Your guide to ordering foreign cash at CIBC

If you’re traveling abroad, ordering foreign cash in advance can save you both time and hassle. Having local currency on hand means you can cover small expenses, like taxis, tips, or meals, without worrying about finding an ATM or paying high conversion fees.

In this guide, we’ll walk you through how to order foreign cash at CIBC, including any limits or fees you should be aware of. Plus, we’ll explore Wise’s multi-currency account, which lets you hold and convert over 40 currencies at the mid-market exchange rate, all in just a few clicks.

How to order foreign cash at CIBC

CIBC allows you to order foreign cash online and have it delivered to your home or a local banking centre¹. With access to 65 currencies, it's a convenient option for travellers, but exchange rates and currency conversion fees aren’t always disclosed upfront, so it’s worth reviewing the final cost before completing your order. If you prefer transparent pricing with competitive rates, Wise offers a great alternative for foreign currency exchange.

Steps to order foreign cash at CIBC:

Step 1. Sign in to CIBC Online Banking

• Under ‘Order Cash Now,’ choose the currency and amount you need.
• Confirm the exchange rate and add additional currencies if required.

Step 2. Select a delivery method

• Choose between home delivery (free and takes 1-3 business days) or pick up at a CIBC Banking Centre.
• Home deliveries are made via Canada Post.

Step 3. Review your order and select a CIBC account to make your payment.

Step 4. A confirmation screen will appear, and you’ll get an email with order details. If you select a banking centre pickup, CIBC will notify you once your cash is ready.

The Wise account: Convert your money to over 40 currencies online

With a Wise multi-currency account, you can hold and manage money in over 40 currencies and convert between them whenever you need. Unlike most banks,

Wise uses the mid-market exchange rate—the same rate you’d find on Google—without hidden markups.

With conversion fees starting at 0.48%^*, more of your money stays in your pocket rather than being lost to inflated exchange rates.

Looking for a better exchange rate? With the Wise auto conversion feature, you can set a preferred exchange rate and let Wise handle the conversion when your rate is met.

Here’s how it works:

• Choose the currencies you want to convert between.
• Set the exchange rate you’d like.
• Pick the amount you want to convert.

Wise will monitor the market and automatically convert your money once your target rate is reached—there's no need to watch the rates yourself. You’ll be notified once the conversion succeeds or if it fails due to insufficient funds.

CIBC’s alternatives to ordering foreign cash

If you frequently deal with foreign currencies, CIBC also offers alternatives beyond just ordering physical cash.

Foreign Currency Accounts for Businesses

For business customers, CIBC provides Foreign Exchange(FX) Online³, allowing commercial and business banking clients that deal with international suppliers, clients or cross-border transactions to:

• Order foreign currency wires and place exchange orders.
• Transfer funds between accounts in different currencies.
• Access real-time quotes for over 200 currency pairs.
• Utilise hedging products to mitigate currency exchange risks.

CIBC US Dollar Current Account

For businesses frequently dealing with the US, the CIBC US Dollar Current Account offers a convenient way to hold, send, and receive US funds without worrying about fluctuating exchange rates. Instead of constantly converting money between CAD and USD, this account allows you to keep your funds in US dollars, saving you money foreign exchange costs.

Fees⁴:

• $8.00 USD monthly account fee
• $1.00 USD per self-service transaction
• $1.25 USD per full-service transaction

For businesses handling cross-border payments or managing multiple currencies, these options provide more flexibility and cost savings than ordering foreign cash alone.

Spend like a local abroad with the Wise card!

Unlike most bank cards that charge high foreign transaction fees and mark up exchange rates, the Wise card lets you spend in over 150 countries at the mid-market exchange rate—the fairest rate possible.

With the Wise card, you can withdraw cash from ATMs, make purchases online or in-store, and easily convert currencies within your multi-currency account.

Wise card ATM fees²

• First two withdrawals of up to 350 CAD per month are free
• After this free allowance, a 1.75% fee applies to additional withdrawals.
• A 1.50 CAD fee per withdrawal is charged on top of the percentage fee

Wise card spending and withdrawal limits⁶

These limits reset at the start of each month, ensuring you have plenty of flexibility to spend and withdraw while abroad.

Are there any limits on ordering foreign currency from CIBC?

If you're planning to order foreign cash from CIBC, there are some limits to keep in mind.

• Home delivery limit: The maximum order value for home delivery is $2,500 CAD¹.
• Branch pick-up: While CIBC does not specify an upper limit for branch pick-ups, availability may depend on branch stock and currency type.

Final thoughts on ordering foreign cash with CIBC

Ordering foreign cash before you travel can save you time and hassle, and CIBC provides a convenient way to do so through online banking, in-branch services, and home delivery. However, with limits on home delivery orders and exchange rates that aren’t disclosed upfront, it’s worth considering alternatives.

With Wise, you can convert and hold over 40 currencies at the mid-market exchange rate, avoiding hidden fees and long waits. Whether you need foreign cash or a Wise card to spend like a local, the right choice depends on your specific travel and financial needs.

Sources:

1. How To Order Foreign Currency Online | CIBC
2. Wise Fees & Pricing: Only Pay for What You Use
3. FX Online – Manage your business’ foreign exchange needs
4. CIBC U.S. Dollar Current Account
5. What are my Wise card spending limits? | Wise Help Centre