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Currency Exchange Calgary Rates
Looking for the best currency exchange rates in Calgary that provide better than bank currency exchange rates? Call Knightsbridge Foreign Exchange Calgary (www.knightsbridgefx.com) at (604) 229-1065 for a no-obligation currency exchange rate quote.
Calgary 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% |
|
|
TD Bank |
2.6% |
|
|
Scotia Bank |
2.8% |
|
|
Bank of Montreal (BMO) |
2.6% |
|
|
CIBC |
3.3% |
|
|
Desjardins |
2.5% |
|
|
HSBC |
2.1% |
|
|
|
|
|
|
Knightsbridge FX |
0.1%-0.5% |
Knightsbridge FX - (403) 800-3025 |
Learn More About Currency Exchange Calgary Rates
You might be wondering why Banks charge a considerable amount more than companies like Knightsbridge FX. The reason is simply that the banks have higher overhead because of salaries and rent and often they are covered by divisions that aren't specifically related to foreign exchange. This fact means that you pay money to actually fund different areas of that business.
With technology and the internet, it is easier than ever before to work smarter and beat the big guys. To find out for yourself simply call any Bank and ask them if you can get a quote on an amount like $1,000. Once you get their information then call Knightsbridge FX or another currency exchange provider and get them to give you a quote and then compare the two.
After doing so, you will be able to clearly see the potential savings you can get going this route. Regardless of which company you go with you'll find you can get larger discounts when the transactions are larger. Always keep in mind that exchange rates will fluctuate and are always changing in real time based on events in the marketplace.
Find The Best Place To Buy And Sell U.S. Dollars Exchange In Calgary
Currency Exchanges For Amounts Over $5,000
Most people feel that the banks are already making enough money just as things are so it isn't necessary to pay them extra. That's why the average person doesn't feel the need to put more money in the bank's pockets when they could be saving that money and using it for something meaningful in their life. When you invest $5,000 or more you can save a good amount. The market fees banks have are considerable when compared to going with a company like Knightsbridge FX or another currency exchange provider and you could be saving 2% or more over what you would pay if you go with one of the banks.
These companies can do this because they specialize in this industry and they contact the bank's daily to see what rates they're offering so that they can make sure to provide the lowest rates possible in Canada. The way they operate means their expenses and overhead are much lower and they are able to pass those savings on to you. You can get in touch with Knightsbridge FX by going to their website or calling 1-877-355-5239. If you already have a bank account in Canada it will only take about 15 minutes to open an account for the US. You can make transfers electronically which will take place immediately.
Making Currency Exchanges Under $5,000
For many people, it isn't possible to always make an exchange in an amount over $5,000. It might be that you don't have that much to invest at the time or you may not want to transfer that amount. If you're going on holiday to the US then you may not need that amount.
When you're investing under $5,000 the savings will be much less especially when compared to the savings you can get when investing over that amount with a company like Knightsbridge FX. There are some suggestions you should consider when choosing your provider. If you do lots of foreign transactions or if you have a business bank account then you might be able to get better rates. If not, the rates between Canadian banks are often similar and so the main convenience will be if they are close to you or further away.
You should also find out if the bank you're considering has the currency you desire in stock. An example would be if you wanted TD foreign exchange services as it can be a good option in Windsor because they have 50 currencies for sale. You could also call the bank you're considering and ask them if they have the currency you want and if you would be able to get it.
Keep in mind that Banks typically have large markups. The spot rate is what is displayed in newspapers and on business news. The banks typically use a cash rate that is 2 or 3% higher and you can save that percentage when you have $5,000 or more to invest with companies like Knightsbridge FX.
Find The Bank With The Best Exchange Rate In Calgary
Even though some might argue over which bank has the best rates they all ultimately charge substantial markups. For this reason, it's recommended that you look for a bank or provider that is more in line with your values and exchange habits. If you do choose to base your decision on the lowest rate then the bank you will want to go with is likely HSBC. They are an International Bank and they have a lot of clients that use their foreign exchange services.
Because of how HSBC works and the fact that it commonly has customers they provide this type of service to it can be one of the best banks in Canada and globally. The biggest drawback of using HSBC is its locations. If their location compared to yours is inconvenient, then it may be more trouble than it's worth. You want to consider how much money you plan to invest and how often to determine if this is a good choice.
When you are prepared to trade with more than $5,000 then you're better off going with a company like Knightsbridge FX so that you can save 2% on every transaction. This means that every time you make one of those transactions over $5,000 you'll be saving at least $100 and sometimes more. If you feel that's not a lot of money then you should consider that it's extra in your pocket with every transaction.
If you are going to exchange less than $5,000 and if you don't exchange money often then it might be practical for you to choose any Canadian bank that you feel is convenient. If HSBC it's not as convenient as another choice then you might go with the other bank just so you can work with them more easily. There are some banks that have borderless services for those who go to the US a lot. They often offer .7% lower rates than the ones that are standard. A company like Knightsbridge FX is able to give the most savings when you're doing sizable exchanges.
Foreign Exchange Tips For Beginners
Never do your exchange at airports. All of us have had the situation where we arrived at the airport just to find that we've forgotten to do something important. It might be a personal item that you needed that you forgot or it could be that you realize you didn't get the foreign currency needed. The cost of doing the exchange at the airport will be substantial and have a higher markup than even Banks. When possible, you should always exchange your currency before you get to the airport.
Avoid Service Charges And Commissions.
Credit cards can sometimes have interest levels and fees that are shocking. It's no different when it comes to currency exchange because some currency exchange providers and Banks have charges that are hidden or they have high commission fees. You'll need to see if this is the case and if so, you should negotiate politely to see if you can get those charges and fees waived. It is often possible to do so.
Complete Your Registration Before Making An Exchange
It is usually necessary to complete registration before exchanging any money. Whether using a currency exchange provider or a Bank you will need to register with them and follow the laws and regulations made by FINTRAC as well as the Canadian government. You can go to their websites for more information. Make sure that the provider you're selecting is right for you before you go to the trouble of registering with them. Be sure that you are only giving your personal information to a company that is completely legitimate and above board.