Exchanging with KnightsbridgeFX vs. your bank could save you CAD$ 0
“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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Currency Exchange in Saskatoon
If you are looking to exchange your currency in Saskatoon, your first thought would be to go to the closest bank. However, this may not be in your best financial interest to do so. Banks often do not offer the best exchange rates. Further, they may include some charges for wire fees and other costs. Since many banks are publicly traded companies and have a near monopoly on your business, there is often little incentive to offer you the best deal.
Exchange rates are moving on a daily, even hourly, basis. This makes it tough for you to know when the best time to exchange your currency is. This is even truer for those living in Saskatoon seeking to exchange their Canadian Dollars (CAD) for U.S. Dollars (USD). As you may have seen in the news, the CAD has taken a plunge versus the USD recently. Unfortunately, this means that the CAD has less value versus the USD. A major reason for the decline in the CAD is the big fall in the price of oil. Canada has significant stores of natural resources, including oil. If those natural resources are worth less, that can have a negative overall impact on the Canadian economy. It only makes sense that if there is less demand for oil products, Canadian energy companies will have less revenue. This is turn can impact the Canadian job market. On the other hand, the slide in the loonie makes it more affordable for tourists from the United States to visit Canada. This may have a beneficial impact on the tourism industry in Canada.
When it comes to Saskatoon currency exchange, there are a few options options. The options in the Saskatoon money exchange sector range from boutique cash retail providers, which provide cash exchange, to banks, to other independent retailers that deal online and in larger amounts. These providers can be found in various locations along the street, at the bank branch, or online. The difference between the options is mainly price and service with some offering a good deal on both ends. For example if you’re looking for the cheapest way to exchange Canadian to US dollars quickly and securely then perhaps an independent provider such as Knightsbridge Foreign Exchange is the best solution. However, if you’re really hesitant to using a provider besides your bank and cost is not a concern to you then perhaps the bank really is your best choice. Ultimately, in terms of cost, money exchange services that deal in cash will have the worst rates. This is because they have to hold physical cash which carries inventory costs and must also pay the cost of rent. It is important to work with a legitimate provider and a quick way to check is to see if they need to verify your identity. If they don’t, they are not complying with laws and regulations. Some examples of retail providers in Saskatoon are:
Airports are the last places you want to go to if you are looking for the cheapest US exchange rate or any rate for that matter. Airports charge expensive rents on top of the inventory costs that foreign exchange providers already incur. This results in high expenses which are passed on to consumers. However, if the circumstance is necessary most airports do provide currency exchange services. If possible, try to bring more money than you anticipate exchanged in your home country, but if this is not possible, you can go to ICE – international currency exchange for foreign exchange in Saskatoon airport.
Hotels can sometimes be a convenient option when exchanging foreign currency while travelling. However, it is far from the cheapest option. One way to get foreign exchange services at a hotel is to contact the concierge if there is one and ask them for local and trusted foreign exchange providers. Usually they receive questions like that all the time and are familiar with a local destination. You can also try asking other hotel residents or locals on the street if they know a good place. Another option is to see if the hotel has in-house currency exchange services. Larger hotel chains sometimes provide this service for the convenience of their guests, but be sure to double check the exchange rate to see if it is acceptable. Some hotels that provide currency exchange services include the Hilton Garden Inn Saskatoon Downtown, Park Town Hotel, and the Holiday Inn Express Saskatoon. For a more exhaustive list, try doing a quick Google search to see if the hotel you’ll be staying at has these services.
Kiosks are similar to boutique foreign exchange providers usually found along sidewalks on the street or in malls. They are usually found in popular public areas such as malls or tourist areas. Kiosks generally exchange in cash and as a result will not give the best rate. There are also generally many independent kiosks with varying levels of pricing and service. A good idea would be to look for reviews on a potential kiosk for use. Sometimes kiosks take advantage of unsuspecting consumers while others genuinely provide great service. Some examples of kiosks in Saskatoon include ICE – International Currency Exchange and Calforex.
As mentioned above, the banks generally overcharge on exchange rates with some charging up to 3% over the market rate. However, not everyone is comfortable with using independent providers and at times the bank can be more convenient. If the surcharge is worth it to you then you can be comfortable knowing that all Canadian banks offer foreign exchange services. This includes CIBC, BMO, TD, RBC, National Bank, and some credit unions. For frequent US travellers check to see if your bank has a foreign exchange plans that can provide better rates.
Other currency exchange brokers employ unique business models in order to reduce costs. They usually have online platforms where they help exchange money electronically avoiding the inventory costs associated with cash. These businesses sometimes have associated retail locations while others only operate online. Be careful to take the time to understand the brokers exchange process as some may be misleading by giving a lower quote first before surprising you with a worse quote at a late stage in the process. For the best exchange rate (Canada to US) and others, try Knightsbridge FX as they have a lowest rate guarantee.
A drawback to using banks for currency exchange is that it is tough to get updated quotes and the best rates. Trying to get the best exchange rate with an updated quote can be a hassle. At KnightsbridgeFX, we do this work for you. We call the banks on a daily basis in order to offer you the best exchange rate possible. By using KnightsbridgeFX to exchange your currency, you can save both time and money. Give your bank a call and give us a call, we guarantee we will be better.
KnightsbridgeFX is a non-bank provider that seeks to offer competitive exchange rates combined with excellent customer service. 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 Saskatoon.
Saskatoon is the largest city in the province of Saskatchewan, with an estimated metropolitan area population of 300,000. Saskatoon is often called the Bridge City for its many river crossings over the Saskatchewan River. The city’s economy is based around agriculture, including wheat and livestock, potash production, and other natural resources including uranium, gold and diamonds. Cameco, the largest publicly traded uranium company, is based in the city. In addition, there are a number of financial institutions headquartered in Saskatoon, including the First Nations Bank of Canada and Concentra Financial.
To find other cities serviced by Knightsbridge please visit the Currency Exchange in Canada page.