“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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When looking to exchange a large amount of US dollars in Kelowna, many individuals often find it difficult to know exactly where to go. The foreign exchange market is constantly fluctuating and it may seem like a confusing task to convert your funds. Due to various global economic factors, exchange rates can change several times during the day, making it hard to know the best time to make your transaction. Unfortunately there is no way of predicting exactly which direction the market will go, therefore making market forecasts quite uncertain. There is however a way to ensure that you are always receiving the best possible rate in Kelowna.
Introducing Knightsbridge Foreign Exchange.
At Knightsbridge Foreign Currency Exchange, we understand the confusion that can arise during the currency exchange process. That is why we do everything in our power to help our customers complete their transactions as smoothly as possible. At KBFX we do a comparison of all leading banks in Kelowna in order to ensure our rates are more competitive. We offer all of our customers a better than bank rate, guaranteed. With rates fluctuating throughout the day, we also offer our customers the ability to lock in a rate that they are comfortable with. This means that we will only exchange your funds when the market hits the exact rate you want. We take it upon ourselves to watch the market, so you don’t have to.
In order to get started all you have to do is register. This can be done by filling out a form online, or just calling in. One of our helpful customer service representatives will be happy to walk you through the entire process. After registering, let us know what currency and dollar amount you wish to exchange and we will send you a written confirmation before any funds are actually sent. Once you approve, we’ll take care of the rest. We will get your funds back to you on the same day if booked before bank cut-off. That’s it. Call us and get a free, no obligation quote and get started today.
Since it is situated close to the British Columbia and United States border, the demand for Canadians purchasing or selling US dollars in Kelowna is quite high. Luckily, there are a number of good options for buying or selling US dollars. Let’s take a look at some of these different options and compare the best rates. Many businesses also accept US dollars in cash, but the exchange rate that they give you is generally quite bad, so it’s best to exchange into Canadian dollars if you want to maximize your savings.
Kelowna is a prominent tourist destination for both Canadians and those visiting Canada from south of the border and around the world due to its many natural attractions and its location on Okanagan Lake . Thus, it has a plethora of hotels and accommodations. A large number of these hotels also provide an in-house currency exchange service. Amongst these, the most popular hotels in Kelowna include the Delta Kelowna, the Accent Inn Kelowna, the Sandman hotel Kelowna, the Kelowna Inn and Suites and the Comfort Inn Kelowna. Kelowna boasts three hotels that are rated 4 stars, these are the Delta Grand Okanagan Resort & Conference Centre, the Royal Private Residence Club, and the Bellasera. All of these hotels provide an on-site currency exchange service with competitive rates. If you’re staying at any of these hotels, these are convenient options for smaller volume transactions. You don’t technically have to be staying at any of these hotels to use their currency exchange services, so there is the option to shop around and compare rates, but most hotels will have similar exchange rates.
One of the major tourists attractions in Kelowna is the Lake City Casino. The casino only accept Canadian dollars, so if you’re an American you will need to exchange your US dollars before being able to engage in any of the activities. The machines and kiosks they have don’t accept US dollars, so you will need to use their cashiers exchange US dollars. Fortunately, the casinos usually have amongst the best exchange rates in the whole city. Even if you’re not looking to play at the casino, you can take advantage of the great exchange rate that they have here.
Due to its geographical location and its heavy influx of tourists, Kelowna has its own international airport. While the airport is not anywhere as large as Vancouver International Airport, it does provide many of the same services. Unfortunately, the airport doesn’t provide any form of currency exchange within any of its terminals or facilities, however there is a Four Points by Sheraton Kelowna Airport hotel that is located right across the street. The lack of a currency exchange option at the hotel itself might be a logistical inconvenience, the foreign exchange rates at hotels are usually the worst so it might be a blessing in disguise. Given the number of options within close proximity, it’s not really too much of a hassle.
Banks are amongst the most popular choices for exchanging money, primarily because people don’t realize there are a multitude of different options out there. Since most Canadians bank with the Big Five Banks comprising of RBC, TD Canada Trust, BMO, CIBC and Scotia Bank, there is a large presence of them in Kelowna. In addition to the Big Five, there is also HSBC, the Business Development Bank of Canada (BDC), and the Canadian Western Bank. There are also a number of credit unions including the Interior Savings Credit Union, Prospera Credit Union, Valley First, Northern Savings Mortgage & Investment, and Envision Credit Union. The majority of these branch locations are situated around East Kelowna in the downtown district. The credit unions on the other hand are concentrated in the Springfield and Cooper road area.
Foreign exchange rates at banks and credit unions are better than at currency retail locations and airports, but they are still not amongst the best that you can find. In some cases, certain credit unions might have better rates than the banks, but since their spread is changing constantly, it’s hard to say with any definitive certainty. The advantage for those in Kelowna is that there are a number of different banking options, so it’s easy to exchange rates and see which banks has the best one. Some banks also provide preferential exchange rates as long as you’re subscribed to certain services related to some type of cross-border banking. So make sure to ask your bank if they have these kinds of services.
In terms of kiosks and currency exchange retail services, there are limited options in Kelowna. The first kiosk option is with international currency exchange (ICE), they have a kiosk location at the Orchard Park Shopping Centre. The benefit with them is they usually have a number of exotic currencies in stock and you can actually reserve them beforehand. The other option, which isn’t exactly a typical kiosk option and is actually unique to Kelowna is the Thomas Cook four-currency ATM machine. The machine provides you with the exchange rate thereby allowing you to decide if you want to exchange money or not. As the name suggests it provides four types of currency, Canadian dollars, US dollars, Euros and British pounds. It’s the only ATM of its kind in Western Canada and is located at the My Travel Store at 2067 Enterprise Way just off of Harvey Avenue. While these kiosks options can provide you with cash and are convenient options, the rates offered tend to be quite bad, so only use them if you have limited options.
Since Kelowna has many different options for international currency exchange, finding the best rates means shopping around and comparing different rates. Sometimes, you might accept a bad rate just out of convenience, so you end up using your bank or a currency exchange retail service. While on small amounts, the difference is negligible, they can add up over time especially if you’re consistently exchanging foreign currency. With the proliferation of services moving online and into the digital space, you can actually find a number of reputable Canadian companies that can exchange money straight to your bank account. Their rates will usually be much better than your banks or other local providers, so on large amounts; you can save hundreds and even thousands of dollars. Consider using these services but do your research first to ensure that the transaction goes as smoothly as possible.
Situated in the Okanagan Valley, in the southern interior of British Columbia, Canada is Kelowna, a city which its name is derived from an Okanagan language term for “grizzly bear”. The city has roots dating back to the 1800s and is known for its service industry due to its successful tourism sector. During the summer season, boating, golf, hiking and biking are popular activities with Alpine skiing and Nordic skiing being winter favourites. Beyond the service sector, Kelowna is known for internationally recognized wines due to the areas ideal climate for wineries. Kelowna’s moderate population also gives rise to the area as a market trial area where many national businesses test new products.
Although Kelowna has a thriving economy it does have some drawbacks including the highest reported crime rate in Canada as of 2012. Furthermore, the area is subject to seasonal wildfires the most recent being in August 2014. The city does not have many cultural or art features however it has been used as a film locale including Shred and Shred 2 being partially filmed at Big White, a ski hill near Kelowna.
To find other cities serviced by Knightsbridge please visit the Currency Exchange in Canada page.