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Understanding the Table:
The comparison table above helps you see the total cost of your CIBC currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your details and click ‘Get Rates’.
One of Canada’s so-called “Big Five”, the Canadian Imperial Bank of Commerce was formed by the merger in 1961 of the Canadian Bank of Commerce and the Imperial Bank of Canada and is seen as a trusted banking institution.
The CIBC Global Money Transfer service aims to allow customers to move money across borders just as easily as making a domestic wire transfer.
When you get a quote for your Global Money Transfer from CIBC on their website or in-app, you can also see the CIBC exchange rate, but it can be difficult to then calculate how much you are being charged.
CIBC does not publish their exchange rates publicly which is frustrating. Our BER International Money Transfer partners tend to offer guaranteed transparency on all conversions.
Our research shows that on average, CIBC profit margin for foreign exchange rates is somewhere between 4 - 8%, depending on the amount you're sending, where you're sending it to and which currency will be received.
While all banks in Canada charge this markup, the extra amount being charged is much higher than it would be with a global money transfer specialist.
Note the limit with CIBC Global Money Transfer in a 24-hour period is C$30,000, if paying via credit-card C$15,000.
Sending money to the UAE can be an expensive business, more so if you aren’t even aware of all the hidden fees. Money transfer companies and banks profit by charging you fees and a normally hidden margin on the exchange rate.
Using your Bank to make international wire transfers to India can be especially expensive – often 5% to 10% worse than using a foreign exchange specialist to send to the UAE bank accounts or pay a United Arab Emirates dirham invoice.
CIBC uses different bank codes depending on the currency and location of the sending bank. Here are some of the most common bank codes used for receiving foreign wire transfers:
SWIFT Code: CIBCCATT: This code is used for receiving wire transfers in Canadian dollars (CAD) from foreign banks.
Transit Number and Institution Number: These codes are used for receiving wire transfers in Canadian dollars (CAD) from banks located within Canada.
ABA Routing Number: 021000089: This code is used for receiving wire transfers in U.S. dollars (USD) from banks located within the United States.
CHIPS UID: 0902: This code is used for receiving wire transfers in U.S. dollars (USD) from foreign banks that are members of the Clearing House Interbank Payments System (CHIPS).
Fedwire ABA Routing Number: 026009593: This code is used for receiving wire transfers in U.S. dollars (USD) from banks located outside of the United States.
It's important to note that specific bank codes may vary depending on the currency and location of the sending bank, and it's recommended to confirm the correct codes with CIBC before initiating a wire transfer. Additionally, CIBC may charge fees for receiving wire transfers, so it's important to check the current fees and policies before initiating a transaction.
CIBC offers several credit cards with different foreign transaction fees. Here are some examples:
CIBC Aventura Visa Infinite Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
CIBC Dividend Visa Infinite Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
CIBC Aeroplan Visa Infinite Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
CIBC Platinum Visa Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
It's important to note that credit card terms and conditions can change, so it's always a good idea to check the current fees and policies before applying for or using a credit card for foreign transactions.
If you wish to save on exchange rates and foreign ATM fees then you should consider the Wise multi-currency card.
The CIBC CAD to AED exchange rate is 2.5082. This is -6.4% compared to the latest CAD-AED mid-market rate 2.6811.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Canadian dollar (CAD) to United Arab Emirates dirham (AED) rates from different sources before making a conversion.
The above CIBC - Loonie to United Arab Emirates dirham comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by CIBC and other foreign exchange providers against the latest CAD-AED mid-rate and the possible savings of using various providers.
Looking at the full comparison table the best CAD to AED exchange rate is 2.6677 from OFX, -0.5% from the mid-market rate 2.6811. The next best rate is 2.6653 from Wise, -0.59% from the mid-rate. Then XE with 2.665 is -0.6% from the mid-rate.
The Western Union rate is 2.6543 which is -1% from the mid-rate.
Among the banks the TD Bank rate is 2.6448 at -1.4% and the Royal Bank of Canada rate is 2.6096 at -2.7% compared to the mid-rate 2.6811.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like CIBC often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.
View a full list of exchange rates by selecting your Base (from) currency: