One way to find out if you’re getting a decent exchange rate is to check it against the mid-market rate. This is the rate that the banks buy and sell at, so it doesn’t have a margin added on top. Use our calculator to compare the difference between the mid-market rate and the exchange rate on offer so you know how much your bank or money transfer service stands to profit off your transaction.1
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CIBC currency exchange rates
Find out where you can access CIBC's exchange rates to compare them against what's on offer from specialist money transfer companies.
Looking for a decent exchange rate on your next international money transfer? You can send money to 80 countries using CIBC Global Money Transfers. Learn how to access their exchange rates so you can compare them against what’s on offer from specialist money transfer companies. This will help you save money and find the best money transfer solution for your unique set of needs.
What are CIBC’s foreign exchange rates?
CIBC doesn’t publicly post their exchange rates online like many other Canadian banks, which makes it difficult to compare their rates with other banks and money transfer services.
Despite this, it’s more than likely that CIBC charges a margin of 2% – 5% on top of the mid-market rate, which is the rate the banks trade at. This seems to be the standard across the board for big banks in Canada.
Where can I find CIBC’s foreign exchange rates?
If you want to get a better idea of how much you’ll have to pay to exchange your money, you can send a message to CIBC’s Remi BetaBot on Facebook Messenger. Ask the bot what the exchange rates are for the currency you want to transfer to, and it will give you the CIBC’s rates for that day.
You can also sign up for rate alerts using this same service. In this case, the bot will send you a message when the rates you’re after change or reach a desired level.
If you don’t have Facebook, you can also call CIBC and speak directly to an agent to get more information about daily exchange rates. You’ll get real-time pricing on rates in the process of booking your transfer, which gives you an opportunity to compare CIBC’s rates against other money transfer providers before you agree to send your money.
Sending money with CIBC: What to know
What we like
- No transfer fee. CIBC claims that their international money transfers are fee-free.
- 24/7 access. You can use their mobile banking app to send money overseas at any time of day.
What to watch out for
- No online rates. It can be hard to access CIBC’s daily exchange rates because they don’t post them online.
- Poor exchange rates. CIBC adds a larger margin to the exchange rate than specialist money transfer services.
- Non-members can’t access. To send money, you’ll need to open a bank account.
- Takes longer. It can take up to 3 business days for your recipient to receive funds.
How do CIBC’s exchange rates compare?
It’s difficult to say how CIBC’s exchange rates compare to other providers since they don’t post them online, and are available for account holders only. But as is the case with other big banks in Canada, they’re likely no match for specialist money transfer companies. You can save money by comparing CIBC’s rates to the providers listed below.
The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.
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