How Knightsbridge FX Guarantees the Lowest Exchange Rates

                       Saving is as Good as Earning, Beat the Banks on Currency Exchange

There are many reasons to exchange currency ranging from travel, foreign real estate, foreign tuition, repatriation of funds, and even inheritances. In today’s climate, the Canadian dollar is weaker than ever and paying unnecessary fees to exchange your money is simply unfair and petty, yet surprisingly all banks do it.

In dealing with the big Canadian banks, exchange rates can sometimes seem arbitrary with some banks charging as high as 3% over the middle-market rate. For folks looking to buy a $50,000 car in the U.S. that could equate to an extra $1,500 in fees alone. That’s almost a year’s worth of gas! What’s even more infuriating is that banks typically do not state these fees upfront. Instead, they will give you the middle-market rate or a very low rate to get you hooked before sneakily including mark-ups when you’re at the last stage of the transaction.

Because of this, comparing rates across banks and foreign exchange providers can really be worth your time. Very few jobs will pay you what you can potentially save for less than an hour of work, but we at Knightsbridge FX understand your time is valuable and better spent elsewhere so we did the work for you.

Before diving into the best foreign exchange providers, there are a few rules of thumb you can follow to save money on foreign exchange in general. The first one to follow is to never exchange money at airports. Retail space at airports is incredibly expensive and unfortunately these costs are transferred to unknowing customers. The second rule would be to try to avoid exchanging money at locations on weekends. Providers face higher risks of holding cash inventory over the weekend and as a result charge higher fees. A last rule of thumb to follow, if possible, is to avoid exchanging in cash. Exchanging cash is the most expensive way to exchange currency and if possible, it is a better idea to do it electronically and in larger quantities in order to maximize savings. That being said, let’s take a look at some of Canada’s most “trusted” foreign exchange providers and some other providers that actually deserve your trust while offering better rates.

As you can see, Canadian banks charge much more than lower cost providers such as Knightsbridge FX. The reasons why rates are so much higher at banks can vary. For the most part, banks can simply get away with it as consumers are unaware of other options. Another reason can be because banks have higher costs than more specialized foreign exchange providers due to their many lines of businesses. No matter the reason, by going with lower cost providers you can save up to 2% or more on your exchange rate. Providers such as Knightsbridge FX are highly specialized and only deal with foreign exchange and related services. This allows them to focus all their resources on providing excellent foreign exchange services at a very low cost. Knowing this, if you call into a bank for a rate that seems too good to be true, it likely is. Be sure to inquire about any additional fees or commissions you may incur later on in the transaction process.