CIBC International Money Transfer

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 SendingUp 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)2,466Exchange rate + possible markup 2,466 + possible markup + likely fees from correspondence and recipient bank  
Wise 1,447.16The 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

Q1. What is CIBC stand for?

Ans. CIBC stand for Canadian Imperial Bank of Commerce (Canada).

Q2. Why is CIBC better than other banks?

Ans. CIBC is well known for its services, that’s why  CIBC is better than other banks as it provides a variety of personal accounts and credit cards. Wealth management and financial planning services. Financial solutions for seniors, youth, foreign workers, and newcomers. Award-winning online banking and mobile app.

Q3. What are the benefits of CIBC Bank?

Ans. There are lots of benefits given by CIBC such as 
CIBC Smart Account 
You will get up to $400† when you open your first chequing account. 
A premium CIBC credit card with annual fee rebates 8,9
Unlimited transactions, including Interac e-Transfer  service1
Unlimited ATM cash withdrawals in Canada, the U.S., and internationally.

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