Is the CIBC cross-border banking service best for you? A closer look

If you're a Canadian who regularly spends time in the US, you may benefit from cross border banking services. CIBC offers three US dollar cross border accounts, allowing you to hold money in USD for business or personal reasons, which may suit you depending on your needs.

However, cross border banking can come with lots of fees, both upfront and hidden, which can stack up quickly. As a result, you should make sure that you are using the provider which works best for your specific circumstances. In this guide, we'll go through CIBC's cross border banking options, and explain the features and fees that they offer. We'll also introduce you to Wise as an alternative.

What does CIBC's cross border banking offer?

CIBC's cross border banking allows you to hold and spend your money as USD. They have three account options: The CIBC USD Personal Account and the CIBC Bank USA Smart Account are for personal use¹. The CIBC US Dollar Current Account is designed for businesses².

Overview of available services (personal vs business customers)

CIBC has different options available depending on how you plan on spending your USD.

The CIBC US$ Personal Account is a savings account which is linked to the CIBC debit card and allows you to save and earn interest on US funds, of between 0.05% and 0.30%^*. This is calculated daily and paid monthly. You can also transfer your funds to other CIBC accounts.

The CIBC Bank USA Smart Account is designed for those who frequently travel to the USA. It has no monthly fee, and allows you to withdraw USD at certain ATMs without surcharge fees.

If you're a Canadian business owner who needs to spend in USD, the CIBC US Dollar Current Account allows you to transfer your money between CAD and USD. However, they have a monthly fee of 8 CAD, and charge 1 CAD for each self-service transaction, or 1.25 CAD per full-service transaction. These charges can add up quickly, so if you plan on making many transactions, it might be worth looking at alternatives to save money.

Who is eligible to use CIBC cross border banking?

The eligibility requirements to use CIBC cross border banking vary slightly depending on the account you are opening. For the CIBC US$ Personal Account, you'll need to be a Canadian resident and the age of the majority in your province³. For the CIBC Bank USA Smart Account, you'll need to be at least 18 and a resident in either Canada or the USA⁴. You'll be asked for ID as proof of this.

Features of CIBC cross border banking

If you're considering setting up a cross border bank account, it's worth comparing the features of CIBC accounts to those offered by other providers, like Wise, which may provide a better service for your circumstances. Wise specialises in cross-border transactions and currency conversions, with no ongoing fees and broad currency support beyond USD. Hold 40+ currencies, spend with no foreign transaction fees, and send payments globally with low costs and the mid-market rate.

Let's look at the CIBC cross border banking features to help you decide if it's the right option for you.

Account setup and linked accounts in Canada and the US

You can set up your CIBC cross border bank account using the CIBC website. To open a Bank USA Smart Account, you'll need to consent to a credit check before logging in with your Canadian credentials and completing the application form.

To set up a CIBC US$ personal account, you may need to verify your identity online, using government issued ID⁵. Once you've set up your account, you'll be able to use it with your Canadian CIBC debit card.

Access to ATMs and in-branch services

With a US$ Personal account, you can withdraw USD from any CIBC US currency ATM in Canada. You can also withdraw your US funds without converting currency, allowing you to save on conversion costs. However, you can't withdraw currency abroad, making this account unsuitable to those planning on spending cash in the USA while travelling⁶.

With a CIBC Bank USA Smart account, you can get a refund for the surcharge of up to four cash withdrawals per month at non-CIBC ATMs in the USA⁷.

Debit cards and online banking options

The CIBC mobile app makes it easier to bank online, from your smartphone. You can also use your CIBC Canadian debit card with your CIBC US$ Personal Account.

You can spend from your US$ personal account using Google Pay⁸ and Apple Pay⁹:

1. Add your card to either Google Pay or Apple Pay
2. Set up your CIBC card as your default payment method, or select it before you pay
3. Unlock your phone to pay

Fees, limits, and exchange rates with CIBC cross border banking

There are lots of fees involved in cross-border banking, and whilst some of these are upfront, some may be hidden or unexpected. It's important to understand what you're paying, and what for, to make sure that you're getting the most for your money. Once you understand the fees being charged by CIBC, you can compare them to other providers like Wise, and choose the one which works best for you.

The CIBC Bank USA Smart Account has no monthly fee, whereas the CIBC US$ Current Account costs 8 USD monthly, with an additional charge of 0.75 USD for each transaction made¹⁰.

When you transfer your money from CAD to USD, or USD to CAD, CIBC uses its own exchange rate. This may be less favourable than the mid-market rate and can include an exchange rate markup - a type of hidden fee which means you receive less than you might expect.

While CIBC cross border banking does not require you to convert your currency directly, if you use your CIBC Advantage debit card abroad, you'll be charged a 2.5% administrative fee¹¹.

It is important to consider both the exchange rate charged by banks like CIBC, and the administrative fee, as even small differences can add up to a large cost if you are spending abroad regularly.

When converting money, make sure to compare across providers to get the best deal. Wise uses the mid-market rate, and charges a small upfront fee, starting at 0.48% for currency conversions. As there are no hidden fees, you always know exactly what you're spending. If you're not sure which is best, try out Wise's currency conversion calculator, which shows you the exchange rate, fees and how much money will be converted for your specific transfer.

Comparison of CIBC vs Wise cross border fees

Transfer speed and convenience

With the US$ Personal Account, most transfers take 1 to 3 business days. As a result, it's important to plan ahead to make sure that your money has time to reach its destination. Alternatively, consider a provider like Wise. With Wise, your foreign currency will usually arrive within one day.

With a Bank USA Smart Account, you can transfer funds instantly between your Canadian and US CIBC accounts. You can also pay bills in USD in real time.

Pros and cons of CIBC cross border banking

CIBC cross border banking for businesses

The CIBC US Dollar Current Account is available for Canadian businesses with cross border income and expenses. Transactions on this account are made in US dollars, allowing you to save on currency conversions. However, if you want to convert your money - for example if you receive income in USD which you want to use as CAD, you'll need to convert your currency, using CIBC's exchange rate. This may be less favourable than the mid-market rate, leading to unexpected costs.

As this account also only supports USD, if you plan on receiving money or spending in other countries, it may not be the best choice. In this case, you'll want an account in which you can hold and convert different currencies, such as Wise. With a Wise Business account, you can hold money in 40+ currencies, and receive money from customers in 8+ currencies with local account details.

Wise as an alternative to CIBC cross border banking

Whilst CIBC offers some good cross-border banking solutions, you'll also want to consider alternative providers such as Wise to make sure that you're choosing the account that works best for you.

Use Wise for all of your international transactions – big and small. You can manage money in over 40 currencies or send funds to over 160 countries around the globe.

Pay by wire transfer or send a bank transfer to recipients in Canada and beyond with no hidden fees or exchange rate margins.

Here’s how you can save money with a Wise account:

• Wise always uses the standard mid-market exchange rate – no markups on foreign transactions
• Get access to local account details in over 10 currencies, including CAD, USD, JPY and GBP
• Pay minimal transfer fees starting at just 0.48%

Wise is regulated in every available region, with 2-factor authentication and support for large worldwide payments.

Is CIBC cross border banking right for you?

CIBC cross border banking might work for you if you hold funds in USD which you would like to save. Whilst they also offer accounts which allow you to spend regularly, it is important to consider costs associated with international spending.

If you plan on going abroad regularly to the US and spending on day-to-day purchases, a Wise Multi-Currency Account might be a better fit for you. With this account, you can hold your money in USD and CAD, saving you from unnecessary currency conversions, and, if you do choose to exchange your currency, you get the mid-market rate with a low upfront fee so you'll always know what you're paying.

If you need to spend in currencies other than USD and CAD, either for business or personal reasons, CIBC cross border banking might not be your best option. Instead, check out specialist providers like Wise, which allow you to hold and spend in other currencies.

Sources verified on 20 November 2025