CIBC USD Account Overview

You can benefit from a great interest rate and no need to have a minimum balance. Keep reading to find out more!

CIBC USD Account


The CIBC US Dollar account is among one of the top USD accounts for Canadians. It’s a great choice for saving your US dollars or depositing money that you are paid in USD. If you open the CIBC USD account you will not need to exchange your cash to Canadian dollars, and this is a big benefit if the exchange rates aren’t in your favour.

With CIBC you can benefit from a great interest rate and no need to have a minimum balance. Keep reading to find out everything you need to know about the CIBC USD account and how it can help you.

How to Create a USD Account With CIBC

Signing up for a USD account with CIBC can be done in five minutes online.

Step 1. Fill in your name, making sure it matches the information on your ID document.

Step 2. Enter your birth date, email address and phone number.

Step 3. Fill in your address using the address lookup tool.

Step 4. Enter your Social Insurance Number (SIN).

Step 5. Confirm your taxpayer status, including if you are a tax resident of Canada, the US and/or any other country.

Step 6. Enter work information including your job title.

Step 7. Verify details about your savings account including its purpose and what form you want to receive statements in.

Step 8. Finally, review the legal agreements attached to the account.

Step 9. After clicking submit, you will have your CIBC debit card mailed to you. Opening the account is subject to a credit check, which you will give consent to by submitting the application.

Key features


The CIBC USD account allows you to easily save, deposit, and withdraw your US currency.

Here are some of the key features:

  • No need to maintain a certain balance
  • Easy and quick access to your funds
  • Interest earned on every dollar
  • Smart Balance Alert
  • Monthly Fees & Interest Rate & Minimum Balance


    Monthly fees:

    CIBC charges ZERO monthly fees.

    Interest rate:

    Account holders benefit from a rate of 0.05%.

    Minimum Balance:

    There is no minimum balance for the CIBCUS dollar account, so $0.

    Offers


    The CIBC Bank USA Smart Account is a checking account that gives even more functionality to your CIBC US savings account. You can do banking across the borders of the US and Canada, making it easier to shop, work, or travel.

    Here are some of the key benefits:

  • No monthly fee for the first year.
  • US currency payroll cheques from American companies can be deposited automatically.
  • Set up recurring transfers through CIBC Online Banking between your CIBC US savings account in Canada and your CIBC Bank USA Smart Account in the United States.
  • You can shop at your favorite US stores using your US debit card and avoid paying exchange fees.
  • Ability to write US cheques and pay bills in USD.
  • Currency Exchange Using USD Account

    01
    Create your free account

    Sign up for an account at https://www.remitbee.com/signup by entering your email address and choosing a password. Your Canadian phone number will be required to be verified. Fill in your personal information, such as your name and address.

    02
    Go to the menu

    From the menu, select Exchange Currency. Now enter the details of your currency exchange, depending on your exchange amount further verification may be required.

    03
    Connect your accounts

    Connect your CAD and USD bank accounts

    04
    Confirm your details

    Choose the amount and confirm your exchange rate. The entire transaction takes place between your own two currency accounts via EFT

    05
    You’re almost done!

    Convert your money! You can see all of your transactions in future by going to the Dashboard and clicking on the Transactions tab.