Currency Exchange Scarborough

Canadian Bank Exchange Rates Comparison Scarborough

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

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 Scarborough 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 Can't I Get The Bank of Canada Exchange Rate?

The Bank of Canada exchange rate is typically an interbank rate only available to financial institutions with large volumes. Canadian banks add a substantial markup to the exchange rate they offer to retail customers and that is how they make money for delivering the service. This markup can be 2% to 5% depending on the currency. Banks have to pay for holding the cash and keeping the currency on hand. The tellers need to be paid and also rent has to be paid for space. That being said, the exchange rate markups they charge are quite high compared to other foreign exchange providers. The reason bank exchange rates are so high is because regardless of the markup, Canadians will continue to use the banks to exchange money. There is no competitive pressure for the banks to reduce exchange rate fees. The same goes for currency kiosks at the airport, they have to pay for rent, and they offer a convenient service, and most people at that time pretty much need to convert currency to use it, so they will be willing to pay markups to exchange money there for convenience.

How to Compare Exchange Rates in Scarborough?

The best way to compare currency exchange rates in Scarborough is to use the table above or call each bank in Scarborough directly. Simply ask them if you wanted to buy US $1,000, how much in Canadian would you have to pay? This will give you the amount in Canadian dollars. Divide the number of Canadian dollars needed to purchase $1,000 and this will give you the implied exchange rate.

Currency Exchange Scarborough Tips

1. Buying Physical Cash or Amounts less than $5,000.

If you are buying a small amount of currency, such as 100 or 1,000 EUROs. You should simply call your local bank and ask them to order the currency for you. The process can take 1 to 3 business days. Yes, you will overpay by about 1% or so, but the excess fee on buying a small amount of currency totals to $1 to $10 on small amounts, so its not worth the hassle of running around to exchange currency and then end up paying service fees or commissions to exchange it at a currency exchange place. You will also waste some of your time and gas for such a small savings. For small dollar amounts, it doesn't make sense to run around to save $5 to $10 and have this potentially wiped out by service fees and commission charges. Whatever you do, do not buy currency at the airport, these places have the highest exchange rates!

P.S. if you do end up buying a small amount of cash from a currency exchange place, tell them you do not want to pay ANY service charges or commissions. Tell them to waive the fee, they will do this for you.

2. Buying a Large Amount of US Dollars (More than US$5,000)

If you are buying more than US$5,000 and need to buy US dollars, then it is worth calling 1-877-355-5239 for a no-obligation currency exchange rate quote. You can also visit KnightsbridgeFX's website at www.knightsbridgefx.com. You will save about 1-2% when buying US dollars through them compared to the banks. This will result in savings of several hundreds to thousands of dollars on currency exchange on larger dollar amount purchases. You can also get a free wire transfer to the USA with them.

Credit Card Exchange Rates

Most credit card companies will charge a fee to exchange currency. The fee is built in to the exchange rate. The fee's are outlined in the terms and conditions of the credit card agreement. Many believe that this credit card markup is about 2.5%. Using your credit card to pay for something in a foreign currency is convenient, but you do end up paying a markup to use your credit card. Often, there are few alternatives, so there is not much you can do.

Currency Exchange - History

The Canadian dollar is often known as the loonie and is often symbolized as "CAD" or "C$". The central bank that overseas the printing of the Canadian dollar is the Bank of Canada. Canadian dollar coins are produced by the Royal Canadian Mint. The Canadian dollar has switched from a fixed system to a floating system and back to a fixed system and now to a floating system.

The Canadian dollar history compared to the US dollar has been at both a premium and a discount to the US dollar. For over 30 years, the US dollar was more stronger than the Canadian dollar until 2007. Since then, the Canadian dollar has traded above and below parity, which means 1 USD = 1 CAD.