Call Knightsbridge Foreign Exchange at 1-877-355-5239 and we will beat CIBC’s exchange rate for buying or selling US dollars. We call them every morning and ensure our rates are better. We provide better exchange rates than the banks.
All Canadian banks, including CIBC Bank, can help you convert currency from one currency to another currency. However, the important thing you want to think about is the exchange rate that the banks offer. CIBC Bank can provide a wide variety of currencies and you can also get cash currency from the bank branch. Especially if you bank with CIBC Bank, it is convenient for you to use them to exchange currency.
CIBC Bank publishes some of their exchange rates online. The CIBC Bank exchange rate can be viewed here
The difference between the CIBC Bank exchange rate between buying and selling the same currency can range from 2% to 5% or more. You must look at the website above to see their rates. However, you may want to compare CIBC Bank’s exchange rate with other Canadian banks. You may even want to compare their rates with Knightsbridge Foreign Exchange (call 1-877-355-5239 to hear live exchange rates) to see the difference in exchange rates.
|Bank Exchange Rates||Markup %||Source||Potential Savings when buying $10,000 USD with KnightsbridgeFX.com|
|RBC – Royal Bank of Canada||2.60%||$230|
|TD – Toronto Dominion Bank||2.64%||$234|
|BMO – Bank of Montreal||2.65%||$235|
|CIBC – CIBC Bank||3.34%||$304|
|Scotia – Scotia Bank||2.88%||$258|
|HSBC – HSBC Bank||2.10%||HSBC Foreign Exchange Rates||$180|
|Desjardins||2.49%||Desjardins Foreign Exchange Rates||$219|
|KnightsbridgeFX||0.8%||Knightsbridge Foreign Exchange|
Compare the exchange rates below to the CIBC Bank exchange rates and other bank exchange rates and you will get an idea of the margin.
If you are interested in saving money, you can use a non-bank provider such as Knightsbridge Foreign Exchange to exchange currency. You can obtain live exchange rates from KnightsbridgeFX by calling 1-877-355-5239 or simply visit the home page for more details.
Savings compared to bank exchange rates can be up to 2.5% and on large sums of money, this can add up. So call now and compare exchange rates.
All Canadian banks, including CIBC Bank, include a markup, hidden within the exchange rate that you see. This markup can vary in percentage and helps to pay for the costs of providing the service including the customer service representatives, rent, marketing, transfer costs, and much more.
However, since most Canadians exchange currency with the bank that they have a bank account with, the banks use this as a profit centre and want to make profit on currency exchange.
As a result, foreign exchange companies, such as KnightsbridgeFX can offer better exchange rates than the bank by providing a better exchange rate and taking a lesser margin.
Whether you choose to visit an actual branch or save time using CIBC online banking (or mobile banking), it’s a great way to exchange foreign currency or make a money transfer. So if you need an international bank, you could certainly do worse than CIBC.
|RBC Exchange Rates Overview||Scotiabank Exchange Rates Overview|
|TD Exchange Rates Overview||HSBC Exchange Rates Overview|
|BMO Exchange Rates Overview||National Bank Exchange Rates Overview|
|Desjardins Exchange Rates Overview|