CIBC International Money Transfer: Fees, Rates and Transfer Time
These days, being able to transfer money from one part of the world to another is an integral component to almost any business. While you may have thought you were getting a good exchange rate with your bank, you might be surprised to find out that major banks like CIBC actually set their own exchange rate, based not only on competitiveness with other banks, but also on the amount of profit they stand to gain.
The concept of an international money transfer is simple enough to grasp. Not only are banks like CIBC hiking up their own exchange rates for foreign currencies, but their charging you exorbitant fees for transferring funds across borders. If this sounds like a system you’d rather not be a part of, then you’re in luck! Knightsbridge is a premiere service that specializes in getting you the very lowest exchange rate on foreign currency. Like CIBC, Knightsbridge is regulated, but unlike CIBC there are no transfer fees, and we guarantee you the very best exchange rate, every time.
Here’s an example of how CIBC operates in comparison to a service like Knightsbridge.
This is an example of a transfer of $1000 CAD into a US account.
||2-3% Exchange Rate Markup + Outgoing Wire Transfer Fee + Additional Fees from Third Party Banks
|Knightsbridge Foreign Exchange
||0.5% Exchange Rate Markup + No Additional Fees
(CIBC Statement of Fees, Knightsbridge)
When you look at the figures above, it’s plain to see that CIBC is charging clients like you way more than you need to be paying.
If these costs aren’t changing your mind yet, you should know that banks like CIBC often have to go through third-party banks in order to facilitate the transfer. Even if they don’t, the recipient bank will also be taking a fee off of the amount transferred.
When you look at the complete picture, the costs of making an international money transfer with CIBC begins to add up quickly.
It’s important to research all the options before putting your money down on anything. The exchange rates offered at Knightsbridge are lower than the banks by as much as 2-3%, which could translate to hundreds or even thousands of dollars saved. So call Knightsbridge at 1-877-355-5239 and lock in your transfer at the lowest exchange rate possible.
What are the Fees for an International Wire Transfer with CIBC?
|CIBC International Transfers
|Incoming International Transfer
||C$15 per transfer
|Outgoing International Transfer
||C$30 up to C$10,000
C$50 for C$10,000-C$50,000
C$80 for payments more than C$50,000
|Additional Fees May Apply
||See Additional Fees Section Below
(CIBC Statement of Fees)
Exchange Rates with CIBC
Banks have the authority to set an exchange rate at almost any percentage they please. As long as they are competitive with the other banks they’re free to try and make as much profit as possible on every exchange. Larger banks have larger operating costs, and pass the costs onto consumers in the form of higher rates for currency exchange.
That also means that you, the client making the transfer, will end up receiving less money than you could have had, because of the poorer exchange rate.
What this means is that you end up paying much more than you have to for every foreign exchange you make.
If you’re getting CIBC to do the currency conversion it would definitely be in your best interest to ask the right questions and get the information you need. Like all major banks CIBC publishes its rate daily. However, while they do employ the use of online tools, even those rates are prone to change without notice. In order to learn what the most current and accurate rates are you’ll need to contact CIBC in person and speak to a representative.
(CIBC Foreign Exchange Calculator Current to Normal Trading Hours)
Not only does CIBC charge a higher exchange rate, but your transfer may also be subject to additional costs such as:
|International Funds Transfer with CIBC
|Additional Third Party Bank Fees
||The vast majority of major financial institutions use third party networks to facilitate international transfers, sometimes involving as many as 3 intermediary banks. Each one of those banks take their fee out of the amount your sending via transfer. To find out more about these fees, contact a CIBC representative and get the information first hand.
|Cancellation Fees on International Transfers
||C$35 per payment cancellation, recall, or trace.
|Amendment of an International Payment
||C$35 per amendment
(CIBC Statement of Fees)
An Inexpensive and Trusted Alternative: Knightsbridge Foreign Exchange
Knightsbridge is simply the best way to exchange currency and transfer funds across borders. Knightsbridge has been interviewed by over 70 different media outlets, including 20 video interviews with broadcasters like CTV News and CBC because we’ve made it our mission to inform Canadians that you don’t have to overpay for your currency exchange and money transfers. Transfers are free due to integration with local banks.
All of the funds transferred are held in segregated client trust accounts that are kept completely separate from corporate operating accounts. Regulation is done by FINTRAC (an agency of the Government of Canada) and we have set aside $1,000,000 for consumer protection.
Knightsbridge stays on top of the day-to-day currency exchange rates and trends so that we can always find you the very best rate for your money. Transferring money across borders doesn’t have to cost an arm and a leg, and at Knightsbridge it hardly costs you anything.
Making an International Bank Transfer with CIBC
CIBC offers only two ways to transfer money internationally: Online through a limited service called “Global Money Transfer” and in person at a branch.
CIBC doesn’t offer or allow international money transfers by phone.
CIBC’s “Global Money Transfer” option is their only online international transfer service, and a severely limited service at that. If the country you wish to send money to doesn’t affiliate with CIBC’s GMT service, then they would suggest using their wire transfer service, replete with their high, and often hidden, fees.
To use the service go to the CIBC site select “Global Money Transfer”
- Enter your recipients name, address, bank account number, and bank code
- Choose the amount you want to transfer
- Select “Submit”
Sending an international money transfer via teller or CIBC representative is certainly a method with which a lot of people are comfortable. However, the disadvantages with having to perform a transfer in person is always filled with time-consuming delays. You must take time out of your day to travel to the bank, then you must wait for it line, or wait on the representative. When you exchange currency or send a transfer with Knightsbridge, it only takes minutes, and you can do it from the comfort of your own home.
(CIBC Global Money Transfer)
Timeline for Making an International Bank Transfer with CIBC
Not only will each of the third party banks take a fee out of the amount being transferred, the various individual processing times on each bank varies to such a degree that it could take as long as 3 business days for the funds to reach the recipient. With Knightsbridge, as long as you book the transfer before the end of day bank cut-off.
Have Questions About Your Transfer with CIBC?
CIBC’s customer support is staffed by friendly and knowledgeable folk. If you have more questions about the extra fees they’re charging you for your international money transfer, visit their website or give them a call.
We all know that money is a finite resource. The truth of the matter is that every cent counts. Why waste money with a major bank for your foreign exchange and international money transfer needs, when you could have a better, less expensive service with Knightsbridge?