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TuringDock vs CIBC
CIBC has invested aggressively in business banking and runs an Innovation Banking division specifically for tech-adjacent companies. Their wire product, however, is structured the same way every Big 5 wire is structured.
| Attribute | CIBC | TuringDock |
|---|---|---|
| FX markup | Typically 2.5–3% above interbank. | 0%. Interbank rate, locked at PO issuance. |
| Wire fee | $30–50 per international wire. | Near zero. |
| Settlement time | 2–5 business days. | Same or next business day. |
| Tracking | Confirmation on send. No status until landed. | Real-time status in TuringDock and Slack. |
| Where the payment lives | CIBC business banking portal. Separate from your purchase orders. | Inside the PO record. One click. PO updates automatically. |
| Failure recovery | Call business banking. Wait. | Inline error with the supplier bank's reason. Retry from the PO. |
| Total cost on a $500K Shenzhen PO | ~$15,000 | ~$500–1,500 |
What CIBC does well
CIBC has been one of the more aggressive Big 5 banks in commercial banking growth recently, particularly through its Innovation Banking division targeting tech and venture-backed companies. If your business has a real lending relationship or you're in an Innovation Banking program, CIBC is a credible partner.
Why TuringDock
The CIBC commercial relationship is valuable. The international wire product is the same as the other Big 5: 2.5 to 3 percent above interbank on the FX, $30–50 per wire, 2 to 5 days to settle. It lives in a portal separate from your purchase orders, and you re-enter the PO reference each time.
TuringDock keeps the wire inside the PO. FX rate locked at PO issuance, same-day settlement at interbank, status back in the PO automatically. On a typical $500K PO, the savings are roughly $13,500. Keep CIBC for the credit relationship and bank deposits; move the supplier wires.
Common questions about TuringDock vs CIBC
- What's the FX markup at CIBC vs TuringDock?
- CIBC's standard outbound business wire applies a 2.5 to 3% markup on top of the interbank FX rate. TuringDock Payments applies 0% markup — the interbank rate that reaches your supplier is the same rate banks see when trading with each other. On a $50,000 USD payment that's roughly $1,250 of margin CIBC was keeping that TuringDock returns to you.
- Are there wire fees with TuringDock?
- No. CIBC charges $30 to $50 CAD per outbound international wire on top of the FX markup. TuringDock Payments has zero per-wire fees in the premium tier.
- How fast does a TuringDock supplier payment settle?
- Same business day for major corridors (USD, EUR, GBP, JPY). CIBC's standard timeline is 2 to 5 business days. Faster settlement means your supplier ships sooner, which means your customer order ships sooner.
- Can I keep my CIBC business account?
- Yes. TuringDock Payments doesn't replace your operating account; it sits alongside as the international-payments rail. Your CAD operating banking (payroll, GST/HST remittance, day-to-day) stays at CIBC. International supplier payments route through TuringDock at PO issuance.
- Is TuringDock a bank?
- No. The payment rail runs on a licensed fintech infrastructure partner (currently in public beta with the first cohort). The MRP layer + the rate-lock UX is what TuringDock owns; the actual money movement is provided by partners who hold the necessary banking partnerships and regulatory licenses.
See it for yourself. The free tier is genuinely free.