the globe.

Pay by wire transfer or send a bank transfer to recipients in Canada and beyond with no hidden fees or exchange rate margins.

Here’s how you can save money with a Wise account:

• Wise always uses the standard mid-market exchange rate – no markups on foreign transactions
• Get access to local account details in over 10 currencies, including CAD, USD, JPY and GBP
• Pay minimal transfer fees starting at just 0.33%

Wise is regulated in every available region, with 2-factor authentication and support for large worldwide payments.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Here’s how Wise compares with CIBC when sending money abroad:

Charge Type	Wise	CIBC wire transfer	CIBC GMT
Exchange rate*	Mid-market exchange rate 1 CAD = 0.7332 USD If you send 1000 CAD, your recipient will receive 733.22 USD⁵ (fees apply)	CIBC sets its own exchange rate and add a markup to foreign transactions³	CIBC’s exchange rate²
Outgoing transfer fee	From 0.33% per transfer*	10,000 CAD or less: 30 CAD 10,000.01 to 50,000 CAD: 50 CAD Greater than 50,000 CAD: 80 CAD¹	No fee + CIBC exchange rate + any bank account transaction fees²
Incoming transfer fee	Receiving USD wire payments: 6.11 USD Receiving CAD Swift payments: 10 CAD	15 CAD¹	Not available

^* Exchange rate as of 11 July 2024 at 6:45 am EDT

How to make an international transfer at CIBC

Let’s take a look at how to send a wire transfer or Global Money Transfer at CIBC.

How to make an international wire transfer at CIBC

It’s easy to send an international wire transfer with CIBC. Simply gather your recipient’s information, including their name, address, and bank details.

You’ll need to visit your local CIBC Banking Centre to complete your wire transfer.¹

How to make a Global Money Transfer with CIBC

You can send a Global Money Transfer via online banking or the CIBC mobile app.

Step 1. Log into CIBC online baking and select “Global Money Transfer”

Step 2. Fill out your information and select “Send money”

Step 3. Choose your recipient and fill out the transaction details, including the amount you want to send and which account you want to use

Step 4. Follow the on-screen prompts. You may also need to provide additional information about your transaction, such as the purpose of your transfer

Step 5. Select “Continue” and check that everything looks correct, then select “Confirm” to send your transfer

CIBC should tell you how much your recipient will receive at the current exchange rate. This is updated on a regular basis.²

What information do I need for international transfers with CIBC?

You’ll need a few pieces of information to send an international wire transfer, including:

• the payment amount and currency
• your recipient’s name and address
• your recipient’s bank details, such as account number and branch number
• the name and address of your recipient’s bank
• your recipient’s IBAN, ABA routing number, Swift Code or BIC
• the reason for your transfer¹

To send a GMT with CIBC, you’ll need:

• the payment amount and currency
• your recipient’s address, bank name and bank account number
• the reason for your transfer

You may also need to provide additional information, depending on where you’re sending your money.²

How long does a CIBC international transfer take?

It typically takes 24 hours to send a GMT, but it can take up to 3 business days.² CIBC wire transfers also take around 1 to 3 business days.¹

Final thoughts on sending money abroad with CIBC

While you can’t do a wire transfer online with CIBC, it’s easy to send a Global Money Transfer via online banking or the CIBC mobile app, for small amounts.

It’s important to consider how much it’ll cost to send your international transfer. CIBC charges an exchange rate markup on global transactions, with restrictive minimum and maximum transfer limits.

Send your money across the globe with Wise – including large transactions and small payments in over 160 countries!

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Sources

1. CIBC Wire transfers
2. CIBC Global Money Transfer
3. CIBC Terms and Conditions
4. CIBC Additional Service Fees

Sources verified on 12 August 2024