KnightsbridgeFX & TD 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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Cross Border Banking Options

Cross Border Banking Options

Fees and travel

For those not familiar with Canadian winters, at first glance, it can seem scenic and festive around Christmas time. However, winters can get harsh and cold and many of us choose to hop down south to pass some time while waiting for the days to get longer and warmer again (Canadian snowbirds might want to take a look at our article on the Canadian snowbird association currency exchange program). Some may even have businesses or family members that require frequent exchanges of Canadian dollars to US dollars.

Over time, with banks charging high fees at regular rates, the costs can add up. For example, for a snowbird that transacts $10,000 on an annual basis, the fees would amount to approximately $250. This money could be better used elsewhere while vacationing or travelling.

Convenient currency exchange options

Convenient currency exchange options

While independent providers such as Knightsbridge Foreign Exchange can provide you with the best rates, it is sometimes easier or more convenient to go with your local bank. Luckily, if you bank with TD Canada Trust, RBC Bank, or Bank of Montreal there are cross border solutions for those that travel to the US on a semi-frequent to frequent basis. If you would like to see how Knightsbridge FX can provide you with the lowest exchange rates, take a look at the best foreign currency exchange rate in Canada.

For TD Canada Trust, this comes in the form of the TD Borderless Plan which includes preferred TD exchange rates with seamless and convenient TD Canada Trust online banking tools. For your convenience, we took the time to check out TD’s services to answer major questions and write an overall review on the product below. If you would like to read more reviews, articles, or view our blog click here.

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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About TD bank

About TD bank

TD Bank operates in Canada as TD Canada Trust while US cross border services are maintained by TD Bank. Having a strong US operating arm allows it to offer what it calls the US Borderless Plan.

In the past, to conduct transactions between Canada and the United States, you essentially needed two separate accounts located in each country which made transactions slow and cumbersome.

The TD Bank US Borderless Plan eliminates this problem by essentially creating one integrated platform for all of your cross border banking needs. It can be accessed using the TD Canada Trust easy web online platform. The plan includes various bank account services. This includes a US dollar account in Canada which comes with a US credit Card with annual fees waived and many discounts and insurance benefits.

The plan also allows for the purchase of a US mortgage with little hassle. Overall it is a convenient and accessible option for Canadians banking in the US. Compared to RBC’s cross border solutions, it can be seen as slightly more comprehensive and all inclusive while BMO’s cross border solutions are the more fragmented option.

Pricing – Accounts, TD Foreign Exchange Rate, Visa Cards

Pricing – Accounts, TD Foreign Exchange Rate, Visa Cards

The plan is quite affordable and is made for frequent US travelers/purchasers. The monthly account fee is $4.95; however with a minimum account balance of US$3,000 this can be waived. In terms of the associated US credit card received from initiating the US Borderless Plan there are several benefits. Fees incurred from non-TD ATM transactions are waived regardless of your account balance.

Furthermore, if your account balance meets the minimum requirement, other non-TD fees will be reimbursed. Another benefit of having a TD US Dollar Visa card is that it gives you access to preferred TD exchange rates from TD currency exchange while avoiding conversion fees and currency exchange services.

Currently, the TD borderless plan offers exchange rates roughly 1.5% above the market USA exchange rate while traditional rates are 2% or more. Lastly the TD US Dollar Visa Card can be used at one of many US TD Bank ATMs without paying additional system fees outside of foreign exchange fees.

US Dollar and Canadian Dollar Exchange Rates

Pros – TD Canada Trust Banking Online, USD Accounts, Branches

Pros – TD Canada Trust Banking Online, USD Accounts, Branches

There are also many positives associated with the plan in general. One of the biggest advantages with TD Canada Trust is the seemingly all inclusive banking plan for US and Canada integrated on the TD Canada Trust Easy Web banking platform.

Another useful advantage is when applying for a US mortgage, home equity line of credit or US-dollar credit card through the TD Bank, credit history can be based off of Canadian and US assets, income, and credit history. This is useful for people who do not have an established credit history in the US such as first time vacation property purchasers.

Knightsbridge trades your money in a quick, efficient, and low cost manner. Save hundreds of dollars with KFX today.

In addition, transferring money between Canadian TD accounts and American TD Bank accounts are free of wiring transfer costs. Related to this is that to open a US based TD Bank account, a US address is not necessary. If you require funds but are currently in the US, you also have the option to withdraw funds straight from your TD Canada Trust account through any TD Bank ATM. Having TD ATM’s and branches in the states is also another advantage as other big Canadian banks besides BMO’s Harris Bank do not. Lastly, transacting between Canadian and US bank accounts can tend to take longer than a domestic transfer and a big advantage is TD’s extended business hours where it is open 7 days a week and longer than other banks.

Cons – Locations, Accessibility, Timeliness

Cons – Locations, Accessibility, Timeliness

Although there are many positives associated with the plan, there are some cons for Canadians in the US. Most of TD’s branches are located on the East Coast to suit the needs of Canada’s snowbird population (not all snowbirds are living in Ontario and the eastern regions). As a result most branches and ATM’s are located in the Arizona and Florida regions.

There is also disappointment for those hoping to be able to access Canadian TD bank accounts in the US as US staffs are not able to access Canadian accounts and vice versa; however, this is standard for all banks. Another con associated with the nature of cross-border transactions, and as previously mentioned, is that transactions tend to take more time. Traditional ATM or debit transactions can take 1-3 days to show up on your statement while bill payments to payees can take 5-7 days to be processed. Lastly, as with TD’s cross border solutions, automatic bill payment is not possible to US payees from Canadian accounts, however, money can be transferred between Canadian to US accounts to pay US bills directly online. It is important to note that automatic transfers are also not possible.

Ease of Use

Ease of Use

In terms of how easy the product is to use, it is quite simple to sign up. Signing up simply requires a phone call or a visit to the branch to talk to a representative that can facilitate the process. All that is required is a Social Insurance Number, Driver’s License or Health Card, Bank Account at TD, and a Passport. Once set up, the accounts can be accessed on the TD Canada Trust Easy Web platform.

You are also able to transfer up to $100,000 per day free of charge by phone wire and up to $2,500 using TD Canada Trust online banking free of charges. Support is available 24/7 through their dedicated phone support line and informational website. Furthermore, the TD Exchange rate can be found online 24/7. Lastly, a big advantage is that both American and Canadian accounts are visible at the same time online on the Canada Trust easy web platform for ease of transfer and bill payment.

What people think about TD bank

What people think about TD bank

In terms of reviews, TD Bank has recently raised some fees with regards to minimum account balances and transaction costs to the dismay of many customers; however, TD’s US borderless plan is still regarded as one of the best services offered in Canada. For those wishing to travel to Cuba and use debit, TD Canada Trust Visa Debit Card provides an option to use debit aside from CIBC and De Jardin’s equivalent. If interested, feel free to find out more on the TD Canada Trust website or phone in to have any questions answered. If you would like to read more articles like this one, or would like to find out how much more you can save on US dollar exchanges by going with Knightsbridge FX click here.

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 TD - 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, TD’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.

TD 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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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