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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 travelers planning a week-long mid-range stay in Hungary, a good budget would be around 200,000 HUF (approximately 550 USD), which will allow you to enjoy a comfortable visit. Here’s a quick breakdown of typical daily expenses in Hungarian Forints (HUF):
Overall, Hungary is considered an affordable destination compared to locations such as the United States or the UK. While a meal out or transport fares might touch the higher end of your budget, they still represent excellent value. Compared to the US, where a similar meal could average around 15 USD, and in the UK, where about 12 GBP could be expected, Hungary offers travelers significant cost savings without sacrificing quality.
For expats living in Hungary, the typical monthly living costs hover around 330,000 HUF (approximately 925 USD), which includes rent, utilities, groceries, and leisure activities. When it comes to banking, while credit and debit cards are widely accepted, it's crucial to ensure your card provider has low foreign transaction fees. Many expats find it's beneficial to keep a local bank account for everyday expenses, as ATM withdrawals or purchases in HUF often provide better rates than converting cash abroad.
When considering how to handle money, using online transfer services like Wise or OFX can often provide better exchange rates than exchanging cash locally, primarily for larger amounts. For daily expenses, withdrawing cash from ATMs can also be a smart strategy, but be aware of the withdrawal limits and potential fees. In summary, for expats intending to settle in Hungary, understanding local banking practices and managing cash effectively can lead to significant savings.
View a full list of exchange rates by selecting your Base (from) currency:
