CIBC International Money Transfer

CIBC (Canadian Imperial Bank of Commerce) is the merger of two banks in Canadian history it is established in 1867, and CIBC is well known for its services, and provides different types of services like Personal and Business Banking, Commercial Banking, and Wealth Management, and Capital Markets businesses, the main objective of CIBC is to help their client, employee, shareholder achieve what they want. CIBC offers international money transfer services to its customers. With the help of CIBC International Money Transfer, customers can send money to over 120 countries in various currencies.

Bank Name	CIBC
Full Name	Canadian Imperial Bank of Commerce
Headquarters	Toronto, Canada
Services	Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses

How to Use CIBC International Money Transfer

There are several ways to initiate an international money transfer with CIBC. 

• Customers can use online, mobile, or visit a CIBC branch in person. 
• To use online banking or mobile banking, customers need to have an active CIBC account and enroll in the service. 
• They also need to provide the recipient’s name, address, and bank account information.

Does CIBC charge for international transfers?

Transfer money to over 120 countries including India, the Philippines, China, and the United States. Go to CIBC Online Banking or use the CIBC Mobile Banking App. Sign on. Not a CIBC client

• Send money globally with a Rs 0  transfer fee.

CIBC international wire transfer total costs table

CIBC offers competitive exchange rates and charges a transaction fee for each international money transfer. The fees vary depending on the destination country and the money being transferred. Customers can check the fees and exchange rates on the CIBC website or by contacting their local branch.

CIBC International Wire	Regular Fees
Wire transfer Receiving	INR 1233per transfer + possible exchange rate spread + correspondent bank rate fees may apply
Wire transfer Sending	Up to 8,22,215: 2,466 per payment 8,22,215 – 41,10,450 : 2,466 per paymentGrater than 41,10,450 : 6,576 per payment
Return of wire payment	INR 2,877 per payment + possible intermediary bank fees
Amendment of a wire payment	INR 2,877 per payment + possible intermediary bank fees
Recall for a wire payment	INR 2,877 per payment + possible intermediary bank fees
Tracking a wire payment	INR 2,877 per payment + possible intermediary bank fees

Total costs and limits table of CIBC Global Money Transfer 

CIBC Global Money Transfer (GMT)	Regular Fee
Minimum Amount (GMT)	6064.51 INR per transaction
Maximum Amount (GMT)	8,22,107 per 24-hour period
Outgoing Money Transfer (GMT)	No fees + exchange rate spread + bank account transaction fees may apply + recipient bank fees may apply
Cancellation (GMT)	You cannot stop a GMT after you ask us to send it and the money or fees have been taken out of your account.

CIBC international wire transfer Comparision 

You can transfer money online with wise with debiting your CIBC account directly without going to the branch 

Provider	Fee	Exchange rate	Total cost
CIBC (Canada)	2,466	Exchange rate + possible markup	2,466 + possible markup + likely fees from correspondence and recipient bank
Wise	1,447.16	The real exchange rate – like the one you find on Google	1,447.16

Information Require to make International Payment 

you’ll need to give the sender to receive an international money transfer to CIBC

• BIC/SWIFT code for CIBC
• Your customer number
• Your user name
• Your transit number, 5 digits (including zeros)
• Your address at home
• A bank’s address
• You may need to come to an agreement with the sender over who will pay the transfer fees.

How long does an international bank transfer with CIBC take?

The normal delivery time for a global money transfer from CIBC is 

• 1-3 business days. 
• Their international wires might take longer, but it’s feasible.

FAQs