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The Best Place to Buy or Sell US Dollars In Burnaby

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The Cheapest Way to Buy or Sell US Dollars in Burnaby

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Bank Markup % Source
Royal Bank of Canada (RBC) 2.60% RBC Exchange Rates
TD Bank 2.60% TD Exchange Rates
Scotia Bank 2.80% Scotia Bank Exchange Rates
Bank of Montreal (BMO) 2.60% BMO Exchange Rates
CIBC 3.30% CIBC Exchange Rates
Desjardins 2.50% Desjardins Exchange Rates
HSBC 2.10% HSBC Exchange Rates
     

Knightsbridge FX

0.1%-0.5%

Knightsbridge FX

1-877-355-5239

The chart above lists the spreads charged by many of the major players in the Canadian banking sector for exchange services. The data in this chart is all sourced either directly from the website of the respective bank, or by directly calling them and asking for an exchange quote. The first thing you’ll notice is that most of the major Canadian banks have spreads that are either identical or that differ by a very small amount. The larger the spread, the more expensive the exchange rate. The inverse is also true: the smaller the spread, the cheaper the exchange rate.

If you’re looking to compare the exchange rates of different banks, you can simply look at the spreads. Banks that charge a larger spread will be more expensive to exchange your currency at. If you wish to see the difference that one rate will make in comparison to another, you can multiply the amount you wish to exchange by the spread. This will serve as a proxy for how much your bank charges you to facilitate the transaction. Again, the larger that figure, the more expensive the exchange rate will be for you.

Next, you should compare the rates given by your bank to the rates charged by a foreign exchange provider such as Knightsbridge Foreign Exchange . A quick glance at the table reveals that the spreads charged by Knightsbridge Foreign Exchange are 2%+ better than the rates charged by your bank. On large transaction amounts, these differences can equate to significant savings.

 

Get better exchange rates than the banks, visit KnightsbridgeFX.com or call 1-877-355-5239.

 

Burnaby, British Columbia

With a population exceeding 200,000 inhabitants, Burnaby is British Columbia’s third largest city, trailing only Vancouver and Surrey. Since its incorporation in 1892, the community in Burnaby has evolved from rural, to suburban, to urban. Despite being home to many commercial firms, including British Columbia’s largest commercial mall, Burnaby maintains one of North America’s highest ratio of park land to residents.

Burnaby has always had a large base of immigrant communities. In a 2006 census, 54% of Burnaby residents reported having a mother tongue that is neither English nor French, highlighting this diversity. Economically, many major firms have significant operations in Burnaby, including Telus, Electronic Arts, Chevron Corporation, and Petro-Canada. Burnaby is also the home town of prominent Canadian singer Michael Bublé, as well as many famous Canadian ice hockey players, including Joe Sakic, Ryan Nugent-Hopkins, and Karl Alzner.