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’.
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 MXN exchange rate is 13.1. This is -6.5% compared to the latest CAD-MXN mid-market rate 14.01.
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 Mexican peso (MXN) rates from different sources before making a conversion.
The above CIBC - Loonie to Peso 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-MXN mid-rate and the possible savings of using various providers.
Looking at the full comparison table the best CAD to MXN exchange rate is 13.94 from OFX, -0.5% from the mid-market rate 14.01. The next best rate is 13.93 from XE, -0.57% from the mid-rate. Then Wise with 13.93 is -0.57% from the mid-rate.
The Western Union rate is 13.87 which is -1% from the mid-rate.
Among the banks the TD Bank rate is 13.64 at -2.6% the Scotiabank rate is 13.62 at -2.8% and the Royal Bank of Canada rate is 13.64 at -2.6% compared to the mid-rate 14.01.
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: