If you are looking to exchange a large sum of money, you might be curious as to the process by which online currency exchange providers convert currency at such low rates. Here we will examine the process used at Knightsbridge Foreign Exchange in a step by step fashion. This will serve to better acclimate you to the concept of online currency transactions.
The first part of the process is to register with Knightsbridge FX, which should take approximately 10-15 minutes. KnightsbridgeFx is registered with FINTRAC, under the MSB registration number M09819788.
Once you have completed registration with Knightsbridge FX, you will be free to call them to book a rate. This call is obligation free, and will provide you with a valid exchange rate quote that you can chose to accept or done. If you like the exchange rate provided, you can choose to move forward with your transaction by booking a deal. If you are unsatisfied with the rate, you are free to call back at a later date to see if the exchange rate has moved favourably for your transaction, or you can elect to transact with a competitor.
After you’ve agreed on the amount you are looking to exchange and have decided to book a rate, Knightsbridge FX will purchase the currency you are looking to convert on the spot. Knightsbridge will immediately contact their bank, Bank of Montreal, and purchase your currency to ensure you get the exact same exchange rate that was agreed upon. From there, they will send you an email receipt outlining the details of your transaction, what the rate was, how much money you are to send to them, and how much they are to send to you.
Once you’ve received a receipt from Knightsbridge, the next step of the process requires you to transfer your funds to the firm’s trust account at the Bank of Montreal. There are a number of ways to send the funds to Knightsbridge. If you bank with RBC, BMO, Tangerine, National Bank, Desjardins, or some of the major credit unions, you will be able to add Knightsbridge as an online bill payee and transfer funds through this method. If you bank at a different bank, or just prefer to use wire transfer, you can use that option as well.
When Knightsbridge sends the currency back to you, you can choose whether you would like the money wired or sent through ETF. Wires are generally faster, but most banks charge for them. If timing is not a significant obstacle, then it will likely make more sense to receive the money via ETF. The whole process usually takes just one business day, and often funds are received on the same day in which they are originally sent out.
Currency exchange is simple, quick, and convenient when using Knightsbridge FX. The entire process is very transparent, and if you have any further questions pertaining to how the currency exchange process works you can feel free to contact Knightsbridge Foreign Exchange toll free at 1-877-355-5239, or visit their website here.
Our Offices
Main office (Appointment only)
First Canadian Place
100 King Street West
Suite 5700 Toronto, ON,
M5X 1C7
(416) 479-0834
Toll-Free: 1-877-355-5239
Fax: 1-877-355-5239
All rights reserved. Knightsbridge Foreign Exchange
Currency Exchange Canada.
