A closer look at Knightsbridge and Wise in Canada

Knightsbridge Foreign Exchange® is a popular Canadian currency exchange company based in Toronto. You can convert currency and send money overseas with Knightsbridge FX, but the exchange rate could be chipping away at your expenses.

We’ll take a closer look at Knightsbridge FX vs Wise for their exchange rates, including how to manage your money in multiple currencies at once. Save money with the Wise app – convenient online transactions, all at the mid-market exchange rate!

An overview of Knightsbridge FX in Canada

Knightsbridge FX is a Canadian foreign exchange provider. You can convert and exchange multiple currencies, including:

• US dollars (USD)
• Canadian dollars (CAD)
• British pounds (GBP)
• Euros (EUR)
• Australian dollars (AUD)
• New Zealand (NZD)¹

Knightsbridge Foreign Exchange works with a range of individuals and corporations, supporting clients like snowbird property buyers, importing businesses, and international students. They can also help with personal expenses in other currencies.²

There’s some flexibility to how much you can exchange, but typically Knightsbridge FX is aimed at customers looking to convert at least 2000 CAD – with the option to send up to 40 million CAD every year.²

How to use Knightsbridge Foreign Exchange

• To start using Knightsbridge FX, you’ll need to register for an account and submit any documents about you or your business for approval.
• Unlike other online international money transfer services, you’ll need to contact Knightsbridge to start your exchange, as the company charges custom rates for each transfer.
• Once sent, your recipient should receive your Knightsbridge foreign currency exchange transfer on the same day or the next business day.²

If you want to contact Knightsbridge Foreign Exchange Inc., you can phone or email customer support, request a quote via their website, or visit their headquarters by appointment.

Address:

Knightsbridge Foreign Exchange
First Canadian Place
100 King Street West, Suite 5700
Toronto, Ontario
M5X 1C7

Phone number: (416) 800-5552 or (416) 479-0834

Email: contact@knightsbridgefx.com³

If you need to pay your international tuition fees or you want to convert your holiday currency back into CAD, Knightsbridge FX is a safe money transfer option.

Exchange rates set by Knightsbridge FX

Knightsbridge FX promises a Best Rate Guarantee for all currency exchanges, including Knightsbridge USD to CAD and CAD to USD. This guarantees that you’ll get a better exchange rate from Knightsbridge FX than your financial institution, such as TD Bank® or Scotiabank®.²

However, this doesn’t mean Knightsbridge FX won’t charge a fee on your transfer. The company doesn’t declare their currency conversion fees online – so you’ll need to get in touch with Knightsbridge FX for a custom quote.⁴

The Knightsbridge FX exchange rate fluctuates depending on when you decide to complete your transaction – and how much you want to exchange. This means you may not know exactly how much your transfer will cost before converting your money.⁵

You may also pay a markup on your foreign exchange with Knightsbridge FX – which can bump up the cost. Knightsbridge won’t charge you the same exchange rate as the company obtains for itself, instead choosing to set its own rates.⁵

This is different to the standard mid-market rate – and it means you could end up paying more than expected.

What is the mid-market exchange rate?

If you regularly send money overseas, make sure to look out for the mid-market rate. This is the fair, standard exchange rate – and it’s the only rate that doesn’t charge a markup on your money.

Banks and online money providers often set their own rates – and this usually includes a hefty margin on the funds you wish to send.

However, there is one which helps you avoid these extra costs. The money you want to send is the money you pay. That’s only fair, right?

Wise (formerly Wise) is your international money transfer alternative. Manage your money in multiple currencies, all at the mid-market rate. No markups, no hidden fees, no stress!

You’ll see everything you need to know before making your payment, including exchange rates and fees, with full transparency for every transaction. Choose how you want to send your money – and which provider works best for you.

Use Wise to send your money to USA, India, France, Morocco and more! You could also hold money in over 40 currencies, with no minimum transfer limit. Whether you want to send 10 CAD to your friends in the neighbourhood or 10,000 CAD to your clients abroad, Wise has got you covered!

Is Knightsbridge FX Safe?

Knightsbridge FX is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)® under the registration number M09819788.²

All funds are held in a segregated client account at a Canadian financial institution to keep your money safe. You’ll also receive a confirmation number when you submit your transaction, which you can use to trace your funds whenever you want. This can help you spot any issues – and you can speak to Knightsbridge’s customer service if you have any concerns.

Before you send money abroad

When you’re planning on exchanging currency, it helps to do your research. Whether it’s for business or a gift for your loved ones, send money with Wise and avoid paying hidden fees.

Sources verified on 12 March 2024