Your guide to banking with Relay as a Canadian business
This guide shows you how to bank with Relay as a Canadian business, while introducing you to Wise as an alternative
Whether through travel or trade, it’s no surprise that Canadian companies often conduct business with their neighbor, the United States. But with the cross-border exchange rates and added fees, things can get complicated, hence the need for CIBC’s US Dollar Current Account.
We’ll be looking at the features and fees of the CIBC USD business account, along with Wise as a trusty business solution for all your international money requirements. This is a way to get an account for holding, receiving, and using your money in US dollars along with 40 other currencies, without the monthly fees. But more on that later!
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Type of account: USD chequing account for businesses
Key features:
The CIBC US Dollar Current Account was created specifically for Canadian businesses to better manage their USD income and expenses, so they can often bypass hefty currency conversions and exchange rates. With US dollars fully accessible at any point in time, CIBC customers can add this account to their existing portfolio.
To open an account, you need a completed Business Account Application and Agreement form, two pieces of valid ID, and records relevant to their specific business type. Whether sole proprietor, corporation, or another structure.
The CIBC USD business account has a handful of pay-per-use fees, including typical transfer fees and transaction fees. There are also additional withdrawal charges and cheque clearing charges.
Service | Fee1 |
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Monthly account fee | 8 USD per month |
Sending an Interac e-transfer | 1.50 USD |
Sending an Interac money request | 1.50 USD |
Self-serviced transaction | 1 USD |
Transaction | 1.25 USD |
Balance inquiry by telephone or mail | 2.75 USD |
Withdrawal at a non-CIBC ATM in Canada | 2 USD per withdrawal + possible surcharges |
Withdrawal at a non-CIBC ATM in the US | 3 USD + 2.5% administration fee + possible surcharges |
Withdrawal outside Canada and the US | 5 USD + 2.5% administration fee + possible surcharges |
Cheques written in currencies different from the account currency | 20 USD |
Cross border cheque clearing | 39 USD per month per account |
Transferring account to another financial institution | 19.50 USD |
If there hasn’t been any customer activity in your business account for 6 months, your account will be considered inactive, and a maintenance fee will apply.
Inactivity period | Fees charged1 |
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2-4 years | $20 or your account balance, whichever is lower |
5-8 years | $30 or your account balance, whichever is lower |
9 years | $40 or your account balance, whichever is lower |
After 10 years of inactivity, your Canadian account balances will be transferred to the Bank of Canada1.
While the CIBC USD business account is a sound choice for dealing with cross-border funds between the US and Canada, Wise changes the game with its multi-currency accounts that can:
You only pay a one-time fee of 42 CAD to access these features and take your business beyond borders – no recurring fees. The Wise account operates on a transparent, pay-as-you-go fee structure, so you’ll know exactly what you’re spending on each transaction. Fees will always be displayed before you confirm. No hidden fees or unpleasant surprises to worry about.
Convenient and efficient, CIBC’s US account offering is ideal for businesses that frequently make transactions and need to manage snowballing fees. In the long run, however, Wise can offer numerous other benefits such as markup-free fees, interbank exchange rates, and fast processing times, all with an account that won’t limit a business to one single currency.
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Sources
1 - Business Account Service Fees - CIBC
2 - CIBC U.S. Dollar Current Account
Sources verified on 4 September 2024
*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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