KnightsbridgeFX & HSBC 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

HSBC Services

HSBC Services

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.

Compare HSBC Exchange Rates with Other Banks

Compare HSBC Exchange Rates with Other Banks

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.

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.

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

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 Exchange Rate Overview

HSBC Exchange Rate Overview

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.

Alternatives to HSBC‘s Foreign Exchange Services

Alternatives to HSBC‘s Foreign Exchange Services

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%.

Compare bank fees

Compare bank fees

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.

Importance of FX Comparison

Importance of FX Comparison

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.

US Dollar and Canadian Dollar Exchange Rates

More on HSBC

More on 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.

Compare Other HSBC Products

Compare Other HSBC Products

HSBC provides their clients with a plethora of financial services including bank accounts, credit cards, travel insurance, mortgages, loans and investments solutions.

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.

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 HSBC - 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, HSBC’s 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.

HSBC exchange rate markup compared to other banks

When evaluating where you should conduct your foreign exchange transactions, there should be multiple options alongside RBC. 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.

130,000+
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 130,000+ 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 130,000 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

HSBC Foreign Exchange FAQs – Frequently Asked Questions

  • 1 What kind of foreign currency accounts can you open at HSBC?
  • 2 What HSBC foreign currency accounts have interest?
  • 3 Do you need to have an account with HSBC to use their FX services?
  • 4 Are there any monthly fees on HSBC foreign currency accounts?