Currency Exchange Victoria

Call 1-877-355-5239 to get the BEST RATES for US DOLLARS or go to Knightsbridge Foreign Exchange

Last Updated: 2018/11/20

Currency Exchange Victoria Rates

Looking for the best currency exchange rates in Victoria that provide better than bank currency exchange rates? Call Knightsbridge Foreign Exchange Victoria (www.knightsbridgefx.com) at 1-877-355-5239 for a no-obligation currency exchange rate quote.

Victoria 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 - 1-877-355-5239


You may be wondering why banks charge such a large amount more than a company like Knightsbridge Foreign Exchange when it comes to foreign exchange? Actually, it is simple to understand why this is the case; the overheads that banks have to deal with like salary and rent are colossal and are not even related to foreign exchange! This translates to you paying more money so that the bank can fund the other parts of its business. Now that we live in such an online society we can make use of the information available to us to make smarter decisions and beat the top dogs at their own game. All you need to do is lift the phone and call the bank to request a no-obligation quote for a set amount of money to exchange, such as $1,000. Then you call a currency exchange provider like Knightsbridge FX and ask for a quote for the same amount. This will provide you with a clear picture of the money you may be able to save if you take other options into consideration. In fact, it doesn't matter which one you go for in terms of expecting a discount if you are making a large transaction, everyone should offer this.

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


The Best Place to Buy or Sell US Dollars Exchange in Victoria 


- Large Currency Exchanges (Above $5,000)

If we are honest, we know that the banks are making plenty of money. Should we really be putting more money into their pockets for the big bank executives to use, when we could be saving it and using it on something for ourselves, like something that is actually worthwhile to us personally? The answer certainly applies for denominations over $5,000. The markup fees of banks are massive and when it comes foreign exchange, your decision of going to other providers like Knightsbridge FX can give you a 2% saving compared to the bank's rate. The reason for this is that Knightsbridge and other similar companies are specialists and contact the bank daily to ensure that they themselves are offering the lowest rates in Canada. Thir overheads and expenses are lower and so they can afford to give you a more reasonable rate which of course goes massively in your favor. You can call them on 1-877-355-5239 or visit their website at KnightsbridgeFx.com. You usually need as little as 15 minutes to open a US bank account if you have a Canadain bank account already and transfers are electronic and happen right there on the spot.



- Small Currency Exchanges (Below $5,000)

You may not always be able to exchange in amounts which excess $5,000, the money may simply not be available for when you need it. For instance, a vacation for a week in the US may have you in need of much more than $5,000. It's a shame but there is not a lot you can do to get yourself a saving the way you would with a transaction amount of over $5,000 with companies like Knightsbridge FX. That being said, you can consider a number of factors to make sure that you choose the best provider. If you tend to do a lot of exchanges your bank may be able to provide you with a better rate for your regular habit. Or, many Canadian banks offer a similar rate and your deciding factor may be more related to which one is more convenient for you in your personal set of circumstances. You should also take into account if your desired currency is in stock. TD foreign exchange services are a good example as they have over 50 currencies ready for sale and hence make a good choice if you are in Victoria.



- Which Bank Has the Best Exchange Rates in Victoria

It is more than possible for us to spend a long time talking about which banks give the best rates but ultimately the markup amount is huge and the difference between banks is relatively small. The key point here is to find a bank or provider which meets your interests, as well as your habit of currency exchange. However, if you are determined to find a bank with the best rate th lowest is with HSBC. Since they are an international bank with international clients and hence a lot of foreign exchange needs they offer the lowest rate. This is why they have become specialists in this area of foreign exchange and stand out from other Canadian banks as well as on a global scale. Since it operates internationally, HSBC has fewer locations in Victoria. It may not be worth the saving to go to a HSBC bank which is not convenient to your own location. You should also think about the amount of money and how often you will need to exchange funds. If you need to exchange in excess of $5,000 and do so on a regular basis you should think about a company like Knightsbridge FX where you can save up to 3% on transactions. So on a single transaction of $5,000 you can save yourself $100 or even more. It may not initially sound like a lot but remember, the bigger the transaction the more you will save and ultimately, it's money in your pocket.


Currency Exchange Tips for Beginners

No airports. It’s happened to all of us, we’re rushed, we think we’ve got everything packed only to arrive at the airport and remember that we forgot to do something. Last time it was a pair of shoes this time it’s currency. These things happen, but keep in mind that airport rent and the convenience factor will result in a higher markup than the bank and other locations. If possible always plan ahead and exchange your currency before arriving at the airport.

No service charges and commission.  Credit cards come with hidden and sometimes shocking fees and interest levels. Currency exchange is no different; sometimes banks or currency exchange providers have hidden service charges or commission fees. If you ask nicely or negotiate, you can usually get these fees and charges waived.

- Currency Exchange for First Time Users

A big congratulations to you! You have just been accepted to a school in the US or you landed a job in the US. So what's next? No doubt you will have tuition fees to pay or someone in Canda will need to send you money. Have you not done this before? That's fine, here are some key points to get your first foreign exchange experience running smoothly.


Registration

Often this is the first step. Regardless of whether you use a bank or other provider, you will need to register so that you follow the Government's laws, as well as FINTRAC. To find out extra details on FINTRAC check out their website (http://www.fintrac-canafe.gc.ca/msb-esm/id/when-quand-eng.asp). Before you register you should do a little research so that you know you are going with the right provider.


Do not use any company that does not require you to validate your identity.

As is the case with LCBO when asking for ID to enforce legal age dirking, companies who deal with foreign exchange must validate your identity to make sure nothing dodgy is going on. Such companies are in compliance with the laws of the country and FINTRAC. Do not trust a company that does not require this.


Choosing a company

Usually, you can contact your bank or any Canadian exchange service. That being said, it's good to know what is out there. Flip through the Yellow Pages or do a quick Google search to get started. You can also go on forums online to see who people say is the best provider. If the amount is more than $5,000 companies such as Knightsbridge guarantee the lowest rate with a saving of at least 3%.

Timing

It's hard to get all the timing lined up perfectly. However, it's still possible to use timing to your advantage to cut down on stress. Like if you need to exchange Canadian dollars to US dollars and do it the day before you go, however, your car breaks down en route. Now you are at the side of the road and you know the banks are about to close. If you exchange your money an extra few days in advance you can avoid this scenario. Hence you get to avoid unanticipated issues and you can also keep an eye on the exchange rates and hence give your self the best chance possible of the rates going in your favor rather than having to take the only rate which is available on a said day.

- When is the Best/Worst Time to Exchange Money? 

Up, down, or sideways, who knows where the markets are going? The reality is there is no best or worst time to exchange money during the week. This is because foreign exchange markets are very efficient controlled by forces such as supply and demand. The best you can do is to monitor exchange rates and exchange your money when exchange rates are at or close to your desired rate. Keep in mind, sometimes exchange rates may go in a direction that is not in your favour. At this point you can wait for it to come back or just exchange your money if you think the rate will get worse.
In general, it is a good idea to avoid weekends when exchanging money. Markets are mostly closed on weekends so currency exchange providers have to take on depreciation risk for holding currency across a weekend and generally currency supply is less liquid during this time. As a result, exchange rates at banks and other currency exchange providers will be higher during the weekend.


- How to Ensure You Are Getting a Better Exchange Rate Than Your Bank?  

Generally, with small amounts under $5,000, spending a lot of time trying to find the best rate is not really worth it as the savings are small. However, saving money is always a good idea and if you don’t mind spending that time or are exchanging $5,000 or more, then a quick comparison can save you a surprising amount of money. The first step is to call your bank to get a quote on an amount such as $1,000. Afterwards call the foreign exchange provider you want to potentially use and ask for a quote as well. The difference between the two are your cost savings which you can then use to determine if using the foreign exchange provider is worth using. For both options, the rate should get better as you increase your transaction amount so inquire further if this is not the case or consider finding another provider.


- How to do Physical Cash Currency Exchange at Each Bank

Most Canadian banks operate in similar ways and they have staff at their retail locations to help you through the process. To exchange physical cash, it is as easy as walking up to the counter and asking how to get started. Sometimes banks will have special locations dedicated to foreign exchange. One example is TD’s foreign exchange centre in downtown Victoria and you can contact them at 416-216-6868. If you can hold off on exchanging your money until you have at least $5,000 then consider Knightsbridge FX. They can save you 2% or more, which is about $100 on a $5,000 transaction which is obviously a better option than giving it to the bank.


Physical Cash Currency Exchange Requirements

Exchanging physical cash is simple but requires a few things. You will have to provide identification and likely other documents such as a bank statement or draft. In addition the sources and uses of the transaction will need to be stated in order for the foreign exchange provider to comply with rules and regulations as set out by FINTRAC and the Government of Canada. If possible consider an electronic transfer option to save time and money.


Travel

- How to Save on Foreign Exchange Rates When Travelling? 
You’re travelling and have just run out of local currency. Who can blame you? it happens, just like time, money flies by when you’re having fun. Lucky for you, there are often options in the location you’re travelling in whether it is in Florida or even the Caribbean. Your options include credit cards which have around a 2.5% markup on middle market exchange rates or local currency exchange providers that will likely have similar markups. If the markup is any higher than 2.5-3% consider negotiating or finding another provider.