Business Bank accounts

A closer look at the CIBC US dollar account for Canadian businesses

Piyush Singh

04.09.24 (updated more than 1 year ago)

Read time 3 minutes

Whether through travel or trade, it’s no surprise that Canadian companies often conduct business with their neighbor, the United States. But with the cross-border exchange rates and added fees, things can get complicated, hence the need for CIBC’s US Dollar Current Account.

We’ll be looking at the features and fees of the CIBC USD business account, along with Wise as a trusty business solution for all your international money requirements. This is a way to get an account for holding, receiving, and using your money in US dollars along with 40 other currencies, without the monthly fees. But more on that later!

This guide covers:
Key features of the CIBC US dollar business account What are the fees charged for using the CIBC US Dollar business account? What are the inactivity fees for the CIBC US Dollar business account? Do more with lower fees on your Wise Business Account

Key features of the CIBC US dollar business account

Type of account: USD chequing account for businesses

Key features:

Optional cross-border cheque-clearing service for issuing cheques in the US¹
Withdrawals at the bank and via ATMs
Access to banking via telephone, online, or at a CIBC banking centre
Transfer between CIBC accounts at any banking centre
Access to CIBC Global Money Transfer for Business to send up to $100,000 to over 120 countries with no transfer fees²

The CIBC US Dollar Current Account was created specifically for Canadian businesses to better manage their USD income and expenses, so they can often bypass hefty currency conversions and exchange rates. With US dollars fully accessible at any point in time, CIBC customers can add this account to their existing portfolio.

To open an account, you need a completed Business Account Application and Agreement form, two pieces of valid ID, and records relevant to their specific business type. Whether sole proprietor, corporation, or another structure.

What are the fees charged for using the CIBC US Dollar business account?

The CIBC USD business account has a handful of pay-per-use fees, including typical transfer fees and transaction fees. There are also additional withdrawal charges and cheque clearing charges.

Service	Fee¹
Monthly account fee	8 USD per month
Sending an Interac e-transfer	1.50 USD
Sending an Interac money request	1.50 USD
Self-serviced transaction	1 USD
Transaction	1.25 USD
Balance inquiry by telephone or mail	2.75 USD
Withdrawal at a non-CIBC ATM in Canada	2 USD per withdrawal + possible surcharges
Withdrawal at a non-CIBC ATM in the US	3 USD + 2.5% administration fee + possible surcharges
Withdrawal outside Canada and the US	5 USD + 2.5% administration fee + possible surcharges
Cheques written in currencies different from the account currency	20 USD
Cross border cheque clearing	39 USD per month per account
Transferring account to another financial institution	19.50 USD

What are the inactivity fees for the CIBC US Dollar business account?

If there hasn’t been any customer activity in your business account for 6 months, your account will be considered inactive, and a maintenance fee will apply.

Inactivity period	Fees charged¹
2-4 years	$20 or your account balance, whichever is lower
5-8 years	$30 or your account balance, whichever is lower
9 years	$40 or your account balance, whichever is lower

After 10 years of inactivity, your Canadian account balances will be transferred to the Bank of Canada¹.

Do more with lower fees on your Wise Business Account

While the CIBC USD business account is a sound choice for dealing with cross-border funds between the US and Canada, Wise changes the game with its multi-currency accounts.

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

Features	Essential features - without registration fees	All features for a one time payment of 55 CAD
Send money to over 70 countries	✅	✅
Wise Business Card	✅	✅
Holding and converting money across 40 currencies at the mid-market rate	✅	✅
Minimal fees starting at 0.48%	✅	✅
Local account details to receive payments in over 20 currencies	❌	✅
Direct debit to make recurring payments	❌	✅

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
with our demo >>>

It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

Business registration
The business registered and trading addresses
The industry you’re in
Online presence
Name, date of birth, country of residence - for all stakeholders
Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
Play Store Canada: 4.7/5 stars with 1.28M+ reviews

Final thoughts on the CIBC US dollar business account

Convenient and efficient, CIBC’s US account offering is ideal for businesses that frequently make transactions and need to manage snowballing fees. In the long run, however, Wise can offer numerous other benefits such as markup-free fees, interbank exchange rates, and fast processing times, all with an account that won’t limit a business to one single currency.

About the author:
	Piyush is an expert on finance topics for the Canadian market, covering everything you need to move money beyond borders. He creates high quality content to help you make the best cross-border decisions. You can read more useful articles on his author profile.

Sources

1 - Business Account Service Fees - CIBC
2 - CIBC U.S. Dollar Current Account

Sources verified on 4 September 2024

*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.