KnightsbridgeFX Help Center

Exchanging currency
with KnightsbridgeFX

Our president, Rahim Madhavji has been in the system and knows it all too well. After working in the banking industry for over a decade, he saw how much money people just like you were losing every day and seized the opportunity to help them save by providing better rates than the banks.

We took all of our operations online and optimized our costs, so we are now able to provide you with the best currency exchange rates in Canada.

Exchanging currency with KnightsbridgeFX

How do I exchange currency with KnightsbridgeFX?

What are the steps for exchanging money with KnightsbridgeFX?

  1. Contact us to book a trade by one of the following methods:
    - Call us at 1-877-355-5239
    - Email us at [email protected]
    - Use the chat on our homepage - the bottom left corner where it says “Contact us”
    - Request a callback from our trading floor

A trade confirmation will be sent to you confirming the exchange rate and amounts before you transfer any funds to our segregated client trust account.

  1. Send funds by online bill payment or wire transfer from your local bank. Our team will assist you with this. You can also use our account-to-account service which works with all Canadian banks.
  2.  We send the converted funds to the destination account of your choice in Canada or the USA within a day if done by wire.

How do I book a trade with KnightsbridgeFX?

There are multiple ways to connect with us to book a trade. Please choose the one that’s more convenient for you:

Can I log in to my account to book an exchange?

At the moment, our platform doesn’t allow logging in to book a trade.
However, there are multiple ways to connect with us to book a trade. Please choose the one that’s more convenient for you:

  • Call us at 1-877-355-5239
  • Email us at [email protected]
  • Use the chat on our homepage - bottom left corner where it says “Contact us”

Request a callback from our trading floor

Can I come into your office for an in-person cash exchange?

We currently don’t deal with cash. To ensure efficient and secure transactions, we conduct all of our business online.

We are not able to accept payments made by cash, cheque, or bank draft, as they do not align with our online platform. We appreciate your understanding in this matter.

How can I see the current exchange rate?

Please navigate to our homepage, and you’ll be able to get the current interbank equivalent rate and also use the Currency Converter to calculate your potential savings.

Is the interbank rate on your website the actual amount I am getting?

Interbank rates are for reference and exchange margins will be applied by all financial institutions when exchanging currency.

Banks have margins up to 2.5%, while our margins are between 0.1% and 0.8% depending on the amount you are exchanging. This means that on average you can get up to $133 more when exchanging $5,000 with us instead of your bank.

To get a custom quote, you can use one of the following contact methods:

  1. Call us at 1-877-355-5239
  2. Email us at [email protected]
  3. Use the chat on our homepage - bottom left corner where it says “Contact us”

Request a callback from our trading floor

How do I get a personalized quote for my specific amount?

There are multiple ways to connect with us to request a custom quote. Please choose the one that’s more convenient for you:

  • Call us at 1-877-355-5239
  • Email us at [email protected]
  • Use the chat on our homepage - bottom left corner where it says “Contact us”

Request a callback from our trading floor

Can I book a currency exchange at the rate I choose?

Yes. Simply contact us when the rate is near or at your desired level and we can help you book it.

You can also ask us to watch the rates for you and we will notify you when the rate reaches your desired level.

Can I time my purchase so that I get a better rate?

Given the volatility of the financial market, we can’t guarantee specific timing or exchange rates, as rates can fluctuate rapidly and unpredictably. However, we do offer the option for you to specify a target exchange rate that you would like to achieve, and we will do our best to book your exchange at that rate.

Please note that there is no guarantee that the exchange rate will reach your specified target rate, and rates can move quickly, resulting in missing the desired rate. Alternatively, you can also monitor the market and exchange rates online and contact us when the rate reaches your desired level, and we will book the exchange for you.

Can you hold an exchange rate for me?

Once you book an exchange at a certain exchange rate, we will purchase the funds and hold the rate for you.

However, it is important to note that we require you to complete the transaction at the same time you book the rate. You cannot book a rate and then delay providing the funds for the exchange. We require the funds immediately upon booking the rate.

Can I use multiple funding sources for the same trade?

Yes. Multiple payments can be made for the same trade, but the account holder has to be the same for all the accounts.

Can I split the amount I am selling to buy multiple currencies?

To buy multiple currencies, you will simply book a transaction for each currency or payment individually, so we can make one payment per transaction.

If you need to pay two vendors, please make two transactions back to back.

Can I send you money from one bank and get my converted funds into a different bank?

Yes, funds can be sent to another bank or account. Depending on the sender and receiver account, as well as the country, the transfer method will differ.

What is the minimum or maximum amount I can exchange?

Our typical transaction size is between $2,000 per transaction and up to $40 million annually.

We like to keep our minimum to $2,000 but we offer some flexibility if you want to test our service.

You can email us at [email protected] or call us at 1-877-355-5239  and we can assist you.

How long does it take to exchange my money?

Transactions are generally processed on the same day.

Please specify rush if you need your transaction completed quickly.

Also please take into consideration that the timeline varies by currency, amount, and the banks involved, so you can ask about your timeline based on the sending and receiving banks.

How long does it take for my money to reach the beneficiary’s account?

  • Wire transfers and bill payments typically settle in 1-2 business days.
  • Transfers overseas are typically 3-4 business days to settle.
  • Transfers made using our account-to-account service settle in 4-5 business days.

Do you make transfers or trades on weekends?

The weekends (or any banking holidays) are not counted as business days and are non-working days for banks.
Your exchange or transfer may have delays if it extends over the weekend.

Can I cancel a trade?

Once you book a trade, we immediately purchase the currency for you to guarantee you get the rate you booked. Once the rate is locked in, payment must be made and the trade completed.

We are not able to cancel a trade for you.

How do you match my money to my account?

The method of matching funds to your account depends on the transfer method you use:

  • Wire transfers are matched based on the information passed with the wire transfer from the bank.
  • Bill payments are matched using your name and the account number you have inputted.
  • Account-to-account transfers are matched using bank statement verification.

How do I know that my transaction is being processed?

When we send out a transfer to you, we will notify you that it has been processed on our end.

When will my money get into my bank account?

Transaction timing varies by bank and currency and transfer method.
Simply reach out to us and we can provide an update on the timing for you:

  • Call us at 1-877-355-5239
  • Email us at [email protected]
  • Use the chat on our homepage - the bottom left corner where it says “Contact us”

Request a callback from our trading floor

How can I check the status of my transfer?

To request a status update on your transfer, please contact us:

What is the difference between an order and a spot trade?

In currency exchange, a spot transaction refers to an immediate agreement to buy or sell a currency at the current exchange rate.
An order is when you specify a desired exchange rate, and the transaction will only take place when the market reaches that rate.

Both types of transactions settle within the same day or the next business day.

How do I send my funds to you?

How do I send Canadian Dollars to KnightsbridgeFX?

If you are converting CAD funds you have the following transfer options:

  • Account to Account: To transfer converted funds between your CAD and USD accounts in Canada, you need to provide us with the account information for both accounts.

    We are integrated with every financial institution in Canada, and we will debit your CAD account and credit your USD account with the converted funds.

    The process takes 4-5 business days to settle back into your account. It is essential that both accounts are registered in the client's name and located in Canada. If both accounts are in the same name, transfers can be made between different banking institutions. However, this method is only available for converted funds between two accounts in Canada and is not applicable to the majority of foreign currencies.

  • Wire Transfer: You can initiate a wire transfer of the CAD funds to our account. Once the transfer is complete, we will wire or direct deposit the converted funds into the desired account in the requested currency.
    This process typically takes 1-2 business days to settle. Please note that your bank may charge a fee to send or receive a wire transfer, but KnightsbridgeFX does not charge any additional fees beyond our exchange rates.
    It is also possible to transfer funds to a third party using this method. Keep in mind that receiving banks may charge a fee to receive a wire transfer. Additionally, same-day wire transfers are possible, subject to certain conditions.
  • Bill Payment: We are also listed as a bill payee with several Canadian financial institutions. These include: BMO, RBC, Desjardins, National Bank and some Credit Unions. You would be able to transfer CAD funds to Knightsbridge Foreign Exchange via Bill payment and we would, in turn, be able to transfer the funds to the desired account. This method takes 1-2 business days to settle.
    • To send a bill payment to KnightsbridgeFX, follow the steps below:
      - Log into your online banking.
      - Click the  “Pay Bills & Transfer Funds” tab (the tab where you manage bill payments).
      - On the bill payment page, locate "Add a Payee", and click it (If your provider requires you to select a Province, select Ontario.)
      - Search for “Knightsbridge Foreign Exchange Inc.”. Note that misspelling the name will result in a failure to find the payee.
      - Once you locate Knightsbridge Foreign Exchange Inc., your financial institution will prompt you to enter an account number. The correct input is to use the Knightsbridge account number you were given.
      - Your financial institution may ask if you would like to nickname the payee. Do so if you wish.
      - Return to “Pay Bills & Transfer Funds” page.

Now KnightsbridgeFX should be set up as a payee in your online banking. You will now be able to make bill payments to us.

Direct deposit is only available within Canada. Funds can only be sent internationally as a wire. Knightsbridge FX does not charge any additional fees other than its exchange rates.

How do I send US Dollars to KnightsbridgeFX?

If you are converting USD funds you have the following transfer options:

  • Account to Account: To send funds from your USD account to KnightsbridgeFX for conversion, you provide us with your USD and CAD account information.
    We are integrated with every financial institution in Canada. We will debit your USD account and credit your CAD with the converted funds.
    The settlement process typically takes 4-5 business days to complete and for the funds to be reflected in your account.
    Note that both accounts must be in Canada and registered under the client's name, and transfers can only be made between different banking institutions if both accounts are in the same name. Please be aware that this method is only available for converted funds between two accounts in Canada and is not applicable for most foreign currencies.
  • Wire Transfer: You can initiate a wire transfer to KnightsbridgeFX of the USD funds, and we would wire or direct deposit the converted funds into your desired account in that currency.
    This process typically settles in 1-2 business days, and same-day wire transfers are possible. However, please be advised that your bank may charge you a fee to send or receive a wire transfer.
    Knightsbridge FX does not charge any additional fees other than its exchange rates.

USD funds with a Bank in The United States:

  • Wire Transfer:  You can initiate a wire transfer to KnightsbridgeFX of the USD funds, and we would wire or direct deposit the converted funds into your desired account in that currency.
    This process typically settles in 1-2 business days, and same-day wire transfers are possible. However, please be advised that your bank may charge you a fee to send or receive a wire transfer.
    Knightsbridge FX does not charge any additional fees other than its exchange rates.

Move funds to a USD account in Canada:

If you have a USD account located in Canada, you have the option to transfer the US dollars from your own United States account to your USD account in Canada either by yourself or by cheque.
Once the funds are in a local USD account in Canada, you can use the Account to Account method to convert the funds. However, if you do not have a USD account in Canada, you can either open one with your bank or use the wire transfer method to transfer the funds to KnightsbridgeFX for conversion.

How do I authorize you to debit and credit my account?

Once an EFT transaction is initiated, we will send three forms to request account information for both the debit and credit accounts. Once the account information is submitted, it serves as authorization to debit and credit the specified accounts.
We also verify this information with the bank.

What if the amount I am willing to send exceeds the maximum amount per transaction allowed by my bank?

We can discuss the best option for you based on the sending bank. The payment can often be made in multiple installments if there is a limit by your bank.

At the time of booking, please inform the trader and they will help you determine the best solution.

My bank declined my request to send you money. What can I do?

In case any issue arises, please contact us and our team will assist you.
Please choose the contact method that’s more convenient for you:

What information do I have to provide my bank with to transfer money to you?

When you book a transaction, we will provide you with all the wire instructions that you need.
For EFTs, no information needs to be provided to your bank. We do all the work.

Can I get a receipt for the transfer to my beneficiary?

Yes, just ask the trading agent for your receipt of outbound transfer.

Can I use Paypal or online services to transfer money to KnightsbridgeFX or pay via debit or credit card?

We are not able to accept payments from debit or credit cards, nor Paypal or similar services.

How do I receive my converted funds from KnightsbridgeFX?

How do I receive Canadian or U.S. Dollars within Canada?

When you receive Canadian or U.S. dollars from KnightsbridgeFX and the funds are being deposited into a bank account in Canada under your name, we usually send it through direct deposit, which doesn't have any receiving fees.

If you need the funds to be sent to you by wire transfer or sent to a third party, we will cover the outgoing wire fee, but your bank may charge you a small fee to receive the wire transfer.

Direct deposit is generally the most efficient way to receive funds in Canada, and it is our default method for sending funds in Canada.

How do I receive U.S. Dollars outside of Canada or any other currency in Canada or abroad?

If you are receiving U.S. dollars in the USA or abroad, we cover the outgoing wire fee.
However, the intermediary bank in the USA and the receiving bank may charge a fee to process and receive the funds.

These fees are not covered by KnightsbridgeFX and are the responsibility of the receiver of the funds. The amount charged can vary by bank, typically ranging from $10-$25.

If you are receiving Euros, British Pounds, Australian Dollars, or New Zealand Dollars, we cover the outgoing wire fee paid. However, there may be additional intermediary or receiving bank fees charged by banks in the middle, which are not covered by KnightsbridgeFX.

These fees can vary widely depending on the destination country. If you have any questions, please email us at [email protected].

Can you deposit into a US account?

Yes, we can wire transfer funds to an account in the USA.

Can you transfer funds to a cryptocurrency account?

No, we are not able to transfer funds to a cryptocurrency account.

How does KnightsbridgeFX work with my bank?

Will exchanging money with you impact my relationship with the bank?

No. We are not a bank so you don’t have to change anything in regard to your current bank account or relationship with your current bank.

We are conveniently integrated with all Canadian banks and you can test our service with a small amount to see how it works.

How do I add KnightsbridgeFX as a payee with my bank?

We are already listed as a Payee with certain banks and credit unions, so there’s no additional effort from your side.

To check if we are listed, you can search for "Knightsbridge Foreign Exchange" on the "Add Payee" list of your financial institution.

However, if we are not listed, you won't be able to make a Bill Payment to us using that method.

In that case, we can explore other options such as EFTs or wire transfers. If you have any questions or need assistance, please don't hesitate to contact us:

What are your rates and how much do I save?

What does “Best Rate Guarantee” mean?

We guarantee to offer you a better exchange rate compared to your financial institution.
If you find a better rate from a bank, simply let us know and we will verify the exchange rate quote and match it for you.
You will always get the best exchange rate available for your currency when you exchange your money with us.

How much am I saving compared to exchanging with my bank?

You can expect to save around 1.5% to 2.5% of your transaction compared to what your bank would offer. Your savings amount will depend on the amount you’re exchanging.

Banks charge as much as 2.5% or more when they exchange currency, which translates to $25 for each $1,000 you exchange.

For example, if you’re buying $400,000 USD with CAD to purchase a property or make an investment, you could be losing CAD $10,000 on bank fees alone. That is a lot of money coming out of your pocket.

On the other hand, our margin is between 0.1% and 0.8% depending on the amount you’re exchanging. So this could generate up to CAD $8,000 in savings compared to your bank when you’re exchanging the same CAD $400,000.

Of course, you don’t make such high exchanges every day. So how could your savings look like when you’re exchanging less money, but more frequently?

If you exchange $3,000 CAD for USD with us every month, you save CAD $80 on every trade.
That is almost $1,000 you get to save every year, by simply using our service instead of the banks’.

In the end, it’s up to you. But we believe that you can find way better options to spend your money on, than bank fees.

How much better are your rates than the banks’?

You get on average 1.5% to 2.5% better rates from us than what your bank would offer.

You can compare our rates with the banks using the Currency Converter on our homepage which will show you how much you can save by using our service.

Alternatively, you can request a quote from us and a separate quote from your bank and compare them. Most banks publish their exchange rates online so it will be easy for you to compare.

Eg.:
Given that our margin is up to 2.5% lower than your banks’,  if you exchange $5,000 CAD for USD with us instead of your bank, you save CAD $133.
If you’d make this trade every month, you would save over $1,500 every year by simply using our service instead of the banks’.

If I am a regular customer, do I get special rates?

Our rates are based on the interbank rate, and while we are able to negotiate based on the amount you are exchanging, we can’t guarantee any special rates for regular customers.

However, exchanging with us on a regular basis means you’re constantly saving on currency exchange.

If you exchange $3,000 CAD for USD with us every month, you save CAD $80 on every trade.
That is almost $1,000 you get to save every year, by simply using our service instead of the banks’.

What are the thresholds that determines the exchange rate and my savings?

You’re getting better exchange rates when you exchange larger amounts. The thresholds that impact your savings are $50k, $100k, $250k, and $1 million.

Will the exchange rate fluctuate over the processing time?

No. When you book a trade, we lock in the exchange rate so it will not fluctuate during the processing time.
We purchase the funds for you when the trade is booked.

What are your fees for currency exchange and transfer?

What is the fee for opening an account?

Opening an account with us is 100% free.
There are no account maintenance fees or hidden charges either.

Is your fee included in the quote?

Yes. The exchange rate provided in our quote already includes our fee. 
This means that the exchange rate you see is the final rate you will receive for your currency exchange transaction.
There are no additional fees or charges added on top of the exchange rate.

Are there any transaction fees?

No. We do not charge any additional fees for sending wire transfers to your beneficiary as long as the minimum conversion amount of $2,000 is met.
All costs, including wire transfer fees, are already included or supported by us.

What is the fee for outgoing transfers from you to my account?

You don’t pay anything for outgoing payments.
The full amount that you purchased will always be sent out fee-free. 

However, if the beneficiary is receiving funds by wire transfer, there may be fees imposed by their bank or an intermediary bank that is outside of our control. 

We can provide guidance on the best options to minimize any potential fees for the recipient.