Compare foreign exchange rates below between the Canadian banks and see which Canadian bank will offer you the best foreign exchange rate comparison. Then compare this rate to KnigtsbridgeFX. We call all the Canadian banks and price our exchange rates accordingly.
|Bank Exchange Rates||Markup %||Source||Savings when buying $10,000 USD with KnightsbridgeFX.com|
|RBC – Royal Bank of Canada||2.60%||$230|
|TD – Toronto Dominion Bank||2.64%||$234|
|BMO – Bank of Montreal||2.65%||$235|
|CIBC – CIBC Bank||3.34%||$304|
|Scotia – Scotia Bank||2.88%||$258|
|HSBC – HSBC Bank||2.10%||HSBC Foreign Exchange Rates||$180|
|Desjardins||2.49%||Desjardins Foreign Exchange Rates||$219|
|Knightsbridge Foreign Exchange||0.15% – 0.5%||Knightsbridge Foreign Exchange||Up to $300 in Savings|
The difference between the bank exchange rate between buying and selling the same currency can range from 2% to 5% or more. You must look at the website above to see their bank rates. However, you may want to compare the bank’s exchange rate with other Canadian banks.
You want to compare their rates with Knightsbridge Foreign Exchange (call 1-877-355-5239 to hear live exchange rates) to see the difference in exchange rates.
All Canadian banks 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 centre and want to make a profit on currency exchange. As a result, foreign exchange companies, such as KnightsbridgeFX can offer better exchange rates than the bank by providing a better exchange rate and taking a lesser margin.
Compare the exchange rates below to the bank exchange rates and you will get an idea of the margin. If you are interested in saving money, you can use a non-bank provider such as Knightsbridge Foreign Exchange to exchange currency. You can obtain live exchange rates from KnightsbridgeFX by calling 1-877-355-5239 or simply visit the home page for more details. Savings compared to bank exchange rates can be up to 2.5% and on large sums of money, this can add up. So call now and compare exchange rates!