CIBC AC Conversion Visa Prepaid Card Review 2023

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.

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.

Hold and spend money in multiple currencies. The most notable feature of the CIBC AC conversion Visa is that it can be loaded with a foreign currency. In fact, you can load it with 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

No currency conversion fees. You won’t get charged that pesky foreign transaction fee each time you make a purchase using one of the card’s 10 supported currencies.

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.

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.

Cash back. For a limited time, until October 31, 2023, you’ll earn 1% cash back on all domestic and international purchases. All cash back is earned in the currency in which you make the transaction and applied to your account in the same currency monthly.

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.

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.

The standout perk of the CIBC AC conversion Visa is that it waives foreign transaction fees on supported currencies, which are typically unavoidable with most credit cards. On average, most cards will charge you 2.5% each time you purchase in a foreign currency. If you regularly splurge abroad, this cost can add up to a hefty sum over time.

Another key selling point is that you can exercise greater control over the timing of currency conversions. Exchange rates can be pretty volatile, so you may not always get the best deal when converting one currency to another. However, with CIBC’s smart prepaid card, you can transfer currencies when exchange rates are favourable and store the funds for future use.

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.

To qualify for this prepaid travel card, you must be a Canadian citizen or a permanent resident and have maintained a Canadian address for at least two years. You must also be at least 18 years old or the age of majority in your province or territory.

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 there are no foreign transaction fees, this benefit only applies to the card’s 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’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.