Desjardins Exchange Rates & Currency Conversion

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

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.

Bank Exchange Rates Markup % Source Potential Savings on $10,000 USD with KFX
Desjardins 2.49% Desjardins Foreign Exchange Rates $219
KnightsbridgeFX 0.8% Knightsbridge Foreign Exchange
RBC – Royal Bank of Canada 2.60% RBC Exchange Rates $230
HSBC – HSBC Bank 2.10% HSBC Foreign Exchange Rates $180
TD – Toronto Dominion Bank 2.64% TD Bank Exchange Rates $234
BMO – Bank of Montreal 2.65% BMO Exchange Rates $235
CIBC – CIBC Bank 3.34% CIBC Foreign Exchange Rates $304
Scotia – Scotia Bank 2.88% Scotia Bank Foreign Exchange Rates $258
PayPal 2.50% PayPal Exchange Rates $220

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.

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 Rates Overview

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

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 (BMOCIBCRBCScotiabankTD) 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.

Wire Transfer Cost Comparison
Financial Institution Tier-Based Fees Fixed Charge Var. Charge Min. Fee / Max. Fee Free?
KnightsbridgeFX No YES
Scotiabank Yes 0.15% $25 – $100 No
National Bank No $15 – $20 0.34% $15 – $60 No
HSBC Yes $40 – $90 $40 – $90 No
CIBC Yes $30 – $80 $30 – $80 No
BMO No $10 0.20% $15 – $125 No
RBC No $13.50 – $20 $13.50 – $35 No

Wire transfers have always been offered by large financial institutions to send out money internationally. In the majority of cases, setting up a wire transfer (safely transferring your funds abroad) you need to visit a local branch to create it with a representative. A handful of banks might provide relatively cheaper wire transfers if you opt for an online-only transaction (some examples are HSBC and RBC). Furthermore, some banks like the National Bank of Canada can grant you a discount on wire transfers if you only transfer money south of the border. The reality of the matter is, even if you can obtain a discount on wire transfers from the conventional banking system, the cost is never completely written off.

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

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

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.

Accessing Desjardins’s Exchange Rates

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.

If you are looking for cheques and drafts, you can use this currency converter.

Compare Other Desjardins Products

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

Now that you’ve seen the foreign exchange deals that the traditional banking system offers to the public, you can see just how much you’ll save with KnightsbridgeFX.

KFX has made it their responsibility to help their customers save money when conducting currency conversions. Sadly many individuals that use conventional banking exchanges have been historically subjected to unfavorable rates.

Through the utilization of digital cash transferring platforms, KFX trades your currencies in a fast, efficient, and affordable manner. You can rest assured that each exchange with KFX will yield an incredible amount of savings when compared to your main bank.

Call today for a no strings attached quote and receive quality customer service: Toll-Free: 1-877-355-5239

Desjardins Foreign Exchange FAQs – Frequently Asked Questions
Based on two assumptions: one, you’re sending out an online money transfer (such as direct deposit) and your recipient is already a listed as a beneficiary from your account, your transaction can be completed in under 48 business hours. Keep in mind this number varies depending on the transaction method you choose to go forward with.
If you are converting under $50 CAD to a foreign currency you won’t pay a flat fee – transactions over $50 CAD are subject to a $15 fixed charge. In either case you’ll be faced with an exchange rate spread and possible markups/margins on the exchange.
The amount charged per transaction is dependent on the status/location of the recipient. If you are transferring funds over to another Desjardins bank account, the absolute most you can expect to pay is $10 CAD. However, if you’re making a transfer to any non-Canadian financial institution, you can see fees ranging anywhere from $4 to $80 CAD.

Just like virtually every other Canadian financial institution, you’ll need to provide the recipient’s basic personal identification info (name, address, bank, etc.) and the amount you want sent out. You’ll also need to have a registered “banking ID number” which differs from country to country. Some examples:

  • In the United States, this banking ID number is referred to as the ABA.
  • In Europe, it’s known as the IBAN.
  • In Mexico, it is the CLABE.
Desjardins offers its clients two primary methods with different features and delivery times. The first option is a “SWIFT” transfer, which is a digital money transport from one account to another internationally. The other option is the common direct deposit.

 

*Please note: We are not affiliated with Desjardins and it should be disclosed that this information is presented solely from public sources.