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CIBC AC Conversion Visa Prepaid Card Review 2023

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CIBC AC Conversion Card

CIBC AC Conversion Card

Rated 1.4/5 stars.


  • Welcome Offer None
  • Annual rewards $0
  • Annual fee $0
  • Minimum Income Required None

If you’re planning your next globe-trotting adventure, you may want to consider bringing along CIBC’s AC conversion Visa. This prepaid credit card comes packed with some nifty features designed to make overseas spending convenient, safe, and affordable.

You can obtain this prepaid travel card by applying online through CIBC’s website or visiting a CIBC banking centre in person. You don’t need to be an existing CIBC customer to qualify, you aren’t required to load a minimum amount, and no credit check required. As with most prepaid Visa cards, you’ll receive a PIN after registering your account. From there, you’ll need to activate your card online or by phone.

You can access your account information using your web browser or the card’s dedicated app, which is available for both iPhone and Android devices. From there, you can transfer funds to your prepaid card, exchange currencies, check your balance, and track your spending.

The maximum amount you can load onto the card in a single transaction is $2,999 CAD, or equivalent.

In this WealthRocket review, we explore how the CIBC AC conversion Visa works, what it offers, and what to consider before deciding whether it deserves a place in your wallet.

CIBC AC conversion Visa Prepaid Card: an overview

The CIBC AC conversion Visa isn’t a credit card — it’s a reloadable prepaid card. That means you must load it with money before you can use it to make purchases.

To load money onto your card, first sign in to your online banking at acconversion.cibc.com, or through the AC conversion app. Then select your preferred currency, confirm the exchange rate, and complete your transaction. The funds will transfer from your bank account to the prepaid Visa card and can be used to shop anywhere, as long as they accept Visa.

While there’s a wide range of prepaid cards to choose from in Canada, the AC conversion Card caters specifically to budget-conscience travellers who value easy access to foreign currencies for their overseas spending. It has the distinction of being the only prepaid card in Canada that can hold other currencies beyond Canadian dollars.

Besides the cost savings, having access to multiple currencies from one card is super convenient during trips. You can conduct purchases like a local without wasting time converting money and wrestling with foreign exchange fees.

On top of all that, the 1% cash back rate is a nice bonus that can help you save extra money.

CIBC AC conversion Visa Prepaid Card rewards

At this time, no rewards can be earned from this card.

CIBC AC conversion Prepaid Card eligibility

To qualify for this prepaid travel card, you must:

  • Be a Canadian citizen or a permanent resident
  • Have maintained a Canadian address for at least two years
  • Be at least 18 years old or the age of majority in your province or territory

Note that there is no credit check and no minimum income required to qualify.

CIBC AC conversion Visa Prepaid Card interest rates and fees

Fees

  • Annual fee: $0
  • Foreign transaction fee: 0%
  • Foreign transaction fee for non-supported currencies: 2.5%
  • Extra card fee: $0
  • Card replacement fee: $25
  • Cash advance fee: $0

Interest rates

  • Purchases: N/A
  • Cash advances: N/A

The card doesn’t charge for cash withdrawals in Canada, but you may still come across ATM fees outside of CIBC ATMs. You will also incur a fee if you withdraw cash from an ATM while overseas (though CIBC waives the cost for the first withdrawal each month). Here’s the ATM fee breakdown.

While the CIBC AC conversion Visa is one of various cards with no foreign transaction fees, this benefit only applies to its 10 supported currencies — a 2.5% conversion fee applies to unsupported currencies. Other than that, there are no additional fees to worry about, except for a $25 charge if you need to rely on CIBC’s emergency card replacement service.

Since CIBC’s AC Conversion Visa is a prepaid credit card rather than a regular credit card, you’ll never be subject to high interest rates on your balance.

CIBC AC conversion Visa Prepaid Card perks

  • Hold and spend money in 10 currencies

    This card can be loaded with a foreign currency. Load up to 10 different currencies simultaneously and use the funds to make purchases abroad in 45 countries or on global e-commerce sites.

    The CIBC prepaid card supports the following currencies:

    Canadian dollars
    U.S. dollars
    Euros
    British pounds
    Australian dollars
    Japanese yen
    Hong Kong dollars
    Turkish Lira
    Swiss Francs
    Mexican pesos

  • Enhanced security

    The CIBC prepaid card comes with advanced chip and PIN technology to deter fraudulent activity and theft.

    The Visa zero liability policy offers additional financial protection, and CIBC also provides emergency card replacement and emergency cash service.

  • Controlled currency conversion

    With CIBC’s smart prepaid card, you can transfer currencies when exchange rates are favourable and store the funds for future use.

  • AC conversion mobile app

    The prepaid credit card offers a handy mobile app you can use to make purchases, exchange currencies, and monitor your spending.

Compare CIBC AC conversion Visa Prepaid Card alternatives

CIBC AC Conversion Card

CIBC AC Conversion Card

  • Welcome Offer None
  • Annual rewards $0
  • Annual fee $0
  • Minimum Income Required None
Our Pick
Wealthsimple Cash Card

Wealthsimple Cash Card

  • Welcome Offer None
  • Annual Rewards $240
  • Annual Fee $0
  • Minimum Income Required None
EQ Bank Card

EQ Bank Card

  • Welcome offer None (However, you could earn 0.50% bonus interest for 12 months on your card balance.)
  • Annual rewards $120
  • Annual fee $0
  • Minimum income required None

Our final thoughts

CIBC’s AC Conversion Visa is a solid choice if you’re an avid traveller looking for a no-frills prepaid credit card to help you save money on currency conversion fees and exchange rates.

It’s also a great fit if you routinely do online shopping at international stores — the cost savings can add up over time. And with the ability to store numerous currencies for future use, this card makes global spending hassle-free.

However, there are great travel cards that offer more rewards.

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