How to make international wire transfers from your business account in Canada? A closer look

Wire transfers are one of the most reliable ways for Canadian businesses to send large domestic or international payments securely. If you’re paying suppliers or moving funds abroad, most major banks offer wire services, but the process, fees, and exchange rate markups vary widely.

Knowing what to expect from your business account can help you avoid unnecessary costs. For companies looking to cut down on fees and gain transparency, a Wise Business account is a powerful financial tool and alternative that’s worth considering.

What do business wire transfers offer?

A business wire transfer is a secure, electronic method of sending money directly from one bank account to another, either domestically or internationally. It’s commonly used by Canadian companies to send high-value payments quickly when speed and reliability are a priority.

Benefits of using wire transfers include:

• Fast delivery, often within one or two business days, although international wires can take up to five business days depending on the bank
• Ability to send large sums
• Secure, reliable, traceable transactions

The trade-off:

Wire transfers usually come with higher upfront fees, potential exchange rate markups, and intermediary bank charges when making cross-border payments.

While they offer certainty and speed, they may not always be the most cost-effective option for regular and lower-amount transfers.

How to initiate a business wire transfer: step-by-step

To send a wire transfer from your Canadian business account, most banks require you to register for a business online banking platform and follow institution-specific processes.

For this example, we’ll walk through how to send a wire transfer using CIBC’s business banking platform.

Setting up your CIBC business account

Once your account is open, you'll need to enroll in CIBC SmartBanking for Business to send wire transfers¹ as wire payments are not available through CIBC’s basic Online Banking for Business platform.

CIBC SmartBanking for Business is included at no additional cost and offers tools for managing cash flow, making payments, and sending funds to employees or suppliers domestically and internationally.

How to send a wire transfer

Following the example taken: Once you're set up with CIBC SmartBanking for Business, you can initiate a wire transfer online through the platform². Here's how it works:

Step 1. Log in to CIBC SmartBanking for Business
Access your account using your SmartBanking credentials.

Step 2. Navigate to Wire Transfers
Go to the Payments section and select the Wire Transfer option.

Step 3. Enter recipient details
You’ll need the following information from your recipient:

• Full name (must exactly match the recipient’s bank account)
• Complete civic address (P.O. boxes not accepted)
• Account number (no spaces or special characters)
• Bank name and full address including postal/ZIP code
• Routing codes, depending on the destination country:
  • Canada: Institution number, transit number, and SWIFT/BIC
  • US: ABA routing number and SWIFT/BIC
  • Europe & other regions: IBAN and SWIFT/BIC
• Purpose of the transfer (e.g. invoice number or business purpose)

Step 4. Enter payment details

• Specify the amount and currency and set the transfer date

Step 5. Review the exchange rate

• If sending in a foreign currency, CIBC will apply an FX markup.
• The final exchange rate is shown before confirming the payment.

Step 6. Authorize and send

• Review the full transaction summary
• Submit the payment using your SmartBanking authorization method

Step 7. Track your transfer

• Use SmartBanking’s built-in tracking tools to monitor your payment status.

Business wire transfer fees, limits and FX markup

Wire transfer fees, transfer limits, and foreign exchange (FX) markups vary significantly across Canadian banks and business accounts. Understanding these differences can help businesses manage finances effectively and keep costs low when sending and receiving international payments.

Fees and limits comparison

*Marked-up exchange rates based on rate set by bank vs. mid-market rate

Pain points with business wires at banks

• High and variable fees: Outgoing international wires often cost 30 CAD - 80 CAD, plus potential intermediary and receiving bank charges.
• Lack of transparency: FX markups and intermediary fees are not clearly disclosed by most banks, making true costs hard to estimate.
• Slow processing times: International transfers can take 1-5 business days to reach the recipient if routed through intermediary banks.
• Limited visibility: Tracking a wire’s status can be difficult, with limited real-time updates available.
• Manual setup: Adding payees and sending transfers can take time and often requires multi-step approvals.
• Restricted availability: Some banks limit wire access to specific platforms (e.g., CIBC SmartBanking) or business plans.

Send secure transfers at low fees with a Wise Business account

Wise Business offers a fast, cost-effective way to send international payments directly from your business account without the hidden charges. Unlike banks, Wise uses the mid-market exchange rate with no markups, so you always get a transparent and fair deal.

Fees start from 0.48%¹¹, are clearly shown upfront, and are often significantly lower than conventional wire transfer costs. Wise is also built for security, using two-factor authentication, biometric login, and advanced encryption tools to keep your funds and data safe.

Time lines and transparency: banks vs Wise

Bank wire transfers can come with multi-day delays, especially for international payments. Transfers can take 2–5 business days depending on the destination, intermediary banks, and FX settlement time. In some cases, funds may be held for compliance or verification, which can further delay access for your recipient. In comparison, 50% of Wise payments arrive instantly or within one hour, and most international payments arrive within 1–2 business days. You also track your transfer, so you know exactly where your money is.

When it comes to fees, traditional banks usually don’t disclose the total cost of a transfer upfront. While you’ll see a wire fee, there may be additional intermediary charges and FX markups buried in the exchange rate, which can quietly add hundreds or thousands of dollars in costs.

Wise shows the full cost before you send, including a breakdown of fees and the real-time mid-market exchange rate, with no hidden fees or surprises after the fact.

Conclusion

Canadian business bank accounts offer secure and regulated ways to manage your finances and send international wire transfers. However, traditional bank wires often come with high fees, limited transparency, and hidden foreign exchange markups for businesses sending frequent cross-border payments.

Wise Business provides a faster, modern alternative. With no monthly account fees, low transfer costs, and the mid-market exchange rate, Wise helps your business save money and streamline global payments. For businesses looking for speed, clarity, and cost-efficiency, it’s a smart solution to consider alongside your Canadian business account.

Sources:

1. Ways to Bank with CIBC Business Banking
2. Sending and Receiving Wire Transfers | CIBC
3. Business payment methods | CIBC
4. Wire Payments in RBC Online Banking for business – Fees and Cut-Off Schedule
5. Additional Account Services - RBC Royal Bank
6. Business payments made easy - RBC Royal Bank
7. Your Guide to Fees and Interest Schedules - Scotiabank
8. Business Account Service Charges and Fees - TD Bank
9. BMO Business Checking accounts
10. Better Banking Guide for Business - BMO
11. Wise Business Fees & Pricing: Only Pay for What You Use