![]() ![]() As a federally-regulated financial institution, you’ll have to pass fairly thorough Know Your Customer (KYC) verification before being granted an account capable of trading. This being said, opening a KnightsbridgeFX account does require some effort. The only sure way to get a set quote is by calling in. Just remember that KnightsbridgeFX does not post its rates for every currency it trades in online, and those rates you do see in promotional materials can be subject to change. Before thinking about completing a trade, let’s take a look at their stated exchange rate for our example value of $1,000 (CAD).Īt a net of $744 (USD) for $1,000 (CAD), perhaps the inconvenience of calling is not a bad idea. The company I’m referring to which uses these ancient-seeming practices is KnightsbridgeFX, who can be reached via their call centre at 1 (877) 355 5239. The next method might stink a bit of the stone age due to the fact that it will require you to ( gasp!) pick up the phone and call a trader.īut I can promise you that the person on the other end isn’t trying to sell you penny stocks from within a sweltering boiler room – they’re just trying to help you offload your CAD for foreign currencies. What you sacrifice in expedience, though, you certainly make up for with a good deal. ![]() Wait a few business days for the funds to show up in your American cash account, but be advised that historically Wise has been slower for me than other forms of online transfer. Once you’ve hit send on your transfer, you’re all done. ![]() Still, at $1,000 (CAD) for $738 (USD), Wise is perhaps the most competitive USD exchange rates that’s widely available in the Canadian market. And because Wise codes as cash advance on all major issuers, it’s never recommended you use a credit card. Those fees are how they make their money, and the cheapest option will always be transferring from your bank account through Interac or direct debit versus using a Visa debit or – heaven forbid – credit card for the transaction. Just select how much money you wish to transfer, either directly from your bank or from funds which you’ve loaded onto your Wise Prepaid Visa.īe aware that as per the chart above, you’ll be subjected to certain fees on Wise’s end. You can add your USD bank account down south as a recipient, and send cash to it easily and directly. When you’ve made up your mind that it’s time to transfer, simply log in to the app or online. This makes it one of the easiest ways to see what a good USD exchange rate ought to look like. Wise openly publishes its exchange rates, which are some of the most competitive on the market, as well as an historical log of the Canadian dollar’s performance versus its American counterpart. However, it’s not the prepaid Visa I’m super interested in today it’s Wise’s international transfer services. I’ve written about Wise before because their prepaid Visa card has been a great addition to the Canadian foreign exchange retail space. Today, let’s take a look at five methods to get American dollars at a great exchange rate. This brings up another quandary, though: how can we best pay off our USD-denominated cards in their native currency, and perhaps optimize our USD spending money for any trips to the US while we’re at it? In fact, I’d argue that the Canadian Miles & Points scene is one of the best in the world, especially given how easy it can be for us to sign up for our American cousins’ cards. We are a country that gets to enjoy skiing, maple syrup, politeness, and excellent credit card rewards programs. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |