“I saved a huge amount…about $3,000 over the bank quoted for U.S. dollars…everything went as smooth as a dream”
Florida Property Buyer interviewed by the Toronto Star
“You can save hundreds, if not thousands of dollars”
Calgary-based financial planner who specializes in cross-border financial issues.
“KnightsbridgeFX is an online currency exchange company that seeks to undercut foreign exchange rates offered by larger financial institutions”
columnist, for the Globe and Mail
“KnightsbridgeFX is “the costco’s of foreign exchange”
Financial Advisor quoted in the Globe and Mail
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Call us to obtain a free no-obligation exchange rate quote.
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Confirm an exchange rate and receive a trade confirmation receipt confirming all details before you transfer funds.
Send funds by online bill payment or bank transfer and converted funds will be sent to your destination same day or next day.
Currency Exchange in Toronto: 416-479-0834
For those looking to exchange currency, Toronto’s metropolitan character and international population means that you can find plenty of ways to get your money changed. However, despite Toronto’s array of numerous major banks, the best way to get a low rate on currency exchange is with a specialist company. At Knightsbridge Foreign Exchange, we exclusively devote ourselves to providing currency exchange at the most agreeable terms to our clients. Our low overhead means that we can pass on the savings to you.
Many bank clients are already disillusioned with the services they receive or the stiff fees they have to pay for basic banking functions. Nonetheless, if it’s your first time exchanging money, it’s natural for your own bank to come to mind first. The danger in that scenario, as experienced US travelers can attest, is that banks already count on receiving your business. Unlike a devoted exchange company, they have no motivation to stay competitive. As a result, you can get gouged on the exchange fees.
When it comes to Toronto currency exchange, there is no shortage in terms of options. The Toronto Money Exchange sector is vast and the options range from independent retail providers, which provide cash exchange, to banks, to even independent providers that deal in relatively larger amounts. These businesses are located all over the city and can be found in malls, at boutique locations along the street and obviously at local bank branches. Most come with their advantages and disadvantages and at the end of the day the choice you make will be dependent on what your needs are. For example if you’re looking for the cheapest way to exchange Canadian to US dollars quickly and securely then perhaps an independent provider such as Knightsbridge Foreign Exchange is the best solution. However, if you’re really hesitant to using a provider besides your bank and cost is not a concern to you then perhaps the bank really is your best choice. Generally, when dealing in cash, the costs will be highest as money exchange in Toronto comes with higher inventory costs for the providers. Many retail providers can also be very misleading in their pricing so be sure to pay extra attention to the rate they provide you.
If you are looking for the cheapest US exchange rate or the cheapest exchange rate in any currency for that matter, it is probably best to avoid the airport. Airports charge high rents for foreign exchange providers and combining that with inventory costs, usually results in high fees that you have to pay. However, there may be times where making a transaction at the airport is necessary. For example, you may have forgotten to exchange your money, or realized that you may need more money that you brought. Luckily, Toronto Pearson International Airport has a foreign exchange provider for your convenience. If you require foreign exchange in Toronto at the airport, Travelex Currency Services Inc. is located at Terminal 1, International Departures at Pearson Airport.
You can usually find currency exchange kiosks in public locations such as malls, public recreation areas, or tourist areas. Like other cash outlets, kiosks generally charge high fees when compared to retailers such as Knightsbridge FX which do not deal in cash. If you must use a kiosk, there are many to choose from ranging from independent providers to franchises. An example of a franchise would be Calforex, ICE (International Currency Exchange). Overall, when dealing with foreign exchange providers, be sure to check if they require you to submit identification documents. If they do not prompt you for documents to verify your identity, they are not complying with regulations in Canada and may not be a good place to exchange your money.
Banks are the most popular destinations for currency exchange in Toronto. However, that does not make them the best place. Banks in Toronto charge high mark-ups for their services up to 3% which can equate to thousands of dollars on large amounts. That being said, most banks provide currency exchange services including credit unions. They include CIBC, BMO, HSBC, TD, RBC, DesJardins and more. Some banks such as TD and BMO offer credit cards and borderless plans for those who travel to the US frequently which can offer slightly better rates.
Toronto money exchange brokers generally deal in larger amounts or have services that do not require the exchange of cash which allows for the best exchange rate (Canada to US) and others. For example Knightsbridge FX does not have retail locations and transfers all funds electronically allowing them to guarantee the lowest rates.
On average, clients who exchange currency with us save between 1 and 2 percent on exchange rates. While that may sound like pennies, it can quickly add up. Suppose that you need to exchange enough currency for a US home purchase. Consider that 2 percent of $100,000 Canadian dollars is $2,000 dollars. We think the choice is clear. If you’re getting ready to exchange money for the first time, we don’t just want you to take our word for it. Take a minute or two to call your local bank. Ask them about the fees they charge to exchange currency. Then give us a call and see if we can’t offer you a better deal. If you call multiple banks to compare rates, keep in mind that currencies fluctuate quickly. It’s a good idea to confirm the precise exchange rate for any quote that you receive, at that moment. We guarantee to beat the banks rate.
Toronto, Canada’s most populous city and the capital of Ontario, is a major force in Canadian culture, economics and society. Sitting on the northwestern shores of Lake Ontario, Toronto is home to just over 5.5 million Torontonians. Twice in history, Toronto was even made the capital of the Province of Canada. Today, the city is widely known for its highly diverse population, with around 49% of the population hailing from outside Canada. The commercial center of Canada, Toronto is also home to the headquarters of the “Big Five” Canadian banks: RBC Royal Bank, TD Canada Trust, Scotiabank, BMO Bank of Montreal and CIBC.
For the savvy traveler or international business person, switching currency is a simple necessity. There’s no need for the process to be difficult, though, and certainly no reason to pay more than is fair. Give us a call at 1-877-355-5239 and we’ll give you a no-obligation exchange quote. Plus, one of our representatives will guide you through each step of the exchange process, so you know what to do next. Or, if you prefer, you can simply submit our application form electronically. Either way, we’ll be glad to show you how you can get the best currency exchange possible in Toronto.
To find other cities serviced by Knightsbridge please visit the Currency Exchange in Canada page.