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Understanding the Table:
The comparison table above helps you see the total cost of your CIBC currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your transaction type, details and click ‘GET RATES’.
CIBC uses different bank codes depending on the currency and location of the sending bank. Here are some of the most common bank codes used for receiving foreign wire transfers:
SWIFT Code: CIBCCATT: This code is used for receiving wire transfers in Canadian dollars (CAD) from foreign banks.
Transit Number and Institution Number: These codes are used for receiving wire transfers in Canadian dollars (CAD) from banks located within Canada.
ABA Routing Number: 021000089: This code is used for receiving wire transfers in U.S. dollars (USD) from banks located within the United States.
CHIPS UID: 0902: This code is used for receiving wire transfers in U.S. dollars (USD) from foreign banks that are members of the Clearing House Interbank Payments System (CHIPS).
Fedwire ABA Routing Number: 026009593: This code is used for receiving wire transfers in U.S. dollars (USD) from banks located outside of the United States.
It's important to note that specific bank codes may vary depending on the currency and location of the sending bank, and it's recommended to confirm the correct codes with CIBC before initiating a wire transfer. Additionally, CIBC may charge fees for receiving wire transfers, so it's important to check the current fees and policies before initiating a transaction.
CIBC offers several credit cards with different foreign transaction fees. Here are some examples:
CIBC Aventura Visa Infinite Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
CIBC Dividend Visa Infinite Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
CIBC Aeroplan Visa Infinite Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
CIBC Platinum Visa Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
It's important to note that credit card terms and conditions can change, so it's always a good idea to check the current fees and policies before applying for or using a credit card for foreign transactions.
If you wish to save on exchange rates and foreign ATM fees then you should consider the Wise multi-currency card.
How much does it really cost to live, work, or travel in ? Here's what to expect for daily expenses and expat living.
For a one-week mid-range stay in Switzerland, travelers should budget approximately CHF 1,500 to CHF 2,200 (around $1,650 to $2,400 USD). This estimate includes accommodations, meals, and local transportation, ensuring a comfortable travel experience without skimping on quality. Here’s a quick overview of typical daily expenses you can expect in Swiss Francs (CHF) 🍽️:
Switzerland has a reputation for being on the pricier side of travel destinations, and this holds true when compared to both the United States and Australia. A similar experience in the U.S. might range from $1,000 - $1,500 for a week, while Australia may cost around AUD 1,200 - AUD 1,800. Overall, travelers can expect Switzerland to lean toward the expensive side, thanks to its higher cost of living and premium services.
For expats relocating to Switzerland, the typical monthly living costs can range from CHF 3,500 to CHF 5,500, depending on the city and lifestyle. Rent, utilities, and groceries are significant contributors to this budget. For example, a one-bedroom apartment in Zurich can cost CHF 2,200-3,000, while groceries might set you back around CHF 300-600 monthly.
When it comes to banking and managing your finances, utilizing local banks can offer convenience, but keep an eye on service fees. Credit and debit cards are widely accepted, making cash less of a necessity. However, for the best exchange rates and lower fees, online money transfer services like Wise or OFX are often beneficial for transactions both domestically and internationally. It’s recommended to exchange a small amount of money upon arrival for immediate expenses like transport, while relying on online services for larger transfers or ongoing living expenses to maximize your savings.
View a full list of exchange rates by selecting your Base (from) currency:
