CIBC Money Transfer Review

Exchange rates, Payment methods, How to, Transfer fees and much more

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CIBC Review
If you want to send money abroad from Canada, you may want to consider CIBC’s international money transfer service. Customers use it to send money to loved ones, pay tuition fees abroad and for much more. Before deciding on a bank or other service to send international money transfers, you need to have all the facts. For example, did you know CIBC has two types of international transfers? This guide will tell you everything you need to know about sending money with CIBC Global Money Transfer and its wire transfer service.
How To Fund Your International Money Transfer With CIBC

You must have a CIBC chequing account in order to send money abroad with CIBC. If you do there are three main options for sending. Use their online banking or the CIBC app and send a Global Money Transfer, or go into a CIBC branch and send a wire transfer.

If you choose to go into a branch you will still need the same information as you do for online money transfer or through the app.

In most cases the money can be with your recipient in as little as 24 hours. While the Global Money Transfer service has no fees, confirm with your recipient that they won’t have to pay to receive the money in their local bank.

In some cases, when you refer a friend to Global Money Transfer, CIBC offers both you and your friend a credit toward making your first transfer.

How Much I Can Transfer With CIBC?
The minimum amount you can send with CIBC Global Money Transfer is $100. There is a maximum of $15,000 for one transaction. This is a daily limit, so if you need to send more it’s best to plan in advance.
CIBC Transfer Fees

There is no fee to send money to over 90 countries if you use the Global Money Transfer option. CIBC does note however, that the recipient’s bank and intermediary banks may take fees.

For international wire transfers outside of the service there are higher fees. These start at $30 for transfers in the amount of $10,000 or less. For transfers over $10,000 to $50,000 the fee is $50.

Do note that if you pay for the transfer in other currencies than Canadian dollars there is an extra fee of $15.

Pros And Cons Of Using CIBC Money Transfers

Pros

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    Convenient transfers through online banking

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    No transfer fee for Global Money Transfer service

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    App and online banking is available 24 hours a day

    • Cons

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    Exchange rate is not clear up front

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    Have to have a bank account with CIBC to use service

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    Can take up to three business days for recipient to get funds

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    Recipient must have a bank account

    • How Does CIBC Global Money Transfer Work?
    • Start by logging into online banking. Or open the mobile banking app on your phone.
    • Navigate to the Global Money Transfer option on the menu.
    • Enter recipient information. You will need their bank name, account number and SWIFT or IBAN code.
    • Enter the amount of the transfer.
    • Confirm and click submit. The transfer is now on its way.

    In order to request a wire transfer using the traditional method, you'll need to visit your local branch. The information needed about the recipient is the same. That is, their full name and address, including city, account number, and the full name and address of their bank.

    Other Money Transfer Providers

    CIBC Exchange Rates

    Unlike most banks, CIBC does not publicly post its exchange rates. This makes it difficult to compare what the real cost of a money transfer may be. Usually though, the bank makes a 2 to 5 percent margin on the real exchange rate.

    What does this mean?

    If you’ve researched an exchange rate for your favorite currencies before, you’ve probably seen the mid-market exchange rate. This is a favourable rate used between banks. However, this rate is rarely offered to you, the customer. In order to make money, banks offer you a rate that is less favourable than the real exchange rate.

    If you really need to know the exchange rate before sending, it’s possible to contact CIBC beforehand. Bear in mind though that rates do change from day to day. By using their Remi BetaBot on Facebook you can ask for the exchange rate of the day.

    How Does CIBC Make Money On Its International Transfers?
    CIBC does what many banks do: add a margin on the exchange rate in order to make a profit. Banks use one exchange rate, the mid-market rate, when doing large transactions between themselves. When CIBC offers you a rate, however, it is marked up by a percentage.
    Platforms Where CIBC Is Available
    Both online banking and telephone banking are available with CIBC. The bank also has apps for both Android and Iphone. These are rated 3.9 out of 5 stars on both the Google Play store and the App Store.
    Is Sending An International Transfer With CIBC Secure?

    CIBC has several security measures in place to make sure your experience is a good one. To access the site, you must have a browser that uses 128-bit encryption. This ensures your connection is secure.

    CIBC is also a part of the Canadian government’s Verified.Me program that provides a digital identity for more secure transactions. The bank has a guarantee that if you lose anything due to fraud, you’ll get your money back.

    CIBC Allows You To Transfer Money To The Following Countries

    There are over 90 countries available. In order to check you can go to CIBC’s Swift code page at Swiftcode CIBC Select the country to see if your recipient’s bank is listed.

    Some of the popular currencies available are:

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    How To Contact CIBC?

    CIBC services can be reached through the following methods:

    By telephone:

    1-866-525-8622 24 hours a day, 7 days a week

    Virtual assistant:

    For automated answers to the most common questions, ask the virtual assistant.

    By mail:

    CIBC Client Care, PO Box 15,Station A, Toronto, ON, M5W 1A2

    In person:

    You can book an in-person meeting on their website once you are logged into online banking.

    Alternatives To CIBC Money Transfer

    Other banks

    For many senders, banks may be the first choice for international money transfers. They are seen as a safe and secure option since they are so well-known. However, they are not known for sending money cheaply or quickly. Some Canadian banks like Scotiabank have introduced new money transfer options that make it easier to send with lower fees. But overall banks shouldn’t always be the first option and it’s best to explore your choices.
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    Online banks

    Online-only banks such as Tangerine and EQ Bank are a great alternative to CIBC money transfers. Opening an account with one of these providers can actually replace your primary bank. They also have international money transfers among their products. You will need to be comfortable with technology, as the process is entirely online.
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    Traditional money transfer providers

    If you’ve ever heard of MoneyGram, Ria or Western Union you are familiar with traditional money transfer companies. Often found in convenient locations, these services offer the advantage of cash pickup, often within minutes. Your recipient won’t need a bank account and the money will be with them in less than a day. However, the fees are usually high and the exchange rates are not competitive.
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    Online transfer companies such as Remitbee

    A number of online companies such as Remitbee specialise in sending money overseas. The advantage of these companies is that they have less costs than banks or traditional money transfer providers. They don’t maintain brick and mortar branches like CIBC does. This means they can pass the savings on to you, the customer.

    With Remitbee you can find out the exchange rate and fee for a transfer before you send. Because of the clarity and ease of use, online transfer companies may be one of the best options for sending money internationally.
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    CIBC Frequently Asked Questions
    The minimum is $100. Generally the maximum for one transaction is $15,000. This is also the 24 hour maximum. To send more you’ll have to wait a day. If your recipients are in China or Vietnam there is a limit on how much they can receive.
    You will need to have a CIBC chequing account in order to use the bank’s Global Money Transfer Service.
    There are no fees for CIBC Global Money Transfers. However, be cautious of intermediary bank fees and the exchange rate used on the transfer. Transfers with CIBC also count toward your allowable transaction limit.
    In some cases in as little as one business day. Contact your recipient to have them check their bank account.
    History Of CIBC
    In 1961, two of Canada’s leading banks merged to form CIBC, the Canadian Imperial Bank of Commerce. Known as the Imperial Bank of Canada and Canadian Bank of Commerce before, both banks were established in the 1800s. The company expanded not only across Canada, but the world. In the 1920s there were opportunities across the Caribbean and Latin America to expand, and CIBC seized them. It now has branches all over the Americas. With over 150 years of experience in taking care of your money, you can rest assured that CIBC isn’t going anywhere.
    Other Services CIBC Offers
    • Foreign cash
    • Credit cards
    • Mortgages
    • Personal loans
    • Investment products
    How To Open An Account With BMO

    CIBC makes signing up for an account quite straightforward. It even offers programs and accounts specifically for immigrants. Which one might be applicable for you?\n Well, for new immigrants there’s the Welcome to Canada Banking Package. This is specifically for those who have gotten permanent resident status in the past 5 years. You can also apply if you’re a temporary resident in Canada on a valid work permit. There’s a standard signup process including providing a Canadian address and Social Insurance Number. The type of account for newcomers is called the CIBC Smart for Newcomers account. The benefits include:

    • Unlimited Interac e-transfers
    • Unlimited debit transactions
    • A free safety deposit box for a year
    • No monthly fees for the first year

    For students, there’s the International Student banking package. Some highlights: -n- A $60 signup bonus - No monthly fee - Free membership to SPC discount program - Student credit cards to build your credit history - Unlimited transactions and free Interac e-transfers

    These benefits last all the way until your graduation date and six more months beyond that. You must have reached the age of majority in your province to be eligible.

    What are some of the reasons to choose CIBC over other Candian banks?

    • Huge ATM network
    • It's very likely there's a branch near you. CIBC has over 1,100 locations around the country
    • It’s one of the best known and most trusted banks in Canada
    So What Is CIBC In A Nutshell?
    CIBC Global Money Transfer can be a convenient way to send money online if you have a CIBC bank account. The bank has a long history and is secure enough that you can trust your transfer will be in good hands. However, it’s best to consider if it’s the cheapest or fastest option for your particular circumstances. If you choose to send via the bank’s wire transfer method, it will also involve a trip to your local branch. For more reviews on money transfers, read the Remitbee Blog.