VAUGHAN: Currency Exchange (1-877-355-5239)
When most people seek to exchange currency in Vaughan, their first impulse is most likely to go to the local bank or financial institution. The fact of the matter is, there are so many better alternatives that are more affordable. The Canadian banks and other major financial institutions set up in Vaughan are not optimized for foreign exchange, especially when you consider how many other financial service departments they involve. If you hunt for more affordable foreign exchange options, you’ll likely stumble across a handful of third party services that specialize in currency exchange. These companies tend to offer cheap FX rates, which can lead to massive savings on large transaction amounts (a few thousand dollars or more).
In all honesty, performing money exchange transactions with the bank can be extremely expensive, and you may be paying more than you actually need to. At Knightsbridge Foreign exchange, our customers save an average of 1-2% on their transactions compared to the banks. While this may not sound like much at first, it can add up quickly if you find yourself booking sizeable conversions frequently. This means that you have the ability to save a huge amount, whether you are buying a property, paying tuition, or converting your income back into Canadian dollars. As a responsible business, we believe in full price and rate transparency. To emphasize this point, we have made it our mission to help our customers save as much money as possible by including zero hidden fees in our service. The rate that you are quoted is what you pay for the transfer – that’s all.
Where to Buy US Dollars or Sell Canadian Dollars in Vaughan
No matter what your priorities are for currency exchange, it’s always in your best interest to shop around when looking for the best exchange rate in Vaughan. You should start by calling all of the banks in your area and other FX service providers to find out who is offering the cheapest deal on USD. This, however, can be extremely time consuming and tiresome – especially when you have other responsibilities to take care of. When you call Knightsbridge Foreign Exchange, you are instantly guaranteed the best possible rate from the start.
We do all of the laborious work for our clients so they don’t have to. Every morning we contact various banks and financial institutions around Vaughan and other parts of the GTA and price our rates accordingly. In the vast majority of circumstances, our rates beat theirs because our margins are much lower. Where one bank might charge a markup of 3% over the mid market rate, we’ll only charge a 0.8% markup. If you happen to find a more competitive retail exchange rate during your search, it’s not a problem. Let us know about it and we will be happy to match it for you. The rates that we provide our customers with are all inclusive; and like we mentioned earlier they feature no hidden fees or additional costs. The beautiful thing about KnightsbridgeFX is that what you see is what you get. Let us know which currencies you’re searching for (Canadian and US dollars are the most popular ones) and what value you wish to buy or sell, and one of our customer service representatives will help you out. Our talented team can swiftly provide you with the exact amount you need to either provide or receive in that currency.
Save More Money on Currency Exchange by Going Digital
One of the basic rules of foreign exchange is that physical cash conversions tend to be more expensive – on average – than electronic conversions. This rule can basically be applied anywhere, it’s not exclusive to Vaughan. While this might seem unfair, it makes a ton of sense from a business perspective. Companies that place an emphasis on in-hand cash exchange have to take the risk of owning that currency in inventory. They cannot immediately “upload” that currency to the world markets and trade it whenever they want, they would have to go to a bank intermediary first. Since there is that additional step before a foreign exchange can trade money, you’ll undoubtedly be faced with either a premium in the exchange rate or a fixed transfer fee. Luckily, digital third party FX providers in Vaughan have discovered a way to navigate this issue – just remove cash from the process! Nowadays, so many payments are being placed electronically through an online money balance and the trend shows no signs of slowing down.
As a leading provider of exclusively online currency exchange in Vaughan, KnightsbridgeFX avoids doing physical cash exchange because it will save you the premium. In the simplest terms possible, part of the reason why KnightsbridgeFX has such affordable FX rates is because they don’t need to hold storage at brick and mortar walk-in branches. As an even more efficient alternative, any US/Canadian dollar conversion you place with KBFX will go straight to a receiving bank account. While this might initially sound negative, since you don’t get to receive physical cash, the savings on large transactions are hard to pass down. It’s also not recommended to go to a foreign exchange building and walk out carrying bags with thousands of dollar bills. The reasoning there is pretty obvious; secured digital transactions are less likely to compromise your personal safety. Simply by transacting with KnightsbridgeFX, you’re getting a currency exchange service that is both more discrete and more affordable. The best part of it all is, you can still access your money in cash once it’s been wired to an account. There’s typically no holding period, funds should be accessible as soon as they arrive – although you may want to check with your individual bank’s policy on this. Some banks also charge cash withdrawal fees depending on the circumstances, but that cost won’t come from us.
Why You Should Make the Switch
KnightsbridgeFX proudly stands by the belief that all of our customers deserve the most competitive exchange rates out there. You should constantly be searching for the best price whenever you wish to switch to US dollars, because cost is ultimately the deciding factor. Foreign exchange, at its core, is a commodity service – while there are some differentiating aspects from one company to another, lower cost is king. With that said, convenience is still an important consideration to make. In some cases, it may eve outweigh the importance of cost. When transacting small amounts you would be correct to value convenience over cost. If you’re only exchanging a couple hundred dollars or less, a slightly improved exchange rate will only save you a few bucks. Sometimes you just want to book a quick conversion without thinking too much about it. However, if you truly want the highest propensity to save on FX, you’ll need to sacrifice a marginal amount of convenience.
A Very Brief Description of Vaughan, Ontario
The city of Vaughan, located in the Ontario region of York, was recently pronounced the fastest growing municipality in Canada between 1996 and 2006 with a population growth rate of 80.2% during that period. The area was once home to roughly 2000 Huron natives in the sixteenth century and saw little population growth until World War II boosted immigration with the arrival of many cultures including Italians, Jews, and Eastern Europeans.
Notable features within the city limits include education centers such as York University, which lies on the border of Toronto and Vaughan, and hosts over 43,000 students through 10 different faculties. In addition, Vaughan is also home to many notable people such as Elizabeth Arden, founder of the Cosmetic Company Elizabeth Arden, and Russell Peters, an internationally recognizable comedian. Interestingly, Vaughan is home to the Seed-Barker archaeological site, where more than a million artifacts were discovered and excavated by U of T Professor Norman Emerson circa 1950, that revealed remnants of an Iroquois village which occupied the land from 1500-1550 AD.
LESSER KNOWN TRIVIA BITS ABOUT VAUGHAN, ON
- Vaughan is actually officially made up of 5 major communities: Woodbridge, Concord, Thornhill, Maple, and Kleinburg
- Vaughan is the largest Canadian metropolitan city without its own General Hospital
- Canada’s Wonderland, the biggest and most notable theme park in the country, is situated within Vaughan
- Famous Canadian artist Franklin Carmichael was from Vaughan
- Golden State Warrior’s small forward Andrew Wiggins went to high school in Vaughan
To find other cities serviced by Knightsbridge please visit the Currency Exchange in Canada page.