Which Toronto Currency Exchange Has The Best Price

Protected by Copyscape Unique Content Check
Published: 06th February 2017
Views: N/A

Which Toronto currency exchange has the best price? Technically a lot of them do. Knightsbridge FX, Interchange Financial, Guardian International Currency, Taheri Exchange, and many others will all advertise the same or very similar rates. The key to finding the best rate in Toronto is understanding each company's claim to offering you the best price and navigating their hidden fees.

Choosing the best foreign currency option could depend a lot on where you're going. Guardian deals with the highest number of different countries but buying currency through their new online stores carries a 2% processing fee. That might not sound like much but currency exchanges stay cheaper than banks by avoiding bank's typical 2.5%. Right now Guardian doesn't save you much money if your buying currency on a credit card. Taheri, Calforex, and Currency Exchange Toronto all advertise low prices but only Knightsbridge FX and Interchange Financial guarantee the lowest rate with price matching policies.

Astute consumers separate price and value. The best price does not necessarily mean it offers the best value if that low price is for a proportionally lower quality of service. This is another area where Knightsbridge and Interchange separate themselves, while Guardian and Interchange present stronger than Taheri and Calforex. All companies are registered with The Financial Transactions and Reports Analysis Centre of Canada (FTRAC) meaning they have virtually the same security measures as a major bank. Knightsbridge FX, Interchange, and Guardian show off their superior client services through testimonials, links to press coverage, and with simple registration processes. Knightsbridge scores major points by being the only one guaranteeing the transaction will be completed in 1 business day or less. This might be possible because Knightsbridge FX only handle Canadian to American exchanges. Guardian for example, trades currencies on every continent.

Other foreign exchange companies specialize in unique areas, for example Taheri's website touts their rates with the Mexican Peso and Hong Kong Dollar. There isn't any real reason why exchanging money is different in one area than another, though experience dealing with a certain country brings familiarity to the process, which ultimately helps it run smoother. This kind of specialization can add a sense of security for people weary of using an exchange company over a bank. Remember, foreign exchange companies would not exist if the banks could offer lower rates. If saving money is your main concern then a reputable foreign exchange company with a strong track record in the currency you wish to exchange is the best option. Some foreign exchange companies can undercut the banks' prices by cutting corners with security. Those companies aren't discussed here and frankly do not last very long. There are more than enough reputable exchange companies in Toronto so you can pay less than the bank rate while your money is safely converted.

So where do we recommend exchanging your money. If you're going to The States than its Knightsbridge FX. They're simple registration process, rate matching policy, and reputation for security makes it an easy choice. The rest of the world is not so simple, we'd lean on Guardian if you're not using a credit card and need a variety of different currencies while Interchange Financial is a good choice for more casual international travelers.

This article is copyright

Report this article Ask About This Article

More to Explore