KnightsbridgeFX & CIBC exchange rate & currency conversion

How to find the best exchange rates in Canada

Far too many people are losing money on foreign exchange by picking the wrong service. The culprit, in most cases, is a mix of misinformation and convenience. This quick guide will shed light on a better, much cheaper, and more convenient way of exchanging currency. Carry on reading, because this information will literally save you hundreds, if not thousands of dollars.

I want to save money now

Traditional money exchanging services and the new norm

Choices for exchanging currency

When trading currencies and large amounts of money are involved, most people commonly resort to old-faithful banking institutions. And why shouldn’t they? CIBC and all the other banks in Canada offer that much-needed trust factor essential when money is changing hands. Plus, they operate swiftly, and they have an extensive offering of international currencies that you can get either in cash or electronically from any of their branches.

Banks are always after a profit

What most people don’t realize is that all these advantages come with one big caveat - markups. As you’re about to see, conventional banking institutions have a ton of overhead expenses to make up for. All these overheads reflect in the CIBC exchange rate (and any other bank’s rate).

You can exchange money with zero hidden-fees

Enter digital exclusively-online foreign exchange services - such as ours, KnightsbridgeFX. We are both registered and regulated by FINTRAC as well as bonded and insured for $1,000,000 in coverage, making us just as safe as any other bank. However, as opposed to banks, we’re putting our entire expertise and focus on currency conversion. By doing so and leveraging online money transferring platforms, we can offer you a significantly better exchange rate than any other bank in Canada. Our primary purpose is to help you save money. That’s why we operate with zero hidden exchange fees, and our wire transfers are entirely free for anywhere in Canada, the US, and parts of Europe.

Fill in the amount you want to exchange and find out how much you could save

Interbank Equivalent
Current interbank rate: 0.7639

Exchanging with KnightsbridgeFX vs your bank could save you CAD$ 1,050

Get an exact quote

Exchange rate bank markups explained

Every big Canadian bank - including CIBC - introduces a rate markup embedded within their offered rate. This markup varies from bank to bank, and it ultimately represents paying for the bank’s service costs. These include customer representative salaries, building rent, marketing fees, unavoidable transfer charges, as well as other miscellaneous costs. Every single one of these expenses gets added to the currency exchange rate. For example, CIBC’s currency exchange service has a markup of 3.34%.

Up to 5x lowered fees

Compare that with KnightsbridgeFX’s markup of only 0.8%. How can we afford such lower margins? It’s simple. Unlike banks, we operate under an extremely well-optimized budget. We don’t have million-dollar branding budgets, marketing fees, and online banking apps in development that need to be paid for. All we care about is offering you the best rates in Canada.

Granted, if you’re only looking to exchange small amounts, you may not feel the difference. But if you’re looking to buy a property in the US, for example, you stand to save thousands! We even offer you the privilege to negotiate the exchange rate yourself - if you have a more considerable amount you wish to convert.

CIBC exchange rate markup compared to other banks

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) provides FX features.

Now that you’ve gotten a better idea about what those hidden bank exchange fees represent, it’s time you saw how much money you can save by getting rid of them. We’ve put together a comparison table that highlights how much you stand to save when exchanging $10,000 USD at KnightsbridgeFX instead of any other major bank in Canada.

Exchange money cheaper, faster & simpler with KnightsbridgeFX

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Knightsbridge Foreign Exchange is registered and regulated by FINTRAC (a government of Canada agency). Like most financial institutions, we are required to validate the identity of all clients. We have strict measures in place to protect your privacy.

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We are FINTRAC regulated. Our registration number is
M09819788.

77,000+
Satisfied customers

There is no obligation
to transact and
no hidden fees.

We guarantee to
beat your bank's rate
100% of the time.

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I confirm I am not transacting on behalf of a third party and I have read and I agree to the Terms and Conditions*

Our 77,000 clients would never go back to dealing with a bank

How to find the best exchange rate

Finding the best exchange rate in Canada or the best place to buy US dollars can be easier than you can imagine. Just use our foreign exchange currency converter tool. Everything is as simple as opening the page and adding the amount you want to exchange. After that, we’ll send you an email containing a detailed overview of the exchange rates offered by Canada’s top banks, as well as the one we can provide you with.

Regardless of the currency you’re trading the Canadian dollar to/from (USD, GBP, EUR, XOF, XCD, or virtually any currency) we highly advise you to use a currency converter to make sure you’re getting a high-quality exchange rate for your dollars.

We’re here to help

While the US dollar effectively rises and falls with the Canadian dollar, other currencies have a more variable relationship with the CAD. That rapport 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.

If you’re still unsure about the value of the exchange rate you’re getting, KnightsbridgeFX also offers free financial counseling for your currency exchange needs. You can get in touch with one of our representatives by calling our toll-free number: 1-877-355-5239.

Wire transfer cost comparison

If you’re someone who’s regularly sending money abroad, you’re probably familiar with wire transfer fees. The cost of the wire transfer adds up alongside the banks’ exchange rate markup. Some providers, such as the National Bank, will give you a wire transfer deal if you specifically transfer money to the United States. Others like HSBC and RBC will give you discounts if you do the wire transfers online. But even with these so-called ‘advantages’, the truth is the price is never zero when you’re relying on banks.

At KnightsbridgeFX we take a more professional approach and guarantee you a no-strings-attached free wire transfer anywhere in Canada, the US, and even some parts of Europe. For further references on the wire transfer fees practiced by banks, check out our detailed table below.

About KnightsbridgeFX

KnightsbridgeFX is the leading online currency exchange service in Canada. For the past 11 years, we have helped over 77,000 happy customers exchange $9,5 Billion and saved them millions in hidden exchange fees. Even though we’re not a bank, we’re registered and regulated by FINTRAC and have a $1,000,000 insurance in coverage.

Our mission is to give people a better and cheaper alternative to traditional, bank-reliant money exchanging services. We work around the clock to offer you nothing short of the very best rates on the market.

Your funds’ safety is of utmost importance to us, so we’ve invested massively in having the best security experts and state-of-the-art technology to ensure your transfers are completed swiftly to your complete satisfaction.

How we beat your bank rates. Every time.

  • Large transaction power

    Our large transactional volume allows us to obtain purchasing power from the banks – we buy in bulk and pass on the great exchange rates to you, along with free wire transfers.

  • Simple and
    transparent infrastructure

    Banks have a very complex infrastructure which requires that they charge hidden fees to cover their costs, another reason KnightsbridgeFX is able to offer competitive rates.

  • Rates personalized for you

    The rates we offer to our clients changed based on the amount you want to exchange. We guarantee to offer the best exchange rates (that will beat your financial institution).

Our recommendations on Foreign Exchange Services

After seeing what the market offers (unnecessarily high margins), we’ve decided that individuals need a better alternative. People deserve more than to see their hard-earned money being flushed down the drain. So, if you’re looking for the best exchange rate in Canada, if you’re tired of hidden fees and wire transfer charges, we highly recommend you side with us for your foreign exchange needs.

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 stand to save hundreds, if not thousands of dollars.

Call in today to get a free, no-obligation exchange quote from one of our representatives: Toll-free: 1-877-355-5239

CIBC Foreign Exchange FAQs - Frequently Asked Questions

  • 1 How can I send out money with CIBC?
  • 2 What are the conditions for CIBC Global Money Transfer?
  • 3 What do I need to have in order to make a CIBC Global Money Transfer?
  • 4 How do I make a wire transfer with CIBC?
  • 5 How long does an international money transfer take with CIBC?