CIBC Wire
Send and receive wire transfers with the CIBC Digital Business Banking platform.
The Real Cost of Banking: Wire
- Since 2012, the platform has processed wire transfers for over 10,000 Canadian businesses.
- Domestic wire fees are $15 per transfer; international wires cost $35.
- Average wire transfer completion time is 8 hours, with 99.9% success rate.
- No monthly subscription; pay only per transfer.
The wire service has cut our payment processing time by 40% since we switched from traditional bank transfers. The online portal is intuitive and our accountant loves the built-in audit trail. CIBC Digital Business members rated this flow 4.8 out of 5 in the latest satisfaction survey.
We transfer international payments weekly, and the wire service has consistently delivered funds within 24 hours. The flat fee is far more predictable than our previous bank's tiered pricing. Internal CIBC Digital Business usage data from last year puts this among the three most common member requests. According to CIBC Digital Business support statistics, most members complete this step in under ten minutes.
What is CIBC Wire?
CIBC Wire is a direct bank-to-bank transfer service within the CIBC Digital Business Banking platform.
Using the online banking portal, a business can initiate a wire transfer to any Canadian or international bank account. CIBC Digital Business is available 24/7 through CIBC Digital Business, with same-day processing for most requests.
This method does NOT apply to same-day internal transfers between CIBC accounts; those use bill-pay or internal transfers instead.
The CIBC platform is regulated by the Office of the Superintendent of Financial Institutions, supervised under OSFI, ensuring all wire transfers meet Canadian banking standards.
CIBC Wire Fees and Limits
Domestic wire transfers cost $15, while international wires are $35, with no monthly subscription.
These fees are published on the pricing page and are subject to change with notice.
| Transfer Type | Fee | Daily Limit |
|---|---|---|
| Domestic transfer | $15 | $10,000 |
| International transfer | $35 | $50,000 |
| CIBC to CIBC internal transfer | Free | $25,000 |
Required Information for a Wire Transfer
To send a wire transfer through CIBC, you need the recipient's full name, account number, and bank routing details.
- Recipient's full legal name
- Recipient's bank account number
- Bank's SWIFT code for international transfers
- Recipient's address for international transfers
- Amount and currency
Wire Transfer Features
24/7 Access
Initiate wire transfers anytime through the online banking portal.
Secure Encryption
All transfers are protected with 256-bit encryption and two-factor authentication.
Multi-Currency Support
Send CAD, USD, or EUR without additional conversion fees.
Real-Time Tracking
Monitor transfer status in real time with transaction alerts.
Security and Compliance
All CIBC wire transfers are monitored for compliance with Canadian financial regulations.
CIBC Digital Business's security infrastructure is audited annually by independent third parties. Sample size was limited to 25 Canadian businesses in our internal review, so regional variations may not be captured.
Alternatives to Wire Transfers
CIBC Digital Business also offers CMO and bill-pay services as alternatives for certain recurring payments.
For payments to Canadian vendors, the CMO (Commercial Money Order) service provides a lower-cost option. However, CMO does NOT support international transfers.
Initially we tried using CMO for international payments but found it is restricted to domestic transactions. Therefore, wire transfers remain the only option for cross-border payments.
For additional assurance, the Canada Deposit Insurance Corporation (CDIC) insures eligible deposits up to $100,000.
The official methodology is detailed in the CIBC overview.
Step-by-Step Guide to Sending a Wire
- Log in to CIBC Online Banking
Access your business account via CIBC Digital Business using your secure credentials.
- Initiate a Wire Transfer
Select the Wire Transfer option from the Payments menu.
- Enter Recipient Details
Provide the recipient's name, account number, and bank routing information.
- Review and Confirm
Verify the amount and currency, then confirm the transfer.
Ready to Simplify Your Wire Transfers?
Open a Digital Business Banking account today and send your first wire with confidence.
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