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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 one-week mid-range stay in South Korea, it's a good idea to budget around ₩1,200,000 to ₩1,500,000 (approximately $900 to $1,100 USD). This amount will cover accommodation, meals, transportation, and activities. Here’s a snapshot of typical daily expenses:
Overall, South Korea is considered to have an average cost of living for travelers. When compared to the United States, daily living expenses in South Korea may appear lower, especially for meals. However, when juxtaposed with Australia, costs can be quite competitive, often being a bit cheaper in South Korea, especially for public transport and casual dining options.
Expats looking to establish a comfortable living in South Korea can expect monthly expenses to range between ₩2,000,000 to ₩2,500,000 ($1,500 to $1,900 USD), depending on lifestyle choices. This budget typically includes rent, utilities, food, and transportation. It’s advisable to use local banks for daily transactions, as they generally offer lower fees compared to international banks. Many locals utilize mobile payment solutions, so having a local bank account linked to an app can make routine expenses more convenient.
When it comes to exchanging money, using local banks or ATMs to withdraw cash typically provides better exchange rates than currency exchange booths found in tourist areas. However, for larger transfers, online services like Wise and OFX can be advantageous, often offering lower fees and better rates compared to traditional banking methods. It’s wise to compare options based on the amounts you intend to transfer to ensure you’re getting the best deal.
View a full list of exchange rates by selecting your Base (from) currency:
