All Canadian banks, including RBC Bank, can help you convert currency from one currency to another currency. However, the important thing you want to think about is the exchange rate that the banks offer. RBC Bank can provide a wide variety of currencies and you can also get cash currency from the bank branch. Especially if you bank with RBC Bank, it is convenient for you to use them to exchange currency.
RBC Bank publishes some of their exchange rates online. The RBC Bank exchange rate can be viewed here: http://www.rbcroyalbank.com/rates/cashrates.html
The difference between the RBC Bank exchange rate between buying and selling the same currency can range from 2% to 5% or more. You must look at the website above to see their rates. However, you may want to compare RBC Bank’s exchange rate with other Canadian banks. You may even want to compare their rates with Knightsbridge Foreign Exchange (call 1-877-355-5239 to hear live exchange rates) to see the difference in exchange rates.
|Bank Exchange Rates||Markup %||Source||Potential Savings when buying $10,000 USD with KnightsbridgeFX.com|
|RBC – Royal Bank of Canada||2.60%||$230|
|TD – Toronto Dominion Bank||2.64%||$234|
|BMO – Bank of Montreal||2.65%||$235|
|CIBC – CIBC Bank||3.34%||$304|
|Scotia – Scotia Bank||2.88%||$258|
|HSBC – HSBC Bank||2.10%||HSBC Foreign Exchange Rates||$180|
|Desjardins||2.49%||Desjardins Foreign Exchange Rates||$219|
All Canadian banks, including RBC Bank, include a markup, hidden within the exchange rate that you see. This markup can vary in percentage and helps to pay for the costs of providing the service including the customer service representatives, rent, marketing, transfer costs, and much more. However, since most Canadians exchange currency with the bank that they have a bank account with, the banks use this as a profit centre and want to make profit on currency exchange. As a result, foreign exchange companies, such as KnightsbridgeFX can offer better exchange rates than the bank by providing a better exchange rate and taking a lesser margin.
Compare the exchange rates below to the RBC Bank exchange rates and other bank exchange rates and you will get an idea of the margin. If you are interested in saving money, you can use a non-bank provider such as Knightsbridge Foreign Exchange to exchange currency. You can obtain live exchange rates from KnightsbridgeFX by calling 1-877-355-5239 or simply visit the home page for more details. Savings compared to bank exchange rates can be up to 2.5% and on large sums of money, this can add up. So call now and compare exchange rates.
Banking in Canada has never been easier. When you sign up for a business or personal credit card and/or bank account in Canada, make sure you find the right fit. RBC makes online banking easy (download the RBC mobile app for an even more seamless experience–using RBC online is a great way to save time) and they do offer competitive exchange rates. If you are unsure who provides the best rate, make sure to use our foreign exchange currency converter. Make sure to check often as these rates are subject to change.
Whether you’re trading CAD to (or from) USD, GBP, EUR, XOF, XCD or any other currency, use a currency converter to make sure you’re getting a fair exchange rate for your money when trading currencies. While the US dollar tends to rise and fall in tandem with the Canadian dollar, other currencies tend to have more variability in relative to the CAD-based on several economic indicators. Also, make sure to compare the fee a bank is charging relative to its competitors.