KINGSTON: Currency Exchange (Call 1-877-355-5239)

When you’re searching for the most competitive US dollar exchange rate in Kingston you may notice that you will never be offered the same rate that is listed online. This is because the rate that you witness online is the interbank exchange rate. If you were to search “cad to usd” on Google, you would only see the pair’s value on a global exchange setting. Typically this rate is only accessible for financial institutions that deal in high volume transactions. Banks will typically sell currencies to one another using the rate showed, which is embedded in transactions that are often valued in millions of dollars.

Therefore, it’s extremely unlikely that you will ever receive a rate close to the interbank exchange rate. Instead you are more likely to be offered marked-up prices. While this sounds unfair, markups are necessary to pay for the operating costs of a foreign exchange business. Don’t forget, not all markups are equal – some are much more affordable than others.

Banks and retail FX chains are known for notoriously high margin markups and can reach up to 5% depending on the form of currency. Keep this in mind when looking for the best exchange rates in Kingston and Saskatchewan. Staying informed is undoubtedly the most effective way to save money on currency exchange.

Ways to Optimize Your FX Rate Search in Kingston

Whenever you’re thinking about converting funds or placing international money transfers, you should always be weighing two factors: cost and convenience. To be honest, the cost factor only shows its true value when you’re exchanging large amounts of money. On small denominations it makes more sense to just go through with your current FX provider. If you’re only planning to exchange a few hundred dollars, switching providers really isn’t worth the effort. After all, if your primary bank already offers currency exchange services, why go to someone else just to save a few dollars? Most Canadian individuals have an account registered under one of the accredited “big Five” in Canada, so even if you’re not saving money, choosing them will certainly save you time.

With that being said, if getting the best FX rate is still a necessity, you should look towards a specialized third party foreign exchange broker. Once you’re exchanging amounts that are in the thousands of dollars, the right rate can save you hundreds of dollars. For instance, a rate that is 2% better than another will save you an extra $200 on orders of $10,000.

How to Swap CAD and USD Effectively

If your goal is to save as much as possible on foreign exchange transactions you should choose digital companies that prioritize electronic-based transfers. One such example is Knightsbridge Foreign Exchange, a third-party FX provider that is a professionally licensed financial institution. Their rates are much more favorable compared to banks by almost a 2% margin. Since KnightbsbridgeFX has fairly small business costs, especially in comparison to major financial institutions that have been around for decades, they don’t have that many overhead expenses to make up for. In simple terms, the company is able to pass down their favorable exchange rates to their clients with ease. So what does this mean for you? Making electronic deposits directly into your bank account as opposed to withdrawing it physically will let you keep more of it.

Most individuals will tell you that no matter what the reason is for exchanging money, you should always strive for the best rates. After all, currency exchange is a commodity service. Apart from transit speed and price, foreign exchange won’t change much from company to company. On that note, you might as well prioritize cost in the majority of conversion situations. KnightsbridgeFX is a true advocate of pricing transparency and has no problem disclosing the full amount that you owe, without including any hidden costs. With KBFX, you only pay the exchange rates that you are quoted. Wire transfers are free, and there are no flat fees charged to use the service. After you receive a complimentary quote by speaking to a company representative, all you have to do is agree to the rate – the rate is the only cost to you. If our price is favorable and you want to go through with us, we will send you a confirmation in writing before any funds get wired. If you’re making an electronic transfer, it’s not uncommon to expect same-day delivery of your funds as long as the transfer was booked before bank cut-off. Generally our transfers happen in under 24 hours, although it depends on when the banks give us deposit access, so occasionally it can take a few days.

Take advantage of today’s FX market by reaching out to us at https://www.knightsbridgefx.com/about/  and get the best currency exchange rates from Kingston, Ontario

Where to Find Cash Exchanges in Downtown Kingston

It goes without saying that Kingston is not that large of a city, so financial institutions aren’t as abundant as a city like New York. With that said, you could still find a ton of options in Kingston if you’re seeking a convenient transfer into physical cash. Typically, online exchanges like KnightsbridgeFX have more competitive rates than physical exchanges because funds are deposited electronically. You’ll pay a slightly higher premium on physical cash but sometimes it is necessary, especially if you need pocket money for travelling.

Wellington Foreign Exchange

One of the more frequently visited physical cash-granting buildings in Kingston is Wellington Foreign Exchange. The company is legally compliant and has been offering currency conversion since 1997. You could walk into their main branch on 153 Wellington Street in Kingston, or you could call (613)-531-8731 to speak to a representative remotely. Take note that this branch is only open on weekdays from 9 am to 6pm.

The Big Banks

Although these will certainly give you worse rates, they’re more plentiful in amount. You can easily find the Canadian “Big Five” in downtown Kingston such as CIBC, TD, RBC and many more – oftentimes you’ll run into multiple branches from the same bank. We only recommend using the banks if you absolutely have to obtain small amounts of physical currency on a short notice. Using the banks for currency exchange is a perfect example of valuing convenience more than dollar cost savings.

Top Ways to Exchange Dollars in Kingston

Since markups on the interbank rate can range between high and low, it is important that you shop around to find the best possible exchange rate prior to booking a transaction in Kingston. This is where we come in to provide you with more value. At Knightsbridge Foreign Exchange, we mainly aim to undercut the exchange rates provided by all the major banks in Canada. We’re so confident in our ability to beat the branches in downtown Kingston that we even feature a best rate guarantee. On average, our rates are 2% better than your primary bank. While this may not sound like a ton of savings at first, on large sized orders it quickly adds up.

To ensure that we give you the best rate possible, we call every leading financial institution in Canada on a daily basis to determine their rates. Once we find out what we’re up against, we can price our deals accordingly. At Knightsbridge Foreign Exchange it is our mission to save our clients as much money as possible. We do all the hard work for you by checking to make sure you’re getting the best FX rates in Kingston. We can do this simply by accepting a smaller margin on our rates – KnightsbridgeFX is a “lean” business, so it does not have that many operational costs to make up for. As a result, with us you’ll often find very affordable offerings. All you have to do is call in to get a free, no-obligation quote.