While the loonie has appreciated significantly over the last decade, the rise in the Canadian dollar has been volatile in its upward trend. Currency markets fluctuate everyday and changes in the currency exchange rate can impact the cost of your US property purchase, especially from the time you decide to buy until the actual closing, which can be 30 to 90 days.
Many Canadians are not aware of resources available to them to manage currency exchange risk and how they can save money when exchanging money.
Tip #1: Specify an exchange rate tool
Currency exchange rates move frequently throughout the day. Often Canadians want to take advantage of quick moves in the exchange rate but have to watch the currency markets regularly to be able to take advantage of it. Often, they miss favorable exchange rates because they cannot watch currency markets regularly due to work and other commitments. An individual can specify an exchange rate order to KnightsbridgeFX.com and have them watch the exchange rates for them throughout the day and once the exchange rate reaches their desired level, a transaction can be executed for them.
Tip #2: Saving money on currency exchange
Many Canadians that are buying US real estate that convert Canadian dollars to US dollars at the banks don’t realize that they could be paying up to a 2% currency exchange margin, hidden within the exchange rate that they see when they convert funds with the banks.
Canadians can save significant dollars by utilizing a foreign exchange specialist, such as Knightsbridgefx.com, which often undercut bank exchange rates because of the significant volume they exchange annually and the preferred agreements they have with Canadian banks. This can result in savings of several hundred to thousands of dollars when converting Canadian dollars to US dollars.
Tip #3: Locking in your exchange rate today
Exchange rates change all the time. If you know you will be purchasing a property in future, one option is to simply exchange Canadian dollars to US dollars and hold on to those US dollars so that they are available when you need them. The benefit of this is that you don’t have to worry that the exchange rate may change against you when you actually need to buy US dollars.
About Knightsbridge Foreign Exchange
Knightsbridge Foreign Exchange (www.knightsbridgefx.com) is a company that provides better than bank exchange rates to Canadians across Canada.
Our Offices
Main office (Appointment only)
First Canadian Place
100 King Street West
Suite 5700 Toronto, ON,
M5X 1C7
(416) 479-0834
Toll-Free: 1-877-355-5239
Fax: 1-877-355-5239
All rights reserved. Knightsbridge Foreign Exchange
Currency Exchange Canada.
