“I saved a huge amount…about $3,000 over the bank quoted for U.S. dollars…everything went as smooth as a dream”
Florida Property Buyer interviewed by the Toronto Star
“You can save hundreds, if not thousands of dollars”
Calgary-based financial planner who specializes in cross-border financial issues.
“KnightsbridgeFX is an online currency exchange company that seeks to undercut foreign exchange rates offered by larger financial institutions”
columnist, for the Globe and Mail
“KnightsbridgeFX is “the costco’s of foreign exchange”
Financial Advisor quoted in the Globe and Mail
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Over the past several months the Canadian dollar has weakened in comparison to its US counterpart due to a number of reasons. One factor to explain this sudden downfall is the dramatic drop in the price of oil. Lower oil prices equate to less money in the Canadian energy sector. As a result, Canadian energy companies are forced to lay off a considerable amount of their employees. More people out of work and less people being hired leads to a halt in economic growth, thus negatively affecting the health of the Canadian dollar.
With this unfortunate turn in the Canadian economy, it is of upmost importance to find the best US dollar exchange rates when looking to buy or sell USD. There are several options in the city of Burlington to exchange your money, but how are you supposed to know where you will get the best rate?
There are a number of different options for exchanging currency in Burlington and the surrounding areas from banks, hotels, airports, currency exchange retail stores, currency exchange kiosks, and other independent money exchange brokers. Let’s take a look at some of these different options and see which one provides the best exchange rates.
While Burlington does not have its own international or regional airport, it is located to international airport that both provide currency exchange services. The first is Toronto Pearson international Airport which is located about 54 KM from downtown Burlington. The second is Niagara International Airport which is actually located on the American side of Niagara Falls and is situated about 51 KM from Burlington. The Niagara International Airport tends to be a popular choice for a lot of Canadians in the region because in most cases, it’s actually cheaper to fly out of the United States. Airports tend to have amongst the worst exchange rates because at that point people usually have limited options. If you’re exchanging small amounts, it’s not the end of the world but on larger amounts its best to exchange it before hand.
As a stop gap between Toronto and Niagara Falls, Burlington is home to a number of different hotels along its waterfront with a scenic view of Lake Ontario. As a stop gap for the large number of tourists, there are a number of hotels in this city that provides an in-house of foreign currency exchange service. While most of the three star hotels in the city provide a service to buy or sell US dollars, some are better than others. Amongst the best hotels to exchange currency in Burlington include the Waterfront Hotel Downtown Burlington, the Quality Hotel, the Best Western Plus Burlington Inn & Suites, the Admiral Inn Burlington, the Holiday Inn Burlington Hotel & Conference Centre, the City View Motel, and the Hilton Garden Inn Toronto/Burlington. The Exchange rates at your hotel are not usually the best, but they should at least be better than at the airports. On smaller amounts this shouldn’t be as crucial, especially if you’re just looking for travel cash. If you’re looking for other currency exchange provider, the front counter at your hotel can definitely point you in the right direction for alternative options.
If you’re looking for a currency exchange at a Burlington mall, your best option is the Mapleview Centre. The Mapleview Centre located on 900 Maple Avenue, is the largest commercial and retail mall in the City of Burlington Ontario. If you’re looking for a convenient location within Burlington, the mall has a number of different options for international foreign currency exchange. The first place for money exchange is Continental Exchange, a retail currency exchange chain that has a number of branches throughout Southern Ontario. Continental Currency exchange’s rates are usually competitive and may be better than your banks, they also offer number of different cash currencies in hand. If you’re looking to send money globally, they also provide an international wire and money transfer service. Their service is good for smaller amounts, if you’re looking to exchange higher volume, it is best to look elsewhere.
Alternative foreign exchange options within this area includes the various banks that have branch locations in the surrounding areas. TD Canada Trust is located down the street at the Plains and King Road intersection, there’s a CIBC and a President’s Choice at Plains Road and Designers Way, and a Credit Union Central of Ontario LTD is located at the Brant and Fairview Street intersection. Further down towards the water front, there is also a National Bank and an RBC branch as well. Banks typically don’t have the best rates, their spread changes constantly but they are a convenient option if you’re an existing customer that is subscribed to some premium banking services that may allow you to get preferential exchange rates.
The last option is the Money Mart that is located nearby right at Plains Road East and Fairview Street. Money Mart is a chain that specializes in cash advances, small business loans, and they do provide a foreign currency exchange service as well. Typically these money exchange cash operations are not as competitive as other independent currency exchange brokers.
Typically, people will tend to flock to their banks as the first option for currency exchange. Burlington, like most cities within the Greater Toronto area, has a large number of banking options for international currency exchange including the Big Five Canadian Banks; which comprises of TD Canada Trust, RBC, BMO, CIBC, Scotia Bank. These banks have a multitude of branches all over the city, especially in the busy commercial and retail cores. HSBC, National Bank and Tandia also have branch locations within the city as well as an alternative to the big five banks.
Banks are usually convenient locations for exchanging currencies primarily because the majority of people are uneducated in the fact that there are a number of different entities that can off service exchange providers. This lack of knowledge means that the banks typically provide some of the worst rates because their existing customers will use them out of convenience. In some cases, banks will provide preferential exchange rates that are more competitive, but you will have to be subscribed to some premium services that have monthly fees already.
In a lot of cases, specialized currency exchange brokers will be able to offer much better rates than other currency exchange providers such as banks and cash currency exchange operations. They might not have a physical office based in Burlington but their operation is done electronically and bank to bank. These providers can have the funds sent directly to your bank account, so you will not have to visit their office. These are great alternative options especially when you want to exchange a large amount of money. A couple of percentage points can save you hundreds and even thousands of dollars.
Getting the best foreign exchange rate in Burlington is simply a matter of shopping around and comparing rates. Rates change constantly but the percentage markups amongst different currency exchange entities tend to remain the same. With the digital proliferation of online services, your options have been greatly increased and you won’t be limited to local locations in Burlington. If you need a small amount and are looking for physical cash, local vendors like banks and cash retail operations are good choices, but on larger amounts avoid using your banks and look for other specialized currency exchange companies.
We always recommend shopping around when looking for the best US dollar exchange rates. Call several of your local banks and financial institutions in Burlington to compare rates, and additional charges. Although this process can save you money, it can be lengthy and tiresome. When you are looking to make a quick transaction or payment, this might not be the most attractive solution for you.
At Knightsbridge Foreign Exchange, we do all the hard work so you don’t have to. Every day we contact various leading banks and financial institutions and compare their rates and price ours accordingly. At Knightsbridge Foreign Exchange we guarantee a lower than bank rate. Our customers typically enjoy rates 1-2% better than the banks. We have made it our mission to save our customers as much money as possible, and that is what we intend to do. With our established connections with worldwide financial intuitions and low overhead costs, we are able to offer the most competitive exchange rates in Burlington.
Burlington is located between the north shore of Lake Ontario and the Niagara Escarpment, and is a component of the Greater Toronto area. With a population exceeding 175,000, Burlington is one of Canada’s largest metropolitan areas. Due in large part to the strategic location of Burlington, the Burlington economy is extremely diverse. Burlington’s leading industrial sectors from an employment perspective include food processing, packaging, electronics, motor vehicle transportation, and business services.
Burlington is home to many attractions, including Canada’s Largest Ribefest, the Art Gallery of Burlington, and the Sound of Music festival. Additionally, Burlington attracts nature enthusiasts with its hiking options, as well as the presence of the Royal Botanical Gardens. The Royal Botanical Gardens is home to the world’s largest lilac collection. Burlington is also the home of actor Ryan Gosling, as well as acclaimed comedian and actor Jim Carrey, who attended school in Burlington.
To find other cities serviced by Knightsbridge please visit the Currency Exchange in Canada page.