While some banks are offering rates at a whopping 2.6% markup and more on US dollars, KnightsbridgeFX markups are typically only 0.5% to 0.8%. KnightsbridgeFX provides the lowest rates of any institution in Edmonton.
However, as a consumer, you should find the best place to exchange your money, which doesn’t always mean find the biggest one. In other words, they use the profits derived from their currency exchange platform to subsidize other parts of the business. Banks have high overhead expenses along with tons of infrastructure, administration and legacy costs. In the vast majority of cases, the big banks often don’t usually give out the best rates to their retail clients. Whether you are seeking to change the currency for commercial reasons, real estate investment, solo travel, or offshore education, getting the best rate is crucial. Foreign money conversions continue to present themselves as a large expense for businesses and individuals alike. Getting the best currency exchange rate historically involved a lot of shopping around and caused big issues. Therefore, being able to exchange Canadian Dollars to US Dollars at the best possible rate is crucial for most Canadian individuals and businesses. Thanks to a more interconnected world, Canadians have closer ties to France, England and other regions of Europe, but at the end of the day our neighbor to the South is still our most important trading partner. Countries and other world powers are doing more international trade and travel than ever before in history. With the rapidly increasing concept of globalization, the world is getting smaller and smaller.
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