HSBC bank, owned by the Hongkong and Shanghai Banking Corporation Limited, gives you several options to convert one currency to a different currency. When considering this service, it’s really important to take a look at (and compare) foreign exchange rates offered. HSBC Bank offers many different types of functional currencies that are in worldwide circulation. Furthermore, they offer several methods of acquiring this currency (either physically in cash or digitally through a bank account deposit). If you are a loyal client of HSBC, it probably makes sense to prioritize their FX services over the other big banks in Canada.
Historically speaking, the big banking system has been the go-to for many Canadian individuals and businesses looking to exchange currencies. However, in today’s modern markets, online-only “fintech” companies are capable of offering better rates whilst prioritizing good customer service. The traditional banking system deals with extremely high operational costs and overhead, so you can’t always rely on them for the top rates.
These aforementioned newly-emerging FX companies that specialize entirely in currency transactions, such as KnightsbridgeFX, guarantee you amazing rates and quality service. KFX values their customers so much that they are willing to offer a transparent rate that is guaranteed to beat any large Canadian bank.
The buy/sell difference between the two separate HSBC exchange rates can be substantial. In some cases, this difference can reach up to 5% (and that’s before calculating any FX fees). The best way to see what HSBC can offer you, in terms of conversion services, is to visit their website or give them a call during working hours. As soon as you’ve contacted them you can begin looking for competing deals. To lower your search time, we’ve listed the main Canadian banks’ exchange rate offerings.
|Bank Exchange Rates||Markup %||Source||Potential Savings on $10,000 USD with KFX|
|HSBC – HSBC Bank||2.10%||HSBC Foreign Exchange Rates||$180|
|KnightsbridgeFX||0.8%||Knightsbridge Foreign Exchange||–|
|RBC – Royal Bank of Canada||2.60%||RBC Exchange Rates||$230|
|TD – Toronto Dominion Bank||2.64%||TD Bank Exchange Rates||$234|
|BMO – Bank of Montreal||2.65%||BMO Exchange Rates||$235|
|Scotia – Scotia Bank||2.88%||Scotia Bank Foreign Exchange Rates||$258|
|CIBC – CIBC Bank||3.34%||CIBC Foreign Exchange Rates||$304|
|Desjardins||2.49%||Desjardins Foreign Exchange Rates||$219|
|PayPal||2.50%||PayPal Exchange Rates||$220|
Tucked inside virtually every currency conversion is a rate markup on the exchange rate. Basically, the rate markup varies in percentage and is the customer’s way of paying for the currency exchange service. But since a large chunk of Canadians exclusively use their primary bank for all of their banking needs; they’re not getting the best deals possible. In most cases, converting currencies with your primary banking institution is an act of convenience – not money saving. To help you save even more money, FX companies such as KnightsbridgeFX, can take a smaller margin (less markup) on transactions than the big banks.
With every passing moment where financial technology improves, banking in Canada gets that much easier. To elaborate, as banking becomes easier individuals are less constrained to just one primary bank. HSBC aims to deliver a seamless online experience to their clients. Download the HSBC mobile banking app for quick and simple banking. Take a look at their foreign exchange offerings – if you are still indecisive on the best possible rate, make sure to use our FX currency tools to see how much you could save.
Regardless of what currencies you’re transacting, use our currency convertertool to make sure you’re getting a fair exchange rate on your money whenever you’re booking a trade. Your savings are important! While the US dollar and the Canadian dollar are closely linked, most other tradable currencies show higher levels of variability when paired against the CAD. One more thing: make sure to scope out and compare any fees a bank is charging (on foreign exchange) relative to its competitors.
HSBC offers foreign exchange services for a variety of different currencies. At HSBC you also have the option to open a foreign currency savings account available in many of the world’s major currencies. They provide the Renminbi, US Dollar, British Pound, Euro, and Hong Kong Dollar savings accounts.
These services will help ease the difficulties that arise with cross border financial processes. Selected accounts are also high rate savings accounts, furthering the incentive to open an account.
There’s an abundance of alternatives to HSBC available to you when you’re looking for currency conversion services. Every major Canadian bank (BMO, CIBC, RBC, Scotiabank, TD) will provide you with foreign exchange opportunities. At the top of this page, you may compare HSBC’s exchange rates with those offered by other large Canadian banks. When you’re searching for a cash exchange it is always in your best interest to shop around for the best possible deal (one that will leave you with the highest amount of savings).
Are you seeking a currency exchange transaction where the amount exceeds $5000 CAD or USD? If so, there’s no debating it – finding the best foreign exchange rate could save you hundreds of dollars.
Picking KnightsbridgeFX instead of the traditional banks will certainly save you a ton of money in large-amount currency transactions. The company guarantees a rate that beats any other big Canadian bank by a margin of at least 1%.
|Financial Institution||Tier-Based Fees||Fixed Charge||Var. Charge||Min. Fee / Max. Fee||Free?|
|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|
|Scotiabank||Yes||–||0.15%||$25 – $100||No|
|National Bank||No||$15 – $20||0.34%||$15 – $60||No|
Transferring cash “by wire” – also known as a wire transfer – has historically been offered by major Canadian banks to transfer your money abroad. To set up a wire transfer (a secure and safe way to transfer your funds to different bank accounts) you’re required to see a local branch representative and sign it in person. Nowadays you could easily find banks that give discounts for transfers that are booked online (some examples are HSBC and RBC). In fact, banks like the National Bank of Canada will even give you a discount on wire transfers if as long as the money you’re sending out goes to a US account. 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.
For ultimate rate transparency you can use a non-bank provider to exchange currency and compare rates.. When you realize the potential savings with KFX relative to Canadian bank exchange rates, roughly 2% better, you’ll want to use Knightsbridge for all your FX needs.
Take a look at the live currency chart below and compare the exchange rates below to see a few live dollar pairings. This will give you a rough idea of what your money is currently valued at.
Through the use of our live FX tool, you’ll be able to know if you’re getting a good deal on your money based on a currency pairing’s bid/ask spread. Take advantage of KnightsbridgeFX’s live FX tools and comparison charts to find FX rates provided by other financial institutions. Once you have a clearer picture of the FX market, see how competitor deals stack up to HSBC.
Headquartered in London, United Kingdom, HSBC is a multinational banking and financial services company with nearly 6,000 offices in 72 different countries and territories.
With around 48 million customers worldwide, HSBC’s aim is to be acknowledged as the world’s leading international bank. Initially established as a facilitate trade between Europe and Asia, HSBC now enables business opportunities on a global scale.
HSBC posts its foreign exchange rates online. Keep in mind that if you want the most up to date rates, you will need to contact any HSBC branch. You can call them toll-free at 1-888-310-4722.
You can also have a look at HSBC’s currency exchange calculator to assess any transactions you may want to make.
HSBC’s financial product scope is incredibly diverse. It’s never a bad idea to compare your current provider’s services to HSBC’s services to make sure that you’re getting the best possible financial treatment.
We strongly recommend picking KnightsbridgeFX any time you need to convert from one tradable currency to another.
Hopefully after reading this overview you’ve gotten a better understanding of just how much you could potentially save with KFX. Thanks to KFX’s digital services, you’ll no longer have to pay unnecessarily high exchange rates, or fall victim to an unfavorable spread.
Simply by leveraging digital money transfer services, KFX ensures that your transaction will be smooth, efficient, and cost-friendly. Planning to trade thousands of dollars into a different currency? In return, KFX will help you save hundreds.
Get a zero-obligation quote today by speaking with one of our traders: Toll-Free: 1-877-355-5239