KnightsbridgeFX & Scotiabank 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

Scotiabank Services

Scotiabank Services

Scotiabank, also referred to as the Bank of Nova Scotia, offers a wide degree of foreign exchange services to its clients. In fact, most if not all major financial institutions in Canada offer very similar transactions. Due to the abundance of FX options in today’s currency conversion market, shopping around for the best deal is a vital consideration. Scotiabank will let you convert your Canadian dollars into many unique tradable currencies, which you can then receive inbound or transfer out. If you’ve already established a primary banking relationship with Scotiabank, using them for FX purposes may seem like the right move.

Over the past few decades, most Canadians would pick their primary bank or financial institution to exchange currencies. In today’s highly competitive technology-driven market, there are newly established online companies that specialize entirely in foreign exchange. In most cases, these specialized companies that transact your money professionally will offer better rates than conventional banks. Expert foreign exchange service providers, for example KnightsbridgeFX, guarantee high quality customer service coupled with an amazing conversion rate. KFX focuses on customer satisfaction by helping them save money on every transaction.

Compare Scotiabank Exchange Rates with Other Banks

Compare Scotiabank Exchange Rates with Other Banks

The difference between Scotiabank’s multi-sided exchange rates (buying a currency versus selling it) can be very substantial, often 2-5%. For the best information on Scotiabank’s rates you’d have to contact them over the phone. Once you have a better understanding of their conversion rates, you can compare them with other banks to find the most optimal deal.

Large Canadian financial institutions often include sizeable rate markups in their exchange rates to increase their profit margins. At the most basic level, a markup is a necessity for a FX business to continue operating. Markups help pay for traditional business expenses and the costs to operate. Since big banking involves managing a ton of overhead, the main Canadian banks have a high markup relative to KnightsbridgeFX. The bank’s rate offerings are made worse by the fact that many Canadians willingly exchange currency with their bank before seeking better alternatives. Noticing this heavy rate markup, FX companies such as KnightsbridgeFX have stepped into the scene to guarantee better exchange rates than the bank. KFX does so by accepting lower margins on trades and lowering their markup.

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 CAD = 0.7347 USD

265

Your savings when exchanging with KnightsbridgeFX instead of your bank.

Lock your exchange rate
Finding the Best Exchange Rate

Finding the Best Exchange Rate

There’s never been a time better than the present to do banking in Canada. Since there are so many different financial products and services out there today, it’s highly advised to shop around for the best deals. At Scotiabank, online banking is made really simple. You can easily download the Scotiabank mobile banking phone application for quick usage on-the-go. Many individuals will say that using Scotiabank’s online banking features are a great time saver.

No matter what currency you wish to exchange for your Canadian or US dollars, it’s important to use a currency converter to double check that you’re receiving a good exchange rate on your hard earned funds. Note that even though the US dollar and Canadian dollar move almost in accordance, due to varying economic conditions other currencies have much more volatile relationships with the CAD or USD. This is why we emphasize the importance of checking currency prices often.

Scotiabank Exchange Rate Overview

Scotiabank Exchange Rate Overview

The Bank of Nova Scotia (Scotiabank) offers foreign exchange services that are convenient and economical. Scotiabank helps to offer foreign exchanges services for travelling abroad for pleasure, doing business across international borders, making investments in foreign currencies, and making transfers internationally.

You can easily find your closest Scotiabank branch using their online branch locator. You can contact Scotiabank about their exchange rates and other exchange services at 1-800-4SCOTIA. This is a convenient option if you are looking for a smaller amount of foreign currency for travelling. Scotiabank also offers a daily market commentary on G10 currencies, which can be accessed here. If you’re looking for some analysis on the happenings of global FX markets, the commentary provided by Scotiabank is a very useful resource.

Alternatives to Scotiabank‘s Foreign Exchange Services

Alternatives to Scotiabank‘s Foreign Exchange Services

Truthfully, there’s an abundance of alternatives to Scotiabank available to when you’re thinking about placing foreign excfhange transactions. The rest of Canada’s big banking system (BMO, CIBC, RBC, Scotiabank, TD) also offer currency conversions and international money transfers. You can take advantage of the resources embedded within this overview to determine if Scotiabank is the right fit. Always check the competition to see if better rates are obtainable.

This is especially important for larger sized transactions (thousands of dollars) since you can save hundreds with a favorable foreign exchange rate.

Thinking about using KnightsbridgeFX instead of traditional Canadian banks? If so, you there is a best rate guarantee. KFX promises you a better rate than the banks by at least 1-2%.

Compare bank fees

Compare bank fees

Setting up bank wire transfers is widely regard to be a popular option for money transferring. Booking wire transfers (an old fashioned but reliable way to send out money) involves going into a bank branch and speaking to a representative. In today’s constantly evolving financial service market, plenty wire transfers can be done online for a lower charge (some examples of this are HSBC and RBC). Speaking of lowering fees, banks like the National Bank even offers clients a discount if they’re transferring funds to Canada’s neighbor, the US. Unfortunately, even if you can take advantage of all the discounts available, the overall price of a wire transfer won’t be completely free at these major institutions.

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

Any time you wish to compare FX rates, you can use a non-bank provider to exchange currency and compare rates.. On large transactions your savings can quickly add up when you lock-in a great rate with KnightsbridgeFX.

Through comparing the rates in the chart to Scotiabank’s exchange rates you can become more knowledgeable on the types of exchange rate spreads offered.

Below you can examine the mid-market FX rate table for the most requested currency pairings. KnightsbridgeFX’s rates are based closer to the spot rate of international currencies (lower margins means more savings for the customer).

US Dollar and Canadian Dollar Exchange Rates

More on Scotiabank

More on Scotiabank

The Bank of Nova Scotia (Scotiabank) is the third largest bank in Canada by market capitalization and deposits. Scotiabank operates in over 55 countries across the globe, servicing over 21 million customers. Scotiabank offers a wide breadth of products, including personal and commercial banking, investment and corporate banking, as well as wealth management services. Scotiabank has billed itself as “Canada’s most international bank” due to its acquisition efforts abroad. So whether you need a credit card, small business loan, personal line of credit, or have other borrowing needs, Scotiabank is a great option.

One of the oldest banks in Canada, Scotiabank was founded in 1832. Since that time, the bank has continued to offer services such as loan protection, and favorable mortgages rates for community members. Originally located in Halifax, bank officials chose to move to Toronto where they have remained since 1900. Widely considered a local institution that offers many ways to bank, the company also engages in many international deals. With a long and honorable history, Scotiabank is one of Canada’s most admired institutions. The bank has both historical roots and the ability to work within the demands of the modern world at the same time.

The Bank of Nova Scotia

The Bank of Nova Scotia

Scotiabank began as the Bank of Nova Scotia. At that time, bank officials began offering services such as business loan protection more than a hundred and fifty years ago. At the time, one of the main goals of the bank was to help facilitate trade between Canada and many nations across the Atlantic. Initial expansion efforts were largely centered on the Canadian Maritimes with branch openings in places such as Prince Edward Island. By the end of the 1800’s company officials decided expansion into other parts of Canada were in order. Branches were opened in many parts of the Canadian west. In addition, bank officials also began opening branches in other parts of the continent.

Large American cities such as Boston, Minneapolis and Chicago were part of this plan along with expansion into many regional markets in Canada. In additional, bank officials sought opportunities in the Caribbean nations. The first branch of Scotiabank in this part of the world was opened in Kingston, Jamaica in 1889 in order to help trading of commodities such as sugar and rum. This was the first time a bank from Canada opened up a branch that was not in the United Kingdom or the United States. As such, it was an early demonstration of the ability of company officials to seek out financial opportunities in other parts of the world and act on them for the benefit of company officials and the local and international economy.

A Focus on Acquisitions

A Focus on Acquisitions

In the coming century, company officials shifted the company’s focus. While still continuing to open branches in many parts of Canada and other areas, they also felt opportunities could be used to buy new companies that might make Scotiabank more able to better serve their clients. Officials opened up branches in places such as Havana and New York City.

They also began a plan to acquire lucrative mergers that would better enable them to offer a Scotia business loan to all those who need the capital. Bank officials merged with other banks such as the Bank of New Brunswick and ING Direct Bank of Canada. By 1914, the company purchased the Metropolitan Bank. Acquiring this Toronto based bank made it the nation’s fourth largest bank, a position it would continue to assume for many years.

Foreign Expansion

Foreign Expansion

Bank officials also saw the chance to expand into new markets in many parts of the world. In 1920, the bank opened a branch in London and one in Santo Domingo, Dominican Republic. Roughly forty years later saw officials expanding into the Asian markets by opening up an office in Japan. They also became the first bank to appoint women to be managers, opening the company up to participation by a much broader section of the market and allowing them to tap into even more financial talent at the same time.

Four Major Business Lines

Four Major Business Lines

Company officials focus on four major areas of business. The Canadian banking section is about delivering high quality services for Canadian residents. There’s an international banking sector that looks for opportunity in many parts of the world from Asia to Europe and the Americas. The Global Wealth & Insurance is focused on specific help for wealthy clients as well as providing necessary products such as insurance that companies and people need to help manage risk in the modern world. The Global Banking & Markets is about the provision of varied kinds of financial products to clients in Canada and other parts of the world.

Scotiabank offers credit cards include the American Express® Card (Scotiabank Gold) and Visa Infinite* Card (Scotia Momentum® and Scotiabank Passport™). They also offer savings accounts, mortgage and business loan options and allow for money transfers through Interac e-Transfer.

Accessing Scotiabank’s Exchange Rates

Accessing Scotiabank’s Exchange Rates

Scotiabank posts their foreign exchange rates online. You can see that Scotiabank offers a multitude of currencies. The rates posted are cash rates for up to $999 in cash, so for larger transactions call into the branch to see if the difference in the rate is material. Remember that not all currencies are available at all branches, and that currency exchange rates are subject to change.

Compare Other Scotiabank Products

Compare Other Scotiabank Products

Scotiabank provides their clients with a multiple staple financial products including chequing and savings accounts, credit cards, mortgages, loans and lines, investing and insurance.

Scotiabank’s financial service lineup is among Canada’s most comprehensive. Take a look at your current banking needs provider and compare them to Scotiabank to see if you’re getting the best bang for your buck.

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 Scotiabank - 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, Scotiabank’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.

Scotiabank exchange rate markup compared to other banks

When evaluating where you should conduct your foreign exchange transactions, there should be multiple options alongside Scotiabank. 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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KnightsbridgeFx is registered with FINTRAC, under the MSB registration number M09819788. 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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KnightsbridgeFx is registered with FINTRAC, under the MSB registration number
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

Scotiabank Foreign Exchange FAQs – Frequently Asked Questions

  • 1 How can you make an international money transfer with Scotiabank?
  • 2 How much does Scotiabank charge for international money transfers?
  • 3 Does Scotiabank disclose their wire transfer fees?
  • 4 Are there any additional fees with Scotiabank foreign money transfer?
  • 5 How long will my foreign exchange transfers take with Scotiabank?