CIBC (Canadian Imperial Bank of Commerce) is one of the “Big Five” banks in Canada, offering a wide range of financial services including chequing and savings accounts, mortgages, credit cards, and investment solutions. Known for its national reach and integrated mobile banking platform, CIBC provides access to Interac e-Transfers, bill payments, and global money transfers. However, like many traditional banks, it comes with notable service fees, including monthly account charges, foreign transaction fees, and currency exchange markups on international transfers. These costs can add up, especially for users who want more flexibility and better digital features. Fortunately, there are several CIBC alternatives in Canada that provide lower fees, higher interest rates, and more user-friendly mobile banking experiences. In this article, we’ll walk you through the best alternatives available in 2025 whether you’re managing day-to-day banking or looking for better options for sending money internationally or earning cashback. Keep reading to discover your ideal match.
What is CIBC?
CIBC (Canadian Imperial Bank of Commerce) is a major Canadian bank with over 150 years of history, established in 1961 through the merger of two legacy institutions. It’s now one of the Big Five banks in Canada, offering a broad portfolio of services including personal banking, business banking, loans, credit cards, investing, and international money transfers. With its headquarters in Toronto and offices around the world, CIBC has a growing global footprint in the U.S., Caribbean, Europe, and Asia.
CIBC aims to support customers at every stage of life with financial tools and guidance. Its services are accessible through both traditional branches and modern platforms like CIBC Online and Mobile Banking. While it’s known for reliability and scale, CIBC is also often criticized for high account fees, foreign exchange markups, and outdated fee structures. For Canadians seeking more value and digital efficiency, new CIBC alternatives in Canada are offering better rates and smarter banking solutions.
Is CIBC Available in Canada?
Yes, CIBC is fully available throughout Canada, with thousands of physical locations and ATMs in every province and territory. The bank supports a wide array of services including Interac e-Transfers, bill payments, credit cards, mortgages, and international money transfers. CIBC also offers a Global Money Transfer service, allowing Canadians to send funds abroad to over 50 countries. However, these services often come with hidden foreign exchange markups and monthly maintenance fees that many users find frustrating.
While CIBC offers convenience and legacy trust, it may not be the most cost-effective choice especially for tech-savvy customers or those frequently transferring funds abroad. The exchange rates and fees associated with CIBC international bank transfers can add up quickly, especially when compared to newer fintech alternatives. If you’re looking to save on costs, earn higher interest, or enjoy modern mobile features, it’s worth exploring the best CIBC alternatives in Canada for 2025 and beyond.
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6 Best CIBC Alternatives in Canada
CIBC (Canadian Imperial Bank of Commerce) is one of Canada’s largest and most established financial institutions, offering a full range of banking services including personal and business accounts, international wire transfers, and investment products. It has a widespread presence across the country and serves millions of customers. However, when it comes to international money transfers, many users find CIBC to be expensive and slow, with exchange rates that are far from competitive and high service fees that can eat into the amount being sent. These drawbacks have led many Canadians to explore more affordable and efficient digital alternatives. Fortunately, several fintech and money transfer platforms now offer lower fees, faster processing times, and greater transparency, making them ideal CIBC alternatives.
Wise
Wise (formerly TransferWise) is widely regarded as one of the best alternatives to traditional banks like CIBC for currency exchange and international money transfers. What sets Wise apart is its use of the mid-market exchange rate the real rate you see on Google without any hidden markups. You only pay a small, transparent fee that’s clearly displayed upfront. Wise supports transfers to over 70 countries and typically delivers funds within a day or even a few hours.
- Key Features:
- Real mid-market exchange rate (no markup)
- Transparent, low fees
- Fast transfers to 70+ countries
- Multi-currency account and debit card
- Fees: Varies by currency; starts around 0.41%
- Why Choose Wise? Wise is perfect for Canadians who want full transparency and excellent value. It’s especially cost-effective for larger transfers or frequent international payments.
PayPal
PayPal is a household name in the digital payments space and offers a convenient way for Canadians to send and receive money internationally. Its strength lies in its wide global acceptance and ease of use, especially for those who already have an account. However, PayPal adds a currency exchange markup to its rates, which can significantly reduce the value received on the other end. There are also additional fees depending on whether you fund your transfer via a credit card, debit card, or bank account.
- Key Features:
- Available in 200+ markets
- Send money using email address or phone number
- Strong buyer and seller protection
- Fees: 2.5% – 4% currency conversion fee + fixed transaction fees
- Why Choose PayPal? Great for quick and convenient international transfers, especially if both sender and recipient already use PayPal. It’s user-friendly but not the cheapest.
Skrill
Skrill is a versatile digital wallet that offers both personal and business money transfer services. Canadian users can send funds internationally, pay online, and even use a prepaid Mastercard linked to their Skrill balance. While it offers speed and convenience, Skrill’s currency conversion fees can be on the higher side, and fees vary depending on the method of transfer.
- Key Features:
- Instant transfers to Skrill users
- Prepaid Mastercard
- Cryptocurrency support
- Fees: Currency exchange markup of up to 3.99%, plus variable sending fees
- Why Choose Skrill? Ideal for users already comfortable with digital wallets who value features like instant peer-to-peer transfers and additional tools like crypto and prepaid cards.
Neo
Neo Financial is a Canadian fintech company that’s reimagining everyday banking. While it doesn’t offer direct international wire transfers, Neo has partnered with Wise to provide seamless, low-cost international money transfers. Neo also offers no-fee daily banking, high-interest savings, and cashback rewards, making it an attractive everyday banking alternative to CIBC.
- Key Features:
- Free daily banking and credit options
- Wise-powered international transfers
- High-interest savings accounts
- Fees: No banking fees; Wise transfer fees apply
- Why Choose Neo? Ideal for Canadians seeking a modern, digital banking solution with the bonus of affordable global transfers through Wise integration.
EQ Bank
EQ Bank is a fully digital Canadian bank offering high-interest savings, no monthly fees, and integrated international money transfers through Wise. This partnership allows EQ Bank customers to send money abroad using the mid-market exchange rate, avoiding the hefty fees typical of traditional banks like CIBC. EQ Bank stands out for combining strong local banking features with global reach.
- Key Features:
- Wise integration for international transfers
- High-interest savings accounts
- No monthly fees or minimum balance
- Fees: EQ Bank doesn’t charge transfer fees; Wise fees apply
- Why Choose EQ Bank? A top pick for Canadians who want reliable banking at home and cost-effective transfers abroad in one seamless platform.
WorldRemit
WorldRemit specializes in global remittances and is a great alternative to CIBC for sending smaller amounts of money abroad quickly. It supports bank transfers, mobile money, and cash pickup in over 130 countries. The platform is mobile-friendly and provides upfront fee estimates before you send. Transfers can often be completed within minutes depending on the destination.
- Key Features:
- Cash pickup, mobile wallet, and bank deposit options
- Wide country coverage
- Competitive fees for small transfers
- Fees: Varies by country and method; generally lower than banks
- Why Choose WorldRemit? Perfect for sending money to friends or family overseas with speed and flexibility, especially in countries where mobile wallets or cash pickup are popular.
Comparing the Best CIBC Alternatives for Canadians
When evaluating which CIBC alternative is best for you, it helps to see how the top contenders stack up side-by-side. In this section, we compare the key features, transfer costs within Canada and to the U.S., and unique perks that each platform offers. Whether you’re looking for the lowest fees, fastest delivery, or best customer experience, this breakdown will help you make a more informed decision tailored to your needs.
| Alternative Name | Best For | Cost to Send in Canada | Cost to Send to U.S. | Extra Perks |
| Wise | Transparent global transfers | Free (bank account) | From 0.41% + flat fee | Mid-market rate, multi-currency account |
| PayPal | Ease of use for casual users | Free (linked bank) | 2.5% – 4% + fixed fee | Integrated with e-commerce, buyer protection |
| Skrill | Digital wallet users with added features | Varies (often 2.5%+) | Up to 3.99% + fees | Prepaid card, crypto, instant transfers |
| Neo | Modern Canadian banking | Free | Uses Wise rates | Cashback rewards, high-interest savings |
| EQ Bank | Digital savings and global transfers | Free | Uses Wise rates | No-fee accounts, real mid-market rates |
| WorldRemit | Small, quick international transfers | Not available | Low flat fee + FX margin | Cash pickup, mobile wallets, fast delivery |
FAQ
How to transfer money from CIBC to another bank in Canada
To transfer money from CIBC to another bank in Canada, you can use Interac e-Transfer via online banking or the mobile app. Simply enter the recipient’s email, amount, and security question. Funds usually arrive within minutes.
Does CIBC have Western Union?
No, CIBC does not currently offer Western Union services through its branches. For international money transfers, CIBC uses its Global Money Transfer system, which allows direct bank-to-bank transfers but not cash pickups like Western Union.
How long does CIBC Global Money Transfer take?
CIBC Global Money Transfers are typically processed within 1 to 3 business days, depending on the destination country, recipient bank, and time of initiation. Delays can occur due to banking holidays or verification procedures.
Is CIBC a safe bank?
Yes, CIBC is considered a safe and reputable financial institution. It is a member of the Canada Deposit Insurance Corporation (CDIC), and employs strong security measures to protect personal and financial information.
