Create a real-time currency exchange rate alert.

KnightsbridgeFX & CIBC exchange rate & currency conversion

How to find the best exchange rates in Canada

Far too many people are losing money on foreign exchange by picking the wrong service. The culprit, in most cases, is a mix of misinformation and convenience. This quick guide will shed light on a better, much cheaper, and more convenient way of exchanging currency. Carry on reading, because this information will literally save you hundreds, if not thousands of dollars.

Traditional money exchanging services and the new norm

Choices for exchanging currency

Choices for exchanging currency

When trading currencies and large amounts of money are involved, most people commonly resort to old-faithful banking institutions. And why shouldn’t they? CIBC and all the other banks in Canada offer that much-needed trust factor essential when money is changing hands. Plus, they operate swiftly, and they have an extensive offering of international currencies that you can get either in cash or electronically from any of their branches.

Banks are always after a profit

What most people don’t realize is that all these advantages come with one big caveat - markups. As you’re about to see, conventional banking institutions have a ton of overhead expenses to make up for. All these overheads reflect in the CIBC exchange rate (and any other bank’s rate).

Banks are always after a profit
You can exchange money with zero hidden-fees

You can exchange money with zero hidden-fees

Enter digital exclusively-online foreign exchange services - such as ours, KnightsbridgeFX. We are both registered and regulated by FINTRAC as well as we have set aside $1,000,000 for consumer protection, making us just as safe as any other bank. However, as opposed to banks, we’re putting our entire expertise and focus on currency conversion. By doing so and leveraging online money transferring platforms, we can offer you a significantly better exchange rate than any other bank in Canada. Our primary purpose is to help you save money. That’s why we operate with zero hidden exchange fees, and our wire transfers are entirely free for anywhere in Canada, the US, and parts of Europe.

Exchange rate bank markups explained

Exchange rate bank markups explained

Every big Canadian bank - including CIBC - introduces a rate markup embedded within their offered rate. This markup varies from bank to bank, and it ultimately represents paying for the bank’s service costs. These include customer representative salaries, building rent, marketing fees, unavoidable transfer charges, as well as other miscellaneous costs. Every single one of these expenses gets added to the currency exchange rate. For example, CIBC’s currency exchange service has a markup of 3.34%.

Up to 5x lowered fees

Compare that with KnightsbridgeFX’s markup of only 0.8%. How can we afford such lower margins? It’s simple. Unlike banks, we operate under an extremely well-optimized budget. We don’t have million-dollar branding budgets, marketing fees, and online banking apps in development that need to be paid for. All we care about is offering you the best rates in Canada.

Granted, if you’re only looking to exchange small amounts, you may not feel the difference. But if you’re looking to buy a property in the US, for example, you stand to save thousands! We even offer you the privilege to negotiate the exchange rate yourself - if you have a more considerable amount you wish to convert.

Up to 5x lowered fees

CIBC exchange rate markup compared to other banks

When evaluating where you should conduct your foreign exchange transactions, there should be multiple options alongside CIBC. For example, practically each of the “big 5” Canadian banks (BMO, CIBC, RBC, Scotiabank, TD) provides FX features.

Now that you’ve gotten a better idea about what those hidden bank exchange fees represent, it’s time you saw how much money you can save by getting rid of them. We’ve put together a comparison table that highlights how much you stand to save when exchanging $10,000 USD at KnightsbridgeFX instead of any other major bank in Canada.

  • Bank Exchange Rates
  • Markup %
  • Fixed Source
  • Potential Savings on Exchanging $10,000 with KBFX vs banks

Our 130,000+ clients would never go back to dealing with a bank

Mike K, Snowbird & Property Buyer

As a snowbird wintering down South, I obviously pay close attention to exchange rates. The entire process is very, very easy, and on top of that, their customer service is exceptional.

Mike K, Snowbird & Property Buyer


Andrew Cross – CEO at GooseChase

KnightsbridgeFX has been a game changer for us. As a Canadian company that bills in USD but operates in CAD otherwise, we needed a really easy way to convert currencies at a great rate. KnightsbridgeFX has been perfect – super easy to set up a trade and phenomenal rates We’re saving thousands a year!

Andrew Cross – CEO at GooseChase

How to find the best exchange rate

How to find the best exchange rate

Finding the best exchange rate in Canada or the best place to buy US dollars can be easier than you can imagine. Just use our foreign exchange currency converter tool. Everything is as simple as opening the page and adding the amount you want to exchange. After that, we’ll send you an email containing a detailed overview of the exchange rates offered by Canada’s top banks, as well as the one we can provide you with.

Regardless of the currency you’re trading the Canadian dollar to/from (USD, GBP, EUR, XOF, XCD, or virtually any currency) we highly advise you to use a currency converter to make sure you’re getting a high-quality exchange rate for your dollars.

We’re here to help

While the US dollar effectively rises and falls with the Canadian dollar, other currencies have a more variable relationship with the CAD. That rapport is predicated on economic indicators. For this reason, it’s crucial to compare the fee a bank is asking for relative to the market competition.

If you’re still unsure about the value of the exchange rate you’re getting, KnightsbridgeFX also offers free financial counseling for your currency exchange needs. You can get in touch with one of our representatives by calling our toll-free number: 1-877-355-5239.

KnightsbridgeFX also offers free financial counseling for your currency exchange needs

Wire transfer cost comparison

If you’re someone who’s regularly sending money abroad, you’re probably familiar with wire transfer fees. The cost of the wire transfer adds up alongside the banks’ exchange rate markup. Some providers, such as the National Bank, will give you a wire transfer deal if you specifically transfer money to the United States. Others like HSBC and RBC will give you discounts if you do the wire transfers online. But even with these so-called ‘advantages’, the truth is the price is never zero when you’re relying on banks.

At KnightsbridgeFX we take a more professional approach and guarantee you a no-strings-attached free wire transfer anywhere in Canada, the US, and even some parts of Europe. For further references on the wire transfer fees practiced by banks, check out our detailed table below.

  • Financial
    Institution
  • Tier-Based Fees
  • Fixed Charge
  • Var. Charge
  • Min. Fee / Max. Fee
  • Free?
    • Knightsbridge FXKBFX
    • No
    • -
    • -
    • -
    • YES
    • RBC
    • No
    • $13.50 - $20
    • -
    • -
    • NO
    • CIBC
    • YES
    • $30 - $80
    • -
    • $30 - $80
    • NO
    • BMO
    • No
    • $10
    • 0.20%
    • -
    • NO
    • HSBC
    • Yes
    • $40 - $90
    • -
    • -
    • NO
    • Scotiabank
    • Yes
    • -
    • 0.15%
    • -
    • NO
    • National Bank
    • No
    • $15 - $20
    • 0.34%
    • -
    • NO

About KnightsbridgeFX

  • KnightsbridgeFX is the leading online currency exchange service in Canada. For the past 11 years, we have helped over 130,000 happy customers exchange $9,5 Billion and saved them millions in hidden exchange fees. Even though we’re not a bank, we’re registered and regulated by FINTRAC and have set aside $1,000,000 for consumer protection

  • Our mission is to give people a better and cheaper alternative to traditional, bank-reliant money exchanging services. We work around the clock to offer you nothing short of the very best rates on the market.

  • Your funds’ safety is of utmost importance to us, so we’ve invested massively in having the best security experts and state-of-the-art technology to ensure your transfers are completed swiftly to your complete satisfaction.

How we beat your bank rates. Every time.

  • Large transaction power

    Our large transactional volume allows us to obtain purchasing power from the banks – we buy in bulk and pass on the great exchange rates to you, along with free wire transfers.

  • Simple and transparent infrastructure

    Banks have a very complex infrastructure which requires that they charge hidden fees to cover their costs, another reason KnightsbridgeFX is able to offer competitive rates.

  • Rates personalized for you

    The rates we offer to our clients changed based on the amount you want to exchange. We guarantee to offer the best exchange rates (that will beat your financial institution).

Our recommendations on Foreign Exchange Services

Our recommendations on
Foreign Exchange Services

After seeing what the market offers (unnecessarily high margins), we’ve decided that individuals need a better alternative. People deserve more than to see their hard-earned money being flushed down the drain. So, if you’re looking for the best exchange rate in Canada, if you’re tired of hidden fees and wire transfer charges, we highly recommend you side with us for your foreign exchange needs.

Through the leveraging of online money transferring platforms, we can trade your money in a fast, efficient, and affordable manner. Each time you exchange big sums of money with us, you stand to save hundreds, if not thousands of dollars.

Call in today to get a free, no-obligation exchange quote from one of our representatives:
Toll-free: 1-877-355-5239

Frequently Asked Questions

We are guaranteed to offer you a better exchange rate than your financial institution. If you find a better rate from a competitor, once we verify the exchange rate quote we guarantee that we will beat their rate.

Our typical transaction size is between $2,000 per transaction and up to $40 million annually. We like to keep our minimum to $2,000 but we have some flexibility.When sending funds outside of Canada, intermediary banks and receiving banks may charge the receiving customer to receive a transfer.

Client funds are held in segregated client account at a major Canadian financial institution, 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. Funds are transferred securely by wire transfer or direct deposit.

All companies that transmit money in Canada must be registered and regulated by FINTRAC. We are registered and regulated by FINTRAC ( a Government of Canada agency) and our registration number is M09819788.

Over several billions of dollars have been converted for thousands of 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 account and relationship with our Canadian financial institution is in good standing and they are willing to verify this with a bank letter or phone reference (please contact us if required).

We are conveniently integrated with all Canadian banks and you can test our service with a small amount to see how it works.

The rates change based on the amount you exchange. You can check the rate at any point by using the exchange calculator in your online account or our website . Furthermore, if you call or email us with the amount you want to exchange, we can give you the rate inclusive of our fees based on the dollar amount you are exchanging.

We are not able to accept payments by cash, cheque, or bank draft.

Our large transactional volume allows us to obtain purchasing power – we buy in bulk and pass on the great exchange rates to you along with free wire transfers. Moreover, unlike us, banks have very complex infrastructures and charge hidden fees to be able to cover their costs.

Banks are required to work with us for anti-competitive reasons.

You can easily open a free corporation account by clicking here or navigating to the Sign Up page in the top menu. Follow the registration steps, provide your company information, and upload the required validation documents. Once your account is activated, you can start booking your first trades.