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CIBC offers two international transfer services to its personal account holders– CIBC Global Money Transfer (GMT), and CIBC wire transfer.
CIBC Global Money Transfer is limited to over 50 countries and their listed currencies for transactions under C$15,000. CIBC international wire transfer like any other wire transfer can be done at any CIBC branch. It is used for sending over C$15,000 or sending money to a country that is not listed in the Global Money Transfers (GMT) product.
Here, we look at CIBC alternatives like Bank of Montreal (BMO), Royal Bank of Canada (RBC), (Toronto-Dominion) TD Bank, and Pesa - a digital Cross-border financial service provider offering a convenient way to send and receive money internationally at the best exchange rates in the market.
Pesa offers secure international money transfers or remittances to over 35 countries. With our Multi-Currency Wallet, you can hold, exchange, or transfer money to local and international vendors or recipients.
Pesa not only provides instant and safe international transfer but also has the unfair advantage of saving users money with free international money transfers.
Make fee-free transfers internationally from Canada.
BMO users can use the Western Union page to send international payments to over 200 countries for CA$9, with a 1% transaction value charge, and a markup on the Western Union’s exchange rate used. The BMO wire may cost between CA$25 to CA$135 in fees.
Key Features
- Western Union Outward Payment Fee: C$9 + 1% transaction value
- Up to 5% markup on offered Western Union exchange rate
- BMO Branch Wire Transfer: C$10 (Comms Charge) + 0.2% transaction value
- 4% - 6% markup on exchange rates
- C$15 - C$125 for BMO Wire Transfer charges
- SWIFT charges may also apply
- Receiving International Payment: C$14
RBC also offers two types of international money transfer services–International Money Transfer and International Wire transfer. Both come with additional charges that are based on transaction value, recipient’s location and other instructions.
TD Bank allows customers to send payments or money directly to bank accounts around the world from any eligible TD US or Canadian dollar account. Wire transfer (processed by SWIFT) can only be done at TD Bank branches, and varying intermediary charges may apply per transaction. VisaDirect also works like a wire transfer–money can be sent to any country and receiver so long they have a valid Visa Credit or Debit Card.
Send and receive money globally with Pesa — without delay and hidden fees.
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