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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.
Traveling to Pakistan offers an enticing blend of culture, cuisine, and hospitality, all at an appealing cost. For a one-week mid-range stay, travelers can expect to budget approximately PKR 70,000 to PKR 100,000 ($400 - $564). This amount should comfortably cover essential expenses and allow for some leisure activities. Here's a quick look at typical daily expenses you'll encounter in this vibrant country:
Overall, Pakistan is considered a "cheap" country to visit compared to the United States and the United Kingdom, where daily expenses can significantly escalate. For instance, a similar mid-range meal in the U.S. may cost around $20, while in the UK, a coffee can run approx. £3.50 ($4.50). This makes your vacation in Pakistan not just culturally enriching, but also easy on the wallet.
For expats relocating to Pakistan, understanding the local cost of living can help in budgeting appropriately. Monthly living costs in major cities like Karachi and Lahore generally range between PKR 80,000 to PKR 150,000 ($450 - $850), depending on lifestyle choices and accommodation preferences. Essentials such as utilities and groceries are relatively affordable, but costs may vary based on your location.
When it comes to banking, it's advisable to have a local bank account for convenience with transactions. Most urban establishments accept card payments, but having cash on hand for smaller vendors and markets is crucial since many do not accept cards. For sending and receiving money internationally, options like Wise or OFX can offer better exchange rates and lower transaction fees than traditional banks. While local exchanges can be convenient, using online transfer services often yields more favorable results, ultimately saving you money in your international transactions.
View a full list of exchange rates by selecting your Base (from) currency:
