A closer look at Interac debit and Visa debit with your CIBC account

CIBC debit cards utilize both Interac for spending and transfers within Canada, and Visa Debit for secure payments online and abroad. But how far do these options really take you when it comes to international spending or managing multiple currencies? We’re looking at the differences between Interac Debit and Visa Debit with CIBC, their pros and cons, and how Wise compares for Canadians who want better control over global spending.

What is Interac debit with CIBC?

Interac Debit with CIBC is used for everyday in-store purchases within Canada. It operates on the Interac network and is ideal for domestic transactions such as groceries, gas, and public transit. You can tap to pay for purchases up to 250 CAD¹ without needing a PIN, making it a convenient option for quick payments. However, it's essential to note that Interac Debit cannot be used internationally or for online transactions, and is strictly for Canadian point-of-sale transactions.

What is Visa Debit with CIBC?

Visa Debit lets you use your CIBC debit card for online, in-app, and international purchases through the Visa network. While domestic in-store payments are processed through Interac, Visa Debit allows you to shop globally, pay for subscriptions, travel, and international services directly from your CIBC account wherever Visa is accepted.

Key differences: Interac debit vs Visa debit (CIBC)

Scope of use

• Interac Debit: Used for in-store purchases within Canada, including transit, groceries, and gas.
• Visa Debit: Used for online, in-app, and international purchases wherever Visa is accepted, including subscriptions and international retailers.

Fees

• Interac: No fee for most point-of-sale transactions in Canada, but some accounts may charge depending on your monthly plan.
• Visa Debit: No additional fees for online or international use, but a 2.5% foreign transaction fee applies to non-CAD transactions.

Convenience

• Interac: Tap up to 250 CAD without a PIN for fast and secure everyday domestic purchases.
• Visa Debit: Convenient for global shopping, online orders, and recurring payments (like streaming services).

Security & support

• Both methods are backed by CIBC’s security measures, including Zero Liability Protection³, 24/7 fraud monitoring, and alerts. Visa Debit also benefits from Visa’s global security infrastructure, making it safe for international purchases.

Comparison of CIBC Interac Debit vs Visa Debit

Fees & limits on international transactions

When spending or transferring money internationally with CIBC’s debit services, here’s what you can expect:

Interac

Location: Mostly for Canadian domestic use; cannot be used outside Canada or for foreign currency purchases.

Limits & fees: No international functionality, so no applicable fees or FX rates to consider.

Visa Debit

Cross‑border fees: If you use Visa Debit outside Canada, you’ll be charged a foreign transaction fee of 2.5% on top of the underlying exchange rate.

ATM withdrawals abroad⁴: In addition to the 2.5% FX fee, withdrawing cash at ATMs outside of Canada incurs:

• 3 USD equivalent in the US
• 5 CAD equivalent elsewhere.

Spending limits: Subject to your account’s daily debit spending and withdrawal limits

CIBC Global Money Transfer

• Service fees: Offers fee-free transfers to over 130 countries directly from your CIBC chequing, savings, or credit line account.
• Exchange rate: CIBC’s exchange rate includes an undisclosed markup.
• Transfer limits: Up to 75,000 CAD per transaction, 40,000 CAD weekly and 80,000 CAD monthly⁵.

Wise – International multicurrency alternative

Managing cross-border spending with CIBC’s Visa Debit comes with limits, fees, and exchange rate markups. Wise offers an international-friendly solution with transparent fees and multi-currency support.

CIBC Visa Debit vs Wise international spending

How to choose the right option

When deciding between CIBC’s debit services and a multi-currency provider like Wise, it comes down to how and where you spend your money.

CIBC’s Interac and Visa Debit are flexible options for everyday use in Canada, offering basic international support through Visa’s extensive global network. However, foreign transaction fees, limited currency support, and ATM charges can quickly pile up for frequent travellers or online shoppers dealing in foreign currencies.

Wise is specifically designed for international spending, offering

• Lower-cost exchange rates: Get the mid-market exchange rate with no hidden markups every time
• Multi-currency holding and spending: Manage 40+ currencies in one account
• Transparent fees: Only pay for what you use, with no monthly or foreign transaction fees
• ATM flexibility: Free international withdrawals within set limits

If your spending is mostly domestic, CIBC’s cards might suffice.. However, if you frequently spend or travel abroad, Wise offers greater control, better exchange rates, and fewer surprises, making it a convenient alternative for international banking.

Sources:

1. Ways to Pay | CIBC
2. Banking Fees and Service Charges | CIBC
3. Select Visa | Credit Cards | CIBC
4. Banking Fees and Service Charges | CIBC
5. CIBC Global Money Transfer
6. Wise will not charge you for the free withdrawals, but some additional charges may occur from independent ATM networks.