Your guide to CIBC global money transfer in Canada

CIBC Global Money Transfer is an online and mobile service that lets Canadian customers send money abroad quickly and securely supporting transfers to 130+ countries with no CIBC transfer fee¹.

Transfers can be sent directly from your CIBC chequing or savings account, personal line of credit, or eligible credit card, with funds typically arriving in 1–3 business days — often within 24 hours¹. But while it sounds convenient, it helps to look closer at what you're really paying.

Wise, an alternative to banking, helps you save on fees, and can be used either independently or with a Canadian bank account - making it a great solution for your money transfer needs.

Discover Wise

What does the CIBC Global Money Transfer offer?

CIBC Global Money Transfer is available through online banking and the mobile app for personal account holders in Canada. You can send money to over 130 countries, and the bank says it charges no transfer fees for these international payments¹. Additional benefits include:

• No transfer fee¹ when sending from a CIBC personal chequing, savings or line of credit account. In comparison, in-branch wire fees can range from 30 CAD to 80 CAD² depending on the amount.
• Transfers typically arrive within 24 hours¹.
• Daily sending limits are up to 75,000 CAD³.
• Transfers can be done completely online or via the CIBC mobile app

Fees, limits and exchange rates comparison

While CIBC doesn't charge a fee to send a global money transfer, that doesn't mean it's free either. Instead of an upfront fee, the cost is often baked into the exchange rate you get, meaning you may receive fewer foreign currency units on the other end.

You can compare this with the Wise rate to see the difference. Wise always uses the mid-market exchange rate and shows the fee upfront before you confirm the transfer.

Here's how CIBC Global Money Transfer compares with CIBC's standard wire transfers:

Limits and recipient eligibility of CIBC Global Money Transfer

To use CIBC GMT, you'll need a CIBC personal account. Here's what to know:

• Minimum transfer: Usually 100 CAD¹
• Daily maximum: Up to 75,000 CAD³ in total depending on your account type per 24-hour period
• Recipient eligibility: The recipient must have a valid bank account in an eligible country. Some restrictions apply depending on the destination

If you want to send more than your daily limit, you may need to contact CIBC directly.

Meet Wise – a transparent alternative with the mid-market rate

Wise isn’t a bank, but it’s a great alternative to cover your money management needs - including direct deposits, local currency transfers, and more, for minimal transfer fees.

Wise never charges a markup on your transfer - meaning you’ll only ever pay the mid-market exchange rate when sending your money abroad. The app ensures transparency by informing you of what you pay before you transfer money. There are no costs associated with opening an account. The only time you pay is when you convert money or send money abroad.

Whether you’re a business or a personal account user, Wise offers multiple transfer options to cover everything you need. Wise can even help you get started with your account, letting you send, spend, and receive your money across the world.

CIBC Global Money Transfer vs Wise

CIBC's Global Money Transfer service is convenient if you already bank with them, but it's not your only option. Wise is a fintech alternative that puts transparency first, with no hidden fees, no inflated exchange rates, and no need to visit a branch.

Here's a side-by-side breakdown to help you decide which provider makes more sense for your international transfers.

Feature comparison

How to get started with CIBC Global Money Transfer

To use CIBC GMT, you'll need to have a CIBC account (chequing, savings, line of credit, etc.) or eligible CIBC credit card, and be enrolled in CIBC Online or Mobile Banking.

1. Sign in – Log into CIBC Online Banking or the CIBC Mobile App and select "Global Money Transfer" from the More menu.
2. Choose the amount and currency – Enter how much you want to send and the destination country and currency before clicking "Send money."
3. Enter recipient details – Provide the recipient's bank account number and the full name/address of their bank branch, etc. as well as your transfer method.
4. Review – Review the transfer details, exchange rate, and that the recipient will receive the correct local currency.
5. Submit the transfer – Confirm and submit the transfer. You'll get a confirmation in the app or online banking and you can track your transfer's progress in your transaction history

That's it – no paperwork or branch visits required.

Conclusion

CIBC Global Money Transfer is a convenient option for sending money abroad if you already bank with CIBC and want a quick way to move funds with no upfront fee. But for those who care about getting the best exchange rate and full transparency on fees, Wise could be a great alternative.

With Wise, you always know what you're paying and how much your recipient will get - no surprises, just fast, secure international transfers that work for you.

Sources verified on 20 November 2025