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

If you’re a resident of Richmond, BC or just visiting from Vancouver do not worry – you’ll find plenty of opportunities to exchange your Canadian dollars within city limits. All five of the major Canadian banks are present in Richmond and they all offer their own foreign exchange platforms. If you need a quick transaction performed in a small amount of money, such as a few hundred dollars, you should have no problem finding a place to do so. The market share of Canadian banks is fairly even, so you shouldn’t have too much trouble finding a branch nearby. You may think that because these banks offer similar services that they will also attach the same prices, however when it comes to FX, some financial institutions are more affordable than others.

It is important that you align yourself with a FX provider that offers the best exchange rates, especially if you plan on doing large transactions. Banks in general have fairly high markups due to their high overhead and administrative costs, so no matter which one you choose you’ll still be missing the mark. Through various comparisons, we have found HSBC to provide the best rates among banks in Canada. RBC, BMO and TD also provide rates which are comparable, however are slightly less favorable. One downfall of HSBC is that it is not a Canadian bank by administration and therefore there are significantly less locations compared to its Canadian-rooted counterparts. If you’re still set on using the banks for currency exchange purposes and can’t find an HSBC near you, seek a bank with the lowest commission and surcharges.

With that being said, if you are serious about saving money on your sizeable foreign currency transactions, we are here to offer an alternative solution.

The Most Competitive FX Rates in Richmond, BC

It’s vital that you don’t fall for the allure of foreign exchange at major financial institutions in British Columbia. In the majority of situations, you’ll be paying an unnecessarily high rate which you could easily avoid. Most individuals and small businesses at the retail level will contact the same bank that they have a credit card or chequing account opened up with for convenience. After all, that bank already has your information on file so performing a foreign exchange transaction to your bank account is a relatively simple task for them. On that note, too many individuals are willingly choosing their usual FX provider without consulting other options first. It’s natural to expect that banks will have good deals on currency exchange because they have decent prices on their other financial services. Banks, credit unions, and other large financial institutions are used to relying on customer loyalty for their foreign exchange services to make money. Although can you truly fault the banks for overcharging? Richmond’s major financial institutions have a ton of overhead expenses to make up for, and that requires a lot of revenue. In order for their currency exchange services to remain profitable, there needs to be some form of markup in the rate or fees charged for the service. At the end of the day if cost savings is more important to you than convenience, you should be searching for companies that place all of their expertise in currency exchange. Companies that specialize in one financial service typically deal with a much smaller overhead, and can afford to give out more competitive rates.

Allow us to introduce Knightsbridge Foreign Exchange. Unlike the banks, at KBFX we have very low overhead and administrative costs. In other words, we run a comparatively inexpensive operation that gives us the financial ability to take a smaller profit margin. Since we have fewer costs to make up for, we can afford to pass down our great rates to our retail clients. This allows us to be extremely competitive in the rates we provide, since there’s nothing in the way of us competing on price. We are so certain that our rates are the best that we even guarantee a better than bank rate on all of our exchanges. Our rates are typically 1-2% better than what you would receive at big banking institutions like HSBC, RBC, BMO or TD. Our mission is to offer our customers the best exchange rate in Richmond and that’s exactly what we intend on doing. Call us today to get a free, no-obligation quote. One of helpful customer service representatives will gladly walk you through the few quick and easy steps to get started. If you’d rather sign up online, simply fill out the form on our page and follow the instructions!

Switch to Digital and Save Money: Richmond’s Online Foreign Exchange

The one of the less spoken about rules of foreign exchange is that electronic transfers cost less than physical cash conversions, in the vast majority of cases. This makes sense because FX franchises that specialize in physical cash exchange need to pay the storage costs of having different types of currency on-hand. Plus, they have the added risk of holding on to international currencies that can de-value any minute.  If you’re willing to switch to a digital platform instead of using a local FX building in Richmond, you’re almost guaranteed to start seeing better rates. As an online-only foreign exchange company, KnightsbridgeFX takes full advantage of this fact. In straightforward terms, KnightsbridgeFX grants cheaper rates on dollar conversions because we won’t put cash right into your palm. Instead, we will deposit your international currency directly into your account. While this may sound like an inconvenience at first, it makes a lot of sense when placing transfers that range into the thousands. After all, why would you wish to leave a brick-and-mortar exchange building in a crowded tourism spot with hundreds of dollar bills flooding your pockets? By choosing us, not only are you subscribing to better rates, but you’re getting a more discrete service. After your Canadian dollars have been converted, you no longer have to worry getting access to those funds – you can withdraw them in their standard denomination if the need arises. With that being said, it’s important to be aware of your bank’s foreign currency withdrawal policies, since they may charge a variable or fixed fee to do so.

Our company believes that all individuals and small businesses have a right to affordable currency exchange in Richmond. When you realize that the main competitive feature that differentiates foreign exchange centers is price, you’ll be hesitant to do business with just anybody. While it’s true that some individuals value the convenience aspect of FX more than cost, it really depends on how much you’re planning to transact. On small amounts you’re absolutely right to value convenience over cost – a slightly improved exchange rate will only save you a few bucks. However, if you want to book a digital conversion online that is set in thousands of dollars, you have the potential to save hundreds. Convert your Canadian dollars to US dollars today with KnightsbridgeFX and receive free wire transfers on eligible orders!