How to Save when Exchanging Currency
When it comes to exchanging your Canadian dollar for a US dollar, there are several options that you can use apart from going to the bank. Although banks are convenient, they charge higher exchange rates compared to other smaller financial institutions. In fact, Canadians pay hefty premiums whenever they want to exchange their dollars for US funds.
The reason that makes banks to charge high rates is that they have two sets of currency exchange rates. On the one hand, the Canadian bank has its exchange rate that it uses to exchange with other large institutions, while the second rate is charged to clients when they want to buy US dollars.
The lower exchange rates that are published in newspapers are used when banks want to exchange huge sums of money between themselves, while the second rate charged to clients is 3% higher. Banks usually add currency conversion fees when clients want to change Canadian dollars for US dollars. It is added to cater for the cost of the transaction.
Exchange rates differ in various financial institutions and are set by individual banks. The exchange rate is meant to cover the cost of buying the foreign currency plus all the administrative expenses involved. Banks usually have several administrative costs.
Many Canadians do not understand that they can obtain US dollars conveniently for less. If you do not make several trips to the US, then having a currency exchange option will not help you that much. But for people who visit the States regularly, they can make great savings by using an alternative foreign exchange option.
Dollars for less compared to what banks charge. This is good news especially for people who exchange huge amounts of Canadian dollars or those who travel regularly to the US.
We buy foreign currencies in large quantities. We offer same-day funds delivery through online payments or bank transfers. Our exchange rates are lower compared to the ones offered by banks. To get started, you need to set up an online account for free, receive a confirmation of your currency exchange rate, and have the converted funds send to its desired destination. We have partnered with all Canadian banks, and this means that we offer free account-to-account transfers. It implies that customers can save more money depending on the number of dollars they exchange at any given time.
Advantages of exchanging your Canadian Dollars using Knightsbridge Foreign Exchange
-Lower exchange rates are guaranteed
Unlike most Canadian banks that charge higher prices, we ensure that our rates are much lower compared to what many banks are offering. We call most Canadian banks daily to confirm that their exchange rates are lower. Customers can save hundreds of dollars using it as opposed to going to the banks.
You can open a free online account in minutes and start to send your funds through various Canadian banks without any hassle.
We will first send you a confirmation about the written agreed rate before you send your funds.
We deliver your funds to the desired destination on the same day provided you send before the cut- off of the bank.
We are regulated by FINTRAC and this ensures that your money is in safe hands.
We offer flexibility to our clients by allowing them to buy US dollars anytime they want during the week. For added convenience, users can register so that they get notified when the value of the dollars rises to a favorable level. We believe the time for banks to exploit innocent Canadians is over and that we are determined to help them obtain the value for their money.
If you travel regularly from Canada, then you need to avoid using the bank as sole currency exchange service provider. This is because you will be losing a lot of money in the long run because of the higher rates and currency conversion fees that are charged by the banks. These fees are usually hidden, and you might not be able to spot them. But all is not lost, as you can use small financial institutions like us to save hundreds of dollars whenever you to exchange your Canadian dollars.