International Wire Transfer CIBC
Internationally transferring money is a fairly common occurrence, and there are a plethora of platforms out there from which to do so. Deciding which one is best can be a very strenuous and time-consuming process, as you sort between banks and other financial institutions. Even within just each bank, the options are different, and perhaps you want to stick with a bank you know.
If CIBC is that bank for you, then you’ll have two primary options available to transfer your money overseas; Global Money Transfers and international wire transfers. Global Money Transfers, or GMT, are their primary resource used for specific countries and fund limits, anything beyond that scope would require the international wire transfer.
GMTs may be useful if your needs fit their criteria, but if you want an alternative way that assures you not only an easy and cheap transfer process but the best currency exchange rates in Canada, you can count on us at Knightsbridge Foreign Exchange!
The cost and exchange rates of transferring international via CIBC
Between the two different options of Global Money Transfers and international wire transfers, by far the cheaper option is the GMT. The important thing to note, however, is that there isn’t one set fee that covers it all.
According to CIBC, Global Money Transfers come with no transfer fee if your transfer fits within the guidelines of the GMT. The two main things to consider are the amount you’re sending, and where you’re sending it to. With Global Money Transfers, the minimum amount you can send is $100 and the maximum amount for most countries (in a 24-hour period), is $15,000 Canadian. However, of the 64 available countries, a few of them have different rules.
For example, if you’re sending money to China, you can send a maximum of $6,000 Canadian in a single transaction, and a maximum of $15,000 in a single 24-hour period. If you’re sending money to the United States, India, United Arab Emirates or Australia, then you can send a maximum of $30,000 Canadian in a single transaction/24-hour period. If your destination is Vietnam or Indonesia, then a single transaction allows up to $5,000 Canadian and a maximum of $15,000 Canadian in a 24-hour period.
While there are no official transfer fees from CIBC, the important thing to note is that though fees may be found, unofficially, in your exchange rates. The exchange rate they provide is not the base rate you’d find on Google or the news, but one that set themselves with a markup added to the base global rates. These markups are normally very large and allow them to add hidden transfer fees in them while gaining the benefits of advertising a $0 fee.
If you choose to do your transfer with us at Knightsbridge Foreign Exchange, you’ll enjoy the benefits of no hidden fees, a dedicated account executive, foreign exchange rate alerts, same day payments and great exchange rates; in fact, the best currency exchange rates in Canada. You can typically expect to save anywhere from 1-2% per exchange with KBFX as compared to banks like CIBC. While that may not sound like a lot, if you’re transferring the maximum GMT amount of $15,000, or $30,000 for the applicable countries, then that’s a savings of up to $300 or $600 respectively. The more you need to exchange, the more you save by doing your international money transfer with Knightsbridge Foreign Exchange.
CIBC debit card exchange rates
If you’re in the U.S or a foreign country and use your CIBC debit card, you’re subject to the exchange rate that they offer, not the base exchange rate you might know or expect. CIBC adds a 2.5% “administration fee” on top of the base exchange rate that they pay themselves. The more you spend, the more you’re losing out. But, by knowing that the additional 2.5% will be included, you can better calculate how much you’d be spending.
However, you do have a cheaper alternative with Knightsbridge Foreign Exchange. Whether you need to make a singular purchase, multiple payments, need money for a vacation or any other purpose, we can help you out. We have quick turnaround times with no hidden fees, the best exchange rates in Canada and often same day transactions. We can even provide a dedicated account executive if you regularly need to make international transfers and foreign exchange rate alerts to let you know when the best time is to make your exchanges. At Knightsbridge Foreign Exchange, we make it easy to get the foreign currency you need at the best exchange rates.
How GMTs work
Global Money Transfers (GMTs) are the primary method by which CIBC allows one to transfer money internationally. They advertise $0 transfer fees (though typically they make that up through their markup on the exchange rate) and allow you to transfer up to $15,000 for most accepted countries (over 50 countries are available) and up to $30,000 for others.
Aside from the advertised $0 transfer rate, the key appeal to GMTs is how easy it to use. There are three options available for GMTs, online banking, mobile banking and in-person banking. If you go online, all you have to do is sign in to your account, choose “Global Money Transfer” from the menu bar and then fill out the form and submit it. Through mobile banking the process is very similar; sign in to your account, choose “Global Money Transfer” select the right account and information and then finish the transaction. Finally, there’s in-branch, where you can head to your local bank and have a representative help you through the entire process. While the advertising of the $0 transfer fee may be alluring, it doesn’t generally pan out and may have limits and restrictions that don’t work for you. But, if you come to Knightsbridge Foreign Exchange, a lot of those concerns and costs are removed.
We provide more than just direct exchange services, as we can pay bills, transfer funds and do so much more for you! We have a plethora of options for where we can send your money, and do it all with our low and reasonable exchange rates, that we guarantee will beat the bank. And with no hidden or additional fees, that means you can send more and spend less with KBFX.
To get started, you’ll want to open an account on our website, where you can connect your CIBC bank account, including both your Canadian dollar bank account and your US dollar bank account. From there you have a variety of options, selecting what you need and filling out all the appropriate information. You’ll always get a breakdown of the exchange rate, and final costs, so you know exactly how much you’re spending before you finalize the transaction. We handle the exchange ourselves, meaning you get the exchange rate we offer (while still using your CIBC account) and we’ll send it the destination all within a few business days. At Knightsbridge Foreign Exchange we make it easy to transfer money internationally.
How CIBC international wire transfers work
While GMTs from CIBC may be useful, and great for the market, it does have limitations that may require you do to a regular wire transfer. If that’s the case, you’ll be going through SWIFT payment network, a globally used system that most countries are connected to. While the upside may be how many options you have, the biggest downside is the cost, as your bank will likely charge a fee, while it’s also likely the destination bank will charge a fee, and any potential connecting banks (as all banks aren’t directly connected through SWIFT) may also charge a fee.
If GMTs don’t work, and a regular wire transfer is your only option at CIBC, you may want to consider using Knightsbridge Foreign Exchange even more. As we’re able to connect to your bank, and with no fee to transfer to us through an online bill payment, we can make it easier, and cheaper to get your money where it needs to go. With SWIFT transfers, the bank fees are in addition to the exchange rates, which they usually add a significant markup too, costing you extra. With KBFX there are no hidden fees, no transfer costs and the best currency exchange rates in Canada.
What you need for an international transfer
What you need for your international transfer varies slightly depending on how you’re executing the transfer, but there is important information you’ll want no matter the transfer. The primary information you’ll want is the bank account numbers, for both yourself and the recipient. Additionally, you’ll want to have all the details of the transaction itself, and contact information for both yourself and your recipient. If you’re doing a regular wire transfer, you’ll also want to know the SWIFT code for CIBC.
With Knightsbridge Foreign Exchange, you’ll need similar information to process the transaction. First, you’ll want to make your account on our website, filling out your personal information like address, contact information and connecting your bank account (meaning you’ll need your CIBC account number and account name). Depending on how you intend on transferring the funds to us, you’ll need the correct information from us to process the transaction. Then, you’ll need the account information of the recipient, so we can transfer the funds and make the exchange on your behalf.
How long it takes
There are multiple factors to consider when it comes to the processing time for your transaction. When you’re using CIBC’s GMT, they advertise about 1-3 business days, but you’ll want to consider where it’s going and what time of day you initiate the transfer. Starting earlier in the morning may give you the opportunity to count that day in the processing time, while later in the afternoon or evening may cut you off and require the next day to count as day 1 in the processing time. With international wire transfers, the average processing time is about the same, but the most important thing to consider is how many banks it needs to go through. If the recipient is in a country that doesn’t have a direct connection, there may be one, two or even more connecting banks that could result in a long waiting time.
When it comes to Knightsbridge Foreign Exchange, the wait time is similar as you can typically expect the transfer time to take about three business days. We work with banks around the world, and with the wait times, all about the same, the various other savings and benefits you enjoy from Knightsbridge Foreign Exchange may be what swings your decision on where you want to do your international transfer.
Comparison of transferring with CIBC vs KBFX
There are many factors you may want to consider when deciding where you’d like to go for which method to use for your international transfer from CIBC. However, the biggest factor may wind up being the cost. If you’re transferring a small amount, where the currency exchange rate may not make a huge difference, and you want to do it quickly from your phone, then you may want to consider CIBC’s GMT; assuming you’re transferring to a compatible country. But, if saving money is most important to you, no matter how much you’re saving, or you need to regularly transfer funds internationally then Knightsbridge Foreign Exchange may be best for you.