Your guide to small business accounts at CIBC

Managing cash flow works best when your everyday account supports how you get paid and how you pay suppliers or staff.

CIBC offers small business accounts from pay-as-you-go to unlimited transactions, plus a US dollar option for cross-border needs. In this guide, we’ll walk you through pricing and key features so you can decide which account suits your business. If you frequently receive or send money overseas, we’ll also look at Wise Business to see if it’s a better fit.

An overview of CIBC small business account options

CIBC serves businesses of many sizes, but small businesses will typically look at four main accounts: Basic, Everyday, Unlimited, and the U.S. Dollar Current Account for USD activity. Here’s how the main CIBC small business accounts compare at a glance.

Comparison of CIBC Small Business Accounts

Key features of each CIBC small business account

CIBC Basic Business Operating Account

CIBC’s simplest option for small businesses is built for very light activity and straightforward banking. This account comes with a 6 CAD monthly fee1.

• 1.00 CAD per self-service transaction and 1.25 CAD for full-service1
• No included transactions - you only pay for what you use
• Online and mobile access for easy account management

CIBC Everyday Business Operating Account

Designed for businesses with steady but not high-volume activity, the Everyday account balances affordability with a modest monthly bundle. You get a small cushion of included transactions and a deposit package, with the option to waive the fee by maintaining a 20,000 CAD2 daily balance.

• 30 transactions per month, including Interac e-Transfers
• The monthly fee is waived with a CAD 20,000 balance, or charged at CAD 20 for self-service access and CAD 25 for full-service access.²
• Deposit allowance of 3,000 CAD cash, 300 CAD coin, and 25 cheques2

CIBC Unlimited Business Operating Account

For businesses that don’t want to track transaction counts, the Unlimited account offers freedom and peace of mind, but for a higher price. It covers all everyday payments and deposits for a flat fee, or for free if you hold a 65,000 CAD3 daily balance,

• Unlimited transactions, including Interac e-Transfers
• Deposit allowance: CAD 15,000 cash, CAD 1,000 coin, and 100 cheques per month
• Monthly fee of CAD 65, waived with a CAD 65,000 balance³

CIBC U.S. Dollar Current Account

Built for businesses with revenue and expenses across the southern border, this account lets you hold and move US dollars directly, reducing the need for frequent currency conversions. Transactions are pay-per-use, with all fees charged in USD.

• 8 USD monthly fee4
• Transactions at 1.00 USD for self-service or 1.25 USD for full-service4
• Deposit and withdraw US funds at branches that handle US cash
• Real-time transfers between CAD and USD accounts

Other fees and limitations to watch for

CIBC business accounts layer in costs beyond the monthly package5. If you’re considering one, here are the key extras to be aware of:

• Interac e-Transfers: Sending or requesting an Interac e-Transfer costs 1.50 CAD each, on top of any transaction limits. Receiving is free and bulk transfers via file upload are priced separately.
• Cash and coin deposits: Each account includes a cash/coin allowance, but beyond that, fees apply: 2.25 CAD per 1,000 CAD at a CIBC ATM, 2.50 CAD elsewhere, and 2.50 CAD per 100 CAD in coins.
• Cheques: Depositing cheques costs 0.25 CAD each outside your allowance. Extra charges apply for certification (15-20 CAD) and foreign-currency cheques (20 CAD+)
• ATM withdrawals: Using a CIBC ATM is free, but non-CIBC machines add 2 CAD in Canada, 3 CAD in the US (plus a 2.5% administration fee), and 5 CAD abroad (plus 2.5%).
• Wire transfers: Outgoing wires start at 30 CAD (under 10,000 CAD), rising to 50 CAD and 80 CAD for larger amounts. Incoming wires are 15 CAD, plus possible fees at the receiving bank.
• NSF and errors: A non-sufficient funds (NSF) item costs 45 CAD. Deposit error adjustments are 5 CAD.
• Record keeping: eStatements are free. Paper statements cost 5 CAD each, and reprints or interim statements add further fees.

Using a CIBC small business account for international payments

CIBC gives business clients two main ways to move money abroad: Global Money Transfer (GMT) for Business and standard wire transfers.

• Global Money Transfer is the default for most small businesses. You can send to over 130 countries with no upfront transfer fee6, with limits of up to 250,000 CAD per day. The real cost comes from the exchange rate, which CIBC applies a markup to and funds usually land in 1–3 business days.
• Traditional wire transfers are your other option. They cost 30-80 CAD per transfer5 to send (depending on the amount), 15 CAD to receive5, and still come with an exchange rate markup. Wires can take up to 5 business days, and are mostly used where GMT isn’t supported, or if you need to make high-value transfers that go over Global Money Transfer’s 250,000 CAD daily limit.

Estimated cost of sending CAD 5,000 internationally (CIBC vs Wise Business)*

Information checked on 28th September 2025

As you can see, with Wise, the fees and exchange rates are fully transparent, while with CIBC the true cost is harder to see because markups are folded into the exchange rate.

How Wise Business can complement or replace a CIBC small business account

CIBC’s operating accounts can keep day-to-day finances in check, but they don’t remove the friction that comes with international banking. If your business works with clients or suppliers abroad, Wise Business adds the flexibility that CIBC lacks.

With Wise, you can:

• Hold and manage money in 24 currencies so you don’t have to convert CAD every time you pay or get paid.
• Get local account details (like a US routing number or EU IBAN) to invoice overseas clients as if you were based there.
• Send international payments at the mid-market rate with fees starting from 0.48%7, so you always know the real cost.
• Save time on admin with batch payments for up to 1,000 people and integrations with popular accounting tools.
• Stay in control by issuing multi-currency debit cards to your team, with customizable spend permissions.

Instead of navigating hidden markups or high transfer fees, Wise gives you transparent pricing and simple tools designed for businesses that don’t stop at the Canadian border.

Conclusion

CIBC gives small businesses plenty of choice of operating accounts, from low-cost pay-per-use to premium unlimited bundles. They work well for managing Canadian transactions, but once you add in international payments, the picture changes. Fees add up, exchange rate markups are unclear, and foreign currency accounts are limited.

Wise Business cuts through that complexity with transparent pricing, local account details in 24 currencies, and payments at the mid-market rate. For companies that operate beyond Canada and the US, it can be a more convenient, low-cost way to manage money globally.