Currency Exchange Winnipeg

Call (204) 318-1150 to get the BEST RATES for US DOLLARS or go to Knightsbridge Foreign Exchange

Currency Exchange Winnipeg Rates

Last Updated: 2018/11/16


Looking for the best currency exchange rates in Winnipeg that provide better than bank currency exchange rates? Call Knightsbridge Foreign Exchange Winnipeg (www.knightsbridgefx.com) at (204) 318-1150 for a no-obligation currency exchange rate quote.

Winnipeg Canadian Bank Exchange Rates Comparison

It is a good idea to keep an eye on exchange rates as you never know when they may be in your favour. There are several ways to do so the most common being to call one of the big Canadian banks or your currency exchange provider for a rate. Alternatively, banks and currency exchange providers more often than not, have websites that provide a live quote. The difference between banks and other currency exchange providers is that banks often have huge markups as can be seen below.

 

Bank

Spread %

Source

 

Royal Bank of Canada (RBC)

2.6%

RBC Exchange Rates

 

TD Bank

2.6%

TD Exchange Rates

 

Scotia Bank

2.8%

Scotia Bank Exchange Rates

 

Bank of Montreal (BMO)

2.6%

BMO Exchange Rates

 

CIBC

3.3%

CIBC Exchange Rates

 

Desjardins

2.5%

Desjardins Exchange Rates

 

HSBC

2.1%

HSBC Exchange Rates

 

 

 

 

Knightsbridge FX

0.1%-0.5%

Knightsbridge FX - (204) 318-1150


You’re probably asking yourself, why do banks charge so much more than a company such as Knightsbridge FX? The reason is quite simple; banks have a lot of overhead costs such as salary and rent in divisions that aren’t even related to foreign exchange! As a result you’re paying extra money to help them fund other parts of their business. With the internet and information all around us, we can make a smarter decision and beat the big guys. To do so, just pick up your phone and call the bank for a no-obligation quote on an amount such as US$1,000. You can then call another currency exchange provider such as Knightsbridge FX for a quote on the same amount. This will give you a clear idea as to how much money you can potentially save by considering an option besides the bank. Regardless of who you choose, both options should give you a discount on larger transactions.

(It is important to remember that exchange rates fluctuate in real time and are constantly changing based on market events.)


Best Places To Sell And Buy US Dollars Exchange


1. Currency Exchanges Above $5,000 (Large)

Lets all be honest, banks make a lot of money already. Why would you want to keep putting your hard-earned cash into the big-bank executive's pockets when you could save these fees and use it on yourself? Well you can save on these fees on the denominations that exceed $5,000. The banks charge significant markup fees, while going to one of the currency-exchange providers like Knightsbridge FX could save you 2% or even more in comparison to the exchange rates at the banks.

The companies such as Knightsbridge FX specialize in currency exchanges and contact the banks every day to ensure they are always offering the lowest rates for exchange in Canada. These companies also have overhead costs along with expenses that are lower, which translates into a way to offer you with more reasonable and lower rates. You can contact this firm on 1-877-355-5239 or you can go to their website at KnightsbridgeFx.com. It typically takes less than 15 minutes to open your US bank account when you have a Canadian bank account and the bank transfers happen immediately and electronically.



2. Currency Exchanges Below $5,000 (Small)

It may not always be a possibility to exchange an amount over $5,000, as you may not have this amount of money, or perhaps your needs do not require these types of amounts. An example of this may include a cruise or a weeks%u2019 vacation in the U.S, which will not require that much. However, there is little you can do to save like you would on the transactions over $5,000 with the companies like Knightsbridge FX. Yet you can still choose one of the better providers. If you own a business with your chosen bank or you conduct frequent foreign transactions, they may be able to offer you with a rate that is more competitive.

On the other hand, most of the banks in Canada offer rates that are relatively similar, and when this is the case convenience or closeness should usually be your deciding factor on the bank you would like to use. One of the other important considerations is to make sure they have stock of the currency that you are interested in. One of these examples would be TD Foreign Exchange Services that have more than 50 currencies for sale, which may be one of the better options. The other option is to call the bank or provider in advance to ask if they stock your desired currency.

Remember that all the banks charge a mark-up that is large and the actual exchange rate that they will provide you with is known as the "cash rate". While the rates that you see in a newspaper or business-news outlets are known as the "spot rate". The cash rates are usually 2 to 3% higher in comparison to the spot rates, which means when possible you should try and save the transaction until you have $5,000 or more, to ensure you benefit from the savings on your exchange rate from a business-like Knightsbridge FX.



Which Winnipeg Bank Offers The Better Exchange Rates

We could go into great detail about which of the banks offer the better rates, but in reality, they all charge significant markups and differences are actually small. What is more important is to find a provider or bank that aligns with your currency exchange interests and habits. With this in mind, if you prefer to find one of the banks that offers the lowest rates, the bank would have to be HSBC. This is an international bank that has many international clients that have a variety of different foreign-exchange needs.

They naturally specialize in these service types and are rated amongst the best for global as well as Canadian banks. One of the drawbacks of choosing HSBC, has to do with its locations. Because it is an international business, they have very few locations in Canada. If you find it inconvenient to go to the closest HSBC location, then your savings may not be worthwhile. One of the other considerations has to do with the frequency and the money amounts that you exchange currency at. If you would like to trade $5,000 or more, or you are exchanging money on a frequent basis, it is recommended to rather choose Knightsbridge FX where you can save 2% or even more on each of your transactions. This translates into saving $100 or even more on each $5,000 transaction. This might not seem like a significant saving, but keep in mind that with bigger transactions you can save even more.

If you are not exchanging money frequently or when your exchange in under $5,000, then any of the Canadian banks are suitable for an exchange. The other options when HSBC is inconvenient include TD, BMO, RBC at costs that are slightly higher. If you travel to the US a lot, many of the banks also provide "borderless" services which provide rates that more competitive. An example of the this includes TD borderless exchange which is typically 7% lower in comparison to the standard rates. Knightsbridge FX is still able to offer a 2% saving or more, even with a borderless rate.


Tips On Currency Exchange For Beginners

Avoid Airports - It has probably happened to so many people, we are in a rush to make sure everything is packed, to discover we have forgotten something when arriving at the airport. The last time you had to buy shoes and this time around it%u2019s currency. Mistakes happen, but the convenience factor and airport rent results in an even higher markup compared to the banks along with the other locations. When possible plan ahead and make sure you have already exchanged the currency well before you arrive at an airport.

No Commission And Service Charges - The credit cards are often linked to hidden and, in some cases, shocking interest levels and fees. Currency exchange is similar, with some of the currency-exchange providers and bank charging commission fees or service charges that are hidden. If you negotiate or ask politely, it is usual to get these charges and fees waived.



- Currency Exchange Tips For The First-Time Users

So, you may have just found out that you have secured a job in the US or you have been accepted into one of their schools. What next? Well you will probably either have tuition fees that you will need to pay, or you want to send money to your family in Canada. If you have never done these transactions before here is a bit of key information to ensure you foreign exchange experiences are easy and straightforward.


Registration

The initial step for exchanging currency involves registration. Regardless of whether you are using a currency-exchange provider or a bank, registration is a requirement that is necessary for providers and banks to adhere to the regulations and laws set out by the Government of Canada along with: (http://www.fintrac-canafe.gc.ca/msb-esm/id/when-quand-eng.asp). To find out more about these regulations go to their FINTRAC website. Well before you register with a provider, it is suggested to do your own background research to make sure the provider is a right match for your needs.


Never Use A Provider That Doesn't Ask You To Validate Your Identity

Similar to how the LCBO requests ID to enforce the legal drinking age, money service and foreign exchange companies are required by law to validate identities to comply with the regulations and laws of FINTRAC and Canada. The companies that do not ask you to validate your ID are not to be trusted.


How To Choose A Company

In general, you can contact your own bank or any of the other banks in Canada for foreign-exchange services. Yet, it is always good that you are aware, that the banks are not the only providers for foreign exchange. A quick Google search or a page through your local Yellow Pages will offer you with a variety of results. You will also find forums online about discussions about the better providers. If you plan to exchange amounts that exceed $5,000, keep in mind that other companies like KnightsbridgeFX will guarantee you with a more reasonable rate with savings of around 2% or even more.

Timing

It can be complex to time the markets to conduct foreign exchanges at the more opportune or favorable times. Yet you can still use the timing to your benefit to reduce the inconveniences and hassles of life. An example of this is when you want to exchange your Canadian dollars into US dollars within a period of 2 days. Yet life happens, and you don%u2019t make it in time. Issues like these are easy to avoid by making sure you have exchanged your money a few days before you need it.



- When Is The Worst Or Best Time To Exchange Money?

Nobody really knows what is going on with the markets. To be honest there really isn%u2019t a worst or best time for exchanging your money over the week. This has to do with that the foreign-exchange markets are controlled by the forces such as demand and supply. The best thing that you can do is to monitor these rates and wait till a desired rate or near to rate is reached before you exchange your money. In some cases, the exchange rate may drop or rise which is not to your favor. In these cases, you can either wait it out with the hope that the exchange rate will rise again or exchange the money when you think the rates will continue to decline.

It is usually recommended to not exchange your money on a weekend. This is because most markets are closed, and the providers take the depreciation risk when it comes to holding the different currencies over a weekend, where the supply of currency is regarded as less liquid over this time. For this reason, exchange rates from the banks and other providers are typically higher over a weekend.


- How To Make Sure You Are Getting An Exchange Rate That Is Better Than Your Bank

When it comes to amounts under $5,000, spending your time in an attempt to find the better rates is not worthwhile because the savings are so small. However, when you exchange $5,000 or more a comparison could save you a lot of money. You should start off with calling your bank to obtain a quote for an amount like $1,000. Then call a few of the foreign exchange providers and ask each one to give you a quote. The difference between the 2 amounts with be your savings costs which you can then use to decide on which provider you would like to use.


- How To Do A Physical Cash Currency Exchange At Each Of The Banks

Most of the banks in Canada operate in just about the same ways and offer staff at the retail locations that will assist you through these processes. When it comes to exchanging physical cash, approach the counter and ask how to start. In some banks there are designated locations for foreign exchange. If you are able to wait to exchange your money until you have $5,000 or more, you should seriously consider Knightsbridge FX. They will guarantee that you save 2% or more which translates into $100 for every $5,000.


Requirements For Physical Cash Currency Exchange

The act of exchanging cash physically is simple yet requires a couple of steps. You need to provide your identification along with other documents like a draft or bank statement. The uses and sources of this transaction are stated so that the provider or foreign exchange complies with regulations and rules from FINTRAC along with the Government in Canada. When possible consider electronic-transfer to save money and time.


Travel

Tips on saving on the foreign-exchange rates while traveling
When you are traveling, and you run out of a local currency, there are in most cases options in the location that you travel to regardless of whether it is the Caribbean or Florida. This usually includes credit cards that come with about a 2.5% markup for the local-currency exchange or middle-market exchange rates. When the markup exceeds 2.5 to 3% rather find another provider.

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