KnightsbridgeFX & BMO 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.

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Exchange rates and currency conversion

BMO Services

BMO Services

All Canadian banks, including BMO Bank, can help you convert currency from the Canadian dollar to another currency. However, the important thing you truly want to consider is the exchange rate that the banks offer. BMO provides a wide variety of currencies, and you can also get cash currency from the bank branch and obtain funds electronically. Especially if you bank with BMO, it is convenient for you to use them to exchange currency.

And although traditional banking institutions have historically been the go-to spot for foreign exchange purposes, newly emerging online financial technologies are able to give better rates by focusing solely in FX services. The reality is that big banks have a ton of overhead and brick-and-mortar costs to make up for, so they can’t always afford to give you the best deal. Professional digital currency conversion services that specialize entirely in foreign exchange, such as KnightsbridgeFX, can ensure you get the best rates and quality customer service on your currency conversion. The ultimate goal at KBFX is to help you keep more money in your wallet.

Compare BMO Exchange Rates with Other Banks

Compare BMO Exchange Rates with Other Banks

The difference between the BMO exchange rate, in regards to buying and selling the same currency, can be wide ranging and from 2% and up to 5% or more. You must look at the website above to see their rates or you can call them. However, you may want to compare BMO’s exchange rate with other Canadian banks.

All Canadian banks, including BMO, include a markup, hidden within the exchange rate that you see. This markup can vary in percentage and helps to pay for the costs of providing the service including the customer service representatives, rent, marketing, transfer costs, and much more. However, since most Canadians exchange currency with the bank that they have a bank account with, the banks use this as a profit center and want to make profit on currency exchange. As a result, foreign exchange companies such as KnightsbridgeFX, can often offer better exchange rates than the bank by providing a better exchange rate and taking a lesser margin.

Use our savings calculator to see how much you can save on your next transaction

Take advantage of the best exchange rates when buying US real estate, moving to another country, sending money to family, and paying foreign tuition.

Free same-day transfers, no hidden fees and professional service.

Our converter uses mid-market rates. The rate is subject to change. This is not the actual amount you are receiving.

Interbank Rate: 1 USD = 1 USD

265

Your savings when exchanging with KnightsbridgeFX instead of your bank.

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Finding the Best Exchange Rate

Finding the Best Exchange Rate

Banking in Canada has never been easier. When you sign up for a business or personal credit card and/or bank account in Canada, make sure you find the right fit. BMO makes online banking easy (download the BMO mobile app for an even more seamless experience – using BMO online is a great way to save time) and they do offer competitive exchange rates. If you are unsure who provides the best rate, make sure to use our foreign exchange currency converter. Make sure to check often as these rates are subject to change.

Whether you’re trading CAD to (or from) USD, GBP, EUR, XOF, XCD, or any other currency, use a currency converter to make sure you’re getting a fair exchange rate for your money when trading currencies. While the US dollar tends to rise and fall in tandem with the Canadian dollar, other currencies tend to have more variability in relation to the CAD-based on several economic indicators. Also, make sure to compare the fee a bank is charging relative to its competitors. The currency exchange also varies from different regions, especially in Yukon, which has the smallest population for a territory in Canada.

BMO Bank of Montreal Exchange Rate Overview

BMO Bank of Montreal Exchange Rate Overview

The Bank of Montreal (BMO) offers foreign exchange services for over 50 tradable currencies and exotics, including over 100 currency pairs. BMO holds a dominant position in the Canadian dollar FX market. For businesses, they also offer risk management solutions including derivatives, swaps, and options.

You can easily find your closest BMO branch using their online branch locator. You can contact BMO about their exchange rates and other exchange services at 1-877-225-5266. This is a very convenient option if you are looking for a small-sized amount of foreign currency for travelling.

Alternatives to BMO’s Foreign Exchange Services

Alternatives to BMO’s Foreign Exchange Services

There are several alternatives to BMO available to you when evaluating where you should conduct your foreign exchange transactions. All of the five major Canadian banks (BMO, CIBC, RBC, Scotiabank, TD) offer foreign exchange services. You can access the resources at the bottom of this page to compare BMO’s exchange rates with that of the other big banks, as well as most major credit unions. If you are looking to exchange cash, make sure you compare BMO’s foreign exchange rates with those of competitors to ensure you get the best exchange rate.

If you are looking to do a currency transaction for a large amount ($5000+), you should shop around in order to ensure you get the best foreign exchange rate.

By choosing to use KnightsbridgeFX instead of the big Canadian banks, you will be saving tons of money on large currency transactions. We guarantee a better rate than the bank’s on a margin of at least 1-2%.

Compare bank fees

Compare bank fees

Historically, wire transfers have been offered by large financial institutions to send out money overseas. In most cases, to formulate a wire transfer (which safely transfers your funds internationally) you need to go inside a local branch to set it up with a representative. Some banks will offer you relatively cheaper wire transfers if you do it online (such as HSBC and RBC). Other banks (National Bank) will give you a wire transfer discount if you transfer locally to the US. The truth is, with most major financial institutions even if you get a discount the cost is never zero.

KnightsbridgeFX guarantees to give you a no-strings-attached free wire transfer anywhere in Canada, the US, and parts of Europe.

Importance of FX Comparison

Importance of FX Comparison

If you are interested in comparing exchange rates, you can use a non-bank provider to exchange currency and compare rates. Savings compared to Canadian bank exchange rates can be up to 2.5% and on large sums of money, this can add up.

Compare the exchange rates below to the BMO exchange rates and other bank exchange rates and you will get an idea of the margin.

Here you will find the mid-market foreign exchange rate for many popular currencies. Use KnightsbridgeFX’s comparison chart to evaluate the foreign exchange rates offered by other financial institutions against BMO foreign exchange rates to ensure you are getting the best rate possible!

US Dollar and Canadian Dollar Exchange Rates

More on BMO

More on BMO

The Bank of Montreal (BMO) was established in 1817. BMO provides a wide range of services, including retail banking, wealth management, and investment banking products to over 12 million customers. In the United States, clients are served by BMO Harris Bank, and BMO Private Bank. BMO Capital Markets services North American investment and corporate banking.

BMO posts their foreign exchange rates online. Remember that not all currencies are available at all branches, and that currency exchange rates are subject to change.

Compare Other BMO Products

Compare Other BMO Products

The Bank of Montreal offers a full complement of financial services, including bank accounts, credit cards, mortgages, loans, investments, financial planning, and travel services.

BMO’s product breadth is among the most comprehensive in the globe. Compare your current provider for the aforementioned financial services to BMO’s offerings to ensure your financial needs are being met in the best possible way.

Our Recommendations on Foreign Exchange Services

Our Recommendations on Foreign Exchange Services

We strongly advise that you side with KnightsbridgeFX to take advantage of beneficial conversion opportunities (that will save you money!).

Individuals are used to seeing unfair deals and rates, but you no longer have to accept them. When you choose Knightsbridge you’re effectively saying no to unnecessary fees and unfavorable rates.

Knightsbridge trades your money in a quick, efficient, and low cost manner. Save hundreds of dollars with KFX today.

Call in now to speak with one of our representatives, and immediately receive an up-to-date quote on popular currency pairings! Toll-Free: 1-877-355-5239.

Exchange rate bank markups explained

Exchange rate bank markups explained

Every big Canadian bank - including BMO - 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, BMO’s currency exchange service has a markup of 3.34%.

Up to 5x lowered fees

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.

BMO exchange rate markup compared to other banks

When evaluating where you should conduct your foreign exchange transactions, there should be multiple options alongside RBC. 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.

Stop overpaying with your bank on foreign exchange

We are built to beat bank exchange rates and save you money

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Knightsbridge Foreign Exchange is registered and regulated by FINTRAC (a government of Canada agency). Like most financial institutions, we are required to validate the identity of all clients. We have strict measures in place to protect your privacy.

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We are FINTRAC regulated. Our registration number is
M09819788.

100,000+
Satisfied customers

There is no obligation
to transact and
no hidden fees.

We guarantee to
beat your bank's rate
100% of the time.

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Our 100,000+ clients would never go back to dealing with a bank

“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

“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

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.

About KnightsbridgeFX

KnightsbridgeFX is the leading online currency exchange service in Canada. For the past 11 years, we have helped over 100,000 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

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

BMO Foreign Exchange FAQs – Frequently Asked Questions

  • 1 Do I need to open an account with BMO to exchange currency?
  • 2 How much does BMO charge for currency exchange?
  • 3 How does foreign exchange work at BMO?
  • 4 Can you open a USD savings account with BMO?
  • 5 What are the fees for BMO foreign currency accounts?

Contact Us

Head office

Location

First Canadian Place

100 King Street West
Suite 5700 Toronto, ON,
M5X 1C7

Phone

(416) 479-0834
Toll-Free: 1-877-355-5239

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