Studying abroad is a dream for many Indian students, and Canada is one of the most popular destinations for higher education. With a large number of Indian students moving to Canada every year, sending and receiving money internationally becomes essential. That’s where CIBC International Money Transfer comes into play.
The Canadian Imperial Bank of Commerce (CIBC) offers convenient, reliable, and cost-effective money transfer solutions for international students. This blog provides a comprehensive guide to what is CIBC International Money Transfer, how it works, their benefits, fees, exchange rates, and much more.
Table of contents
- What is CIBC International Money Transfer?
- Key Features of CIBC International Money Transfer
- How to Use CIBC International Money Transfer
- CIBC Supported Currencies and Countries
- Charges With CIBC International Money Transfer
- How Long Does a CIBC International Money Transfer Take?
- Information Required for CIBC International Transfers
- CIBC vs. Wise: A Cost Comparison
- Pros and Cons of CIBC International Money Transfer
- Tips for Using CIBC International Money Transfer
- FAQs on CIBC International Money Transfer
What is CIBC International Money Transfer?
CIBC International Money Transfer is a service that allows individuals in Canada to send money abroad from their CIBC account. Among the International money transfer companies, the CIBC service is especially helpful for Indian students studying in Canada or their families looking to send funds from India to Canada.
CIBC offers two main options for international transfers:
- CIBC Global Money Transfer (GMT) – Ideal for everyday transfers, this option allows you to send money to over 130 countries with no transfer fees.
- Traditional International Wire Transfers – Suitable for larger transactions, Traditional international wire transfers method involves higher fees but provides a secure way to move substantial amounts.
Key Features of CIBC International Money Transfer
With support for multiple currencies and destinations, CIBC’s international transfer services are designed to meet a wide range of needs—from sending tuition fees and living expenses to paying overseas vendors.
The benefits of wire transfer with CIBC is that whether you need speed, convenience, or flexibility, CIBC provides reliable solutions for global money transfers. Here are some of the key features of CIBC:
- Available through online banking and the CIBC mobile app
- Transfers are processed securely and quickly
- Funds are usually received within 1–3 business days
- No transfer fee for eligible accounts
How to Use CIBC International Money Transfer
Initiating a CIBC International Money Transfer is straightforward. Here’s how you can get started:
- Online or Mobile Banking: Log in to CIBC Online Banking or the CIBC Mobile Banking App. You’ll need an active CIBC chequing, savings, or credit account.
- Steps:
- Navigate to the “Global Money Transfer” section.
- Enter the recipient’s full name, address, and bank details (e.g., account number, SWIFT/BIC code, or IBAN).
- Specify the amount and currency.
- Review the exchange rate and confirm the transaction.
- Availability: Not a CIBC client? You’ll need to open an account first.
For GMT, transfers are typically completed within 1-3 business days, while wire transfers may take longer depending on the destination.
CIBC Supported Currencies and Countries
CIBC supports international money transfers to more than 120 countries, including India. Funds can be sent in various currencies, ensuring the recipient gets money in their local currency.
| Country | Currency | Code |
| India | Indian Rupee | INR |
| USA | US Dollar | USD |
| UK | British Pound | GBP |
| Canada | Canadian Dollar | CAD |
| Australia | Australian Dollar | AUD |
Charges With CIBC International Money Transfer
Understanding the costs of sending money abroad is crucial. Here’s a breakdown of fees and exchange rates for both CIBC options .
CIBC Global Money Transfer (GMT) Costs
| Aspect | Details |
| Minimum Amount | CAD 100 per transaction |
| Maximum Amount | CAD 15,000 per 24-hour period |
| Outgoing Transfer Fee | No transfer fee + exchange rate spread + possible bank account fees |
| Cancellation | Non-cancelable once funds are deducted from your account |
- Exchange Rates: CIBC applies a markup to the mid-market exchange rate (the real rate you see on Google). This hidden fee typically ranges from 1% to 4%, depending on the currency and market conditions.
- Additional Costs: Recipient banks or intermediary banks may charge fees, which CIBC doesn’t control.
CIBC International Wire Transfer Costs
| Service | Regular Fees (CAD) |
| Receiving Wire | CAD 15 per transfer + exchange rate spread + possible intermediary fees |
| Sending Wire | Up to CAD 10,000: CAD 30 for CAD 10,001–CAD 50,000: CAD 50 for Over CAD 50,000: CAD 80 |
| Return of Wire | CAD 35 + possible intermediary fees |
| Amendment/Recall/Tracking | CAD 35 per action + possible intermediary fees |
- Exchange Rates: Similar to GMT, CIBC adds a markup to the mid-market rate, increasing the total cost.
- Correspondent Fees: Transfers via the SWIFT wire transfer may incur additional charges (typically CAD 10–CAD 100) from intermediary banks.
Note: Fees and exchange rates are subject to change. Always check the latest details on the CIBC website or with a branch representative before transferring.
How Long Does a CIBC International Money Transfer Take?
CIBC Global Money Transfer typically delivered within 1-3 business days, depending on the recipient’s bank and country. Real-time transfers to eligible Visa cards in over 80 countries are available, arriving in 30 minutes (debit) or 24-48 hours (credit).
Information Required for CIBC International Transfers
When sending or receiving money across borders with CIBC International Money Transfer, having the right details is key to a smooth transaction. Below, we outline everything you’ll need to prepare for a hassle-free experience.
For Sending Money
For both GMT and wire transfers, you’ll need:
- Recipient’s full name and address.
- Recipient’s bank name, account number, and SWIFT/BIC code or IBAN (if applicable).
- Purpose of the transfer (for compliance).
Receiving Money into a CIBC Account
Provide the sender with:
- BIC/SWIFT Code: CIBCCATT
- Your CIBC account number and 5-digit transit number.
- Your full name and address.
- CIBC’s address: 81 Bay Street, Toronto, ON M5J 0E7, Canada.
Discuss with the sender who will cover any fees to avoid surprises.
CIBC vs. Wise: A Cost Comparison
How does CIBC International Money Transfer stack up against alternatives like Wise? Let’s compare sending CAD 1,000 to a U.S. account:
| Provider | Fee | Exchange Rate | Total Cost |
| CIBC GMT | CAD 0 | Mid-market + 1-4% markup | CAD 10–CAD 40 (markup) + recipient fees |
| CIBC Wire | CAD 30 | Mid-market + 1-4% markup | CAD 40–CAD 70 + intermediary fees |
| Wise | CAD 5.85 | Mid-market (no markup) | CAD 5.85 |
- CIBC Advantages: No upfront GMT fee, trusted banking brand, in-person support for wires.
- Wise Advantages: Transparent fees, real exchange rates, online convenience for all transfers.
Pros and Cons of CIBC International Money Transfer
Is CIBC International Money Transfer the right choice for your cross-border payment needs? Like any service, it comes with strengths and limitations. Here’s a balanced look at what works—and what might not with CIBC.
Pros of CIBC Transfer
- No transfer fee for GMT, making small transfers affordable.
- Access to over 130 countries with multiple currency options.
- Secure and backed by a reputable Canadian bank.
- Real-time Visa card transfers available in select regions.
Cons of CIBC Transfer
- Exchange rate markups increase overall costs.
- Wire transfers require a branch visit, limiting convenience.
- Maximum GMT limit of CAD 15,000 per day may not suit large transactions.
- Potential intermediary fees can add up.
Tips for Using CIBC International Money Transfer
To make the most out of your CIBC international money transfer experience, consider the following tips:
- Check Exchange Rates: Use CIBC’s Remi chatbot or call 1-866-330-7344 to get the latest rates before sending.
- Compare Alternatives: For larger sums or better rates, explore other money transfer services.
- Plan Ahead: Allow 1-3 days for GMT and up to 5 days for wires to avoid delays.
- Verify Recipient Fees: Confirm with the recipient’s bank to anticipate additional charges.
- Avoid Weekends and Holidays to ensure faster processing.
- Double-Check Beneficiary Details to avoid delays or errors.
- Use Notifications to stay updated about your transaction status.
Set Up Recurring Transfers for monthly rent or fees.
The CIBC International Money Transfer service offers a convenient way to send money globally, whether through the fee-free Global Money Transfer or traditional wire transfers. While it’s a solid choice for CIBC clients, the exchange rate markup and potential intermediary fees can make it pricier than alternatives
FAQs on CIBC International Money Transfer
CIBC International Money Transfer is a service offered by the Canadian Imperial Bank of Commerce (CIBC) that allows customers to send money abroad to over 130 countries. It includes options like the fee-free CIBC Global Money Transfer (GMT) and traditional international wire transfers.
For CIBC Global Money Transfer, log in to CIBC Online Banking or the Mobile Banking App, navigate to the “Global Money Transfer” section, enter the recipient’s details, specify the amount, and confirm. For wire transfers, visit a CIBC branch with the required information.
CIBC Global Money Transfer has no transfer fee but includes an exchange rate markup (1-4%). Wire transfers cost CAD 30–CAD 80 depending on the amount, plus additional markup and possible intermediary fees.
CIBC Global Money Transfers typically take 1-3 business days, while real-time Visa card transfers can arrive in 30 minutes (debit) or 24-48 hours (credit). Wire transfers may take 1-5 days.
CIBC supports transfers to over 130 countries, including India (INR), the USA (USD), the UK (GBP), Canada (CAD), and Australia (AUD), with funds sent in local currencies.
The information you need for a CIBC International Money Transfer are:
For sending, provide the recipient’s name, address, bank details (e.g., SWIFT/BIC code, IBAN), and transfer purpose.
For receiving, share CIBC’s SWIFT code (CIBCCATT), your account details, and CIBC’s Toronto address.
CIBC Global Money Transfers cannot be canceled once funds are deducted. Wire transfers may allow amendments or recalls for a CAD 35 fee, plus intermediary costs, if initiated early.
Yes, CIBC offers international money transfers through two services: the CIBC International Money Transfer, which includes the fee-free CIBC Global Money Transfer (GMT) for everyday transfers to over 130 countries, and traditional international wire transfers for larger amounts.
Yes, you can transfer money from CIBC to India using the CIBC International Money Transfer service. CIBC supports transfers to India in Indian Rupees (INR) through both the Global Money Transfer (GMT) and wire transfer options, making it convenient for students or families sending funds to or from Canada.
CIBC does not charge a transfer fee for CIBC International Money Transfer via Global Money Transfer (GMT), but it applies an exchange rate markup (1-4%) and possible bank account fees may apply. For international wire transfers, fees range from CAD 30–80 based on the amount, plus markup and potential intermediary fees (CAD 10–100).
To learn more about bank accounts for students, the best education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
