CIBC alongside the other traditional banking institutions in Canada can swiftly help you convert from one currency to another. When doing so, the important thing you want to consider is the bank’s offered exchange rate. CIBC provides their clients with a large offering of international currencies, which can be obtained either in cash or electronically from one of their branches. In terms of convenience, it is most reasonable to use CIBC for your foreign exchange needs if you already bank with them.
Conventional banking institutions have always been the place to go for money exchanges. However, today’s digital exclusively-online foreign exchange services are able to give better rates by putting all of their expertise in currency conversion. The truth is; traditional banking (think of the Canadian “big five”) has a ton of overhead expenses to make up for, so they can’t always deliver you the greatest deal. Expert online currency conversion services that specialize in foreign exchange, like KnightsbridgeFX, make sure that you’re offered guaranteed good rates coupled with excellent customer service on your conversions.
The price discrepancy between CIBC’s exchange rate (in regards to sell versus buy) the same currency is vital, and it could easily reach up to (and over) 5%. For an accurate rate comparison you should consider their website or call in for accurate rates. No matter what their rates are currently, you can always take advantage of rate comparisons. Luckily we’ve done the hard part for you with this chart:
|Bank Exchange Rates||Markup %||Source||Potential Savings on $10,000 USD with KFX|
|CIBC – CIBC Bank||3.34%||CIBC Foreign Exchange Rates||$304|
|KnightsbridgeFX||0.8%||Knightsbridge Foreign Exchange||–|
|RBC – Royal Bank of Canada||2.60%||RBC Exchange Rates||$230|
|TD – Toronto Dominion Bank||2.64%||TD Bank Exchange Rates||$234|
|BMO – Bank of Montreal||2.65%||BMO Exchange Rates||$235|
|Scotia – Scotia Bank||2.88%||Scotia Bank Foreign Exchange Rates||$258|
|HSBC – HSBC Bank||2.10%||HSBC Foreign Exchange Rates||$180|
|Desjardins||2.49%||Desjardins Foreign Exchange Rates||$219|
|PayPal||2.50%||PayPal Exchange Rates||$220|
Every single big Canadian bank – including CIBC – introduces a rate markup that is embedded within their offered rate. This aforementioned rate markup varies from bank to bank and it ultimately assists with paying for the service costs, which includes: customer representative salaries, building rent, marketing fees, unavoidable transfer charges, and other miscellaneous costs. However, because Canadians typically exchange money with the main bank that they already have a relationship with, these financial institutions take advantage of that and aim for a pure profit on their clients. In an effort to counter this practice, foreign exchange companies like KnightsbridgeFX, take a more professional approach by providing better exchange rates and accepting a lesser margin, whilst maintaining the same levels of quality.
Banking in Canada gets easier every day as technologies progress. When you register for a personal/business bank account and credit card in Canada it’s important to find the one that’s right for you. CIBC simplifies online banking (for a more convenient experience, download the CIBC mobile application – using CIBC on your phone is an amazing time saver) and they also offer currency exchange rates. If you are not sure which bank offers the best rates, you could benefit from using our foreign exchange currency converter tool. Tip: It’s a good idea to check often since rates are constantly fluctuating.
No matter what currency you’re trading the Canadian dollar to/from (USD, GBP, EUR, XOF, XCD, or virtually any currency) we highly advise to use a currency converter to make sure you’re receiving a high quality exchange rate for your dollars when making conversions. While the US dollar effectively rises and falls with the Canadian dollar, other currencies have a more variable relationship with the CAD, and that relationship is predicated on economic indicators. For this reason, it’s crucial to compare the fee a bank is asking for relative to the market competition.
CIBC (Canadian Imperial Bank of Commerce) offers an extensive variety of currency exchange options to their customers. Regardless of your decision to visit an actual branch, or to quickly use CIBC mobile banking, it’s definitely a reputable way to change currencies. In other words, if you need a solid internationally-ranked big bank, you can’t really go wrong with CIBC.
Currency exchange rates are determined by multiple indicators which include the status of global markets, business outlooks, and a handful of economic factors. If you’re seeking foreign exchange services you could always use start by using a currency exchange calculator and determine the value of the CAD against mainstream or less traded currencies, depending on your needs. Since CIBC is an incredibly large banking institution, they provide clients with other banking services – along with foreign exchange services of course.
When evaluating where you should conduct your foreign exchange transactions, there should be multiple options alongside CIBC. For example, practically each of the “big 5” Canadian banks (BMO, CIBC, RBC, Scotiabank, TD) provide FX features. By taking a look at the bottom of this page, you could compare the CIBC’s exchange rates with that of the other big banks, as well as most major credit unions. If you are looking to exchange cash, make sure you compare the CIBC bank’s foreign exchange rates with those of competitors to ensure you get the best exchange rate.
For transactions exceeding moderate amounts (over $5000) it’s a good idea to look around to make sure you receive a good foreign exchange rate.
By siding with KnightsbridgeFX as opposed to Canada’s “big five”, you can stand to benefit from huge savings. KFX promises a much more favorable rate than the bank’s by a margin of at least 1%.
|Financial Institution||Tier-Based Fees||Fixed Charge||Var. Charge||Min. Fee / Max. Fee||Free?|
|CIBC||Yes||$30 – $80||–||$30 – $80||No|
|BMO||No||$10||0.20%||$15 – $125||No|
|HSBC||Yes||$40 – $90||–||$40 – $90||No|
|RBC||No||$13.50 – $20||–||$13.50 – $35||No|
|Scotiabank||Yes||–||0.15%||$25 – $100||No|
|National Bank||No||$15 – $20||0.34%||$15 – $60||No|
Throughout modern history, big banking financial institutions use wire transfers to send out cash abroad. Most times, to create a wire transfer (a secured barrier-passing money transfer method) you need to speak with a financial services representative at a physical branch. Occasionally banks will offer you discounts on wire transfers if you do it online (such as HSBC and RBC). Other providers, like National Bank, will give you a wire transfer deal if you specifically transfer money to the United States. Truthfully, no matter what kinds of discounts you receive with banks the price is never zero.
KnightsbridgeFX guarantees to give you a no-strings-attached free wire transfer anywhere in Canada, the US, and parts of Europe.
Interested in FX rate comparisons? you can use a non-bank provider to exchange currency and compare rates.. Over time, or even just within one transaction, your dollar savings on transactions can be immense if you choose KnightsbridgeFX.
By actively comparing our chart’s exchange rates to CIBC’s rates (plus other bank FX rates) you can get a better idea of the margin on conversions.
The chart is where you can find rate markups and current offerings, but the tool below can provide you with more up-to-date knowledge about monetary pairings.
Use the KnightsbridgeFX’s live tools to determine the transaction “entry levels” you’re satisfied with, based on the current valuations of currency. If you notice the CAD is surprisingly strong relative to other currencies you may wish to exchange it to truly reap the rewards of its inherent value.
CIBC (Canadian Imperial Bank of Commerce) is one of the five largest financial institutions in the country. Its part of the “big five” Canadian banking industry and has its headquarters in the heart of Toronto’s financial district. CIBC was initially established in 1961 from the merger of two separate banks, Imperial Bank of Canada and the Canadian Bank of Commerce. The financial institution operates international as well as domestically. CIBC has influence south of the border, Asia, and parts of Europe. As of today, the massive bank has served over 11 million individuals in regards to their finances.
CIBC posts their currency conversion deals online here. Generally, to get more information about their quotes and services you’ll need to speak to a representative. To inquire further about specific currencies, call CIBC at 1-800-465-2422. CIBC’s posted exchange rates are subject to change without notice.
CIBC’s product breadth is among the most comprehensive offerings in Canada. Compare your current provider for the aforementioned financial services to CIBC’s offerings to ensure your financial needs are being met in the best possible way.
At the end of the day, we highly recommend you side with KnightsbridgeFX for your foreign exchange needs.
After seeing what the market offers (unnecessarily high margins), we’ve decided to give individuals a better offer than the norm. Unfortunately, too many misinformed clients have lost money unnecessarily on foreign exchange just by picking the wrong service.
Through the leveraging of online money transferring platforms, we can trade your money in a fast, efficient, and affordable manner. Each time you exchange big sums of money with us you can easily save hundreds of dollars.
Call in today to speak with one of our friendly representatives, and get a no obligation completely free quote: Toll-Free: 1-877-355-5239