Canadian Imperial Bank of Commerce [CIBC] review: Global money transfer

I am a customer with CIBC for 31 years and it is the first time using the global money transfer because it was promoted as a no fee and reward process. On September 15th, I transferred to the clinic where I had a spinal surgery $25,038 that were supposed to cover the cost of 16,000 euros or 86,000 RON. At discharge, I was told that I still owe them 1000 Euro. They showed me the accounts that were short. I looked everywhere to see the exchange rates and they were correct. The 1000 Euros or $1500 CAD were taken in hidden fees by CIBC. This was a shock to me as I had other post-op tests and medical treatments lined up. Upon my return to Canada I asked the reprezentant at CIBC to explain why they have such a huge difference compared to all other banks internationally and locally. The answer was not useful at all. CIBC used deceptive marketing strategy to offer somthing else not a free global money transfer but a hidden fee of 6.3% of the amounts transferred is huge. I made two transfers, one for the surgery and the other for the accomodations. The total loss in fees take by CIBC amounts to approx. $1300.00 CAD. (due to market fluctuation) and Pearson aeroport before departure. CIBC has not used the current exchange rates for the two transfers. I checked all international and local exchange rates for banks and exchange financial institutions including the ones in this area of Ontario. I expect CIBC to reimburse to be all fees related to these transactions immediately. It is unlawful to use deceptive strategies and practices in financial services. I look forward to have this situation solved immediately.

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