KnightsbridgeFX & Desjardins exchange rate & currency conversion

How to find the best exchange rates in Canada

Far too many people are losing money on foreign exchange by picking the wrong service. The culprit, in most cases, is a mix of misinformation and convenience. This quick guide will shed light on a better, much cheaper, and more convenient way of exchanging currency. Carry on reading, because this information will literally save you hundreds, if not thousands of dollars.

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Exchange rates and currency conversion

Desjardins Services

Desjardins Services

All Canadian banks and credit unions, Desjardins included, will gladly assist you with your currency conversion inquiries. The important thing to think about though is what kind of exchange rates you can expect from each source. Desjardins has been known to provide a lot of different currencies, which you can obtain either electronically or physically from their branches, ATMs, and online platform. Most importantly if you frequently decide to bank with Desjardins, it makes a lot of sense to use them for foreign exchange services when you factor in the importance of convenience.

Nowadays, even though traditional banking institutions have long since been people’s primary choice for safe currency conversion, brand new modern digital enterprises are able to offer better rates than the industry standard. The unfortunate reality is that the conventional banking system involves a ton of overhead expenses to manage, and big banks often can’t afford to give you the best deals out there. Specialty online currency conversion services that place a singular focus in foreign exchange and good customer service, such as KnightsbridgeFX, put you in a much better position for saving money on dollar transfers. KBFX stands out among its competition by consistently providing exchange rates that beats the “big five” banks – guaranteed.

Compare Desjardins Exchange Rates with Other Banks

Compare Desjardins Exchange Rates with Other Banks

When using Desjardins to buy/sell currencies you should understand that the difference between the two options can involve a 5% difference or more. To see an accurate currency representation, you should check their website for their FX rates (or call them if you prefer to speak to a representative). In any case, it’s highly advisable that you compare Desjardin’s exchange rates with traditional Canadian banks.

Desjardins, and basically every large Canadian financial institution, feature a rate markup in their public rates. This markup is essentially a value-added charge to the customer so the company can pay for the services, and it can vary in % from bank to bank. In many instances, big banks see this as an opportunity for high profits, since they rely on their pre-established clients to pick them for FX services (due to familiarity). Sensing an opportunity to give customers a better deal, professional FX companies such as KnightsbridgeFX, give more favorable exchange deals in general than the bank by providing a lower rates and accepting lower margins per transaction.

Use our savings calculator to see how much you can save on your next transaction

Take advantage of the best exchange rates when buying US real estate, moving to another country, sending money to family, and paying foreign tuition.

Free same-day transfers, no hidden fees and professional service.

Our converter uses mid-market rates. The rate is subject to change.

Interbank Rate: 1 USD = 1 USD

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Your savings when exchanging with KnightsbridgeFX instead of your bank.

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Finding the Best Exchange Rate

Finding the Best Exchange Rate

There’s never been a simpler time to bank as a Canadian. Given this knowledge, it’s still a good idea to shop around to find the “right one” when registering for credit cards and bank accounts. Fortunately for you, Desjardins helps to make banking even simple. Our advice is to download the Desjardins mobile phone application for an even more user-friendly banking experience – not to mention it’s a great timesaver. Keep in mind that if you still don’t know where to find the best foreign exchange deal, it’s a good idea to use our FX currency conversion toolset. Make a mental note to check these rates often because they typically fluctuate over time.

Regardless of which currency you’re trading CAD to/from: USD, EUR, GBP, XCD, XOF, or basically any other tradable form of money, utilize our free currency converter to check and ensure that you’re receiving a fair exchange rate on your transactions. Historically, the USD is pretty closely tethered to the Canadian dollar, but other more volatile currencies can experience increased variability when compared to the CAD. Don’t forget to also consider fees that banks charge for their currency conversions, which is separate from the exchange rate itself.

Desjardins Exchange Rate Overview

Desjardins Exchange Rate Overview

Desjardins offers foreign exchange services that Desjardins gladly offers their foreign exchange services for multiple types of currency. Within their offering pool you can expect to find currencies such as the US dollar, Great British Pound, Euro and the Australian Dollar, but also lesser-traded currencies such as the Mexican Peso, the Japanese Yen and the Swedish Krona.

The total number of available currencies changes based on whether you are looking to exchange banknotes or if you seek cheque drafts and wire transfers.

As you will see on their list of currencies, there are different maximum amounts that can be exchanged with Desjardins. If you are requesting amounts greater than the amounts specified based on each currency, you will need to contact their Exchange Services at 1-866-885-2346.

Alternatives to Desjardin’s Foreign Exchange Services

Alternatives to Desjardin’s Foreign Exchange Services

There are plenty of different options (including Desjardins) at your service when you’re looking for places to convert currencies. All of the five major Canadian banks (BMO, CIBC, RBC, Scotiabank, TD) offer foreign exchange services. You can access the resources at the bottom of this page to compare Desjardin’s exchange rates with that of the other big banks, as well as most major credit unions. If you’re looking for money transfers, it’s widely viewed as a good idea to compare Desjardin’s FX deals with the competition to see if you can benefit from the best rates.

On a similar note, if you’re looking to convert a sizeable lump sum (a few thousand dollars) it’s extra important to look around for the optimal foreign exchange rate.

By opting for KnightsbridgeFX as opposed to the “big five”, you can save an astonishing amount of money per transaction. KFX guarantees a better rate than the bank by at least 1% marginal change.

Compare bank fees

Compare bank fees

Setting up bank wire transfers is widely regard to be a popular option for money transferring. Booking wire transfers (an old fashioned but reliable way to send out money) involves going into a bank branch and speaking to a representative. In today’s constantly evolving financial service market, plenty wire transfers can be done online for a lower charge (some examples of this are HSBC and RBC). Speaking of lowering fees, banks like the National Bank even offers clients a discount if they’re transferring funds to Canada’s neighbor, the US. Unfortunately, even if you can take advantage of all the discounts available, the overall price of a wire transfer won’t be completely free at these major institutions.

KnightsbridgeFX guarantees to give you a completely free no-strings-attached wire transfer to anywhere in Canada, the US, and parts of Europe.

Importance of FX Comparison

Importance of FX Comparison

Are you interested in rate comparison? If yes, you can use a non-bank provider to exchange currency and compare rates.. Savings using KFX’s services compared to Canadian bank exchanges can reach up to 2.5%! On large sum conversions this translates to hundreds of dollars saved.

To get an idea of the margins, take a look at the exchange rates in the table to the Desjardins exchange rates and other bank exchange rates.

By viewing our live FX tool below you can see varying foreign exchange rate for many popular dollar pairings. Use KnightsbridgeFX’s live FX tools and comparison charts to determine the foreign exchange rates offered by other financial institutions. Once you have a better understanding of their market prices, see how other rates stack up to Desjardins.

US Dollar and Canadian Dollar Exchange Rates

More on Desjardins

More on Desjardins

The Desjardins group was founded in Levis Quebec in 1900. It is now the largest association of credit unions in North America.

With over 20 subsidiaries, The Desjardins Group offers various financial products and services.

You can access all of Dejardins’ exchange rates on their website. The buying and selling rates will differ based on whether you are looking for cash, or otherwise.

If you are looking for cash, you can also use this currency converter to get a better idea of the provided rates.

Desjardins offers a widespread array of financial services including various personal accounts, credit cards, lines of credit, mortgages, insurance, wealth management and investment services.

Be sure to compare your current financial services with the aforementioned services offered by Desjardins to ensure your financial needs are being met optimally.

Our Recommendations on Foreign Exchange Services

Our Recommendations on Foreign Exchange Services

We strongly advise that you side with KnightsbridgeFX to take advantage of beneficial conversion opportunities (that will save you money!).

Individuals are used to seeing unfair deals and rates, but you no longer have to accept them. When you choose Knightsbridge you’re effectively saying no to unnecessary fees and unfavorable rates.

Knightsbridge trades your money in a quick, efficient, and low cost manner. Save hundreds of dollars with KFX today.

Call in now to speak with one of our representatives, and immediately receive an up-to-date quote on popular currency pairings! Toll-Free: 1-877-355-5239.

Exchange rate bank markups explained

Exchange rate bank markups explained

Every big Canadian bank - including Desjardins - introduces a rate markup embedded within their offered rate. This markup varies from bank to bank, and it ultimately represents paying for the bank’s service costs. These include customer representative salaries, building rent, marketing fees, unavoidable transfer charges, as well as other miscellaneous costs. Every single one of these expenses gets added to the currency exchange rate. For example, Desjardins' currency exchange service has a markup of 3.34%.

Up to 5x lowered fees

Up to 5x lowered fees

Compare that with KnightsbridgeFX’s markup of only 0.8%. How can we afford such lower margins? It’s simple. Unlike banks, we operate under an extremely well-optimized budget. We don’t have million-dollar branding budgets, marketing fees, and online banking apps in development that need to be paid for. All we care about is offering you the best rates in Canada.

Granted, if you’re only looking to exchange small amounts, you may not feel the difference. But if you’re looking to buy a property in the US, for example, you stand to save thousands! We even offer you the privilege to negotiate the exchange rate yourself - if you have a more considerable amount you wish to convert.

Desjardins exchange rate markup compared to other banks

When evaluating where you should conduct your foreign exchange transactions, there should be multiple options alongside Desjardins. For example, practically each of the “big 5” Canadian banks (BMO, CIBC, RBC, Scotiabank, TD) provides FX features.

Now that you’ve gotten a better idea about what those hidden bank exchange fees represent, it’s time you saw how much money you can save by getting rid of them. We’ve put together a comparison table that highlights how much you stand to save when exchanging $10,000 USD at KnightsbridgeFX instead of any other major bank in Canada.

Stop overpaying with your bank on foreign exchange

We are built to beat bank exchange rates and save you money

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Knightsbridge Foreign Exchange is registered and regulated by FINTRAC (a government of Canada agency). Like most financial institutions, we are required to validate the identity of all clients. We have strict measures in place to protect your privacy.

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We are FINTRAC regulated. Our registration number is
M09819788.

100,000+
Satisfied customers

There is no obligation
to transact and
no hidden fees.

We guarantee to
beat your bank's rate
100% of the time.

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Our 100,000+ clients would never go back to dealing with a bank

“As a snowbird wintering down South, I obviously pay close attention to exchange rates. The entire process is very, very easy, and on top of that, their customer service is exceptional.”

Mike K, Snowbird & Property Buyer

“KnightsbridgeFX has been a game changer for us. As a Canadian company that bills in USD but operates in CAD otherwise, we needed a really easy way to convert currencies at a great rate. KnightsbridgeFX has been perfect - super easy to set up a trade and phenomenal rates We're saving thousands a year!.”

Andrew Cross - CEO at GooseChase

How to find the best exchange rate

Finding the best exchange rate in Canada or the best place to buy US dollars can be easier than you can imagine. Just use our foreign exchange currency converter tool. Everything is as simple as opening the page and adding the amount you want to exchange. After that, we’ll send you an email containing a detailed overview of the exchange rates offered by Canada’s top banks, as well as the one we can provide you with.

Regardless of the currency you’re trading the Canadian dollar to/from (USD, GBP, EUR, XOF, XCD, or virtually any currency) we highly advise you to use a currency converter to make sure you’re getting a high-quality exchange rate for your dollars.

We’re here to help

While the US dollar effectively rises and falls with the Canadian dollar, other currencies have a more variable relationship with the CAD. That rapport is predicated on economic indicators. For this reason, it’s crucial to compare the fee a bank is asking for relative to the market competition.

If you’re still unsure about the value of the exchange rate you’re getting, KnightsbridgeFX also offers free financial counseling for your currency exchange needs. You can get in touch with one of our representatives by calling our toll-free number: 1-877-355-5239.

KnightsbridgeFX also offers free financial counseling for your currency exchange needs

Wire transfer cost comparison

If you’re someone who’s regularly sending money abroad, you’re probably familiar with wire transfer fees. The cost of the wire transfer adds up alongside the banks’ exchange rate markup. Some providers, such as the National Bank, will give you a wire transfer deal if you specifically transfer money to the United States. Others like HSBC and RBC will give you discounts if you do the wire transfers online. But even with these so-called ‘advantages’, the truth is the price is never zero when you’re relying on banks.

At KnightsbridgeFX we take a more professional approach and guarantee you a no-strings-attached free wire transfer anywhere in Canada, the US, and even some parts of Europe. For further references on the wire transfer fees practiced by banks, check out our detailed table below.

About KnightsbridgeFX

KnightsbridgeFX is the leading online currency exchange service in Canada. For the past 11 years, we have helped over 100,000 happy customers exchange $9,5 Billion and saved them millions in hidden exchange fees. Even though we’re not a bank, we’re registered and regulated by FINTRAC and have set aside $1,000,000 for consumer protection

Our mission is to give people a better and cheaper alternative to traditional, bank-reliant money exchanging services. We work around the clock to offer you nothing short of the very best rates on the market.

Your funds’ safety is of utmost importance to us, so we’ve invested massively in having the best security experts and state-of-the-art technology to ensure your transfers are completed swiftly to your complete satisfaction.

How we beat your bank rates. Every time.

  • Large transaction power

    Our large transactional volume allows us to obtain purchasing power from the banks – we buy in bulk and pass on the great exchange rates to you, along with free wire transfers.

  • Simple and
    transparent infrastructure

    Banks have a very complex infrastructure which requires that they charge hidden fees to cover their costs, another reason KnightsbridgeFX is able to offer competitive rates.

  • Rates personalized for you

    The rates we offer to our clients changed based on the amount you want to exchange. We guarantee to offer the best exchange rates (that will beat your financial institution).

Our recommendations on Foreign Exchange Services

After seeing what the market offers (unnecessarily high margins), we’ve decided that individuals need a better alternative. People deserve more than to see their hard-earned money being flushed down the drain. So, if you’re looking for the best exchange rate in Canada, if you’re tired of hidden fees and wire transfer charges, we highly recommend you side with us for your foreign exchange needs.

Through the leveraging of online money transferring platforms, we can trade your money in a fast, efficient, and affordable manner. Each time you exchange big sums of money with us, you stand to save hundreds, if not thousands of dollars.

Call in today to get a free, no-obligation exchange quote from one of our representatives: Toll-free: 1-877-355-5239

Desjardins Foreign Exchange FAQs – Frequently Asked Questions

  • 1 How long does it take to send and receive money internationally with Desjardins?
  • 2 How much does Desjardins charge for foreign currency exchange?
  • 3 What are the money transfer fees at Desjardins?
  • 4 What information do I need to have to make an international money transfer with Desjardins?
  • 5 What options to I have to transfer money internationally with Desjardins?