Your alternatives to HSBC Canada for a GBP account
With HSBC no longer operating in Canada, here are your alternatives for a GBP account
Your guide to the CIBC Bank USA Smart Account as a Canadian
The CIBC US Smart Account lets Canadians hold and spend in USD, including in-store, online, and at US ATMs. This guide covers features, fees, and eligibility, and introduces Wise as a possible alternative.
What does the CIBC US Smart Account offer?
The CIBC US Smart Account is for people who spend time in the US for work, study, or travel. It lets you hold a USD balance.
When comparing options, note the difference between the CIBC US Smart Account (USD balance) and the CIBC Smart Account (CAD balance for domestic use in Canada).
CIBC Smart Account (Canada) vs CIBC US Smart Account: what's the difference?
Both are designed for Canadians. The CIBC Smart Account holds CAD; the CIBC US Smart Account holds USD. Both can link to other CIBC CAD accounts.
The CIBC US Smart Account is available to US and Canadian residents. The CIBC Smart Account is for Canadian residents only. You must be at least 18 (19 in some provinces/territories) to open a CIBC Smart Account.
Comparing CIBC Smart Account (Canada) vs CIBC US Smart Account
| Feature | CIBC Smart Account (Canada) | CIBC US Smart Account |
|---|---|---|
| Currency | CAD | USD |
| Location | Canada | Canada and the USA |
| Primary purpose | Domestic spending within Canada | Canadians spending in the USA |
| Monthly fees | Between 0 CAD and 16.95 CAD | No monthly fees |
| Overdraft/transactions | Monthly fee varies by number of transactions | No monthly transaction fees |
| Ideal for | Those living and spending in Canada | Canadians spending in the USA |
Why Canadians might consider the CIBC US Smart Account
Here are common reasons Canadians consider a CIBC US Smart Account.
Everyday use cases
If you spend regularly in the US, a USD chequing account can simplify daily purchases.
Travel and property ownership
If you travel frequently or own property in the US, having a dedicated USD account helps manage expenses without repeated currency conversions.
Key features of the CIBC US Smart Account
The account supports Apple Pay and online bill payments. You can also move money from other CIBC accounts.
Fees and charges of the CIBC US Smart Account
There's no monthly fee. CIBC doesn't charge for US ATM withdrawals and may refund operator fees for up to four transactions per month.
When converting CAD to USD at CIBC, the bank's exchange rate may include a markup. This can reduce the amount of USD you receive.
Fees and costs for CIBC US Smart Account
| Fee type | Cost |
|---|---|
| Monthly account fee | No monthly fee |
| Wire transfer fee (incoming) | No fee |
| Wire transfer fee (outgoing) | 30 USD for domestic transfers; 40 USD for international transfers |
| Currency conversion spread | Not advertised, likely to include an exchange rate markup |
| Inactivity/closing fee | Fee may be charged for accounts closed within 90 days |
How to open a CIBC US Smart Account as a Canadian
Applying is straightforward. Here's what to know.
Eligibility requirements
You must be at least 18 and a US or Canadian resident. You'll need CIBC online or mobile banking credentials, which requires an existing CIBC deposit account.
Documents required
Provide one piece of government-issued photo ID. Common options include:
- Canadian passport
- Canadian permanent resident card
- Canadian driver's licence
Step-by-step process
Apply online:
- Click Apply now (consent to a US credit check)
- Log in and complete the form
- Submit the application
CIBC typically reviews and confirms within five business days. After approval, you can access the account right away.
Hold, send and spend with a Wise multi-currency account
You can use Wise to send and receive payments in multiple currencies – all in just one account.
Whether you’re sending money to family or paying a client, Wise uses the same mid-market rate for all international transactions. This is the standard exchange rate – and you’ll never pay any hidden fees with Wise.
Use Wise as an individual or a business for your international transactions – including invoicing options, batch payments, and easy integration with software like QuickBooks® or Xero®.
Let’s take a look at the pros and cons of using Wise in Canada.
| Pros | Cons |
|---|---|
| No exchange rate markup on foreign transfers | It’s not possible to trade in cryptocurrencies with Wise |
| Send money to over 150 countries and receive money in 9 currencies with local account details | You can’t pay by draft payment, cash, or check in Canadian dollars |
| Hold money in over 40 currencies | |
| Use your Wise card to spend money in over 150 countries |
Get your Wise account in a few clicks
Sources:
- CIBC - US Smart Account
- CIBC - Smart Account
- CIBC - US Smart Account Agreements and Disclosures
- CIBC - US Smart Account: Before you begin
- CIBC - Acceptable identification
- CIBC - US Smart Account: FAQ
- CIBC - US Smart Account: Welcome guide
Sources verified on 30 December 2025
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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