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The CIBC AC Conversion Card is one of a few card options out there that minimize your stress and costs when you have to make payments abroad using foreign currencies.

If you are a frequent traveller, then you know about the hassles of having to make transactions in a foreign currency and the costs that come with it. These include exchange rates that change on a whim and/or the standard 2.5% or so in foreign conversion fees that apply.

While there are a few credit cards that do not charge foreign transaction fees in Canada, they are few and keep getting fewer, with a couple of them closing shop over the last few months (including Chase’s Rewards Visa card and Marriott Rewards Premier Visa).

Many of the remaining charge you a hefty annual fee that may still be worth your while depending on your general usage. It is this dearth of “zero foreign transaction fees” card options that make the CIBC AC Conversion Card stand out.

One other card that gets the job done is the KOHO Prepaid Visa card and is the one I personally use. KOHO Premium comes with up to 2% cash back on purchases, no FX fees, roundup savings of your spare change, a high-interest savings on your entire balance, and many other perks. Read my complete KOHO review.

You can also check the STACK prepaid Mastercard.

Related: Best No Foreign Transaction Fee Credit  Cards in Canada


How the CIBC AC Conversion Visa Prepaid Card Works

The CIBC Air Canada AC Conversion Visa Prepaid Card is not a credit card. It’s a prepaid card that allows you to load and hold up to 10 currencies at the same time and all on one card.

You lock in an exchange rate, load up the currency you want, and spend your preferred currency when needed without incurring any additional foreign transaction fees.

Considering the typical transaction fee of 2.5% charged by credit cards, you are saving about $25 CAD in fees for every $1,000 CAD in equivalent foreign currency spending. This is on top of any savings you may or may not have on the foreign exchange rate you get.

There is no need to hold (in cash) thousands of dollars worth of Canadian dollars in foreign currencies when you are travelling in order to save on foreign exchange (FX) fees…and no need to go looking for a FX bureau when you need local currency. This card does that for you in a safe and more convenient way.

cibc ac conversion card 1

Currencies You Can Load on the CIBC AC Conversion Card

You can carry up to nine (9) foreign currencies on your card which allows you to pay for purchases like a local resident in about 45 countries!

You used to be able to load the Canadian dollar directly on the card as well, but that option is no longer available as of April 13, 2018. The card now appears to focus mainly on you using the card for its intended purpose i.e. conveniently paying for goods and services in foreign currencies.

The currencies you can load include:

  • U.S. dollars (USD)
  • Euros (EUR)
  • British pounds (GBP)
  • Mexican pesos (MXN)
  • Hong Kong dollars (HKD)
  • Australian dollars (AUD)
  • Japanese yen (JPY)
  • Turkish lira (TRY)
  • Swiss francs (CHF)

How to Load, Reload, and Use the CIBC AC Conversion Card

You can easily load or reload your card with your preferred currencies using your online account at or via the AC Conversion app. For account balance checks, you can also do this online or call and use their automated service.

The exchange rate at which you lock-in your currencies stays the same and will not change irrespective of what happens in the FX markets. For this card, CIBC also offers an exchange rate that is generally more competitive than what’s on offer in-branch.

You can take a look at the current exchange rates here to get an idea of how much CAD you need to convert to get your preferred currency.

A few transaction limits to take note of:

  • Minimum load amount (single transaction): $100 CAD equivalent
  • Maximum load amount (single transaction): $2,999.99 CAD equivalent
  • Maximum balance: $20,000 CAD equivalent
  • Daily (24-hour) maximum point of sale limit: $2,999.99 CAD equivalent
  • Daily (24-hour) maximum ATM withdrawal: $2,000 CAD equivalent

When conducting a transaction using your card, it will first try to pay using funds from a “supported” currency (to save you money). If you do not have sufficient funds in a particular supported currency, it will move on to the other currencies you have loaded on your card.

When you have to pay for goods and services using a currency not loaded on your card, the typical 2.5% foreign transaction fees apply.


Fees Associated With the CIBC AC Conversion Card

Applying for your initial card is free of charge. However, if you lose your card and need a replacement, use ATMs a lot outside Canada, or pay for transactions denominated in currencies that are not on your card, other fees may apply as shown on their website below:

cibc ac conversion card fees

Other Pros of the CIBC AC Conversion Card

In addition to its convenience and potential fee and exchange rate savings, the CIBC AC Conversion Card offers some other benefits, including:

  • You do not need to be a banking client of CIBC to own the card.
  • If you lose our card, you can order a replacement card and transfer your balance over to it. There is 24/7 support available and you can always call them at 1-800-482-8347.
  • The card is protected using chip-and-pin technology to deter fraud. They also offer an emergency card replacement and emergency cash service.
  • The card is not connected to your other personal or banking information. If you become a victim of theft or scam, you will not potentially lose your entire bank account, unlike for a debit card.
  • You have online access to your account 24/7 worldwide which means you can always load your preferred currency for use anywhere.

Cons of the CIBC AC Conversion Card

  • It is not a credit card. If you are looking to spend money you don’t currently have, this card will not do it for you. You must have the funds already loaded on the card.
  • Purchasing currencies and loading on the CIBC AC Conversion Card using a credit card and earning points or rewards on the credit card is possible. However, this transaction may appear as a cash advance on some credit cards and cost you cash advance fees.
  • You may still need access to cash in the local currency. The card comes with one free ATM withdrawal per month outside Canada, thereafter ATM fees apply.

Wrapping Up

If you go on vacations abroad or travel frequently, the CIBC AC Conversion Card is one option to potentially manage the volatility of foreign exchange rates, save on fees, and conveniently pay using local currencies around the world.

You can lock in rates when they are favourable in order to utilize the currencies at a later date. Better still, the card has no annual maintenance fees.

You can also check out the KOHO Premium Visa for spending abroad (use promo code CASHBACK to get an extra 1% bonus cash back). Your KOHO premium card waives the 2.5% foreign transaction fee, has a low monthly fee and you earn free cash back on every purchase.

Related Posts:


CIBC AC Conversion Card Review
  • Annual Fees
  • Foreign Transaction Fees
  • Versatility
  • Overall Value


The CIBC AC Conversion Card is one of a few card options out there that minimize your stress and costs when you have to make payments abroad using foreign currencies. Another card worth checking out for zero FX fees is the STACK Prepaid Mastercard.