“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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Send funds by online bill payment or bank transfer and converted funds will be sent to your destination same day or next day.
With so many foreign exchange providers in Scarborough, it can be tough to find the best deal. As a piece of advice, it is best to avoid banks, airports, and cash destinations for your foreign exchange transactions. These locations often charge high fees and commissions to exchange your money. Often their rates can be from 2% to over 3% different than the market rate. This means that on transactions, you could be losing hundreds to thousands of dollars depending on the amount. This hard earned money is better left in your pocket to spend elsewhere. If you are looking for a better deal, give Knightsbridge Foreign Exchange a try.
Knightsbridge rates are typically 2.5% better than the banks and are guaranteed to be the lowest. They offer various products and services to fit your unique needs all at an incredibly affordable price. Whether you are a business dealing in different currencies, a snowbird, traveler, student, or just someone needing to convert funds for personal use, Knightsbridge can help.
Like with any purchase, getting the best deal will be about shopping around, comparing rates and waiting for the market. Those same tactics can be applied to currency exchange, although you can’t wait for the market to get you the best rate if you need it at a specific time, you can ensure that you are getting the best rate at that time by shopping around and comparing rates. If you’re only doing a smaller amount then it’s probably not worth the time to shop around as the savings will be minimal anyways. In this case, any local bank or cash retail location in Scarborough will suffice. If you’re looking to exchange a larger amount, see if your bank can offer you preferential rates but in most case their rates won’t be as competitive as other specialized currency exchange vendors. Consider looking for other service providers online who exchange money bank to bank, their rates will tend to be much better.
Using Knightsbridge Foreign Exchange can grant you this option through:
Sending funds through Knightsbridge FX is quick and simple. There are several methods that include wire transfers, online bill payment, and account to account services where we move funds from one account to another while doing the conversion for you. Funds can be sent to any bank in Canada and the US and to some banks overseas.
There are a number of options for foreign exchange in Scarborough ranging from hotels, banks, malls, retail cash operations, and other independent currency exchange brokers and specialists.
The Scarborough Town Centre located at 300 Borough Drive is the largest retail and shopping centre in Scarborough Ontario. It features over 230 retailers including several different options for foreign exchange. Several different banks have branches within the mall including Scotia Bank, and TD Canada Trust. CIBC also has an exterior pad branch that is situated outside of the main mall. Banks typically add a number of fees to their exchange rates, so you’re most likely not getting a great rate. Usually if you have premium account with them, you can get better rates but it is still not as competitive as other international currency exchange providers. Banks may also have a number of different exotic currencies in hand that you may not find elsewhere. If you don’t know want to buy or sell currencies at the bank, luckily there is another option. Travelex Worldwide is a travel agency with a retail operation that also provides travel money cash exchanges. As with any cash operation, their rates may not be as good as other currency exchange brokers, but it is an option if you’re looking for smaller amounts for traveling.
While Scarborough doesn’t boast the high end 4 and 5 Star luxurious hotels that Toronto do, the majority of them do however provide an in-house currency exchange service. So if you’re staying in Scarborough, exchanging international currency at these hotels can be convenient. Some of the hotels that provide a currency exchange service include the Comfort Inn East, the Delta Toronto East, the Travelodge Toronto East, the Toronto Don Valley Hotel and Suites and the Radisson Hotel Toronto East. Hotels typically don’t have the best exchange rates, but convenience is probably the primary factor especially when you’re only looking to exchange smaller amounts.
In addition to the Big Five Banks of Canada, including TD Canada Trust, Scotia Bank, the Royal Bank of Canada, the Bank of Montreal, Canadian Imperial Commerce Bank, Scarborough also has a number of other unique banking options that provide foreign exchange. The first is the Bank of China (Canada) which is located north of the 401 at 3300 Midland Avenue. Though the Bank mostly caters to the Chinese demographics of the Greater Toronto area, anyone is welcome to use their services. Their exchange rates are typically competitive with the Big Five Bank of Canada, so consider using them if they can provide you with better rates than your own bank. Another unique bank is the State of Bank of India (SBI) which also claims to provide competitive exchange rates. Typically, most people will tend to use their banks for exchanging currency, while this may be convenient since they already have an account setup and funds can be sent immediately to their accounts, the tradeoff is the high markup and transaction fees that may accompany the exchange. If you’re insistent on using your banks, make sure that you are subscribed to certain accounts and plans that enable you to get preferential exchange rates that they wouldn’t normally provide to regular customers. On larger amounts, it is best to use an independent currency exchange broker since even a small percent difference in fees can save you thousands of dollars.
Independent currency exchange brokers and specialists will usually have much better rates then your banks or cash exchange businesses since they tend to have less overhead costs and can pass the savings to their customers. Many will not have a physical location in the Scarborough area, but usually their operations is focused online and money is transferred electronically from bank to bank.
The Kennedy and Ellesmere area comprises of a number of different financial institutions and money service businesses that provide international money exchange. There are a number of different banks with branches situated in this area, TD Canada Trust is located just north by highway 401, RBC is located at the Kennedy and Ellesmere intersection. If you’re looking for other banks, the Scarborough Town Centre is just a couple blocks east and houses CIBC, and Scotia Bank branches. For non-banks money exchange services, there are a number of different cash converters retail operations. While some of these such as Money Mart and Cash Money specialize in cash advances and pay day loans, they do also provide currency exchanges and will tend to have a number of different currencies available. However, like most cash operations, their rates aren’t the best; there are a number of them in this area so shop around to see who has the best rates before deciding to use one of their services.
Scarborough’s history spans over 200 years growing from a group of small villages into a bustling city. It was named after the town of Scarborough, North Yorkshire and was inspired by the Scarborough Bluffs which reminded Elizabeth Simcoe of white cliffs near her home.
The region is known as an administrative district in the City of Toronto. Scarborough is also known as a popular region for new immigrants to settle down. This has made the municipality one of the most culturally diverse areas of the City of Toronto. The municipality has been declared the “greenest” part of Toronto.