Currency Exchange 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.
Where to Exchange Currency in Saskatoon
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:
How to Get the Best Exchange Rate in Saskatoon
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.
Unusual Trivia About Saskatoon
- Saskatoon is named for the berry, not the other way around. It gets its name from the Cree name mis-sask-quah-toomina, which refers to the sweet saskatoon serviceberry.
- The city was originally founded as a way to be free of alcohol. A temperance group was granted the parcels that make up the modern city in 1882, but it wouldn’t receive an official charter until 1903.
- Saskatoon is so far north that the sun doesn’t rise until 9:13 AM local time on the winter solstice. On the other hand, it rises at 4:45 AM local time on the summer solstice.
To find other cities serviced by Knightsbridge please visit the Currency Exchange in Canada page.