Canadian or US dollars?
Mar 2nd 2003, 8:11 am
#46
Guest
Posts: n/a
Re: Canadian or US dollars?
Chris wrote:
>
> Commission? What's on top of the exchange rate posted by a particular
> financial institution. Implicit, explicit commission, Stuart, do you think
> that a newcomer is interested in so sophisticated financial terminology?
No, but to say that the banks do not charge commissions is misleading.
Of course they charge a commission and as another poster has already
pointed out, it can often be the case that a bureau de change / bank
that charges a posted commission on top of the exchange rate can turn
out to be a better deal than one that doesn't. The first reaction is
that somewhere that doesn't charge additional commissions is going to be
better. Not always so.
And as I keep pointing out, to answer the original question again,
because of the "commissions" be they buried in the exchange rate, or
additional charges, when you do it twice (i.e. buy US$ and then exchange
that again in Canada to CDN$), they are going to walk away with less
money than if they had bought CDN$ in the first place.
And as I also mentioned, unless you are into currency trading (in which
case you wouldn't have asked the original question because you'd already
know the answer), or have a crystal ball, for someone just settling in
Canada to start messing around with both US$ and CDN$ is just crazy.
I resettled in Canada in 1981 and we had money that couldn't be released
immediately, and in a few days, the currency market went bad on us and
lost money. The predictions were that our situation would improve ...
never did, even after our money all came over. We lost and we lost and
we lost - in total about 5% of our funds. If we'd bit the bullet
instead of trying to follow predictions, and moved everything as soon as
it was available, we'd have lost about 2 1/2%, which represented a
difference of about $2000. Playing currency markets is not for the
faint of heart when these are your life funds.
As to travellers cheques, you can often buy them commission free in the
currency of your choice through auto associations for example.
Sometimes the exchange rate is competetive, sometimes it isn't.
Sometimes through credit card companies they are offered commission free
also depending on which card you carry, and from the banks depending on
the particular banking package you use.
Stuart
>
> Commission? What's on top of the exchange rate posted by a particular
> financial institution. Implicit, explicit commission, Stuart, do you think
> that a newcomer is interested in so sophisticated financial terminology?
No, but to say that the banks do not charge commissions is misleading.
Of course they charge a commission and as another poster has already
pointed out, it can often be the case that a bureau de change / bank
that charges a posted commission on top of the exchange rate can turn
out to be a better deal than one that doesn't. The first reaction is
that somewhere that doesn't charge additional commissions is going to be
better. Not always so.
And as I keep pointing out, to answer the original question again,
because of the "commissions" be they buried in the exchange rate, or
additional charges, when you do it twice (i.e. buy US$ and then exchange
that again in Canada to CDN$), they are going to walk away with less
money than if they had bought CDN$ in the first place.
And as I also mentioned, unless you are into currency trading (in which
case you wouldn't have asked the original question because you'd already
know the answer), or have a crystal ball, for someone just settling in
Canada to start messing around with both US$ and CDN$ is just crazy.
I resettled in Canada in 1981 and we had money that couldn't be released
immediately, and in a few days, the currency market went bad on us and
lost money. The predictions were that our situation would improve ...
never did, even after our money all came over. We lost and we lost and
we lost - in total about 5% of our funds. If we'd bit the bullet
instead of trying to follow predictions, and moved everything as soon as
it was available, we'd have lost about 2 1/2%, which represented a
difference of about $2000. Playing currency markets is not for the
faint of heart when these are your life funds.
As to travellers cheques, you can often buy them commission free in the
currency of your choice through auto associations for example.
Sometimes the exchange rate is competetive, sometimes it isn't.
Sometimes through credit card companies they are offered commission free
also depending on which card you carry, and from the banks depending on
the particular banking package you use.
Stuart
Mar 2nd 2003, 8:15 am
#47
Guest
Posts: n/a
Re: Canadian or US dollars?
OK, let's say you got here, you already got your PR status, in your first
business day in Canada you start calling as many financial institution as
possible (ask your friends about them and then look them up in the Telus or
Bell phone book) and ask them, the financial institutions, two straight
question: "I have this amount of xxxx cash and/or traveler cheques, how much
will I get if I exchanged it into C$? Commission included?" Case solved,
right?
And if you really want to speak in plain English, get rid of that "implicit"
commission term and say that commission is INCLUDED in any exchange rate
posted by any private bank. And it's called PROFIT and you CANNOT avoid it
as long as you really want to exchange your money. And let the term
"commission" to be used ONLY when it's specifically asked to be paid ON TOP
of the exchange rate. Never to any cash transactions.
Chris
"Richard" wrote in message
news:[email protected]...
> Lets look at this another way
> Say that you want to change $1000 US into Canadian,
> You go to two exchange places (banks or whatever)
> One will give you an exchange rate of 1.50 and charge a commission of
> $5
> The other will give you a rate 1.49 but with no commission
> Which do you go with ?
> Well the first will give you $1500 - $5 = $1495
> The second will give you $1490
> Thus the bank charging the explicit commission is the better deal.
> When changing money it is the combined effect of the explicit
> commission and the exchange rate that is important. As Stuart and
> others have said the difference between the buy and selll is in
> reality a commission.
> Will US Dollars be a better bet than Canadian in the short or medium
> term. Might be, might not be - I don't know if I did I would be
> making a fortune
> Richard
business day in Canada you start calling as many financial institution as
possible (ask your friends about them and then look them up in the Telus or
Bell phone book) and ask them, the financial institutions, two straight
question: "I have this amount of xxxx cash and/or traveler cheques, how much
will I get if I exchanged it into C$? Commission included?" Case solved,
right?
And if you really want to speak in plain English, get rid of that "implicit"
commission term and say that commission is INCLUDED in any exchange rate
posted by any private bank. And it's called PROFIT and you CANNOT avoid it
as long as you really want to exchange your money. And let the term
"commission" to be used ONLY when it's specifically asked to be paid ON TOP
of the exchange rate. Never to any cash transactions.
Chris
"Richard" wrote in message
news:[email protected]...
> Lets look at this another way
> Say that you want to change $1000 US into Canadian,
> You go to two exchange places (banks or whatever)
> One will give you an exchange rate of 1.50 and charge a commission of
> $5
> The other will give you a rate 1.49 but with no commission
> Which do you go with ?
> Well the first will give you $1500 - $5 = $1495
> The second will give you $1490
> Thus the bank charging the explicit commission is the better deal.
> When changing money it is the combined effect of the explicit
> commission and the exchange rate that is important. As Stuart and
> others have said the difference between the buy and selll is in
> reality a commission.
> Will US Dollars be a better bet than Canadian in the short or medium
> term. Might be, might not be - I don't know if I did I would be
> making a fortune
> Richard
Mar 2nd 2003, 8:17 am
#48
Guest
Posts: n/a
Re: Canadian or US dollars?
Idiot Stuart thinks he knows better than the banks themselves and what to what
is excatly hapening when you exchange USD to CND, NO commissions at all....It's
no surprise since he also thinks he know better than CIC about immigration
stuff.
Stuart is only grabbing attention he don;t know anything.
>Subject: Re: Canadian or US dollars?
>From: Stuart Brook [email protected]
>Date: 3/2/03 5:11 PM Atlantic Standard Time
>Message-id:
>Chris wrote:
>>
>> Commission? What's on top of the exchange rate posted by a particular
>> financial institution. Implicit, explicit commission, Stuart, do you think
>> that a newcomer is interested in so sophisticated financial terminology?
>No, but to say that the banks do not charge commissions is misleading.
>Of course they charge a commission and as another poster has already
>pointed out, it can often be the case that a bureau de change / bank
>that charges a posted commission on top of the exchange rate can turn
>out to be a better deal than one that doesn't. The first reaction is
>that somewhere that doesn't charge additional commissions is going to be
>better. Not always so.
>And as I keep pointing out, to answer the original question again,
>because of the "commissions" be they buried in the exchange rate, or
>additional charges, when you do it twice (i.e. buy US$ and then exchange
>that again in Canada to CDN$), they are going to walk away with less
>money than if they had bought CDN$ in the first place.
>And as I also mentioned, unless you are into currency trading (in which
>case you wouldn't have asked the original question because you'd already
>know the answer), or have a crystal ball, for someone just settling in
>Canada to start messing around with both US$ and CDN$ is just crazy.
>I resettled in Canada in 1981 and we had money that couldn't be released
>immediately, and in a few days, the currency market went bad on us and
>lost money. The predictions were that our situation would improve ...
>never did, even after our money all came over. We lost and we lost and
>we lost - in total about 5% of our funds. If we'd bit the bullet
>instead of trying to follow predictions, and moved everything as soon as
>it was available, we'd have lost about 2 1/2%, which represented a
>difference of about $2000. Playing currency markets is not for the
>faint of heart when these are your life funds.
>As to travellers cheques, you can often buy them commission free in the
>currency of your choice through auto associations for example.
>Sometimes the exchange rate is competetive, sometimes it isn't.
>Sometimes through credit card companies they are offered commission free
>also depending on which card you carry, and from the banks depending on
>the particular banking package you use.
>Stuart
is excatly hapening when you exchange USD to CND, NO commissions at all....It's
no surprise since he also thinks he know better than CIC about immigration
stuff.
Stuart is only grabbing attention he don;t know anything.
>Subject: Re: Canadian or US dollars?
>From: Stuart Brook [email protected]
>Date: 3/2/03 5:11 PM Atlantic Standard Time
>Message-id:
>Chris wrote:
>>
>> Commission? What's on top of the exchange rate posted by a particular
>> financial institution. Implicit, explicit commission, Stuart, do you think
>> that a newcomer is interested in so sophisticated financial terminology?
>No, but to say that the banks do not charge commissions is misleading.
>Of course they charge a commission and as another poster has already
>pointed out, it can often be the case that a bureau de change / bank
>that charges a posted commission on top of the exchange rate can turn
>out to be a better deal than one that doesn't. The first reaction is
>that somewhere that doesn't charge additional commissions is going to be
>better. Not always so.
>And as I keep pointing out, to answer the original question again,
>because of the "commissions" be they buried in the exchange rate, or
>additional charges, when you do it twice (i.e. buy US$ and then exchange
>that again in Canada to CDN$), they are going to walk away with less
>money than if they had bought CDN$ in the first place.
>And as I also mentioned, unless you are into currency trading (in which
>case you wouldn't have asked the original question because you'd already
>know the answer), or have a crystal ball, for someone just settling in
>Canada to start messing around with both US$ and CDN$ is just crazy.
>I resettled in Canada in 1981 and we had money that couldn't be released
>immediately, and in a few days, the currency market went bad on us and
>lost money. The predictions were that our situation would improve ...
>never did, even after our money all came over. We lost and we lost and
>we lost - in total about 5% of our funds. If we'd bit the bullet
>instead of trying to follow predictions, and moved everything as soon as
>it was available, we'd have lost about 2 1/2%, which represented a
>difference of about $2000. Playing currency markets is not for the
>faint of heart when these are your life funds.
>As to travellers cheques, you can often buy them commission free in the
>currency of your choice through auto associations for example.
>Sometimes the exchange rate is competetive, sometimes it isn't.
>Sometimes through credit card companies they are offered commission free
>also depending on which card you carry, and from the banks depending on
>the particular banking package you use.
>Stuart
Mar 2nd 2003, 8:37 am
#49
Guest
Posts: n/a
Re: Canadian or US dollars?
For you Richard, and Stuart, thank you, but any newcomer in Canada is NOT
interested in BUYING travellers cheques in Canada (this is when you travel
outside Canada), but in cashing (selling a correct word?) their traveller
cheques brought with them from US or overseas. Therefore, are any financial
institutions that allow you to cash your traveller cheques without any
commission (as I said CIBC charges 1% commission to cash your travellers
cheques)? Stuart said that there are, that's why everybody would be
interested to find out about them.
Thank you.
Chris
"Richard" wrote in message
news:[email protected]...
> >You said: "Some companies do not charge a commission on selling or
cashing
> >travelers cheques btw". You forgot to mention at least one of them, if
you
> >know them and want to help, tell everybody about them. That shows to be
> >helpful, right?
> >Chris
> Royal Bank does not charge explicit commission when selling travellers
> cheques provided that you have a Visa Gold Card (including the free
> one) - you have to ask for it because most of their staff do not knwo
> about it
interested in BUYING travellers cheques in Canada (this is when you travel
outside Canada), but in cashing (selling a correct word?) their traveller
cheques brought with them from US or overseas. Therefore, are any financial
institutions that allow you to cash your traveller cheques without any
commission (as I said CIBC charges 1% commission to cash your travellers
cheques)? Stuart said that there are, that's why everybody would be
interested to find out about them.
Thank you.
Chris
"Richard" wrote in message
news:[email protected]...
> >You said: "Some companies do not charge a commission on selling or
cashing
> >travelers cheques btw". You forgot to mention at least one of them, if
you
> >know them and want to help, tell everybody about them. That shows to be
> >helpful, right?
> >Chris
> Royal Bank does not charge explicit commission when selling travellers
> cheques provided that you have a Visa Gold Card (including the free
> one) - you have to ask for it because most of their staff do not knwo
> about it
Mar 2nd 2003, 8:59 am
#50
Guest
Posts: n/a
Re: Canadian or US dollars?
Aikido251 wrote:
>
> Idiot Stuart thinks he knows better than the banks themselves and what to what
> is excatly hapening when you exchange USD to CND, NO commissions at all....It's
> no surprise since he also thinks he know better than CIC about immigration
> stuff.
>
> Stuart is only grabbing attention he don;t know anything.
I thought I'd look at an Aikido post for fun ...
Nothing changed. Aikido is still posting with the same level of
stupidity as ever, and considering he/she has been discredited by lots
and lots of people, I'm surprised he/she persists, but then maybe I
shouldn't be when he/she is so assininely stupid.
>
> Idiot Stuart thinks he knows better than the banks themselves and what to what
> is excatly hapening when you exchange USD to CND, NO commissions at all....It's
> no surprise since he also thinks he know better than CIC about immigration
> stuff.
>
> Stuart is only grabbing attention he don;t know anything.
I thought I'd look at an Aikido post for fun ...
Nothing changed. Aikido is still posting with the same level of
stupidity as ever, and considering he/she has been discredited by lots
and lots of people, I'm surprised he/she persists, but then maybe I
shouldn't be when he/she is so assininely stupid.
Mar 2nd 2003, 9:29 am
#51
Guest
Posts: n/a
Re: Canadian or US dollars?
Chris wrote:
>
> For you Richard, and Stuart, thank you, but any newcomer in Canada is NOT
> interested in BUYING travellers cheques in Canada (this is when you travel
> outside Canada), but in cashing (selling a correct word?) their traveller
> cheques brought with them from US or overseas. Therefore, are any financial
> institutions that allow you to cash your traveller cheques without any
> commission (as I said CIBC charges 1% commission to cash your travellers
> cheques)? Stuart said that there are, that's why everybody would be
> interested to find out about them.
> Thank you.
> Chris
Actually, the last time I sold CDN$ travellers cheques to the CIBC two
years ago, by depositing them into my personal account, I paid no
commission. They were treated like any other cheque. I haven't noticed
any change in that aspect of their fee listing.
Stuart
>
> For you Richard, and Stuart, thank you, but any newcomer in Canada is NOT
> interested in BUYING travellers cheques in Canada (this is when you travel
> outside Canada), but in cashing (selling a correct word?) their traveller
> cheques brought with them from US or overseas. Therefore, are any financial
> institutions that allow you to cash your traveller cheques without any
> commission (as I said CIBC charges 1% commission to cash your travellers
> cheques)? Stuart said that there are, that's why everybody would be
> interested to find out about them.
> Thank you.
> Chris
Actually, the last time I sold CDN$ travellers cheques to the CIBC two
years ago, by depositing them into my personal account, I paid no
commission. They were treated like any other cheque. I haven't noticed
any change in that aspect of their fee listing.
Stuart
Mar 2nd 2003, 3:04 pm
#52
Guest
Posts: n/a
Re: Canadian or US dollars?
For Stuart: at the very end you will see the commission rates for travellers
cheques. All the CIBC rates valid as we speak.
Chris
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Travellers Cheques Commissions
Service Fee
Travellers Cheques for one 1%
Travellers Cheques for Two* 1.75%
? Subject to GST
* Subject to Availability
Home | About CIBC | Agreements | Trademarks and Disclaimers
"Stuart Brook" wrote in
message news:[email protected]...
> Chris wrote:
> >
> > For you Richard, and Stuart, thank you, but any newcomer in Canada is
NOT
> > interested in BUYING travellers cheques in Canada (this is when you
travel
> > outside Canada), but in cashing (selling a correct word?) their
traveller
> > cheques brought with them from US or overseas. Therefore, are any
financial
> > institutions that allow you to cash your traveller cheques without any
> > commission (as I said CIBC charges 1% commission to cash your travellers
> > cheques)? Stuart said that there are, that's why everybody would be
> > interested to find out about them.
> > Thank you.
> > Chris
> Actually, the last time I sold CDN$ travellers cheques to the CIBC two
> years ago, by depositing them into my personal account, I paid no
> commission. They were treated like any other cheque. I haven't noticed
> any change in that aspect of their fee listing.
> Stuart
cheques. All the CIBC rates valid as we speak.
Chris
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Personal Bank Accounts Fee Summary
Banking Feature CIBC Waive Account TM CIBC Premium Growth Account CIBC
Premier ServiceTM Account CIBC U.S. Dollar Savings Account
Cheques
In-branch withdrawals
Withdrawals at CIBC bank machines
Bill payments
Pre-authorized payments (debits) or Interac*
Direct Payment Purchases
. $4.00/month for first 12 transactions
. $0.60 for each transaction above 12
$0.60 per transaction Unlimited transactions included $0.75 per
transaction, only in-branch withdrawals and pre-authorized payments (debits)
and cheques are allowed3
Free - when you maintain a minimum monthly balance of $1,0001
Transfers2 between CIBC personal deposit accounts (if a cheque is used to
make the transfer, the above fee, if applicable, is charged) Free Free
Included Free
Additional fees for withdrawals at bank machines not displaying the CIBC
name or logo:
In Canada (Interac network)
Outside Canada (Plus and other networks)
$1.50 each4
$3.00 each4
$1.50 each4
$3.00 each4
4 FREE Interac bank machine withdrawals per month
$1.50 each4
$3.00 each4
NA
Account inquiries - CIBC bank machines, Telephone Banking and PC Banking
Free Free Free NA
1 Maintain a minimum balance of $1,000 in your account throughout the month
and we'll waive transaction fees on that account and any fee for bankbook,
basic statement or statement with cheques imaged. Additional fees apply to
withdrawals at bank machines that do not display the CIBC name or logo.
2 A per transaction surcharge of $5.00 applies to each transfer prepared by
CIBC that is requested by telephone (except through CIBC Telephone Banking),
by mail, or under a special arrangement with your branch. Transfers
requested by telephone and by mail are subject to branch discretion. If mail
confirmation of the transfer is required, a surcharge of $2.00 Cdn plus
postage is applicable. Additional costs apply if a money order, draft, or
wire transfer is required to execute the transfer.
3 Cheques can be written on U.S. Dollar Savings Accounts. However, if the
payee of the cheque negotiates the cheque at a financial institution outside
Canada, that institution may not accept the cheque or may deduct a large fee
from the cheque's face value. Fee shown is for cheques written in U.S.
currency only.
4 Plus transaction withdrawal fee, if applicable. Some bank machines may
levy additional surcharges.
Record Keeping Fees
CIBC offers several record keeping options. You can choose between monthly
basic statements, a bankbook, receiving images of the cheques you've written
(cheques imaged) or receiving the cheques themselves (cheques returned).
CIBC also offers statements in Braille and large print -- at no additional
cost -- to customers with a visual impairment. For more information about
these options, please call 1 800 465 CIBC (2422) or visit a CIBC branch.
Record Keeping Option CIBC Waive Account CIBC Premium Growth Account CIBC
Premier ServiceTM Account CIBC U.S. Dollar Savings Account CIBC Advantage
for
Youth Student Seniors
Basic Record Keeping1 Included Included Included Included Statement (no
cheques returned)** Included Free2
Statement with Cheques Imaged3 $2.50 $2.50 NA NA $1.25
Statement with Cheques Returned $3.50 $3.50 NA NA $3.50
Braille/Large Print Statements Free Free Free Free Free
1 Basic record keeping means bankbook or basic statement when these options
are available.
2 If the CIBC Advantage for Seniors is combined with the CIBC Premium Growth
Account, record keeping fees for statement with cheques imaged or statement
with cheques returned will be charged, when these options are selected.
3 CIBC Waive Account customers -- maintain a minimum monthly balance of
$1,000 or more and we'll waive the fee for statement with cheques imaged.
**Youth benefit recipients will receive basic statement (no cheques
returned). Statements with cheques returned, statement with cheques imaged
and bankbook options are not available for youth as of November 1, 2001.
Personal Banking Services
Service Fee per item
Bank drafts
Canadian currency
U.S. currency
Foreign currency
$7.50 Cdn
$7.50 Cdn
$7.50 Cdn
Money orders
Canadian currency
U.S. currency
Foreign currency
$7.50 Cdn
$7.50 Cdn
$7.50 Cdn
Notice of caution
Requested for a money order or bank draft drawn in U.S. currency or another
foreign currency $25.00 Cdn
Stop payments
Full details provided (date, payee, cheque number and amount)
Full details not provided
$10.00 Cdn
$16.50 Cdn
Certified cheques
(at issuer's request)
Canadian currency
U.S. currency
$10.00 Cdn
$10.00 U.S.
Counter cheques
When you write a cheque that is not MICR-encoded for your account (e.g. a
counter cheque):
Canadian currency
U.S. Currency (0.5% of face value)
$5.00 Cdn
$5.00 U.S. Min.
$100.00 U.S. Max.
Transfer of funds prepared by CIBC
Per transaction surcharge applied to each transfer prepared by CIBC that is
requested by telephone (except through CIBC Telephone Banking), by mail, or
under a special arrangement with your branch. Transfers requested by
telephone and by mail are subject to branch discretion. $10.00 Cdn
Mail confirmation of transfer, if required $2.00 Cdn plus postage
Additional costs apply if a money order, draft, or wire transfer is required
to execute the transfer.
Bank Machines Not Displaying The CIBC Name Or Logo
Service Fee*
In Canada
(Interac Network)
$1.50 each (and Account Withdrawal Fee, if applicable)
Outside Canada
(e.g. Plus Network)
$3.00 each (and Account Withdrawal Fee, if applicable)
* Some bank machines may levy additional surcharges.
In-Branch Bill Payments
Service Fee
For CIBC deposit account holders FREE, if paid in cash (if paid by a
withdrawal from your account, any applicable transaction fees apply to you)
For customers who do not have a CIBC deposit account $3.00 per bill
Record Keeping Options
(on Canadian dollar personal accounts only)
Service Fee
Statement with cheques imaged $2.50 per month
Statement with cheques returned $3.50 per month
Braille or Large Print (Available with any statement above) FREE
Customers who select the basic record keeping option may have one cheque per
month retrieved free of charge, if requested within 30 days of the account
statement or cheque processing date (and if cheques are allowed). Certified
cheques and debit memos are not returned.
Statements/Bankbook
Service Fee
Interim statement in branch $4.50**
Account activity at bank machines FREE
Online or Telephone Banking Account History FREE
** $5.00 U.S. for U.S. Dollar Savings Account
Account Balance Inquiries
Service Fee
CIBC Bank Machine, Online Banking and Telephone Banking FREE
Personalized Cheques
Customized cheques vary in price depending on style and quantity.
Contact your branch or Telephone Banking for details.
Cheques Written in Currencies Other Than Other The Account Currrency
Service Per Cheque Fees
Canadian $ Account U.S. $ Account
Cheque written in Canadian Currency
$1,000 or less
Over $1,000 60¢ Cdn
60¢ Cdn
$7.50 U.S.
$15.00 U.S.
Cheque written in U.S. Currency
$1,000 or less
Over $1,000
$7.50 U.S.
$15.00 U.S.
75¢ U.S.
75¢ U.S.
Cheque written in Foreign Currency
$1,000 or less
Over $1,000
$7.50 Cdn
$15.00 Cdn
$7.50 U.S.
$15.00 U.S.
Cheque Validation
If a branch chooses to negotiate a CIBC cheque for a non-CIBC customer $5.00
each
Retrieval Of Cancelled Cheques And Other Items
Retrieval of cancelled cheque or other items $5.00 each
Dishonoured (NSF) Item
NSF Cheque or Pre-Authorized debit $30.00 each 1
1 Customers can avoid NSF charges by applying for CIBC Overdraft Protection
Service (COPS).
Inactive And Unclaimed Accounts
Service Fee
Inactive for 2 years $17.50 or account balance (whichever is less)
Inactive for 5 years $27.50 or account balance (whichever is less)
Inactive for 9 years $32.50 or account balance (whichever is less)
Account Closing At Client's Request
Service Fee
Account closed within 90 days of opening, and funds transferred to another
CIBC product. FREE
Account closed within 90 days of opening $12.50 per account
Account Transfer To Other Financial Institution
Service Fee
Transfer client's account (by means of a Balance of Account form) $19.50 per
account
Search For Account
Service Fee
Search for accounts of deceased or incapacitated persons $6.50 per name per
branch (minimum $22.00)
Letter to confirm account balance, interest, etc., if required $16.50 per
account
Safekeeping Fees* (Non-Standard Boxes And Packages)
Service Price/Cubic Inch/Year
First 2,500 cubic inches 15¢
Portion in excess of 2,500 10¢
All packages less than 1" thick (i.e. envelopes) are assumed to be 1" thick.
Examples:
Standard briefcase is 864 cubic inches
(4" x 12" x 18") = $129.60/year
Envelope (assumed to be 1" thick)
(1" x 11" x 13") = $21.45/year
Safety Deposit Box Services*
Rent is paid annually and in advance.
Annual Rental Fee For Safety Deposit Box?
Box Size Price/Year
1 ½" x 5" x 24" $40.00
2 ½" x 5" x 24" $55.00
3 ¼" x 5" x 24" $60.00
2 ½" x 10 3/8" x 24" $85.00
5" x 5" x 24" $85.00
5" x 10 3/8" x 24" $160.00
10" x 10 3/8" x 24" $240.00
Safety Deposit Box Closing
If your box is closed within one year after it is opened:
CIBC will pay you a rebate on your pre-paid rent equal to 1/12 of the annual
rent for each full month remaining in the term, up to one half of the annual
rent.
If your box is closed after the first full year:
CIBC will pay you a rebate on your pre-paid rent equal to 1/12 of the annual
rent for each full month remaining in the term.
Replacement Services
Replacement of lost keys? $15.00 per key
Drilling of box and replacement of lost keys? $100.00
Travellers Cheques Commissions
Service Fee
Travellers Cheques for one 1%
Travellers Cheques for Two* 1.75%
? Subject to GST
* Subject to Availability
Home | About CIBC | Agreements | Trademarks and Disclaimers
"Stuart Brook" wrote in
message news:[email protected]...
> Chris wrote:
> >
> > For you Richard, and Stuart, thank you, but any newcomer in Canada is
NOT
> > interested in BUYING travellers cheques in Canada (this is when you
travel
> > outside Canada), but in cashing (selling a correct word?) their
traveller
> > cheques brought with them from US or overseas. Therefore, are any
financial
> > institutions that allow you to cash your traveller cheques without any
> > commission (as I said CIBC charges 1% commission to cash your travellers
> > cheques)? Stuart said that there are, that's why everybody would be
> > interested to find out about them.
> > Thank you.
> > Chris
> Actually, the last time I sold CDN$ travellers cheques to the CIBC two
> years ago, by depositing them into my personal account, I paid no
> commission. They were treated like any other cheque. I haven't noticed
> any change in that aspect of their fee listing.
> Stuart
Mar 2nd 2003, 6:33 pm
#53
Guest
Posts: n/a
Re: Canadian or US dollars?
Stuart Brook wrote in message news:...
>
>
what is written below is correct. except that it applies to all
currency transactions. also, the amt. of currency transaction that you
do affects the spread ie you get special rates for converting a large
amt of CdN dollars to US $ (reducing the spread per dollar but still
benefitting the bank overall).
regards
-kamal
> I talked with my banker ... here's his reply ...
>
> >> The retail banking market often does not charge an explicit commission
> >> in a currency exchange transaction. There is, however, an implicit
> >> commission in the posted retail buy and sell rates for a given
> >> currency, which is why you will find the retail banks spread on the
> >> buy and sell rates greater than the spread on the wholesale buy and
> >> sell rates. Which is also why the exchange rate is different for
> >> different monetary instruments, to cover the different costs of
> >> handling the instrument.
> >>
> >> So to say that there is no commission is wrong, the customer just pays
> >> the commission in a different way.
>
>
what is written below is correct. except that it applies to all
currency transactions. also, the amt. of currency transaction that you
do affects the spread ie you get special rates for converting a large
amt of CdN dollars to US $ (reducing the spread per dollar but still
benefitting the bank overall).
regards
-kamal
> I talked with my banker ... here's his reply ...
>
> >> The retail banking market often does not charge an explicit commission
> >> in a currency exchange transaction. There is, however, an implicit
> >> commission in the posted retail buy and sell rates for a given
> >> currency, which is why you will find the retail banks spread on the
> >> buy and sell rates greater than the spread on the wholesale buy and
> >> sell rates. Which is also why the exchange rate is different for
> >> different monetary instruments, to cover the different costs of
> >> handling the instrument.
> >>
> >> So to say that there is no commission is wrong, the customer just pays
> >> the commission in a different way.
Mar 2nd 2003, 6:40 pm
#54
Guest
Posts: n/a
Re: Canadian or US dollars?
No commission....for USD to CND exchange...
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Kamal R. Prasad)
>Date: 3/3/03 3:33 AM Atlantic Standard Time
>Message-id:
>Stuart Brook wrote in
>message news:...
>>
>>
>what is written below is correct. except that it applies to all
>currency transactions. also, the amt. of currency transaction that you
>do affects the spread ie you get special rates for converting a large
>amt of CdN dollars to US $ (reducing the spread per dollar but still
>benefitting the bank overall).
>regards
>-kamal
>> I talked with my banker ... here's his reply ...
>>
>> >> The retail banking market often does not charge an explicit commission
>> >> in a currency exchange transaction. There is, however, an implicit
>> >> commission in the posted retail buy and sell rates for a given
>> >> currency, which is why you will find the retail banks spread on the
>> >> buy and sell rates greater than the spread on the wholesale buy and
>> >> sell rates. Which is also why the exchange rate is different for
>> >> different monetary instruments, to cover the different costs of
>> >> handling the instrument.
>> >>
>> >> So to say that there is no commission is wrong, the customer just pays
>> >> the commission in a different way.
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Kamal R. Prasad)
>Date: 3/3/03 3:33 AM Atlantic Standard Time
>Message-id:
>Stuart Brook wrote in
>message news:...
>>
>>
>what is written below is correct. except that it applies to all
>currency transactions. also, the amt. of currency transaction that you
>do affects the spread ie you get special rates for converting a large
>amt of CdN dollars to US $ (reducing the spread per dollar but still
>benefitting the bank overall).
>regards
>-kamal
>> I talked with my banker ... here's his reply ...
>>
>> >> The retail banking market often does not charge an explicit commission
>> >> in a currency exchange transaction. There is, however, an implicit
>> >> commission in the posted retail buy and sell rates for a given
>> >> currency, which is why you will find the retail banks spread on the
>> >> buy and sell rates greater than the spread on the wholesale buy and
>> >> sell rates. Which is also why the exchange rate is different for
>> >> different monetary instruments, to cover the different costs of
>> >> handling the instrument.
>> >>
>> >> So to say that there is no commission is wrong, the customer just pays
>> >> the commission in a different way.
Mar 2nd 2003, 7:17 pm
#55
Guest
Posts: n/a
Re: Canadian or US dollars?
No commisions at all for USD to CND exchange....
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Kamal R. Prasad)
>Date: 3/3/03 3:33 AM Atlantic Standard Time
>Message-id:
>Stuart Brook wrote in
>message news:...
>>
>>
>what is written below is correct. except that it applies to all
>currency transactions. also, the amt. of currency transaction that you
>do affects the spread ie you get special rates for converting a large
>amt of CdN dollars to US $ (reducing the spread per dollar but still
>benefitting the bank overall).
>regards
>-kamal
>> I talked with my banker ... here's his reply ...
>>
>> >> The retail banking market often does not charge an explicit commission
>> >> in a currency exchange transaction. There is, however, an implicit
>> >> commission in the posted retail buy and sell rates for a given
>> >> currency, which is why you will find the retail banks spread on the
>> >> buy and sell rates greater than the spread on the wholesale buy and
>> >> sell rates. Which is also why the exchange rate is different for
>> >> different monetary instruments, to cover the different costs of
>> >> handling the instrument.
>> >>
>> >> So to say that there is no commission is wrong, the customer just pays
>> >> the commission in a different way.
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Kamal R. Prasad)
>Date: 3/3/03 3:33 AM Atlantic Standard Time
>Message-id:
>Stuart Brook wrote in
>message news:...
>>
>>
>what is written below is correct. except that it applies to all
>currency transactions. also, the amt. of currency transaction that you
>do affects the spread ie you get special rates for converting a large
>amt of CdN dollars to US $ (reducing the spread per dollar but still
>benefitting the bank overall).
>regards
>-kamal
>> I talked with my banker ... here's his reply ...
>>
>> >> The retail banking market often does not charge an explicit commission
>> >> in a currency exchange transaction. There is, however, an implicit
>> >> commission in the posted retail buy and sell rates for a given
>> >> currency, which is why you will find the retail banks spread on the
>> >> buy and sell rates greater than the spread on the wholesale buy and
>> >> sell rates. Which is also why the exchange rate is different for
>> >> different monetary instruments, to cover the different costs of
>> >> handling the instrument.
>> >>
>> >> So to say that there is no commission is wrong, the customer just pays
>> >> the commission in a different way.
Mar 2nd 2003, 11:55 pm
#56
Guest
Posts: n/a
Re: Canadian or US dollars?
Chris wrote:
>
> For Stuart: at the very end you will see the commission rates for travellers
> cheques. All the CIBC rates valid as we speak.
> Chris
> Travellers Cheques Commissions
>
> Service Fee
> Travellers Cheques for one 1%
> Travellers Cheques for Two* 1.75%
Those are the PURCHASE commissions, not a cashing commission.
>
> For Stuart: at the very end you will see the commission rates for travellers
> cheques. All the CIBC rates valid as we speak.
> Chris
> Travellers Cheques Commissions
>
> Service Fee
> Travellers Cheques for one 1%
> Travellers Cheques for Two* 1.75%
Those are the PURCHASE commissions, not a cashing commission.
Mar 14th 2003, 11:21 am
#57
Guest
Posts: n/a
Re: Canadian or US dollars?
This is clearly not true. See above (or below...you know what I
mean.)
The rate you get is always a little poorer than the posted rate in,
say, the WSJ. So someone is making money on your transaction.
[email protected] (Aikido251) wrote in message news:...
> No commisions at all for USD to CND exchange....
>
> >Subject: Re: Canadian or US dollars?
> >From: [email protected] (Kamal R. Prasad)
> >Date: 3/3/03 3:33 AM Atlantic Standard Time
> >Message-id:
> >
> >Stuart Brook wrote in
> >message news:...
> >>
> >>
> >what is written below is correct. except that it applies to all
> >currency transactions. also, the amt. of currency transaction that you
> >do affects the spread ie you get special rates for converting a large
> >amt of CdN dollars to US $ (reducing the spread per dollar but still
> >benefitting the bank overall).
> >regards
> >-kamal
> >
> >> I talked with my banker ... here's his reply ...
> >>
> >> >> The retail banking market often does not charge an explicit commission
> >> >> in a currency exchange transaction. There is, however, an implicit
> >> >> commission in the posted retail buy and sell rates for a given
> >> >> currency, which is why you will find the retail banks spread on the
> >> >> buy and sell rates greater than the spread on the wholesale buy and
> >> >> sell rates. Which is also why the exchange rate is different for
> >> >> different monetary instruments, to cover the different costs of
> >> >> handling the instrument.
> >> >>
> >> >> So to say that there is no commission is wrong, the customer just pays
> >> >> the commission in a different way.
> >
> >
> >
> >
> >
> >
> >
mean.)
The rate you get is always a little poorer than the posted rate in,
say, the WSJ. So someone is making money on your transaction.
[email protected] (Aikido251) wrote in message news:...
> No commisions at all for USD to CND exchange....
>
> >Subject: Re: Canadian or US dollars?
> >From: [email protected] (Kamal R. Prasad)
> >Date: 3/3/03 3:33 AM Atlantic Standard Time
> >Message-id:
> >
> >Stuart Brook wrote in
> >message news:...
> >>
> >>
> >what is written below is correct. except that it applies to all
> >currency transactions. also, the amt. of currency transaction that you
> >do affects the spread ie you get special rates for converting a large
> >amt of CdN dollars to US $ (reducing the spread per dollar but still
> >benefitting the bank overall).
> >regards
> >-kamal
> >
> >> I talked with my banker ... here's his reply ...
> >>
> >> >> The retail banking market often does not charge an explicit commission
> >> >> in a currency exchange transaction. There is, however, an implicit
> >> >> commission in the posted retail buy and sell rates for a given
> >> >> currency, which is why you will find the retail banks spread on the
> >> >> buy and sell rates greater than the spread on the wholesale buy and
> >> >> sell rates. Which is also why the exchange rate is different for
> >> >> different monetary instruments, to cover the different costs of
> >> >> handling the instrument.
> >> >>
> >> >> So to say that there is no commission is wrong, the customer just pays
> >> >> the commission in a different way.
> >
> >
> >
> >
> >
> >
> >
Mar 14th 2003, 11:35 am
#58
Guest
Posts: n/a
Re: Canadian or US dollars?
I think I'm qualified to settle this.
If you're going to be in Canada then get CDN$. No two ways about it.
There are still corner stores who will only give you 15 percent on a
10 dollar bill.
As far as the commission thing goes, Akido, just because an
institution doesn't charge an explicit commission like money mart does
doesn't mean they're not making money on the transaction. If you sell
a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
141 CDN, but 100 bucks USD, and still have CDN money left over because
they get a better rate.
This is one of the ways banks make money. If they're making money on
the transaction I would say it qualifies as a commission, especially
because the money they make is proportional to the amount you
exchange. If they charged a flat fee and gave you the actual rate you
might be able to win your argument.
I say I'm qualified because I grew up in Canada. I lived there for 34
years and now live in the US (I've been here for 2.) I still have
family in Toronto and visit often. I always get Canadian dollars to
spend there - although a US credit card offers some nice surprises
when the bill comes.
Is this enough to convince you?
Stuart Brook wrote in message news:...
> Aikido251 wrote:
> >
> > Idiot Stuart thinks he knows better than the banks themselves and what to what
> > is excatly hapening when you exchange USD to CND, NO commissions at all....It's
> > no surprise since he also thinks he know better than CIC about immigration
> > stuff.
> >
> > Stuart is only grabbing attention he don;t know anything.
>
> I thought I'd look at an Aikido post for fun ...
>
> Nothing changed. Aikido is still posting with the same level of
> stupidity as ever, and considering he/she has been discredited by lots
> and lots of people, I'm surprised he/she persists, but then maybe I
> shouldn't be when he/she is so assininely stupid.
If you're going to be in Canada then get CDN$. No two ways about it.
There are still corner stores who will only give you 15 percent on a
10 dollar bill.
As far as the commission thing goes, Akido, just because an
institution doesn't charge an explicit commission like money mart does
doesn't mean they're not making money on the transaction. If you sell
a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
141 CDN, but 100 bucks USD, and still have CDN money left over because
they get a better rate.
This is one of the ways banks make money. If they're making money on
the transaction I would say it qualifies as a commission, especially
because the money they make is proportional to the amount you
exchange. If they charged a flat fee and gave you the actual rate you
might be able to win your argument.
I say I'm qualified because I grew up in Canada. I lived there for 34
years and now live in the US (I've been here for 2.) I still have
family in Toronto and visit often. I always get Canadian dollars to
spend there - although a US credit card offers some nice surprises
when the bill comes.
Is this enough to convince you?
Stuart Brook wrote in message news:...
> Aikido251 wrote:
> >
> > Idiot Stuart thinks he knows better than the banks themselves and what to what
> > is excatly hapening when you exchange USD to CND, NO commissions at all....It's
> > no surprise since he also thinks he know better than CIC about immigration
> > stuff.
> >
> > Stuart is only grabbing attention he don;t know anything.
>
> I thought I'd look at an Aikido post for fun ...
>
> Nothing changed. Aikido is still posting with the same level of
> stupidity as ever, and considering he/she has been discredited by lots
> and lots of people, I'm surprised he/she persists, but then maybe I
> shouldn't be when he/she is so assininely stupid.
Mar 14th 2003, 11:48 am
#59
Guest
Posts: n/a
Re: Canadian or US dollars?
Mick Travis wrote:
>
> I think I'm qualified to settle this.
>
> If you're going to be in Canada then get CDN$. No two ways about it.
> There are still corner stores who will only give you 15 percent on a
> 10 dollar bill.
>
> As far as the commission thing goes, Akido, just because an
> institution doesn't charge an explicit commission like money mart does
> doesn't mean they're not making money on the transaction. If you sell
> a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
> 141 CDN, but 100 bucks USD, and still have CDN money left over because
> they get a better rate.
>
> This is one of the ways banks make money. If they're making money on
> the transaction I would say it qualifies as a commission, especially
> because the money they make is proportional to the amount you
> exchange. If they charged a flat fee and gave you the actual rate you
> might be able to win your argument.
>
> I say I'm qualified because I grew up in Canada. I lived there for 34
> years and now live in the US (I've been here for 2.) I still have
> family in Toronto and visit often. I always get Canadian dollars to
> spend there - although a US credit card offers some nice surprises
> when the bill comes.
>
> Is this enough to convince you?
Mick ... that won't convince Aikido. He doesn't care - he's in here to
troll and only to troll. He's lied about where he's from, he's lied
about where he's been, he's lied about his nationality, just to be
"sensational". He posts with different names to give himself support.
I plonked him, but I wouldn't mind betting he's updated his being "a
French Canadian living in Nunavut" with more lies - he comes out with a
new set of lies once a week - I think he's a pathological liar. You
will probably get some stupid reply from him along the line of "no
commission", and he'll probably give some insulting reply towards me
suggesting that I'm a woman or gay!
That's the kind of idiot you're dealing with here - he should be locked
in a cage or padded room.
Stuart
>
> I think I'm qualified to settle this.
>
> If you're going to be in Canada then get CDN$. No two ways about it.
> There are still corner stores who will only give you 15 percent on a
> 10 dollar bill.
>
> As far as the commission thing goes, Akido, just because an
> institution doesn't charge an explicit commission like money mart does
> doesn't mean they're not making money on the transaction. If you sell
> a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
> 141 CDN, but 100 bucks USD, and still have CDN money left over because
> they get a better rate.
>
> This is one of the ways banks make money. If they're making money on
> the transaction I would say it qualifies as a commission, especially
> because the money they make is proportional to the amount you
> exchange. If they charged a flat fee and gave you the actual rate you
> might be able to win your argument.
>
> I say I'm qualified because I grew up in Canada. I lived there for 34
> years and now live in the US (I've been here for 2.) I still have
> family in Toronto and visit often. I always get Canadian dollars to
> spend there - although a US credit card offers some nice surprises
> when the bill comes.
>
> Is this enough to convince you?
Mick ... that won't convince Aikido. He doesn't care - he's in here to
troll and only to troll. He's lied about where he's from, he's lied
about where he's been, he's lied about his nationality, just to be
"sensational". He posts with different names to give himself support.
I plonked him, but I wouldn't mind betting he's updated his being "a
French Canadian living in Nunavut" with more lies - he comes out with a
new set of lies once a week - I think he's a pathological liar. You
will probably get some stupid reply from him along the line of "no
commission", and he'll probably give some insulting reply towards me
suggesting that I'm a woman or gay!
That's the kind of idiot you're dealing with here - he should be locked
in a cage or padded room.
Stuart
Mar 14th 2003, 11:50 am
#60
Guest
Posts: n/a
Re: Canadian or US dollars?
You are absolutely wrong and don't know anything about this matter. AGAIN
THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No you are
not qualified to speak on this thing.
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Mick Travis)
>Date: 3/14/03 8:35 PM Atlantic Standard Time
>Message-id:
>I think I'm qualified to settle this.
>If you're going to be in Canada then get CDN$. No two ways about it.
>There are still corner stores who will only give you 15 percent on a
>10 dollar bill.
>As far as the commission thing goes, Akido, just because an
>institution doesn't charge an explicit commission like money mart does
>doesn't mean they're not making money on the transaction. If you sell
>a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
>141 CDN, but 100 bucks USD, and still have CDN money left over because
>they get a better rate.
>This is one of the ways banks make money. If they're making money on
>the transaction I would say it qualifies as a commission, especially
>because the money they make is proportional to the amount you
>exchange. If they charged a flat fee and gave you the actual rate you
>might be able to win your argument.
>I say I'm qualified because I grew up in Canada. I lived there for 34
>years and now live in the US (I've been here for 2.) I still have
>family in Toronto and visit often. I always get Canadian dollars to
>spend there - although a US credit card offers some nice surprises
>when the bill comes.
>Is this enough to convince you?
>Stuart Brook wrote in
>message news:...
>> Aikido251 wrote:
>> >
>> > Idiot Stuart thinks he knows better than the banks themselves and what to
>what
>> > is excatly hapening when you exchange USD to CND, NO commissions at
>all....It's
>> > no surprise since he also thinks he know better than CIC about
>immigration
>> > stuff.
>> >
>> > Stuart is only grabbing attention he don;t know anything.
>>
>> I thought I'd look at an Aikido post for fun ...
>>
>> Nothing changed. Aikido is still posting with the same level of
>> stupidity as ever, and considering he/she has been discredited by lots
>> and lots of people, I'm surprised he/she persists, but then maybe I
>> shouldn't be when he/she is so assininely stupid.
THERE ARE NO COMMISSIONS ON CURRENCY EXCHANGE. The bank says so. No you are
not qualified to speak on this thing.
>Subject: Re: Canadian or US dollars?
>From: [email protected] (Mick Travis)
>Date: 3/14/03 8:35 PM Atlantic Standard Time
>Message-id:
>I think I'm qualified to settle this.
>If you're going to be in Canada then get CDN$. No two ways about it.
>There are still corner stores who will only give you 15 percent on a
>10 dollar bill.
>As far as the commission thing goes, Akido, just because an
>institution doesn't charge an explicit commission like money mart does
>doesn't mean they're not making money on the transaction. If you sell
>a bank 100 USD you'll get, say, 141 CDN. But the bank can take that
>141 CDN, but 100 bucks USD, and still have CDN money left over because
>they get a better rate.
>This is one of the ways banks make money. If they're making money on
>the transaction I would say it qualifies as a commission, especially
>because the money they make is proportional to the amount you
>exchange. If they charged a flat fee and gave you the actual rate you
>might be able to win your argument.
>I say I'm qualified because I grew up in Canada. I lived there for 34
>years and now live in the US (I've been here for 2.) I still have
>family in Toronto and visit often. I always get Canadian dollars to
>spend there - although a US credit card offers some nice surprises
>when the bill comes.
>Is this enough to convince you?
>Stuart Brook wrote in
>message news:...
>> Aikido251 wrote:
>> >
>> > Idiot Stuart thinks he knows better than the banks themselves and what to
>what
>> > is excatly hapening when you exchange USD to CND, NO commissions at
>all....It's
>> > no surprise since he also thinks he know better than CIC about
>immigration
>> > stuff.
>> >
>> > Stuart is only grabbing attention he don;t know anything.
>>
>> I thought I'd look at an Aikido post for fun ...
>>
>> Nothing changed. Aikido is still posting with the same level of
>> stupidity as ever, and considering he/she has been discredited by lots
>> and lots of people, I'm surprised he/she persists, but then maybe I
>> shouldn't be when he/she is so assininely stupid.
