CIBC Bank is one of the largest banks in Canada and has a notable international presence. But how does it do when it comes to exchange rates? Not very well. Ironically, CIBC offers much better exchange rates outside of Canada than it does in Canada! That is because they face less competition in Canada. In general, bank exchange rates are not very good given the concentration of the banking industry.
A recent survey looked at CIBC exchange rates relative to the best available rate from a reputable foreign exchange dealer and here is what it found. Almost, in all circumstances, the CIBC exchange rate was worse. Below is a table of some of the currencies from the survey and the savings from using Interchange Financial instead of CIBC.