Create a real-time currency exchange rate alert.

CIBC Foreign Exchange

Thinking of using CIBC for your foreign exchange or international money transfer? Before you go ahead, it’s worth comparing your options — especially if you want to avoid hidden fees and get more for your money.

Use the currency calculator to see how much more you could receive by choosing KnightsbridgeFX instead of CIBC.

BNN CTV The Globe and Mail Toronto Star CBC

About CIBC Foreign Exchange Services

The Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s largest banks. It offers a variety of foreign exchange services, including:

  • International wire transfers from your CIBC account
  • Currency exchange for over 20 currencies
  • Online money transfers through CIBC online banking
  • Bank drafts and international money orders
  • Transfers between Canadian and foreign currency accounts

However, CIBC Bank does not publish its foreign exchange rates online, which can fluctuate based on market conditions and capital market activity. You typically need to start a transaction or contact a CIBC banking centre to see your rate, and that rate often includes a markup over the real exchange rate.

What Affects the Cost of Sending Money with CIBC?

When you send money abroad with CIBC, several factors influence the total cost:

Destination country – Transfers to some countries take longer and may include additional charges.

Payment method – Paying by debit or credit card can be faster, but it is more expensive. Bank transfers are often cheaper.

Time of transfer – Transfers during weekends, holidays, or after daily cut-off times may be delayed and are typically processed within 1–2 business days.

Exchange rate markup – This is often the biggest hidden cost. CIBC adds a margin on top of the mid-market rate, meaning you get less foreign currency for your Canadian dollars.

The Hidden Cost of Foreign Exchange with Banks like CIBC

While CIBC may promote "low transfer fees," the real cost is usually built into the exchange rate — and it's rarely disclosed upfront. So, while it may look like you're not paying a fee, you're still paying — just in a way that's more difficult to notice.

Let’s break it down with a sample comparison:

  • Amount Sent
    With CIBC
    With KBFX
    Your Savings
  • $1,000 CAD to USD
    ~$738.00 USD
    ~$748.50 USD
    ~$10.50
  • $5,000 CAD to USD
    ~$3,690.00 USD
    ~$3,742.50 USD
    ~$52.50

Disclaimer: Rates are estimates based on typical bank markups. Actual rates may vary.

At KnightsbridgeFX, we believe in transparency. We give you access to real-time foreign exchange rates with no hidden costs — just a fair, low fee that you can see upfront.

Why Canadians Choose KnightsbridgeFX

With KnightsbridgeFX, you get:

  • Better exchange rates than the banks.
  • No hidden fees or rate markups.
  • Support for individuals and business banking needs.
  • Personalized assistance from our derivatives and currency specialists.
  • Transparent pricing based on the mid-market rate.

Whether you're a business owner, student, or someone sending money to family overseas, KnightsbridgeFX helps you keep more of your money where it matters most.

Ready to Leave CIBC Behind?

Thousands of Canadians have already switched to smarter currency exchange with KnightsbridgeFX. Join them today and start saving more with every foreign cash transfer.

Related Blog Articles

Before you go, check out these popular articles that can help you make more informed decisions with your money:

Canadian Dollar Update – Canadian dollar treading water

BoJ expected to hike rates December 19 Recent US data confirms Fed rate cut next week US dollar…
Read article

FX Monthly Update | December 2025

Economic Outlook and Summary November was a month for the ages. Traders were left in the dark due…
Read article

Canadian Dollar Update – Canadian dollar making gains

Trump’ s Fed Chair comment sparks US dollar selling Oil prices rebound on API drawdown US dollar opens…
Read article