Currency Exchange in Canada

As the world gets smaller and smaller, more people have the need to exchange currency. Whether you need to convert currency for travel, trade, commercial purposes, hedging or simple speculation, there are a number of ways to do so.

Unfortunately, the most common avenue used by individuals to exchange currency is also the most expensive as the major banks offer very poor exchange rates. Most banks have large infrastructure, administration, and large overhead costs. They use their currency conversion service to subsidize other parts of the banks. They have many other lines of business and generally poor service. It may be difficult to find the conversion department or service person depending on the bank. However, Knightsbridge FX is focused only on this service, so we can provide the lowest rates. In general, large banks provide rates from 2% – 2.6% to convert currency. In contrast, Knightsbridge FX provides the lowest currency conversion rates on the market, ranging from 0.1% to 0.6%.

How to Get the Best Exchange Rate in Canada

To find the best rate to convert currency take several simple steps. First, write down all of the local banks and their phone numbers. Those include RBC, TD Bank, Scotia Bank, BMO, CIBC and others. Ask each bank how many US Dollars (or whatever currency you need) they will provide in exchange for $1,000 Canadian. The bank that will provide the most has the best rate. Then check out the Knightsbridge FX rate. We guarantee that our rate will be the lowest, and if not then we will match the lowest rate on the market. Our lowest rate guarantee has helped countless clients achieve favorable rate on their currency conversion, saving themselves both time and money.

About Canada

Canada has strong links to the US economy and a large demand to convert Canadian dollars to US dollars. We also have historic links to Europe, especially France and England. More recently, we’ve seen the growth of large Asian communities in Canada and have increasing links with that part of the world. As the links around the world grow stronger and stronger, there is an increasing need to convert currency on a frequent basis.

Canada is one of the largest countries on earth by land area but only has 35 million people. Canada was originally settled by travelers from England and France but has a large native population as well. The economy is driven primarily by natural resources including oil, agriculture, minerals, and potash. More recently, the economy has diversified into such industries as tourism, aerospace, finance, manufacturing, technology and media among others.

Canadians are frequently traveling to the US for fun and business. Currency conversion is critical to help make these trips go smoothly. Of course, Canadian companies do business with practically every country on earth and currency conversion is critical to these transactions. Here are some of the locations throughout Canada where Knightsbridge FX offers currency exchange services:

When traveling (whether for business or vacation), you’ll want to make sure to be prepared financially. Make sure you have a currency converter handy (check out our online app), so you know the going exchange rate between currencies. Make sure your credit card company knows you’re traveling and have some cash on hand just in case and make sure you have people who can transfer money in case you find yourself in a tight jam. Overall safety will be different between countries so always make sure your personal products are in a secure place. This applies whether you’re in Toronto, Ottawa, Los Angeles, Mexico City, Singapore, Hong Kong, London, Moscow or wherever.

Currency Exchange with Knightsbridge

Saving money by exchanging with us is a great investmernt as you are saving by getting a much better rate, Why bother paying for the interbank rate PLUS the amount banks are adding? So just select your amount and get a hold of us!

Knightsbridge FX not only provides currency exchange at low prices but also provides a growing body of free currency-related information.  This includes information on other banks, including Tangerine, RBC, TD, Scotia Bank and CIBC.  Covering subjects like cross-border banking, Canadian dollar forecast, opening a USD/dollar bank account in Canada, as well as exchange rates from banks like TD and RBC is your one-stop source for Canadian currency-related information.  Knightsbridge FX has a great rate for currency exchange transfers and our founder is known as an expert on the CAD and has been extensively quoted in the media. The CAD is strong when compared to other currencies, including the Hong Kong Dollar, South African Rand and New Zealand Dollar. Feel free to search through our content and tools including our currency exchange rate calculator.

How To Find The Best Exchange Rates For The Canadian Dollar To The USD

When you are ready to get American money for your trip over the border, you must find foreign exchange services that will help you get the bills you need, get a good exchange rate, and provide you with other services that might be useful to you. Once of the best things that you can do is shop around for a good exchange rate because this is a financial transaction that could net a profit. Read more about how the exchange rates can change the way you travel.

How Does The Bank Of Canada Set Rates?

Bank notes in Canada are part of a world market where people are trading on currency every day. People invest in foreign currencies because they believe they will grow, and other currencies fall because there is not much trading or confidence in those currencies. The difference between the Canadian dollar and the USD is one that comes into play when you want to get bills for a trip.

If the Canadian dollar is weak against the USD, you will have less money to use in America. If the Canadian dollar is strong, you will have more money to spend.

How Does This Impact Credit Cards?

The credit card company must do the math on your currency transactions when you are abroad. However, they do the math on the spot. Any money you spend is already gone, and you cannot change the amount that was spent or the exchange rate at the time. The monetary policy for an exchange service is different, and you can use cash on your trip to help save a bit of money on the front and back end of your voyage.

How Much Money Are You Getting?

You should get your US bills and coins when the Canadian dollar is strong against the American dollar. You want to make sure you get as much American money as you can so that you have more to spend when you go on your trip. However, exchange rates change. What if the exchange rate is not as good when you get back from your trip.

What About Sending Money?

If you send money to someone in the US, you are going to get the exchange rate at the time that you send money. If the rates are not very good, you need to send more money so that your counterpart in the US gets the cash they need. However, you could send less money if the Canadian dollar is very strong. Because of this, you might want to travel with cash.

When You Return From Your Trip

When you return from your trip to the US, you will have US currency that needs to be converted back to Canadian currency. If the rates are good, you can convert your money then. However, you might want to wait for the Canadian dollar to strengthen against the US dollar. By doing this, you are speculating on the currency so that you can get more money back. You might even make a small profit on the trip if you get a better exchange rate when you come back to Canada.

Conclusion

There are several reasons to convert currency before your next trip to America, but you must get the best rate so that you do not net a loss for your trip. The currency that you have can be converted back to Canadian currency when you cross the border, and you have the option to wait for the best rate so that you can make a profit. This is much easier than using credit cards or wiring money to a friend with a fixed exchange rate

You can also find us elsewhere online here:

• Foreign Exchange – anyone use Knightsbridge? – RedFlagDeals.com Forums
• Knightsbridge Foreign Exchange | Complaints | Better Business Bureau® Profile
• Knightsbridge Foreign Exchange | Better Business Bureau® Profile
• Knightsbridge Foreign Exchange Reviews | Glassdoor.ca
• Currency exchange: How to get more for your downward dollars
• How snowbirds can avoid being plucked when they buy U.S. dollars – The Globe and Mail
• Company Overview of Knightsbridge Foreign Exchange Inc.Bloomberg – Are you a robot?
• KnightsbridgeFX.com – Home | Facebook
• Knightsbridge FX (@KnightsbridgeFX) | Twitter
• Knightsbridge Foreign Exchange – Wikipedia
• Knightsbridge Foreign Exchange Competitors, Revenue and Employees – Owler Company Profile