A guide to multi-currency accounts in CIBC

Whether you frequently travel abroad, receive funds in foreign currencies or send money to family in other countries, foreign currency accounts are vital for many Canadians.

CIBC offers a couple of USD account options which might meet this need. However, CIBC doesn't offer accounts which allow you to hold a balance in currencies other than CAD and USD. In this article, we'll outline the options provided by CIBC, as well as introducing you to Wise as an alternative provider for international transactions.

Foreign currency accounts available at CIBC

As well as Canadian dollar accounts, CIBC offers USD accounts, and the option to convert your money into many other major currencies through their Global Transfer Service.

Major currencies supported

CIBC offers accounts which allow you to hold USD and CAD. Whilst you cannot hold a balance in other currencies, through their Global Transfer Service, you can send your money abroad to over 130 countries across the world.¹

You can also order foreign cash to your home. This allows you to stock up on up to 65 currencies before you travel,² to make sure you have enough for your vacation. CIBC offers free and secure delivery, and you can view the exchange rate before you commit to your order.

However, CIBC sets its own exchange rate, which may be less favourable than with other providers - more on that later. It also charges a 2.5% conversion fee on card transactions, which can add up rapidly if you plan on spending abroad regularly.

How currency availability affects your transactions

As CIBC only offers foreign currency accounts for USD, you'll need to look for alternative providers if you want to hold a balance in any other currency.

If you receive money from another currency into your CIBC Canadian dollar account, you'll be charged to convert and hold it in CAD. CIBC sets its own exchange rate - which may include a markup. If you want to spend your funds in its original currency, you'll be charged a second time to convert it back. This means you'll likely pay significantly more than necessary for currency conversions.

CIBC foreign currency account — fees and minimum balances

CIBC offers two USD accounts - a savings account and a chequing account. The CIBC US$ Personal Account is designed for savers with funds in USD. It has no monthly account fee, but you'll pay 0.75 USD per transaction. If your balance is under 3,000 USD, you will earn 0.05% interest, with increasing rates up to 0.3% as your balance increases³.

The CIBC Bank USA Smart Account is a USD chequing account designed for those who frequently travel to the USA. It offers unlimited transactions at no monthly fee, and you can instantly transfer your funds between this and your Canadian accounts.⁴

CIBC does not offer accounts in currencies other than CAD or USD.

CIBC foreign currency accounts — key fees and requirements

If you only expect to use your CIBC foreign currency account infrequently, consider the potential dormancy fees you may pay. CIBC considers their USD accounts dormant if there has been no activity for a continuous period of 2 years.⁶ After this, they may charge dormancy fees. This fee starts at 20 USD per year for the US$ Personal Account, and increases to 30 and then 40 USD if the account remains inactive.⁷

What you can and cannot do with a CIBC foreign currency account

Make sure you know the features and limitations of a CIBC foreign currency account, and understand how it might affect the way you're able to bank.

Allowed transactions

A CIBC foreign currency account allows you to hold money in USD. Both the CIBC US$ Personal Account and the Bank USA Smart Account allow you to make transactions such as transfers, debit card payments, and cash withdrawals. As the US$ Personal Account is designed for savers, CIBC charges 0.75 USD per transaction - an extra fee which can stack up rapidly if making regular transactions.

CIBC offers both domestic and international wires. International wire transfers start at 30 CAD, and fees can be up to 80 CAD, depending on how much you're sending. You can also transfer money between currencies, through CIBC's Global Money Transfer service, to providers in over 130 countries.

You can fund your USD account through transfers from your CIBC Canada account. This will be available instantly to your CIBC USA Smart account. You can also withdraw cash from an ATM using this account for free in the USA, though if you use a non-CIBC ATM the operator may charge you for this.

Limitations to know

When spending abroad, you won't be able to access Interac payments, as this is a domestic Canadian system. It is therefore only available in CAD, and can only be used in Canada.

When converting your funds between CAD and foreign currencies - whether to move it to a USD account elsewhere, CIBC uses its own exchange rate. This is likely to be less favourable than the mid-market rate, and include a type of hidden fee called an exchange rate markup. As a result, you may receive less foreign currency than expected when you make your transaction.

This is compounded by a 2.5% administrative fee⁷ for using your card in currencies other than that of the account, adding to the costs of most foreign travel.

These fees can rapidly add up. Wise can help, using the mid-market exchange rate, and a small, upfront fee so that you always know what your currency conversion costs.

CIBC foreign currency account vs Wise Business and Personal accounts

Instead of a bank like CIBC, many Canadians might prefer to use a specialist provider like Wise. Wise's multi-currency account allows you to hold funds in over 40 currencies. When converting your funds, Wise uses the mid-market rate, avoiding hidden fees through exchange rate markups. Instead, they charge a small, upfront fee, so you always know exactly what your conversion costs.

CIBC vs Wise — foreign currency features

How to open a CIBC foreign currency account

Here's everything you need to know before opening a CIBC foreign currency account.

In-branch vs online options

You can apply for both a CIBC Bank USA Smart Account and a US$ Personal Account online. To apply for the Bank USA Smart Account, you'll need to consent to a US credit check. Then, log in with your Canadian credentials, and fill in a form before submitting your application.

If you have questions, you can contact CIBC's customer support team via telephone, or use their online tool to find banking centres near you. CIBC has centres in both Canada and the US.

Documents and eligibility

To open one of these accounts, you'll need to meet certain eligibility criteria. To open a US$ Personal Account, you must be a Canadian resident, and the age of the majority in your province or territory.

To open a Bank USA Smart Account, you can be either a Canadian or US resident, and must be at least 18 years old. You'll also need access to your personal bank account via CIBC Mobile or Online Banking, with your account credentials. Finally, you must have your passport or US drivers license number.

To open either account, you'll also need to prove your identity. CIBC has a list of acceptable documents, which include:⁸

• A Canadian passport
• A Canadian Permanent Resident card
• A Nexus card

FAQs about the CIBC foreign currency account

1. Is a CIBC USD account free?

CIBC USD accounts do not have monthly fees. However, there are other costs, such as exchange rate markups, which you should consider when opening an account.

1. What is the fee for CIBC FX?

CIBC may add a markup to the exchange rate they use compared to the mid-market rate.

Wise as an alternative for holding and sending foreign currency

Instead of using a CIBC foreign currency account, which is limited and is likely to result in hidden fees through exchange rate markups, consider Wise. As a specialist provider, Wise often provides lower cost currency conversions than other providers.

If you're not sure if Wise will provide the best value for money, use its online exchange calculator. This shows you the exact rate, fee and amount of money that will reach its destination for your specific transfer. You can compare this to the exchange rates and fees offered by different providers to make sure you're choosing the cheapest one.

Unlike CIBC, which only offers balances in CAD and USD, with a Wise account you can hold your funds in over 40 currencies. This prevents unnecessary conversion costs, as you can receive payments in foreign currencies and hold them without needing to convert to CAD if you don't want to.

Conclusion

A CIBC foreign currency account might work for you if you only want to hold your currency in USD. If this is the case, make sure to consider how you'll be using your account, as even though there are no monthly fees, costs for extra services can stack up rapidly.

If you want an account which allows you to hold money in other currencies, consider Wise. A Wise account is free to open, and allows you to have balances in over 40 currencies. It uses the mid-market rate to reduce conversion costs, and its upfront pricing means you'll never be caught out by unexpected costs.

Sources verified on 12 January 2026