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KnightsbridgeFX & National Bank of Canada 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.
I want to save money nowExchange rates and currency conversion
National Bank of Canada Services
The National Bank of Canada (NBC) offers individuals the ability to trade one type of currency for another (foreign exchange). When planning to visit the National Bank for currency conversions, the key thing to consider is the exchange rate they’re offering. When banking with the National Bank, you could obtain these currencies either digitally (online) or physically (in cash from branches/ATM). If you’re already a loyal client at National Bank, it probably makes sense to choose them for currency conversion purposes.
Throughout most of modern history, individuals would conduct most of their monetary tasks primarily within the “big banking” structure – even if the prices were not optimal. With the rise of online-only finance-oriented firms, customers can take advantage of much better public rates. Truthfully, the conventional banking system has a very high amount of overhead costs to pay off, and those costs typically get reflected in their financial offerings. Put simply, big bank expenses are often too high for them to afford giving you competitive rates.
Compare National Bank’s Exchange Rates with Other Banks
National Bank’s exchange rate can have a substantial difference between selling and buying the same money. Occasionally the difference can be overbearing and it can easily reach 2% with room to go to 5% and beyond. To get the most accurate response on their rates, you’d need to contact them either online or by phone. Below is a chart of Canada’s largest financial institutions and their public exchange rate offerings.
Rate markups are embedded in the exchange rate of practically every FX offering. As you can see, some markups are higher than others, but ultimately they all serve the same purpose. Markups are necessary to keep an FX business afloat – the difference between the exchange rate and the spot price of the currency pays for the businesses’ expenses. However, since most individuals choose to simply conduct FX business with their current banking without doing too much research, banks can profit off of their exchange rate. Professional currency exchanging companies like KnightsbridgeFX guarantees better exchange rates than conventional banking since they are willing to accept a lower margin, giving you a deal that’s closer to the spot rate.
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.
AUD
EUR
NZD
GBP
USD
Finding the Best Exchange Rate
There’s never been a better time than the modern day for Canadian banking. With all these new choices and decisions available on the market, it’s extra important to choose the best of the best. Fortunately, National Bank makes online banking convenient. Simply download the National Bank’s smartphone application for easy access – doing this is a great way to cut down on banking time. Be sure to check their FX rates – if they seem like a good deal, compare them to other offerings. Tip: Check often! Rates are often subject to change.
It doesn’t matter what kind of tradable currencies you plan to convert, it pretty much always pays off to use a currency converter to make sure you receive a good exchange rate on your exchange. Generally speaking, the US dollar is closely linked to the Canadian dollar, but other currencies can be more variable and volatile when paired up with the CAD. The majority of FX relationships are built upon economic indications. Once you’ve examined the current standing of a currency pairing and have a good idea about the rates, look around for low-fee conversion opportunities.
National bank of Canada Exchange Rate Overview
The National Bank of Canada (National Bank) offers a wide variety of currency exchange services to clients. National Bank offers foreign currency accounts, specifically for US dollar and Chinese renminbi. National Bank also offers derivative products, including forward contracts. At the retail level, National Bank offers exchange rates for most of the major currencies.
You can easily find your closest National Bank branch using their online branch locator. You can contact National Bank about their exchange rates and other exchange services at 1-888-TELNAT-1. This is a convenient option if you are looking for a smaller amount of foreign currency for travelling. National Bank also offers a daily market commentary on the Canadian dollar, which can be accessed here. If you’re looking for some analysis on the Loonie, the commentary provided by National Bank is a very useful resource.
Alternatives to National Bank’s Foreign Exchange Services
If you’re looking for foreign exchange alternatives to National Bank there’s plenty of different sources on the market. For instance, each of the major banks (BMO, CIBC, RBC, Scotiabank, TD) in Canada offer very similar currency conversion services. By utilizing the resources in this overview to their full effect you can more accurately compare between them. When exchanging your hard earned money, ensure that you thoroughly compare foreign exchange options to National Bank.
Thinking about converting thousands of dollars to a different currency? No matter what your reason is, do some research to get the best foreign exchange rate.
Choosing KnightsbridgeFX as an alternative to conventional big banking, you can stand to save hundreds of dollars on large transactions. KFX has a “best rate guarantee” when paired against a big Canadian bank, for all your snowbird, travelling, or foreign investment needs.
- Financial Institution
- Tier-Based Fees
- Fixed Charge
- Var. Charge
- Min. Fee / Max. Fee
- Free?
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- KnightsbridgeFX
- No
- -
- -
- -
- YES
-
- National Bank
- No
- $15 - $20
- 0.34%
- -
- NO
-
- BMO
- No
- $10
- 0.20%
- -
- NO
-
- CIBC
- YES
- $30 - $80
- -
- $30 - $80
- NO
-
- HSBC
- Yes
- $40 - $90
- -
- -
- NO
-
- RBC
- No
- $13.50 - $20
- -
- -
- NO
-
- Scotiabank
- Yes
- -
- 0.15%
- -
- NO
Compare bank fees
Placing wire transfers has been the old fashioned go-to money transferring method by Canadian individuals. Setting up a wire transfer (a time consuming but safe way to transport your money) requires visiting a physical branch location. With today’s newly emerging technologies, many of these transactions can be made online at a discounted rate (some examples are HSBC and RBC). On the topic of discounts, banks like the National Bank will even offer clients a discount for US-directed transfers. However, even if you accept as many discounts as you can on international money transfer, the total cost will never reach zero.
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
Any time you wish to compare FX rates, you can use a non-bank provider to exchange currency and compare rates.You could realize savings of up to 2.5% compared to banks; on sizeable transactions this translates to a ton of money saved.
Use our free tools and charts to determine a fair exchange rate yourself and learn about the opportunity.
If you look below, you can see the mid-market foreign exchange rate for frequently traded currencies. Utilize KnightsbridgeFX’s comparison chart to pin National Bank’s offerings to its competitors, and see how they all stack up to a currency pairing’s market value.
US Dollar and Canadian Dollar Exchange Rates
More on the National Bank of Canada
The National Bank of Canada (National Bank) is the sixth largest bank in Canada. National Bank is headquartered in Montreal, and is the second largest financial institution in la belle province. National Bank has a number of subsidiaries and partnerships in other countries, through which it services both Canadian and non-Canadian clients. National Bank was created as Banque Nationale on May 4, 1859, as a testament to its rich history in Canada.
National Bank posts the exchange rates for major currencies online. More currencies are available than the posted allotment. To inquire further about additional currencies, call National Bank at 1-888-TELNAT-1. National Bank’s posted exchange rates are subject to change without notice, and are valid for the date indicated.
Compare Other National Bank of Canada Products
National bank offers a complete suite of financial services to individuals and businesses, including banking, investing, financing, credit cards and insurance.
National Bank’s financial product assortment is among the most comprehensive in Canada. Compare your current provider for the aforementioned financial services to National Bank’s offerings to ensure your financial needs are being met in the best possible way.
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
Every big Canadian bank - including National Bank of Canada - 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, National Bank of Canada currency exchange service has a markup of 3.34%.
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.
National Bank of Canada exchange rate markup compared to other banks
When evaluating where you should conduct your foreign exchange transactions, there should be multiple options alongside National Bank of Canada. 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
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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.
Our 100,000+ 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.
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.
- Financial Institution
- Tier-Based Fees
- Fixed Charge
- Var. Charge
- Min. Fee / Max. Fee
- Free?
-
- KnightsbridgeFX
- No
- -
- -
- -
- YES
-
- Scotiabank
- Yes
- -
- 0.15%
- -
- NO
-
- RBC
- No
- $13.50 - $20
- -
- -
- NO
-
- CIBC
- YES
- $30 - $80
- -
- $30 - $80
- NO
-
- BMO
- No
- $10
- 0.20%
- -
- NO
-
- HSBC
- Yes
- $40 - $90
- -
- -
- NO
-
- National Bank
- No
- $15 - $20
- 0.34%
- -
- NO
About KnightsbridgeFX
KnightsbridgeFX is the leading online currency exchange service in Canada. For the past 11 years, we have helped over 100,000 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.
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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.
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Simple and
transparent infrastructureBanks 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.
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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
National Bank Foreign Exchange FAQs – Frequently Asked Questions
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1 What are the fees on international money transfer at National Bank?
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2 Does National Bank have a fee for inbound wire transfer?
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3 What do you need to make a international money transfer at National Bank?
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4 Does National Bank use the SWIFT Network?
