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CIBC Global Money Transfer Guide
KnightsbridgeFX

Looking to send international money transfers from Canada using CIBC? You might be missing out on significant savings.

Use our currency savings calculator to determine how much more you could get by switching to KnightsbridgeFX.

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What is CIBC Global Money Transfer?

The CIBC Global Money Transfer service allows Canadian Imperial Bank of Commerce (CIBC) customers to send money internationally, free of CIBC service fees, through

  • A Chequing Account
  • A Savings Account
  • A Personal Line of Credit

It’s available through:

  • CIBC Online Banking
  • CIBC Mobile App
  • In-branch transactions at a CIBC banking centre

CIBC supports international money transfers to over 130 countries, including the Philippines, Pakistan, Mexico, India, Australia, Brazil, and more. Delivery is typically completed within one business day.

However, when you take a closer look at the exchange rates, the story changes.

CIBC’s “free” transfers may come with hidden costs built into their currency exchange rates. And for larger transactions (think $1,000+), that can mean you’re losing hundreds of Canadian dollars on every transfer.

CIBC Global Money Transfer vs. Wire Transfers

Feature CIBC GMT CIBC Wire Transfer
Availability Online, Mobile, In-branch In-branch only
Transfer limit Up to $75,000 (depending on transfer method) Unlimited (in theory)
Upfront transfer fees $0 (but FX margin applies) $30–$80, depending on the amount
Best for Personal, smaller payments Large payments, business transfers
Exchange rate markup Yes Yes

Unlike wire transfers, GMTs are easier to initiate online—but you’re still subject to uncompetitive CIBC exchange rates, which can cost you more in the long run.

How Much Does It Cost to Send Money with CIBC?

Although CIBC promotes “no fee” Global Money Transfers, the real cost is in the exchange rate markup. For example:

  • Amount Sent
    CIBC (0.7380)
    KBFX (0.7550)
    Savings
  • $1,000 CAD
    $738 USD
    $755 USD
    $17 USD
  • $5,000 CAD
    $3,690 USD
    $3,775 USD
    $85 USD

If you send $1,000 CAD abroad, your recipient would receive approximately $738 in their local currency with CIBC, or $755 with KnightsbridgeFX — a significant difference, especially for larger transfers.

CIBC’s exchange rate is padded, which means your recipient bank account receives less—even with “no fees.”

Additional CIBC transfer limits:

  • Minimum amount: $100 CAD
  • Maximum amount by account: Up to $75,000 (depends on method)
  • Credit card limit: $15,000
  • In wire transfers: $30–$80 in fees, plus FX markup

How to Send a CIBC Global Money Transfer

You can make a GMT in five quick steps:

  1. Log in to CIBC Online Banking or the CIBC Mobile Banking app.
  2. Select “Global Money Transfer.”
  3. Enter your recipient’s information (name, bank account, country).
  4. Choose the transfer amount.
  5. Review and confirm the transaction.

Funds typically arrive within one business day. Some transfers may take longer depending on the destination country.

Information You Need for an International Transfer

To complete a GMT or wire transfer with CIBC, you’ll need:

  • Transfer amount and currency
  • Your recipient’s information (full name and address)
  • Bank name, account number, and branch details
  • Swift code, BIC, IBAN (depending on country)
  • The purpose of the transaction (e.g., sending money to loved ones abroad)

Benefits of Using CIBC for Money Transfers

To complete a GMT or wire transfer with CIBC, you’ll need:

  • No direct service fees from CIBC.
  • Simple to use via online or mobile banking.
  • Fast transfers (typically within 24 hours).
  • Backed by a major Canadian financial institution.

Drawbacks of CIBC Global Money Transfer

While convenient, the CIBC Global Money Transfer service has several limitations:

  • Limited to only 45 countries—some regions like Egypt, Ghana, and UAE are excluded.
  • Requires a CIBC bank account to use the service.
  • You’re locked into CIBC’s exchange rates, which are often less competitive.
  • You cannot use third-party FX providers (like KnightsbridgeFX) to get a better rate for the same transfer.

CIBC vs KnightsbridgeFX: What You Could Save

  • Provider
    Amount Sent
    Exchange Rate
    You Receive
    You Save
  • CIBC
    $1,000 CAD
    0.7380
    $738 USD
    –
  • KBFXKnightsbridgeFX
    $1,000 CAD
    0.7550
    $755 USD
    $17 more

The larger the amount, the more you save with KnightsbridgeFX.

KnightsbridgeFX offers transparent rates, low margins, and personal support for large international money transfers—ideal for individuals, families, and businesses looking to send funds to loved ones abroad.

Why Choose KnightsbridgeFX Over CIBC?

  • Save up to 2% on every transfer
  • No hidden fees or exchange rate markups
  • Exchange larger sums securely with peace of mind
  • Support from real humans—no call centres
  • FINTRAC-registered & fully regulated in Canada

Ready to Leave CIBC Behind?

Don’t settle for inflated exchange rates. Get more value on every transfer with KnightsbridgeFX.

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