Your complete guide to the CIBC Smart Account in Canada

The CIBC Smart Account is one of the bank's most popular chequing options, designed to adjust to your monthly banking habits. In this guide, we'll review its key features, fees, and transfer limits, and briefly compare it with the CIBC US Smart Account for cross-border banking. We'll also show how Wise can complement CIBC for international transfers with transparent pricing and the mid-market exchange rate.

CIBC Smart Account features at a glance

CIBC's Smart Account adjusts your monthly fee based on how often you bank. It includes unlimited Interac e-Transfers, full digital access through the CIBC Mobile Banking App, and helpful tools like CIBC Insights and Smart Balance Alerts to manage spending.

Maintain a daily balance of 4,000 CAD or more to waive the monthly fee, or receive a 6.95 CAD discount if you're 65 or older.¹ You can also pay with your preferred digital wallet and earn fuel savings through Journie Rewards.

CIBC Smart Account fees explained

By automatically adjusting your monthly fee based on your activity, the CIBC Smart Account ensures you only pay for the banking you use. Monthly fees are fully waived if you maintain a daily balance of 4,000 CAD or more.¹

CIBC Smart Account monthly fees

Other fees to note²

• Paper statements: 2.25 CAD per month (free for paperless statements).
• Non-CIBC ATM withdrawals in Canada: 2.00 CAD each.
• Foreign ATM withdrawals: Additional administration fee of 2.5% applies.

CIBC Smart Account transfer limits and how they work

CIBC sets transfer limits depending on the type of payment you send. Interac e-Transfers have fixed daily, weekly, and monthly limits, while wire and Global Money Transfers allow higher amounts but may include additional fees. Both the CIBC Smart Account and the Smart Plus Account include unlimited Interac e-Transfers, meaning there's no limit to the number of transfers you can make—only to the amount you can send at one time.

If you reach your limit, new outgoing transfers will pause until the next daily or weekly window resets. Larger payments can be arranged in person at a CIBC branch via wire transfer.

CIBC Smart Account transfer limits

CIBC Smart Account vs CIBC US Smart Account — what's the difference?

CIBC offers both Canadian and US Smart Accounts, giving customers flexibility for banking on either side of the border. Although they share the same name, the two accounts function quite differently. The Canadian Smart Account focuses on flexible everyday banking at home, while the US version is built for cross-border convenience, letting customers bank, spend, and transfer in USD without transaction fees.

Key differences summarized

Both accounts connect through CIBC's online and mobile banking platforms, making it easy to move funds between CAD and USD when you hold accounts in both countries.

How to open a CIBC Smart Account in Canada

Opening a CIBC Smart Account is quick and can be completed entirely online or in person at a branch. Here's how it works.

Step-by-step

1. Apply online or visit a CIBC branch: You can open an account digitally through the CIBC website or mobile app, or speak with an advisor in person.
2. Verify your identity: Provide valid government-issued ID such as a passport, driver's licence, or provincial photo card. Digital verification is usually required if you apply online.
3. Fund your account: Add an initial deposit to start using your account right away.
4. Set up your digital banking: Access your account instantly through CIBC Online Banking or the CIBC Mobile Banking App, where you can send Interac e-Transfers, pay bills, and manage spending insights.
5. Add your card to a mobile wallet: Link your debit card to Apple Pay, Google Pay, Samsung Pay, or Click to Pay to make purchases easily.

Documents and eligibility

To qualify for a CIBC Smart Account, you must:

• Be a Canadian resident.⁷
• Have reached the age of majority in your province or territory.
• Be 25 or older to open a standard Smart Account.¹ If you're under 25, you may be eligible for CIBC Smart Start, which offers unlimited everyday banking until you turn 25.
• Provide government-issued identification for digital or in-person verification—either a Canadian driver's licence, a Canadian passport, or an eligible international passport.
• Provide a valid email address.

CIBC also offers tailored options for students, newcomers, foreign workers, and seniors aged 65 and over, each with dedicated benefits or discounts.

Meet Wise: Save money on international transfers

While CIBC makes everyday banking simple in Canada, Wise can help you save when sending or receiving money internationally. With Wise, you get transparent pricing, the mid-market exchange rate, and fast transfers to more than 140 countries.

Wise features and benefits

• Real exchange rate: Wise always uses the mid-market rate, with no hidden markups.
• Transparent fees: Transfer fees start from 0.48%,⁸ shown upfront before you send.
• Multi-currency access: Hold, send, and receive money in 40+ currencies, and get account details to receive money in 22 currencies, including CAD, USD, GBP, and EUR.
• Fast delivery: Most transfers arrive within a few hours, and many are delivered instantly.
• Free registration: Opening a Wise account is free, with no monthly charges or minimum balance requirements.

CIBC vs Wise international transfer comparison

FAQs: Common questions about the CIBC Smart Account

Is there a minimum balance requirement?

You don't need a minimum balance to open the account, but keeping at least 4,000 CAD¹ in your account every day during the month means your monthly fee is fully waived. If your balance falls below that amount, the monthly fee will adjust based on how many transactions you make.

Can I use it for business?

The CIBC Smart Account is designed for personal banking only. If you run a business, you'll need a CIBC Business Operating Account or another business product that supports commercial transactions.

Are there any hidden fees?

CIBC outlines all fees clearly, but some extra costs can apply depending on how you use your account. Non-CIBC ATM withdrawals, paper statements, overdraft protection, and wire transfers all carry additional charges.

Does it come with a debit card?

Yes, the account includes a CIBC debit card you can use in-store, online, and through mobile wallets such as Apple Pay, Google Pay, Samsung Pay, and Click to Pay. You can also use your card to withdraw cash from CIBC ATMs or access your funds through the CIBC Mobile Banking App.

Conclusion

The CIBC Smart Account offers flexible everyday banking with adjustable monthly fees, unlimited Interac e-Transfers, and helpful digital tools to manage your money. It's a good choice for Canadians who want as much control as possible over their daily spending and access to modern online banking.

However, when it comes to international payments, Wise is the ideal companion. With transparent pricing, the mid-market exchange rate, and fast transfers to more than 160 countries, Wise helps you move money globally without hidden fees or surprises.

Sources verified on 16 February 2026