Currency Exchange Markham

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

Currency Exchange Markham Rates

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

Markham 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.



Spread %



Royal Bank of Canada (RBC)


RBC Exchange Rates


TD Bank


TD Exchange Rates


Scotia Bank


Scotia Bank Exchange Rates


Bank of Montreal (BMO)


BMO Exchange Rates




CIBC Exchange Rates




Desjardins Exchange Rates




HSBC Exchange Rates





Knightsbridge FX


Knightsbridge FX - 1-877-355-5239

You’re probably asking yourself, why do banks charge so much more than a company such as Knightsbridge FX? The reason is quite simple; banks have a lot of overhead costs such as salary and rent in divisions that aren’t even related to foreign exchange! As a result you’re paying extra money to help them fund other parts of their business. With the internet and information all around us, we can make a smarter decision and beat the big guys. To do so, just pick up your phone and call the bank for a no-obligation quote on an amount such as US$1,000. You can then call another currency exchange provider such as Knightsbridge FX for a quote on the same amount. This will give you a clear idea as to how much money you can potentially save by considering an option besides the bank. Regardless of who you choose, both options should give you a discount on larger transactions.

(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 Markham 

- Large Currency Exchanges (Above $5,000)

Let’s be honest, the banks make enough money as it is. Why should we be putting money in the pockets of big bank executives when we could save that and use it for something truly meaningful? Well the answer is when it comes to denominations above US$5,000, we can. Banks have huge markup fees and going to other currency exchange providers such as Knightsbridge FX can save you 2% or more compared to the banks exchange rate. This is because companies like Knightsbridge FX are specialized and call the banks daily to guarantee the lowest exchange rates in Canada. They have lower overhead costs and expenses and can afford to give you a lower and much more reasonable rate. You can contact them at 1-877-355-5239 or visit their website at It usually takes 15 minutes or less to open a US bank account if you already have a Canadian bank account and bank transfers happen electronically and immediately.

- Small Currency Exchanges (Below $5,000)

It’s not always possible to exchange in amounts over $5,000, we may simply not have that much money or our needs simply don’t require that much money. For example, a week’s vacation or cruise in the US will probably find yourself not needing that much. Unfortunately, there is not much you can do to save as much as you would with transactions over $5,000 with companies such as Knightsbridge FX. However, there are a few things you can consider to choose a provider that aligns with you. If you do a lot of foreign transactions or have a business with your bank they can possibly provide a more competitive rate. Otherwise, most Canadian banks offer relatively similar rates and at that point, closeness or convenience may be the deciding factor. Another factor to consider is if they hold your desired currency in stock. For example TD foreign exchange services has over 50 currencies ready to sell and can be a good option in Markham. Alternatively you can just call in to the location or bank you’d like to use and ask in advance if they have or if they can get the currency you desire. Keep in mind, the banks charge a large mark up and the exchange rate they give you is a “cash rate”. The rate you see on business news outlets or the newspaper is called the “spot rate”. The “cash rate” is often 2-3% higher than the spot rate so if possible consider trying to save your transactions until you have at least $5,000 so you can save on the exchange rate at companies like Knightsbridge FX.

- Which Bank Has the Best Exchange Rates in Markham

We can spend a lot of time discussing which banks provide the best rates but at the end of the day they charge huge markups and the differences are quite small. What’s most important is finding a bank or provider that is aligned with your interests and currency exchange habits. That being said, if you insist on finding a bank with the lowest rate, that bank is HSBC. This is because they are an international bank with international clients with a lot of foreign exchange needs. Naturally, they have specialized in this service to be one of the best amongst global and Canadian banks. However, HSBC as choice comes with one major drawback and that is locations. Due to its international business, HSBC has fewer locations in Markham. If it is inconvenient to go to an HSBC location, the savings may not be worth it. Another thing to consider is the amount of money or the frequency at which you exchange currency. If you’re looking to trade US$5,000 or more or exchange money very frequently, consider a company like Knightsbridge FX which can save you 2% or more on each transaction. That means on a single $5,000 transaction, you can save $100 or more. This may not seem like much but remember, the larger the transaction the more you save and also at the end of the day it’s extra money in your pocket.
If you don’t frequently exchange money or when the amount is less than $5,000, any Canadian bank will work just fine. Other options, besides HSBC if it’s inconvenient, include RBC BMO, TD at a slightly higher cost. If you are frequently travelling to the US, most banks also offer “borderless” services that can offer you more competitive rates. An example would be TD borderless exchange that is generally .7% lower than its standard rate. Keep in mind, a company such as Knightsbridge FX can still provide savings of 2% or more, even on borderless rates.

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

Congratulations! You’ve been accepted to a school in the US or you’ve been employed in the US. What now? Well undoubtedly, you will have tuition to pay or perhaps family members in Canada that you would like to send money to. Haven’t done this before? No problem we’ve written some key information to help your first foreign exchange experience easy.


Usually the first step to exchange currency is registration. Whether using a bank or another currency exchange provider, registration is a necessary requirement for banks and other providers in order to follow laws and regulations as laid out by the Government of Canada and FINTRAC. If you would like to learn more you can visit the FINTRAC website here: ( Before registering at any provider it is generally a good idea to perform some background research first to ensure the provider is right for you.

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

Just like how the LCBO asks for ID to enforce legal age drinking, foreign exchange and money service companies must validate your identity to ensure you are who you say you are and that there is no fishy business. A company that requires you to validate your identity is in compliance with the law and regulations of Canada and FINTRAC. Any company that does not require you to do so should not be trusted.

Choosing a company

Generally you can just contact your bank or any Canadian bank for foreign exchange services. However, it is good to know that they are not the only foreign exchange providers out there. A Google search or a flip through the Yellow Pages can yield some fairly positive results. There also forums on the internet with discussions and general consensuses on the best provider. If exchanging amounts greater than $5,000 there are companies other than the bank such as KnightsbrdigeFX that guarantee low and reasonable rates with savings of 2% or more.


It is difficult to time the market and conduct foreign exchange at the most opportune time. However, we can still use timing to our advantage to minimize the hassle and inconveniences of life. For example, you need to exchange Canadian dollars for US dollars in two days. Unfortunately, when you go to exchange your money in two days your car breaks down. Now you’re stuck on the side of the road and the bank is closing soon. Problems like these are easily avoidable but following a simple rule of thumb of exchanging your money at least a day in advance can go a long way. Not only will it help you avoid unanticipated problems but you can also monitor exchange rates and have a higher chance at exchanging when rates are in your favour rather than taking the rate given on the last possible 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 Markham 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.


- 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.