CIBC Currency Exchange

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CIBC CAD to USD / USD to CAD Exchange Rate Overview

Unlike several other Canadian banks, CIBC does not publicly post their exchange rates online, making it difficult to compare their rates to those of other banks and money transfer services.

It provides foreign currency rates and exchange services in person if you visit a CIBC banking center.

You can also call CIBC Telephone Banking at 1-800-465-2422 for historical or current foreign exchange rates. Their telephone hotline is available 24 hours a day, seven days a week.

However, the bank says that it can only provide you with an indicative rate over the phone because the exchange rate can shift at any time during the day.

Foreign cash can also be ordered through CIBC Online or Mobile Banking.

How does CIBC’s currency exchange work?

Despite not publishing their currency exchange rates publicly, it is probable that CIBC charges a margin of 2–5% on top of the mid-market rate, which is the rate at which banks exchange currency with other banks.

They do not, however, give this lower rate to their customers. To make a profit, they instead apply that margin to the exchange rate. They also charge extra fees, such as cash processing fees or international transaction fees. This seems to be the industry norm for large Canadian banks..

How to Exchange Currency with CIBC

You can order foreign exchange currency with CIBC in one of the four following ways.

Order through CIBC Online Banking

By logging into online banking you can select “Order Cash Now” and follow the instructions and confirm the exchange rate.

You then select a delivery method - there are two available, pick up at a bank branch, or home delivery. The delivery takes 1 to three business days. Then confirm which of your accounts you will pay from. A confirmation screen will show once you’ve submitted your order and you can check the status there at any time after.

Use the US cash ATM network

CIBC has a number of ATMs that will dispense US currency. They are in some major cities and airports. Check if there is one near you.

Home delivery

With home delivery there is no shipping charge. Canada Post will deliver the money safely within 1 to 3 business days. If you are not at home, the package will be sent to the closest Canada Post office. The maximum order size is $2,500 CAD.

CIBC Banking Centre

Pickup at a banking centre also has no delivery fee, is done in 1 to 3 business days, and you can choose your closest branch. When your order is ready for delivery, you will be notified by email.

How to Exchange in CIBC accounts with Remitbee

Step 1

Sign up for an account by entering your email address and choosing a password. Your Canadian phone number will be required to be verified. Fill in your personal information, such as your name and address.

Step 2

Pick Exchange Currency from the menu. Now enter your currency exchange information to instantly see how much you'll get.

Step 3

Connect your CAD and USD bank accounts

Step 4

Choose the amount and confirm your exchange rate. The entire transaction takes place between your own two currency accounts via EFT

Step 5

Convert your cash! In the future, you can see all of your purchases by going to the Dashboard and tapping on the Transactions tab.

Wondering how much you can get? Try our currency exchange calculator!

Alternatives to CIBC’s Foreign Exchange Rate

When it comes to buying foreign currency, CIBC might not be the right option for everyone. It is possible to save money on fees when converting Canadian dollars to US dollars. You may also feel that another service is more convenient than using your bank. Customers have a range of currency exchange options in addition to CIBC.

- Another Bank
- Online Currency Exchange
- Airport Kiosks or Stores
- ATMs in the US or Overseas.

Why is Remitbee the best place to convert?

Better currency exchange rates than your bank.

It's safe and secure. Remitbee is regulated and audited by FINTRAC.

The currency exchange procedure is simple and fast from start to finish.

Other Currency Exchanges

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Frequently Asked Questions

So, what exactly is the Remitbee currency exchange?

Remitbee currency exchange allows you to deposit money into your US account and quickly and easily exchange it for Canadian dollars, and vice versa.

What are the benefits of using Remitbee instead of CIBC currency exchange?

All transactions are completed digitally at one of the best exchange rates available. It is easy to sign up and start changing money right away. You can also do it on the go by downloading Remitbee's mobile app or visiting our website. Furthermore, Remitbee is licensed and controlled by FINTRAC for your peace of mind.

Is it safe to use Remitbee for currency exchange?

Transactions are made with a high level of protection, and Remitbee technology protects your information. The money you are changing comes from your own bank account, and is deposited back in your own account.

Is there a charge for exchanging money?

Remitbee Currency Exchange allows you to exchange money for FREE.

What currencies are available with Remitbee to exchange?

Currently, Remitbee trades in US and Canadian dollars. In the future, more currency pairs will be available for your exchange needs.

Is Remitbee's currency exchange rate better or worse than that of CIBC and other Canadian banks?

Unlike banks, Remitbee specializes in currency exchange and can provide it at a lower cost. The fact that most people are unaware that there are other options for exchanging money benefits big banks. As a result, they continue to charge more than competitors.

This is due to the fact that consumers haven't known any better for many years. Customers are unaware of how much money they are losing because banks hide their high exchange rates behind complicated fees.

Remitbee is on a mission to make our fees and exchange rates as simple as possible, so you can transfer money around the world while ensuring you're getting the best exchange rate possible. When you make your currency exchange with us, you'll know up front exactly how much you're paying and how much you're getting.

Take our word for it, but don't just take our word for it. Look at our rates on our website. You will start saving right away if you sign up now.