Currency Exchange London, ON - Best Foreign Exchange Rates London

LONDON ONTARIO: Currency Exchange (519) 937-1927

Due to there being a considerable number of financial institutions in London, you have quite a few options to use to exchange your currency. One important consideration to keep in mind is that foreign currency exchange rates are impacted by the spot price changes on global financial money markets, commonly referred to as the FX markets.

FX markets have the highest trading volume of any other financial market in the world, and it basically trades around the clock. In simple terms, this means that exchange rates are constantly in motion. It’s not uncommon to hear about volatile currencies entering sharp up trends or downtrends. As such, it can be difficult to obtain accurate and timely quotes from banks. To make matters worse, some banks do not make their exchange information readily available, and they make you jump through several hurdles for a quote. By the time you call more than one bank, it is possible that the exchange rate has already changed due to how frequently prices shift in the markets.

Locations in London Where You Can Trade CAD for USD in Cash

When looking to exchange your Canadian dollars for another denomination such as US dollars, London Ontario has a plethora of options where you can take your business. Having so many different places to choose from, it can be difficult to find the ultimate quote. For this reason, it is important that you shop around to find the best exchange rate (Canada to US). The only way to properly achieve this is to compare quotes from many different FX service providers. These cash-in-hand providers can be located in airports, shopping malls, tourist destinations, and hotels. Of course, you always have the option to go to your bank; but just know that banks offer some of the worst exchange rates on the commercial side.

London Ontario International Airport FX

As you would imagine, the airport is a popular meeting ground for both foreign exchange companies and FX retail customers. Most of these customers are just looking for a quick cash exchange and need to exchange money conveniently and quickly; cost is a secondary concerned. In the middle of an airport, individuals are generally less concerned with finding the cheapest way to exchange Canadian to US dollars because they have to rush to catch their flight! Additionally, these customers are predominantly looking for small amounts of physical paper cash that they can spend upon arrival. If this sounds like something you’d need in a time crunch, head to the international currency exchange in London’s international airport.

If, however, you are looking for the cheapest US exchange rate, you should avoid the airport at all costs. Instead, you should plan ahead to be sure you are going to foreign exchange in London with competitive rates.

Hotel On-Site Currency Exchange

While on vacation, you’ll probably look to convert more money than you had initially planned. However, once you are in an unfamiliar city, it may be difficult to find the most competitive foreign exchange prices that London has to offer. Not to worry, in most cases the concierge at your hotel will be able to guide you to a variety of different spots in London where you could swap for dollars.

It’s also worth mentioning that certain hotels offer in-house currency exchange services for their guests. Even though they might not offer the most competitive rates on the market, London hotels are still extremely convenient especially if you’re already staying overnight.

Foreign Exchange Franchises in London

Throughout the city you will be able to find various London money exchange companies. You will mostly find these locations in busy, densely populated areas where there are lots of tourists. Some of the more well-known companies that have kiosks around the city are Calforex, International Currency Exchange (ICE), and Money Mart.

You could walk into Calforex inside the CF Masonville shopping complex anytime during the week before 6pm. Alternatively if you don’t want to enter a mall, you could find a stand-alone International Currency Exchange at 105 Wharncliffe Road South but it also closes at 6pm. Money Mart is a little bit out of the way from downtown London, being situated at 489 Wellington Road, but it closes at 11pm as opposed to 6pm.

The Big Five Banks in Canada

If you prefer to use a bank for money exchange in London, don’t worry – you still have plenty of options to choose from. To be honest, banks are practically unbeaten in the convenience department but their foreign exchange costs are some of the least favorable. Banks are notorious throughout the entire country for charging some of the highest markups above the spot rate on currency. With that being said, if you’re already subscribed to a major Canadian financial institution there’s no shame in using them to exchange small amounts. We only advise that you switch FX providers when placing large volume transactions (a few thousand dollars or more) because then the right exchange rate could save you hundreds. Some of these options include BMO, CIBC, HSBC, RBC, Scotiabank and TD.

How to Get the Best Rate: Electronic Transfers and Online Brokers

If you are uninterested in taking your business to a bank, kiosk, or chain franchise thankfully London has other options. A foreign exchange broker would be the provider that could get the best rates on large transaction volumes. For virtually amounts larger than $5,000, KnightsbridgeFX offers the best rate guaranteed.

Exchange rates are influenced by a number of factors, and these are important considerations to make when switching between the two dollars. The Canadian Dollar (CAD) has recently slid in value versus the U.S. Dollar (USD). This slide was caused by a number of different economic events. One of the major factors was the drop in the price of oil. Since Canada trades large amounts of oil, the price of oil can greatly impact the value of the CAD. When oil prices are high, there is a strong demand for Canadian oil. Furthermore, Canadian energy companies also benefit when oil prices are high, which leads to stronger job growth in the energy industry. Other important economic factors that impact exchange rates include gross domestic product and the state of the job market. As the economy strengthens, there is greater job creation and less unemployment. As more people are employed, it increases retail spending.

Switching to Digital Foreign Exchange Companies

If you are seeking to exchange currency, you should understand the drawbacks of going to a bank. Bank exchange rates are often much worse than what a non-bank provider can offer you. Most people do not realize that there are other options and simply go to the banks by default. In comparison, non-bank exchange providers often have less overhead, and have more incentive to offer competitive rates to individuals. At KnightsbridgeFX, we are a non-bank provider that seeks to offer competitive exchange rates combined with excellent customer service. It’s really that simple; we have less operating costs to make up for, so we can accept a lower margin on our transactions. As a reputable foreign exchange company, we love passing down our favorable rates to our clients and leaving them satisfied.

A Little Bit About London, ON

London is located in Southwestern Ontario at the fork of the Thames River. The city is situated approximately halfway between Detroit, Michigan and Toronto, with a population of around 366,000. London is home to a number of cultural festivals, including the Sunset Festival and the London Fringe Theater Festival. It is also home to the University of Western Ontario, which has strong life sciences research programs. The Libro Credit Union, which is owned by its members, is based in London. 3M also has its Canadian headquarters in the city.

Give us a call at 1-877-355-5239 for a no-obligation currency exchange quote and one of our representatives will walk you through the process and next steps. Alternatively, you can fill out the form below and we’ll walk you through the process of how to get the best currency exchange possible in London.

Unusual Trivia About London

London is home to the world’s oldest operating baseball diamond. Labatt Park was opened in 1877, and it’s still in use today.
Every single Chicken McNugget in Canada is made at a McDonald’s plant in London.

London and the Thames River were named by Upper Canada’s Lieutenant-Governor John Graves Simcoe back in 1793. He had hoped that London would become the colony’s capital, but it was decided that York, which is now Toronto, would hold that title.
London is at the middle point between Toronto and Windsor, both of which are about 200 kilometres away.

To find other cities serviced by Knightsbridge please visit the Currency Exchange in Canada page.

Best Currency Exchange Rates in London

Best USD Exchange Rates in London