Personal Finance Bank accounts

Your guide to USD accounts at CIBC in Canada

Piyush Singh

09.10.25

Read time 3 minutes

CIBC offers USD accounts for Canadians — for personal or business use. The account lets you hold, access, and transact in U.S. funds without first converting them. These accounts support features like cheque writing, online banking access, and wire transfers, which have their limitations.

We'll explore these aspects and also how Wise offers a flexible, cost‑effective alternative. Read on to explore the CIBC USD accounts' eligibility, their offerings, and how they compare to Wise.

This guide will cover:
Who can open a CIBC USD account in Canada? Features of the CIBC USD account What does a CIBC US account cost? Exchange rates and sending money internationally Limitations of the CIBC US account for international use How Wise compares to the CIBC USD account

Who can open a CIBC USD account in Canada?

Personal US account: To be eligible for a personal CIBC U.S. dollar account, you must be a Canadian resident with a valid Canadian address at the age of majority in your home province or territory¹
Business US account: For business accounts, eligibility includes being a Canadian-registered business entity (sole proprietorship, partnership, or corporation). CIBC may require incorporation documents, business licenses, CRA documentation, and ID

Features of the CIBC USD account

Both personal and business CIBC US accounts allow holders to hold and transact in U.S. dollars without converting to CAD first, and differ in fees, access, and features.

CIBC personal vs business USD accounts

Feature	Personal USD Account	Business USD Account
Monthly Fee	0 USD²with minimum balance or	$8 USD⁴
Minimum Balance for No Fee	$1,000 USD³	$1,000 USD
Cheques	Offered	Offered
Interest	0.05% - 0.30%.¹	n/a
Online Access	Yes	Yes

What does a CIBC US account cost?

The fees for personal and business accounts vary,

Fee	Personal USD Account	Business USD Account
Monthly Fee	$0 USD²	$8 USD⁴
Transaction Fee	0.75 USD per transaction.²	$1 - 1.25 USD
Incoming Wire Fee:	$15 USD⁵	$15 USD⁵
Outgoing wire payments	$10,000, $30 CAD per wire payment.⁵ $10,000.01 to $50,000, $50 CAD per wire.⁵ Greater than $50,000, $80 CAD per wire payment.⁵	$10,000, $30 CAD per wire payment.⁵ $10,000.01 to $50,000, $50 CAD per wire.⁵ Greater than $50,000, $80 CAD per wire payment.⁵

Exchange rates and sending money internationally

CIBC allows you to convert funds between your CAD and USD accounts and to send international wires.

Exchanges: CIBC adds a 2.5%–3.5% to the exchange rate
Wire Transfers: Sent via SWIFT $30–$80 per transfer

Limitations of the CIBC US account for international use

CIBC USD accounts have some key restrictions:

Doesn’t permit ACH transfers. Incoming and outgoing wires must go through SWIFT, which is slower and may incur additional costs
Does not offer a personalized U.S. Routing Number
Currency conversion fees apply to all non-US dollar transactions conducted at ATMs in Canada using your CIBC Bank USA debit card

How Wise compares to the CIBC USD account

Now let’s explore what Wise offers—it’s significantly more versatile.

Personal Accounts:

With Wise, you can get account details in more than 10 currencies including CAD, USD, EUR, and SGD.
When it comes time to convert your money, you can do so across 40 currencies.
Currency conversions always happen at the mid-market rate.
The pay-as-you-go fee structure starts at 0.48%^* and is fully transparent.
You can send money to over 150 countries.
You have the ability to send and receive money with your choice of Interac e-transfers, wire transfers, and direct deposits.
When transferring between Wise accounts in the same currency, there are no fees.
Use the Wise card when traveling or shopping online worldwide.
You can get the Wise cardat no cost!

Wise also supports business accounts, providing additional features beyond personal use.

Business Account: You can open a Wise business account that includes all the personal account features plus additional capabilities:

Automated invoicing allows you to create invoices, send or receive payments, and automatically reconcile your account.
Integration with a variety of accounting software platforms such as Xero, QuickBooks, FreeAgent, FreshBooks, QuickFile, Oracle NetSuite, and more.
A batch payment tool that lets you send up to a maximum of 1000 payments at once.
The business account also includes a Wise card, which can be issued to you and your employees.
An API that enables automated payments, integration with business tools, and streamlined financial management.

Wise U.S. accounts offer a U.S. routing and account number, allowing ACH transfers.

Conclusion

For Canadians dealing in USD regularly, the CIBC U.S. dollar account is a convenient solution. It’s reliable, integrates well with your existing CIBC accounts, and stores USD. It does, however, lack the flexibility to receive U.S. payments via ACH or avoid steep international transfer costs. If you’re looking to be paid by U.S. employers, receive ACH transfers, or send money internationally without hidden fees, Wise is a strong choice. Built for global banking, complete with transparent pricing, mid-market exchange rates, and local account details. Open your Wise account today to get started.

Sources:

US$ Personal Account for Canadians | CIBC

CIBC US$ Personal Account - Fees and Details

US Dollar Account.

CIBC U.S. Dollar Current Account - Fees and Details

Sending and Receiving Wire Transfers | CIBC

1 thousand US dollars to Canadian dollars Exchange Rate. Convert USD/CAD - Wise
Sources verified on 07 October, 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.