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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 Africa, budgeting between ZAR 12,000 to ZAR 15,000 (about USD 740 to USD 925) should suffice. This amount provides for a comfortable mix of experiences without overspending. Here are some typical daily expenses to keep in mind: 🍽️ A meal at a local restaurant might cost around ZAR 150, ☕ while a cup of coffee could set you back ZAR 30. For public transport, such as a taxi or bus fare, expect to spend about ZAR 30 each ride. If you're planning to stay connected, a prepaid SIM card would cost roughly ZAR 200. Accommodations can vary; a budget hotel or Airbnb is typically around ZAR 800 per night. Overall, South Africa offers an average cost of living for tourists when compared to the United States, where daily expenses can be significantly higher. In contrast to the UK, where costs are generally more elevated due to high prices in major cities like London, South Africa remains an attractive destination for those seeking value for money.
For expats, typical monthly living costs in South Africa will range from ZAR 20,000 to ZAR 30,000, depending on your lifestyle and location. Urban areas like Johannesburg or Cape Town will generally skew higher. When it comes to banking, local ATMs are widely available, but it’s advisable to use international cards that avoid high withdrawal fees. Online money transfer services, such as Wise or OFX, are gaining popularity in South Africa and generally offer better exchange rates than traditional banks, making them advantageous for sending and receiving money. It’s often better to exchange currency locally rather than bringing cash from home, as local rates can be more competitive, especially when using recognized exchanges or reputable online services.
View a full list of exchange rates by selecting your Base (from) currency:
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