Does CIBC have no-fee chequing accounts? A closer look

No-fee chequing accounts are a great way to save money whilst providing for your everyday banking needs. CIBC offers several accounts which, under some circumstances, can be held with no ongoing charges. However, this is subject to certain conditions, which are important to understand before opening an account, to avoid being caught out.

This article will outline these conditions, to help you establish whether you'll need to pay for a CIBC chequing account. It will also introduce you to Wise as a possible alternative, for low cost currency conversion and international transfers.

Does CIBC offer a no-fee chequing account?

CIBC offers some chequing accounts which you may pay no monthly fees for in certain scenarios. However, across all accounts, you will likely pay fees:

• If you do not maintain a minimum monthly balance¹
• In the form of an exchange rate markup, if you spend in a foreign currency
• For additional services such as withdrawal of cash at a non-CIBC ATM or wire payments²

It is important to consider how you will use your account. Whilst you may be able to avoid monthly fees, the cost of using other services linked to your account can rapidly stack up.

Overview of CIBC Chequing Accounts and Monthly Fees

Conditions you must meet to avoid monthly fees

For most CIBC chequing accounts, you must meet a minimum daily closing balance to avoid monthly fees. This depends on the account:

• 4,000 CAD for the CIBC Smart Account
• 6,000 CAD for the CIBC Smart Plus Account, or 100,000 CAD in personal savings and investment

The CIBC Everyday Chequing account has a 4 CAD per month fee, which cannot be waived through a minimum balance.

Other potential charges to know about at CIBC

Whilst the CIBC Smart Account and CIBC Smart Plus Account are advertised as no fee, there are many services which you can access through these accounts which do have an additional cost.

CIBC charges 2 CAD to withdraw cash at a non-CIBC ATM within Canada, 3 CAD in the USA and 5 CAD in the rest of the world.

CIBC also charges for additional record keeping. An interim statement costs 4.50 CAD, and a copy of a statement costs 5 CAD.

A dishonoured cheque or pre-authorised payment will cost you 45 CAD. This means that if your account does not have enough money in to cover your payment, you'll be charged for your non-sufficient funds.

Some of these charges may not apply to you. However, if you are likely to face any of these fees on a regular basis, consider the cumulative effect of paying several times when deciding whether a CIBC chequing account is right for you.

International transfers from a CIBC no-fee chequing account

From a CIBC no fee chequing account, you can send international transfers via wire payments or the CIBC Global Money Transfer Service. To send a wire payment, you'll first need the banking information of your recipient.⁴ You'll also need information about:

• The payment: how much in the applicable currency
• The recipient: this includes their name as it appears on their bank account and their complete civic address
• The recipient's bank account information: such as their account number and the name and address of the financial institution they bank with
• The reason for the transfer: This might be an invoice number or brief explanation of the purpose of the payment

Once you have this, you can visit a CIBC branch to complete the transfer in person.

International payments can also be made online via Global Money Transfer⁵:

1. Sign into your online account and click Global Money Transfer
2. Enter your recipient's information
3. Choose how much you want to transfer, and press submit

Depending on their value, wire payments cost between 30 CAD and 80 CAD each, meaning they are likely to be unsuitable for smaller transfers. CIBC Global Money Transfer has a 0 CAD upfront fee.⁶

However, CIBC uses its own exchange rate, which may include a foreign exchange markup. Marked up exchange rates tend to be less favourable, meaning you might receive less foreign currency than expected. These hidden fees are important to bear in mind as they can add up quickly, particularly if you regularly send money, or do so in large amounts.

Wise, on the other hand, doesn't use a foreign exchange markup. Instead, it uses the midmarket rate, and charges a small upfront fee, starting at 0.48% for conversions from CAD. By avoiding hidden fees with Wise, you'll always know exactly how much your currency exchange costs.

CIBC international wire transfers typically take 1 to 3 business days. Global Money Transfers usually arrive by the next business day, though these too may take up to 3 business days. When sending money internationally, make sure to plan ahead to avoid being stuck without the funds you need.

Is a CIBC no-fee chequing account right for you?

A CIBC no-fee chequing account might be right for you if you plan on using it for only limited monthly transactions domestically. However, if you expect to exceed the transaction limit included in your plan, you'll be charged - possibly more than if you were to upgrade to an account with monthly fees. These costs may also be unpredictable or vary monthly, making it harder to plan ahead for your banking costs.

In addition, if you plan on using your account outside of Canada, whether to send money abroad or during your travels, a CIBC account which charges no monthly fee will still charge for currency conversion. This is likely to be a higher fee than if you open an account with a specialist provider like Wise, who may be able to convert your money faster, and at a lower cost.

Wise as an alternative to traditional bank accounts

Instead of using a bank like CIBC, many Canadians prefer to use an alternative provider like Wise. As a specialist in international transfers and currency conversions, Wise has a variety of features which can help keep your costs down.

Wise charges only an upfront fee, which starts at 0.48% for transfers from CAD. It uses the mid-market rate, without a markup as is charged by many banks. This avoids hidden fees and means you always know how much you are paying for your conversion.

If you're not sure whether Wise will provide the best value for money for your transfer, use its online conversion calculator. This can show you the exchange rate charged, the fee, and the exact amount of money your recipient will get. You can compare this to other providers like CIBC and choose the right one for you.

When travelling abroad, you can spend from your Wise Multi-currency Account using a Wise Card. If you don't have a balance of the currency you are spending in, it'll automatically debit the currency with the lowest conversion fees. This minimises your costs, and means you only pay to convert the currency you spend.

Get your Wise account in a few clicks

Conclusion

Whilst CIBC offers no-fee chequing accounts, you're still likely to need to pay for certain features linked to your account. Keep an eye out for charges linked to transactions over your limit, wire transfers and insufficient funds charges.

One particular source of unexpected fees comes from international transfers. CIBC sets its own exchange rate, which may include a markup. Wise, on the other hand, charges a single upfront fee, which starts at 0.48%, and uses the mid-market rate.

Whilst a CIBC no fee chequing account might be suitable for much of your day-to-day banking, consider a Wise Multi-Currency Account as well for any international transactions. With Wise, you can make your money work for you by sending internationally for low, upfront fees.

Sources verified on 30 December 2025