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

Finding the best US dollar exchange rate in Sherbrooke is no easy process, especially when you consider all the options in Quebec. Although there are many FX service providers in the area, finding the best one consists of tediously comparing them side by side. World exchange rates are constantly trending up or down, largely affected by various global economic factors. In simple terms, this means that if you see a favorable rate in the morning it may change by the evening. Understanding the influence of the global economy on currency exchange is important when making any sort of conversion, especially if you exchange often.  Maybe your business deals in US dollars or you are looking to buy a vacation home in Florida and require USD. Whatever the case may be, becoming educated on the industry can help you save big dollars.

Another way to stay informed is to search around online to see who offers the cheapest exchange rates in Sherbrooke. If you’re having trouble getting quotes from company websites, another way to do this is to call all of your local banks and financial institutions. You will then be able to compare their rates to see who is offering the most competitive price points. Tip: Make sure to take note of any fixed/variable transfer fees in addition to the markup on the mid market rate.

The Ideal Way to Convert Currencies in Sherbrooke, QC

Although shopping around will inevitably lead to you saving money, it is a lengthy and strenuous procedure that discourages you from placing a quick transaction. If saving time is also an important consideration, your best bet is to call Knightsbridge Foreign Exchange. At KBFX we take care of all the grunt work so you don’t have to. We call all the banks and financial institutions in Sherbrooke every day to compare their rates to ours. By doing so, we are able to price our rates accordingly in an attempt to give more competitive deals. At Knightsbridge Foreign Exchange we guarantee better exchange rates than the banks, especially on CAD to USD conversions.

To give you a sense of scale, our rates are on average 1-2% better than what you would receive at the bank. A 2% buffer will quickly add up to a considerable amount of savings, especially when you’re booking large transactions. We also understand the importance of platform simplicity and cash delivery speed. That is why we offer same day or next day delivery of your funds to your recipient, usually by way of direct bank deposit. It’s really that easy – just give us a call and we’ll give you a quote on any of our various currencies. If you’re a resident of Sherbrooke, you’d most likely want to swap Canadian dollars for American ones.

Places in Sherbrooke Where You Could Get Physical Cash

Since Sherbrooke is located so close to the United States border, it’s vital that you understand some of the inner workings of the FX industry. When you’re looking for an institution that you could trust with your hard earned dollars, you shouldn’t be misinformed. If you avoid taking shortcuts and do your due diligence first, you can find the best FX service that fits your needs. Traditionally, the issue with the foreign exchange business (much like other industries) was that there was a lack of reliable information to the public. Nowadays there is a surplus of information thanks to the internet and individual freedom to express opinions online. Without doing any research whatsoever, most individuals would simply take their Canadian dollars and exchange it at a Canadian bank. However, if you research separate FX providers on your laptop or smartphone, you can go in with an educated view on the subject. In most cases, the realization that banks in Sherbrooke don’t give the most competitive rates will deter people from ever using their foreign exchange system. The main thing to understand here is that banks offer a plethora of different financial services. Just because a few of the services are competitive, or they are designed to save you money in a competitive manner, doesn’t mean that the rest of their services will do the same. The historical “Big Five” banks in Quebec base all of their operations on consumer loyalty and trust. With this viewpoint, it makes no sense for banks to try to compete on price, since they know their customer base will seek them out regardless.

MoneyGram

MoneyGram is by far the most common foreign exchange franchise in Sherbrooke, Quebec. There are roughly a dozen MoneyGram branches within Sherbrooke city limits if you’d prefer to obtain cash from them. When speaking about exchange rates, MoneyGram can have better deals on physical dollar exchange than the banks. Plus an added benefit is that all transactions performed in-person at MoneyGram are fairly quick. One thing to note is that MoneyGram branches in Sherbrooke don’t operate on the same fixed schedule; some close earlier than others or have different availability. If you live near the downtown core, you could encounter two of them at 50 Place de la Cite (819-823-9449) and 2235 Rue Galt O (819-569-9349).

Banque Nationale

If you don’t want to convert your money to US dollars at MoneyGram you could go to your local Banque Nationale in Sherbrooke to do so. Since many local residents have an account registered with them already, it can be convenient to use their services for small sized transactions. Remember that you’re still not getting the best FX rate, but on small amounts it shouldn’t affect your bottom line too much. You could find a Banque Nationale branch at 3075 Boulevard De Portland, but it closes every day around 3PM (Thursdays are open until 4PM and Fridays until 6PM). If you’d like to speak to their customer support line for more information, you can call (819)-563-4011.

Digital Foreign Exchange as a Sherbrooke Resident

The reality is that currency exchange is by all means a commodity service. There isn’t much room for competition within the service itself, because the bottom line is you’re just trading money. While some car mechanics are more skilled than others, you can’t be more “skilled” (by the same definition of the word) in exchanging Canadian dollars for US dollars. For this reason, the only things left to compete in are price, service quality/attention to order detail, and convenience. And while a large portion of FX users value convenience and delivery speed greatly, most of the time you’ll be looking for the most affordable FX rates. To keep more of your money in your wallet during an exchange, we recommend that you find a lean business that doesn’t operate with the same high operational costs that banks do.

The best ways for a foreign exchange company to stay lean is to reduce their brick and mortar expenses and hone their expertise on one service. You’re in luck, because KnightsbridgeFX does exactly that. The company has no physical in-person branches in Sherbrooke – or really anywhere in Quebec – and instead performs all of their operations online. On top of that, KnightsbridgeFX specializes in currency exchange and nothing else, so they have much less business channels to pay for. So what does this all mean for you? In summary, a company like KBFX that has less costs to make up for can give out better priced exchange rates. After all, our business is all about the customer.