Security
Tell me more about the security of funds
Benefits
What is the amount I am saving?
About Knightsbridge Foreign Exchange
Who can benefit from Knightsbridge Foreign Exchange's services?
Registration Process
How do I open an account?
Can I keep my existing banking relationship?
Are there any costs to register with Knightsbridge Foreign Exchange?
Is there any obligation to use Knightsbridge Foreign Exchange after I register?
How long does it take to register?
Transaction Process
How do I transact with Knightsbridge?
Are there any transaction fees?
how long does it take get funds converted?
Products and Services
How do I protect my profit margins from currency fluctuations?
What is the difference between a forward contract and a spot rate?
Can I book a currency transaction at a rate I choose?
Can you hold an exchange rate for me that I book?
What is the typical size of currency transactions?
Can Knightsbridge manage my foreign currency payables and receivables?
Are wire transfers safe and guaranteed?
Security
Tell me more about the security of funds
Client funds are held in segregated client trust accounts at the Bank of Montreal, separate from operating accounts, and are completely secure. A trade confirmation contract on our letterhead is sent to you upon execution of your currency transaction confirming all agreed upon details for your records. All transactions have a confirmation number and can be traced electronically with Canadian banks. Funds can be transferred quickly, generally same-day or next business day back to your specified destination.
We are registered and regulated by FINTRAC (Government of Canada agency).
Over several hundreds of millions of dollars have been converted for our Canadian clients and we have a number of testimonials in third party reputable business media including the Toronto Star and Globe and Mail.
Our client trust account and relationship with the Bank of Montreal is in good standing and they are willing to verify this with a bank letter or phone reference (please contact us if required).
Have 5 minutes? Get Started Here!
Benefits
What is the amount I am saving?
With over hundreds of millions of dollars exchanged on behalf of Canadian businesses and individuals, Knightsbridge Foreign Exchange specializes in helping Canadians save money with better currency exchange rates.
On average, a client can save about 1% of their transaction amount compared to their bank's currency exchange rate. We charge no wire service fees and our currency exchange rates are provided and locked-in before you send any funds. You have complete transparency and certainty throughout the process, which can be done same-day or next business day.
See this article in the Toronto Star discussing how a foreign property purchaser saved $3,000 with Knightsbridge Foreign Exchange compared to using their bank on a US$224,000 purchase with Canadian dollars.
The exchange rate you get from your bank may include a substantial markup when you actually transact and convert currency.
We offer highly competitive currency exchange rates because of our significant purchasing power and volume agreements with our Canadian financial institution partners.
Knightsbridge Foreign Exchange has segregated client trust accounts at Canadian financial institutions and is regulated by FINTRAC - your funds are safe.
Have 5 minutes? Get Started Here!
About Knightsbridge Foreign Exchange
Who can benefit from Knightsbridge Foreign Exchange's services?
Any Canadian business or private client that has foreign exchange requirements (receivable or payable).
Typical industry verticals and clients include:
- Foreign property purchasers (Florida, Arizona, California, or anywhere in the US or Europe);
- Small and medium sized businesses;
- Publicly traded companies (oil and gas and mining);
- Importers and exporters;
- Manufacturers;
- Wholesalers and distributors;
- Transportation;
- Non-profit organizations;
- Government organizations;
- Accountants; and
- Law firms
Registration Process
How do I open an account?
Our foreign exchange team is just one phone call away and ready to help you open an account. Please call us at 1-877-355-5239 to speak with a member of our firm or get started here.
Can I keep my existing banking relationship?
Yes. There is no requirement to change your existing banking relationship.
Are there any costs to register with Knightsbridge Foreign Exchange?
No. There are no costs to register with Knightsbridge Foreign Exchange. There are no account maintenance fees or any hidden charges.
Is there any obligation to use Knightsbridge Foreign Exchange after I register?
No. There is no obligation to use Knightsbridge Foreign Exchange after you register.
How long does it take to register?
An account can be opened within hours.
Transaction Process
How do I transact with Knightsbridge Foreign Exchange?
1. Call Knightsbridge and our team will help you book a foreign exchange rate. The foreign exchange rate you receive does not change once you book it. Transactions are executed seamlessly via wire transfer, online bill payment (RBC, BMO, National Bank, or Desjardins), or electronic funds transfer.
2. After your transaction is booked, a trade confirmation will be sent to your email. Once you transfer funds to the Bank of Montreal segregated client trust account and upon receipt of funds, the converted funds will be wired to the account of your choice. Generally, your beneficiary will receive funds the same day you send funds.
Are there any transaction fees?
We do not charge to send wire transfers to your beneficiary.
How long does it take to get funds converted?
Transactions are generally processed the same day as the funds are received by Knightsbridge Foreign Exchange.
Products and Services
How can I take advantage of exchange rates when they move in my favor?
One of our traders will help you with this and can contact you when the market moves in your favor.
What is the difference between a forward contract and a spot rate?
A spot transaction is an agreement to buy or sell a currency at the current market exchange rate. A forward contract is an agreement to buy or sell currency for a date in the future (i.e. locking in a rate today for a payment in the future).
Can I book a currency transaction at a rate I choose?
Yes. Knightsbridge will monitor currency markets for you until your FX rate has been achieved, and will execute your transaction at that time. There is no charge for this service.
Can you hold an exchange rate for me that I book?
Yes. We can hold an exchange rate for you, regardless of the market movement.
What is the typical size of currency transactions?
Our typical transaction size is between $10,000 per transaction and up to $40 million annually. Our clients include foreign property purchasers, owner operated businesses, and TSX listed companies.
Can Knightsbridge manage my foreign currency payables and receivables?
Yes. Knightsbridge can send and receive foreign currency payments, including multiple payments. Customers often outsource their payment processes to Knightsbridge – simply provide us with the payment details of your payees and we will guarantee they are paid in a timely fashion according to your schedule.
Are Knightsbridge Foreign Exchange wire transfers safe and guaranteed?
Yes. Knightsbridge’s wire transfers are executed through Canadian financial institutions. Each wire transfer is subject to a number of verification procedures to ensure accuracy. Knightsbridge Foreign Exchange has segregated client accounts at Canadian financial institutions and funds can be transferred same-day or next business day.
