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 we have set aside $1,000,000 for consumer protection, 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.
Use our savings calculator to see how much you can save on your next transaction
Take advantage of the best exchange rates when buying US real estate, moving to another country, sending money to family, and paying foreign tuition.
Free same-day transfers, no hidden fees and professional service.
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.
- Bank Exchange Rates
- Markup %
- Fixed Source
- Potential Savings on Exchanging $10,000 with KBFX vs banks
- CIBC - CIBC Bank
- CIBC Foreign Exchange Rates
- KnightsbridgeFX Exchange Rates
- RBC - Royal Bank of Canada
- RBC Exchange Rates
- TD - Toronto Dominion Bank
- TD Bank Exchange Rates
- BMO - Bank of Montreal
- BMO Exchange Rates
- Scotia - Scotia Bank
- Scotia Bank Foreign Exchange Rates
- HSBC - HSBC Bank
- HSBC Foreign Exchange Rates
- Desjardins Foreign Exchange Rates
- PayPal Exchange Rates
Stop overpaying with your bank on foreign exchange
We are built to beat bank exchange rates and save you money
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.
Our 100,000+ clients would never go back to dealing with a bank
“As a snowbird wintering down South, I obviously pay close attention to exchange rates. The entire process is very, very easy, and on top of that, their customer service is exceptional.”
Mike K, Snowbird & Property Buyer
“KnightsbridgeFX has been a game changer for us. As a Canadian company that bills in USD but operates in CAD otherwise, we needed a really easy way to convert currencies at a great rate. KnightsbridgeFX has been perfect - super easy to set up a trade and phenomenal rates We're saving thousands a year!.”
Andrew Cross - CEO at GooseChase
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.
- Financial Institution
- Tier-Based Fees
- Fixed Charge
- Var. Charge
- Min. Fee / Max. Fee
- $30 - $80
- $30 - $80
- $40 - $90
- $13.50 - $20
- National Bank
- $15 - $20
KnightsbridgeFX is the leading online currency exchange service in Canada. For the past 11 years, we have helped over 100,000 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 set aside $1,000,000 for consumer protection
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.
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?CIBC offers clients two methods of money transport. Option one is to go for a wire transfer, which is typically set up at your nearby brick-and-mortar CIBC location. Alternatively, you can take advantage of a Global Money Transfer (which can be done either online or through the CIBC mobile app)
2 What are the conditions for CIBC Global Money Transfer?You may only use GMT for eligible countries – check their website for a complete list. A singular transaction needs to be at least $100 CAD in size up to a maximum of $10,000 CAD with some exceptions. Futhermore, your money transfer is technically “fee free” but you will still see an exchange rate spread and are vulnerable to any relevant bank account fees.
3 What do I need to have in order to make a CIBC Global Money Transfer?
There are a few things you’ll need to be able to provide if you’re planning on making a GMT with CIBC. After ensuring that your account balance contains sufficient funds, you’ll need to provide some personal identification details about the recipient along with the reasoning behind the transfer.
4 How do I make a wire transfer with CIBC?Wire transfers are an old-fashioned way of sending out funds internationally, but they are necessary if your transaction isn’t compatible for an online GMT. The best way to set one up is to walk into your nearest branch. Once you’ve agreed to the associated fees, you’ll need to provide the recipient’s basic information (name, address, banking number, etc.) and the transferable amount.
5 How long does an international money transfer take with CIBC?By deciding to opt for a wire transfer, you’re subject to slightly longer wait periods (on average) since it’s not performed entirely online. If you’ve sent out funds with a GMT, you can expect your money to reach your recipient within 1 to 3 business days.