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Kenyon Ndezi
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Home Posts CIBC US Smart Account: A Travel Companion
  • Banking

CIBC US Smart Account: A Travel Companion

  • November 5, 2021
  • Kenyon Ndezi
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CIBC offers cross-border US accounts that make it easy to save and transfer US dollars between a Canadian and a US account. One of the best chequing accounts is the CIBC USA smart account. This account is different from the CIBC US Personal Account, as it’s registered as a real US account (with a routing number) and affiliated with CIBC US.

Who is this account for?

  • If you frequently travel to the US or partially live there, the CIBC US Smart account will be a valuable option. It’s a proper US registered account, affiliated with CIBC USA. It might be easy to confuse it with a Canadian US dollar account that allows you to deposit and save US dollars. An easy way to distinguish the two is, the CIBC US Smart Account will have a routing number.
  • If an employer or contractor only deposits paychecks in US accounts, opening a CIBC US Smart account will solve this issue. A perfect example would be for individuals who use Amazon Mturk, which only allows payments to a US account. Also, if you already have a CIBC account, transferring money to your Canadian account is instant.

Features

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  • No minimum deposit.
  • Transfer money easily between your CIBC Canadian accounts with your US account.
  • The account comes with a Mastercard Debit that will work with online or physical purchases.
  • Pay no monthly fee for one year with unlimited transactions.
  • Pay US bills, write USD checks and set up direct deposits for US dollar payroll checks from US-based companies.
  • No exchange rate fees
  • Real-time transfers
  • 2 people can open a joint account.


Open Account

Fees

  • Monthly maintenance fees sit at $4.95 a month.
  • If you decide to close the account within 90 days of opening, you will not be charged.
  • Stop payment will cost you $30 per check.

Requirements to open this account.

  • You need to be a CIBC client with a personal account or line of credit.
  • Have access to online banking
  • Be at least 18 years old and have a valid ID.

Alternatives

In addition: TD, RBC, BMO, and Scotiabank also offer great cross-border banking solutions for Canadians. Make sure to research the different types of accounts before starting an application.

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Kenyon Ndezi

Kenyon Ndezi is a recent graduate, writer, creator of vividbay.com, and the owner of Neonbuild.com, which is a company focused on building apps for small businesses and individuals. Follow along and get inspired!

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