Currency Exchange North York

Call 1-416-479-0834 to get the BEST RATES for US DOLLARS or go to Knightsbridge Foreign Exchange

Canadian Bank Exchange Rates Comparison North York

Looking for the best currency exchange rates in North York that provide better than bank currency exchange rates? Call Knightsbridge Foreign Exchange North York (www.knightsbridgefx.com) at (416) 479-0834 for a no-obligation currency exchange rate quote. You can expect to save 1-2% vs. your bank's currency exchange rate.

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% KnightsbridgeFX - 416-479-0834
 

The table above is a comparison of all the major Canadian bank exchange rates. The rates have been sourced from their website or by calling their branch on a given day. Please note, exchange rates change frequently. Some of the banks require you to call them to see thier rates because they change a lot. Most of the Canadian bank exchange rates compare generally within each other in terms of exchange rates. Your local bank in North York should be called to see if their rates will be in line with what is below, they should be, but you should double check.

Why Aren't You Able To Get The Bank Of Canada Exchange Rate?

The exchange rate of the Bank of Canada is usually only an interbank rate that is open to financial institutions who are moving high volumes. Canadian banks often add significant markups to exchange rates that they provide to retail customers, as that is how they make their money when they deliver this particular service. That markup might range from 2 per cent up to 5 per cent, based on the specific currency. Banks have to pay expenses related to keeping currency on hand and holding the cash. Also, they have to pay rent for their service spaces and also pay the tellers. Having said that, these exchange rate markups are rather high in comparison to other providers of foreign exchange. The reason why bank exchange rates stay so high is that even with the markup, Canadian citizens and residents keep using these banks to do their money exchange. As such, the banks face no competitive pressure that might motivate them to reduce their exchange rates and fees. That same thinking applies for airport currency kiosks, which have to pay for their rent. They also provide rather convenient services, where many people passing by need to convert their currency so they can use it. Again, that convenience is why they're willing to pay such markups in order to conveniently exchange their money.

How Do You Compare Exchange Rates There In North York?

There are two great ways to compare the currency exchange rates specifically in North York. The first is to the table that is provided above. The second is calling every bank that is in North York yourself directly. Just ask them how much you have to pay in Canadian if you wanted US $1,000. That will tell you how much in Canadian dollars you need. Divide the total number of Canadian dollars you need to buy $1,000, and that is the implied exchange rate.

Tips For Currency Exchange In North York

1) Buying Amounts Or Physical Cash Under $5,000:

If you are going to buy only a small volume of currency, say 100 to 1,000 EUROs, then just call your own local bank and ask them to put in a currency order for you. That can take one, two, or three business days. You'll overpay by a percentage point or such, on small amounts of currency, the excess fee is often between $1 to at most $10. That's better than the commissions and service fees you'd pay running around doing multiple currency exchanges. It's not enough savings to justify wasting all that fuel and time. For a small dollar amount, it just doesn't add up to save $5 when that will get eaten up in commission charges and service fees. Whatever you choose to do, don't buy your currency at an airport. The highest exchange rates in the world are found here. If you do wind up buying small volumes of cash from any currency exchange place, try to tell them you'd rather not pay any commissions or service charges. Tell them they need to waive the fees, and they'll do just that for you.

2. Buying High Volumes Of US Dollars Over US $5,000 (More than US$5,000)

If you need US dollars specifically and want to get more than US $5,000 of them, then you should call (877) 355-5239 for a currency exchange rate quote, free of obligation. Alternatively, you can check things out at www.KnightsBridgeFX.com. That will save you a percentage point or two compared to buying US dollars through banks. For bigger dollar amount purchases, you can save hundreds to even thousands on your currency exchange. You can even get a wire transfer free of charge to the United States

Exchange Rates Involving Credit Cards

Many credit card providers charge fees for currency exchange. That fee gets built right into the exchange rate. The fees should be outlined in the credit card agreement's terms and conditions. Many think that their credit card markup is usually 2.5 per cent. It's certainly convenient to use a credit card to pay for things in foreign currencies, but you will wind up still paying some kind of markup. Then again, you have few alternatives, so you can't do too much about it.

A History Of Currency Exchange

The Canadian currency of the dollar is also sometimes called the 'loonie' and symbolised by 'CAD'. The Bank of Canada is the central bank responsible for printing out Canadian dollars. The Royal Canadian Mint also puts out dollar coins. The Canadian dollar over time has gone from a fixed system before moving to a floating system, which then switched back into a fixed system, and is now once again a floating system.

Compared to the American dollar, the history of the Canadian dollar has been at times a discount and at a premium. The US dollar was supreme for more than three decades, but this changed in 2007. Since that time, the Canadian dollar has traded both below and above parity, which is when 1 CAD = 1 USD.