Common Montreal Foreign Exchange Services versus KnightsbridgeFX
In order to get currency conversion rates that are guaranteed to beat what the bank offers you, visit us at Knightsbridge Foreign Exchange Montreal or call our head office toll-free number 1-877-355-5239 for a completely free quote on our services.
Choose a smart FX service provider – choose KnightsbridgeFX. With KBFX you can save more money on our US dollar exchange rates than if you were to go to a bank. The best part is that if you find a favorable exchange rate, you can lock it in with us for a future date. KnightsbridgeFX maintains very high levels of customer satisfaction; as demonstrated by a 4.7/5 star rating on Google with over 100 verified reviews.
Montreal 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.
Popular Exchange Sources |
% Rate Mark-up |
More Information |
How Much You Could Save on $10,000 USD by Switching to KBFX |
KnightsbridgeFX Montreal |
0.1-0.8% |
Endless saving opportunities! |
|
RBC – Royal Bank of Canada |
2.60% |
$230 |
|
TD – Toronto Dominion Bank |
2.64% |
$234 |
|
BMO – Bank of Montreal |
2.65% |
$235 |
|
CIBC – CIBC Bank |
3.34% |
$304 |
|
Scotia – Scotia Bank |
2.88% |
$258 |
|
HSBC – HSBC Bank |
2.10% |
$180 |
|
Desjardins |
2.49% |
$219 |
|
PayPal |
2.50% |
$220 |
|
American Express |
2.50% |
$220 |
See above: the overhead table details a general rate comparison of a few commonly used foreign exchange services in Montreal. In this situation, the term mark-up is the percentage of profit on a given rate that FX service providers install to make money on the transaction. The act of adding a rate mark-up on FX is not inherently a bad thing – companies have business costs they need to make up for, especially considering that money transfer isn’t free. KnightsbridgeFX has a low mark-up because they operate with fewer overhead costs than the major banks do. This is good news to all of our retail clients – low operational costs allows the company to give out much better currency conversion rates than the competition. This is demonstrated by the table (and our currency converter/calculator which you could find here)
Please note that all information regarding these exchange rates have been retrieved from public sources. Some of the information may be outdated especially considering that spot rates are constantly in fluctuation, and bank policies often change. Since giving you accurate quotes from our competitors reliably is difficult, we greatly recommend calling each of these financial institutions to double check. As a blanket statement, the top five Canadian banks all compete with each other through offering similar mark-ups (roughly around 2.5%) but they do not offer better rates than digital only companies. If you still have doubts, feel free to call in to your local primary bank in Montreal and inquire about their exchange rates.
Why Are Montreal Citizens Exchanging Their Canadian Dollars?
If you ever plan on travelling or dabbling in foreign investments you’ll end up at a foreign exchange sooner or later. Regardless of why you’re transferring, you want to find the perfect service mix of speed, quality customer service, and transfer costs. Above it all is the exchange rate provided by these services. Especially if you’re making big purchase commitments overseas, the right rate could net you thousands of dollars in savings. KnightsbridgeFX (French) guarantees rates that are more competitive than any major Canadian bank you could name. Residents of Montreal typically exchange their CAD for these six reasons:
- Free wire transfers past minimum order requirement of $2000 (found at KnightsbridgeFX)
- Traveling south of the border to the US from Montreal and needing US dollars as pocket money
- Montreal snowbirds that can’t stand the harsh Quebec winter and require different currencies for foreign getaways
- To send a remittance back home to their family who live in a different country
- To obtain a foreign currency in order to make a large asset purchase/investment overseas, or to make payments on that asset
- To hedge the risk of the Canadian dollar by converting CAD into a foreign currency (upon speculating that the Canadian dollar will decline in value, usually due to economic conditions)
What Are The Best Ways to View Montreal FX Rates?
Ultimately there are two best practices that you could use to compare FX rates in Montreal, Quebec. The first method involves saving a lot of time at the expense of complete accuracy. If you find yourself too busy to research different financial institutions, simply use our live FX tools and check the comparison table near the top of this page. Alternatively, you could take it upon yourself to call every Montreal-based foreign exchange institution and view their rates manually. When you’re speaking to a company representative on the phone, you can make matters brief by asking how much it will cost to obtain $100 US dollars. While the total cost of the transaction may not be disclosed immediately, the representative should be able to give you the going exchange rate in a matter of seconds. In order to calculate the cost of the transaction, consider the amount of Canadian dollars it takes to buy $100 USD and divide that number by 100. The ratio you end up with the exchange rate that the bank offers. For instance, if it costs you $130 Canadian just to buy $100 US, then the exchange rate given is 1.3. Comparing this figure to the mid market rate would tell you the size of the bank’s markup. Once you’ve determined the markup percentage you can pair it with the fixed transfer fees to calculate the true cost of the transaction.
Why Should You Ask For Quotes Over The Phone?
Typically most financial institutions prefer when you call in and speak to a customer service representative simply because rates are hardly ever stable. As long as the world currency market is open, the value of these rates can easily shift up or down. Because of this, a bank’s website might not always be 100% accurate in their quoting – even if they use a live FX market tool there can be a delay. Calling financial institutions on your own time can be a lot of work and it is a very tedious procedure. However, it’s the only surefire way to get the timeliest quote possible from your bank.
How Come Exchange Rates Are Always Shifting?
Luckily the answer is fairly straightforward – rates that you see offered by FX service providers change because the value of a given currency on the global FX trading market changes. Any alterations in foreign exchange rate values are derived from fluctuating quantities of supply and demand on a world market scale. Since world FX market trading windows are open more than the NYSE, currencies are always being swapped and traded. Imagine a currency valuation as if it were a stock valuation: as long as there is trading (quantities being moved around) prices will never remain fixed.
In most cases, the spot price of a currency will rise and fall while the actual markup remains constant. For example, let us say that 1 US dollar is equivalent to 1 Canadian dollar on the world exchange. An FX service provider that offers a 10% markup will charge 1.1 Canadian dollars for 1 US dollar. Now imagine the US dollar doubles in value and now it costs 2 Canadian dollars to acquire it. It likely won’t affect a service provider’s 10% markup, in other words you would simply pay 2.2 Canadian dollars. Based on the assumption of a fixed markup; if you pay anything other than 2.2 Canadian dollars in this situation, the markup has changed. Alternatively you could transact deals that have a variable markup percentage. In this instance, the FX service provider will lower your markup based on the amount you wish to exchange. Typically higher dollar values translate to markup decreases – leading to a better rate for you.
Why Doesn’t Every Provider in Montreal Offer The Bank of Canada Currency Exchange Rate?
The Bank of Canada periodically announces the “interbank” rate which is primarily available to financial institutions that move very large quantities of currency. Speaking plainly, as a retail client you cannot expect to receive the interbank rate without a follow up cost. A general rule in the FX industry is that financial institutions add a markup to this rate which pays for the costs of the business. Once expenses have all been recovered through the markups, anything else is pure profit. The conventional banking system operates on a 2-5% margin on the interbank rate. While it sounds unfair to the customer, the truth is these banks need a substantial markup in order to maintain the business. A simple example would be this: a classical brick and mortar bank has to pay to keep currency on hand (storage/inventory cost). The bank also needs to pay the salaries of personal bankers and service representatives that provide foreign exchange, as well as the rent that stems from having multiple physical branches.
To even come close to the Bank of Canada rate you would have to book massive transactions, which the average retail client cannot afford. Truthfully, even if an FX provider received the interbank rate it would not make much sense to offer the same rate to clients – that would be an unsustainable business practice. Big banks however are no stranger to adding very costly markups on their rates. The reason they can get away with this is that Canadian bank users will choose the banks over third party foreign exchange services due to a lack of information about the industry. Until digital-only fintechs emerged, the classical banking system encountered virtually zero competition that could motivate clients to switch to another source. A very similar business strategy is applied at airport currency kiosks – customers who are in close proximity of one will sense that it is their only option, even if the rates are terrible. The big banks are also known for other services that have been historically reliable, so customers often tend to place a lot of blind trust into their FX service.
So Why Do Montreal Banks Have Unfavorable FX Rates?
Sometimes the truth can be shocking; the big Canadian banks in Montreal charge unfavorable FX rates primarily because they can. Historically, Canadian banking in general was run by an oligopoly (a collection of a few banks) because there were not many options to store your money safely. Banks target you with their FX offerings because you are already a customer, and they don’t need to convince you otherwise. After all, your money is probably being held in an account with them. Most Canadians living in Montreal have all their banking needs fulfilled by one or two major financial institutions. Despite banks having such large customer acquisition even to this day, newly emerging digital-only financial institutions are disrupting the space and steadily gaining market share. The reason being is that these companies prioritize savings and affordability, which is a primary driver for many individuals regarding their spending decisions.
Profits made from bank rate markups are not necessarily used for client retention, but they are still used to pay for sizeable expenses. Banks offer a wide range of different financial products and services, and so naturally they have high operating costs. They also own fully staffed physical branches that require constant upkeep (maintenance cost). The bottom line is that the big banks in Montreal need to charge higher rates than online third party FX providers just so big bank FX remains a profitable venture.
In order to receive the best FX rates in Montreal you’d have to look elsewhere than the conventional banking system. In other words, you can save more money currency exchange by dodging the “Big Five” Canadian banks. Nowadays, there are digital companies that specialize entirely in currency conversion in order to pass down great rates to their retail clients. Knightsbridge Foreign Exchange is one example of an online-only company that only mainly offers conversions and international money transfers. To reach their Montreal office, call (514)-613-0393 or check out their website here.
City of Montreal: 5 Ideal Ways To Convert Currency
1) Obtaining Less Than $2000 CAD or USD
If your primary bank offers currency conversion services and you’re only placing a transaction in the hundreds of dollars, you may as well use their FX platform. When you’re only transacting small sized orders, most individuals happily prioritize convenience over exchange rate savings. No matter which main bank in Montreal you choose, you’ll likely pay an unfavorable rate – although this only translates to a loss of a few dollars on small transfer amounts. Generally individuals choose a cash option to have some pocket money while travelling abroad, or spend locally as Montreal tourists (if converting to CAD). Typically in these instances the transaction charge is what you need to look out for as it is applied each time you book a transfer. Reputable third party FX providers won’t charge this fixed fee, but at banks it can range anywhere from $0 to $30 and possibly more. Although withdrawing physical cash using only your bank as an exchange won’t save you money, it saves you from the added effort of using an additional money transfer resource. Don’t worry; it’s not the end of the world when you give a few dollars away to save precious time and energy. Exchange rate values truly matter when you’re exchanging thousands of dollars.
2) Obtaining Over $2000 CAD or USD
Any time you wish to book FX transactions that range in the thousands of dollars, getting a good currency exchange rate is very important. In this regard it’s best to choose digital third party companies over the big banks. By selecting KnightsbridgeFX as your go to FX service provider, you could stand to save up to 2% on the rate that you pay. The dollars savings quickly add up, and on large transactions are very easily noticeable. In addition, KnightsbridgeFX would offer you free wire transfers and absolutely zero hidden fees on your orders.
3) Don’t Swap Dollars at Montreal-Pierre Elliott Trudeau International Airport (YUL)
Airport kiosks are undoubtedly the most notorious foreign exchange service in the industry. Even though these airport FX booths are known to have the heaviest rate markups available, people still use them due to them being convenient. At Montreal-Pierre Elliott Trudeau International the FX booth currency exchange rates are nowhere near as competitive as online FX specialist companies. Even in situations where you could get a decent rate, the booth will be sure to add a sizeable fixed transfer fee just for using their service. When it’s absolutely necessary to swap currencies fast (maybe you wish to buy foreign airport products in a different currency) keep the transfer amounts to a minimum.
4) Using the Right Payment Systems
While many individuals insist on exchanging with their credit card, it’s not always the best idea in terms of savings. Oftentimes credit cards charge have separate fee structures for currency conversion, in addition to the fees you pay just to keep the card active. Naturally, these fees and other hidden costs are located in your credit card’s foreign exchange policy, which differs by card type. The standard markup on offshore credit card usage is around 2.5% - unless you credit card has inherent travel or exchange benefits. Using a standard credit card without these benefits is certainly easy, but the payments add up fast. Because of this, optimizing your transfer payment method is very important.
5) Utilizing CAD-USD Denominated Accounts
If you find yourself buying and selling either dollar, you’ll need a proper place to store those funds – especially when it comes to large quantities. Generally speaking, you could store your non-native dollars in a cross border bank account. As a Montreal citizen, you can open up a US dollar bank account. Basically all of the big banks in Montreal offer these, here is a brief list. All you would need for this account is a few basic forms of ID and a willingness to make a deposit at the start. Some accounts are classified as chequing, some are savings accounts, and a few are hybridized (a debit account with a small rate of interest).
What to Consider When Booking Currency Conversion in Montreal
The fact of the matter is that there are often many great methods to exchanging currency that get overlooked. Swapping money in an optimized way is no easy task for the average retail client, especially since there are so many options in Montreal. Through a general understanding of how the industry works (and some pointers) your ability to save money can greatly increase. Countless financial institutions have profited off of ill-informed clients, and it continues to happen even to this day. With the growing adoption rate of the World Wide Web, individuals and businesses are learning about new and better options for currency exchange.
Compare Rates Constantly
Although it requires a ton of effort, it’s definitely worthwhile to always be checking rates if you consider yourself a frequent FX user. In the currency conversion industry especially, expedience comes at a big cost. Knowing this, it’s still worth mentioning that getting the most competitive exchange rate only really matters on high order values. The Canadian “big five” banks are known for overcharging their retail clients, but honestly you would not be sacrificing that much on small order values. Rate comparison and constantly monitoring the market are mainly used by individuals that place large transfer orders – in this scenario the exchange rate is very important. To give you an idea of the markups that banks charge, and how KnightsbridgeFX beats them, view this table.
Sadly the exchange rate isn’t the only thing you should be worried about when trading money. If you’re already considering the best exchange rates it is also a good idea to look over the additional foreign exchange fees these services charge. In order to receive the absolute best bang for your buck, you’ll have to look into fixed fees and variable percentage fees that can get added to your order. FX service providers with a weak reputation will often embed these charges within your payment, also known as “hidden” costs.
Perfectly Timing the World Currency Market
Being able to time the FX market with absolute certainty is a myth. In truth, the FX market is even harder to get right most of the time than the stock market. Foreign exchange markets are available at more hours during a standard week than the stock market, as one example. This makes timing perfect entries and exits much more difficult, especially since it’s harder to predict moments of mass volatility. At least if you’re trading on the Toronto Stock Exchange from Montreal you could reasonably access the market open and close during the workday.
As an average FX customer, your best bet is to simply wait until a rate turns favorable. Planning out the exact price points of currency in the future is near impossible. Even foreign exchange trading experts can get it wrong. As a result, we stress that timing currency prices should not be your main concern. Missing your desired rate by a few miniscule decimal points won’t place you in financial ruin, and so we aren’t able to recommend an exact timeframe to exchange. Luckily, KBFX will allow you to lock-in rates if timing is still important to you. The importance of FX timing scales with the amount you’re planning to transact.
While we don’t stress the importance of proper timing extensively, there are a few things that may give you an upper edge. It’s a general currency assumption that rates increase on weekends. This typically has to do with a shortage of money on-hand by the providers, since FX markets are closed on these days and live trading is pushed back to the next business day. From an economics perspective, this is what’s known as a supply deficit – demand on weekends may increase but there isn’t enough currency available to service customer needs, so rates go slightly higher. Perfect market timing does not actually exist, but you could benefit from small savings just by planning transactions during the workweek.
Convenience Can Still Be King
One of the most commonly answered questions in the foreign exchange business appears on almost every forum. Should I always switch service providers if the other one has better rates? The answer really depends on your individual needs and average transfer size. Of course if you already have a US dollar bank account set up and you’re trading a ton of currency in downtown Montreal – but hate their rates – you should switch services. We cannot stress this point enough; switching providers isn’t worth the hassle unless you’re trading several hundred dollars at the bare minimum.
On this note, registering for a US dollar cross-border account is also only worth it if you need to store hundreds or thousands of US banknotes. And even though most Montreal banks will happily store USD for you, you can’t place exchanges directly from the balance – especially if it’s a savings account. If you primarily deal with small sized transfers, you could simply use the same bank’s FX services to convert those dollars into whatever currencies you like. Otherwise you would have to involve a third party, which is not worth the hassle to save a couple dollars.
In the simplest terms possible; don’t switch banks or sign any contracts if the difference in savings is negligible. The larger your transfer amount, the higher your savings potential – at low dollar values it just isn’t worth it. Just because another bank offers a rate that is a marginal improvement, moving all of your money to them requires a ton of administrative elbow grease and paperwork signing.
Validate Your Foreign Exchange Service
Never stay on the fence about a Montreal currency exchange business. FX companies with a good reputation will gladly answer any inquiries and concerns if you prepare some questions. Just for example, here are a couple things you could ask that might ease your doubts about using them:
WHAT IS YOUR TOTAL TRANSFER COST? In almost goes without saying that this is a relevant question, but it’s vital that you ask this from the get go. An FX company’s main value to consumers resides in its ability to save people money. After all, the service is a commodity – if it costs too much money you should be looking elsewhere. When discussing the total cost with a customer service representative, make sure to inquire not only about the exchange rate but also about added fees. On sizeable bookings you should worry about the exchange rate and not so much the flat charge per transaction. Conversely, smaller bookings don’t necessarily need a good exchange rate but you should avoid substantial flat fees.
IS YOUR BUSINESS REGULATED PROFESSIONALLY BY FINANCE BOARDS? In Canada, there are a few primary financial regulators that make sure foreign exchanges are operating at the right standard. Three of the largest institutions are FINTRAC, BBB (Better Business Bureau), and AMF (Autorite des Marches Financiers) which operates in Montreal, Quebec. In the FX industry, it’s an unwritten rule to never go through with a service provider that isn’t properly regulated. Not only are regulatory stamps a sign of quality, but it should give you peace of mind that your money is secured.
ARE YOU AN OFFSHORE OR CANADIAN COMPANY? Knowing that your money is being handled by a company located near Montreal is always reassuring. Canadian financial institutions are heavily regulated to make sure that your funds are safe, plus you get the added benefit of knowing where their offices are located.
Buying in Cash the Right Way
Practically any bank branch in Montreal will rapidly convert between CAD and USD because of high demand. If you need to acquire US dollars, for any reason, you could simply walk into your nearest primary bank location and ask for USD and they will have it. Oftentimes this is the case with popular currencies – niche currencies however are not as obtainable, and oftentimes physical exchanges may not have it on hand.
Luckily there are a few Montreal-based FX institutions that will hand you physical cash, even though it might come with a harsh fee structure or a poor rate. Receiving currency in your hand will naturally be more expensive than a digital based transaction. In Montreal, you could easily exchange currencies with Globex2000 seeing as the company has a few locations near downtown Montreal. More specifically, you could find them on Union Avenue or on Saint Catherine Street. Before walking into one of their buildings you call them to inquire about their rates first at 514-933-2555. To lower your risk of money loss, don’t obtain more than a few hundred to a couple thousand dollars in cash. Physical money should be primarily used for spending; otherwise it’s best to electronically deposit it into your savings account.
Sometimes it’s a good idea to travel with non-native currency already in your wallet. Getting your foreign exchange out of the way before you depart Montreal could prevent you from getting caught in an FX scam overseas. Just be mindful of in-cash rates, because at the end of the day it is considered a luxury (not a money saver). We highly advise our retail clients to perform online transfers where the recipient gets the funding digitally, since the fees are usually much more lenient.
PROS |
CONS |
· ACCESSIBILITY – There are major Canadian financial institution branches spread out all across Montreal that are available for retail clients |
· POOR EXCHANGE RATES – Currency exchange rates from a bank often involve non-competitive and unfavorable markups |
· EASE OF USE – Banks are incredibly convenient, especially if you’re already signed up for one of their chequing or savings accounts |
· HIGH TRANSACTION COSTS – In a majority of cases, banks charge for wire transfers or add a fixed fee, and include a variable percentage fee to your order |
· SIMPLICITY – By choosing the bank over a third party service, you can buy, sell, and store currency with the same provider (less running around) |
· OUT OF TOUCH – Some of the transfer methods that banks use are severely outdated, especially when compared to tech-savvy digital exchange firms |
Looking Through Time: The Relationship between the CAD and the USD
The “CAD” also known as the Canadian dollar, or the loonie, is the official national currency of Canada. It’s considered acceptable as legal tender in every province and territory for buying goods and services. Canadian coins and banknotes enter circulation from the central Bank of Canada’s monetary system in partnership with The Royal Canadian Mint (which produces the coins). The CAD used to fall under a “fixed” currency system, but nowadays it is considered to be part of a “float” system. While fixed systems are somewhat outdated in North America, they involve pegging a currency value to a fixed denomination so it doesn’t fluctuate. A currency that is in float does not follow this rule – in fact it is the complete opposite. A float currency’s value is at the mercy of economic forces and its demand on the global foreign exchange market. As of today, Canada’s dollar is in float, much like many others.
Historically speaking, the Canadian and American dollars had a relatively stable in regards to their currency pairing. The CAN-USD pair has never really traded an exaggerated amount below or above the parity line. Both countries dollars had their rise and fall over each other throughout history, granted it was mostly the US dollar that held the lead. Since the US has a much stronger global economic influence than Canada, it makes sense that it’s valuation is typically above parity. In fact, even today the USD is quite a bit stronger than the CAD. Generally speaking, periods where the Canadian dollar outshined the US dollar had to do with faster and more efficient recession healing as well as more favorable commodity prices.
Exchanging the Cross-Border Dollars
On a foreign exchange market, the CAD:USD pairing symbolizes the Canadian dollar getting weighed (in terms of value) against the Us dollar. As long as the number associated with the pairing is not equal to 1, there is a value inequality – one is usually stronger than the other. The actual symbol USD:CAD is what market traders look for to quickly identify certain pairings from either side. Currency pairs are always denoted in groups of two, because we are comparing one against another, not multiple.
The number presented in a currency pairing is the ratio, also known as the currency exchange rate. Speaking plainly, this rate determines how much foreign currency you would receive if you sold exactly one unit of native currency. Let’s say the CAD:USD exchange rate was 0.76, this means that one Canadian dollar could only get you 76 US cents. From the other perspective, lets assume this translates into a rate of 1.31 for USD:CAD. Every time you would trade in one US dollar, you’d receive a full Canadian dollar back plus 31 cents. As a general rule – if the number is less than 1 for CAD:USD, the US dollar is stronger, and vice versa.
Please note that we have been talking about the mid market rate of exchange. These rates are, for the most part, unobtainable by the general public. They are saved exclusively for extremely large service providers. When retail clients wish to exchange currency, they need to pay for the actual trading service, so they get charged a rate higher than this. The mid market rate is a pure rate straight from the global exchange. You need to remember that currency exchange involves fixed transaction charges and rate mark-ups (a slight premium) so the service business can exist. For example, if the mid market rate of USD:CAD is 1.31, an FX service provider might charge a rate of 1.33, which is roughly a 1.5% markup.
How to Value Market Exchange Rates
In short – it is very hard. Determining the exact factors accurately and knowing the percentage influence they each have on a currency valuation is virtually impossible. The majority of foreign exchange market analysts agree that the inherent value of a fiat currency is determined by the strength of the country’s political and economic forces. Sometimes currency prices that are on an uptrend could signal optimism for the near future, even if same-day economic conditions are undesirable. Generally speaking, any number of political and economic factors could have an effect that creates an upward or downward trajectory – the difficulty is in predicting how much. On the political side, the Bank of Canada determines the going interest rates across the country in a controlled fashion. The same control mechanisms are set in place south of the border by the US Federal Reserve. These “interbank” rates are set to artificially limit or stimulate lending and borrowing.
On the other hand, economic variables are considerably harder to pinpoint. We simply do not know exactly how much direct impact an economic event would have in quantifiable terms. This is very similar to the stock market; once investors receive good news about a company, the stock price will likely shoot up, but it’s very difficult to predict by how much. This is another reason why we are not advocates for market timing – even professionals miss time their trades when exchanging currencies frequently. Nonetheless, here are five commonly referenced economic indicators that we can safely assume have an effect on our Canadian dollar.
- The GDP and GDP growth rate in Canada
- Canada’s outstanding international debt that needs to be repaid
- Canadian resident’s dollar purchasing power
- Canada’s primary trade commodity pricing and demand (lumber, oil, metals, etc.)
- The country’s inflation rate and how stable it is
How To Save More On Large Currency Conversion Amounts
The foreign exchange market is flooding with competition from the many digital-only FX firms looking to make a lasting impact. The best way to take advantage of the great deals offered by these online-only companies is to choose a reputable provider. KnightsbridgeFX is an online business that has successfully been in business for over a decade. And since their business operations are much easier to fund than those of a major banks, they can pass down their good exchange rates to you. The company offers a best rate guarantee, and they are confident in their ability to give you a cost-efficient transfer by pricing out all major Canadian banks.
Although physical bank branches are convenient to many customers, the simple truth is that they cannot save you much money. Based on their reviews online, many customers agree that making the switch to KnightsbridgeFX is worth it for the savings alone. We’ve shared with you a couple reasons that you could count on KnightsbridgeFX for cost efficient exchange:
NO HIDDEN FEES: KnightsbridgeFX practices fully transparent business with exchange rates that you can lock in. Once you’ve agreed to a rate, KBFX will send you a written confirmation that details the entire cost of your order – you only pay the exchange rate.
FREE WIRE TRANSFERS: As long as you’re willing to transact amounts over $2000 CAD, KnightsbridgeFX will give you free complimentary wire transfers on your funds.
STRONG REPUTATION: To this day, the company has serviced over 70 thousand clients and executed over $2 billion CAD worth of transactions.
SUPPORTED BY REGULATION: KnightsbridgeFX strives to maintain the professional financial business standards set by FINTRAC and AMF. The company’s identities within these boards are FINTRAC (#M09819788) and AMF (#904210).
AS SEEN ON THE NEWS: You can occasionally find KnightsbridgeFX being featured on the news for topics such as currency conversion and Canadian dollar forecasts.
What It’s Like to Live in Montreal, QC
Many would argue that Montreal is the crown jewel of Quebec, even when compared to Quebec City. It is one of Canada’s largest cities overall in terms of population size and density, and it is only around 200 kilometers away from the national capital (Ottawa). The city got its name from the rise in topography within the city limits called Mount Royal. Montreal is so unique when compared it to its other large Canadian metropolitan counterparts, mainly because the city’s primary language is actually French. While a good portion of Montreal’s residents are bilingual, you could easily get away with just being a francophone (granted this is the case for most of Quebec). Overall, it’s a beautiful modern city complete with its own rich history and memorable locations.
MONTREL QUEBEC: THE GOOD AND THE BAD
Montreal PROS |
Montreal CONS |
RESIDENCE: As a blanket statement, rent in Montreal is much more affordable than other large Canadian cities. This makes it more appealing for bachelors and individuals seeking to rent in downtown Montreal. |
BILINGUAL: While individuals who can fluently speak both languages might see this as a good thing, most Canadians can only properly speak one of either French or English. If you’re an Anglophone living in Montreal it’s not uncommon to encounter language barrier issues. |
CULTURE: Being a city that is both bilingual and highly accepting of people from all nationalities, Montreal is Canada’s multiculturalism hub where everybody can feel welcome. |
WEATHER: The harsh, cold winters in Montreal are very unforgiving. You’ll need quality winter gear to properly explore Montreal in the colder months, since temperatures are known to drop below -30 Celsius. |
LIFESTYLE: Once you visit Montreal you’ll immediately find out why it’s often called the “party” city in Quebec. The city is always hosting various festivals and large gathering events that are family friendly. |
TAXATION: Montreal’s social welfare program is outstanding – but that translates to a higher tax rate for everyone else. Both sales and income tax is higher than the national average in Quebec. |
BEER ACCEPTANCE: Unlike the other provinces and territories in Canada (including Ontario where most of Canada’s population resides) you can purchase beer in Montreal corner stores called depanneurs. |
PUBLIC TRANSIT: Even though the city features both an aboveground and underground system, Montreal’s public transit is fairly poor. Residents often complain about transit delays and broken down street busses. |
TRANSPORTATION: Since the city is so densely packed and most of the jobs are located in the inner city, not to mention downtown rent is affordable, it’s easy to get around. In the warmer seasons Montreal is simple to get around by bicycle – you don’t need a car. |
BUILD QUALITY: Montreal’s infrastructure is very old even in the modernized sections of the city, and so buildings have eroded quite a bit over time. Damaged buildings, faded paints, and crumbling debris are not uncommon characteristics when exploring the streets of Montreal, especially in older sections (see Old Montreal). |
Top 6 Best Activities To Do In Montreal
Luckily Montreal is a city that can be thoroughly enjoyed by people of all ages, social statuses, and nationalities. There is just so much to do throughout the year; even the coldest months host period festivals in Old Montreal. No matter what you end up doing during your visit – or maybe you’re considering residency – you’re pretty much guaranteed to have a wonderful experience. Here are some of the best things you could do within the city’s limits!
#1 Explore The Passageways of Old Montreal
Old Montreal is a historical district of Montreal that consists of rich history, strong Francophone roots, and an overwhelming amount of cultural art. Any Montreal resident, or even just anybody that’s been to the city, would say that you can’t miss out on Old Montreal. This little section features a glimpse of the past in the old-style building architecture and cobblestone roads. If you’re a window shopper this is the place to go, since there are so many small boutiques and shops with open doors.
#2 Venture Inside The Notre Dame Basilica
The Notre-Dame Basilica is one of Montreal’s oldest chapels, so old in fact that it’s even one of Canada’s oldest religious buildings (1640). Throughout the centuries the building has gone through numerous advancements and reparations, whilst retaining its ancient charm. It’s no wonder that the Notre-Dame Basilica is one of the most popular destinations for Montreal tourists.
#3 Climb To The Top Of Mount Royal
To be completely honest, Mount Royal is not an actual mountain in the traditional sense. It’s actually a massive hill or landscape rise located in the heart of Montreal. The view from the peak is phenomenal – it gives you a breathtaking view of the landscape that goes dozens of kilometers out. From the top of Mount Royal you can easily spot famous “Montrealian” landmark buildings and other natural features like Beaver Lake (Lac aux Castors).
#4 Visit Jean Drapeau Park (Parc Jean-Drapeau)
This park should be a staple on your list of things to do in Montreal when it warms up. Many of the activities on this list can be done regardless of the weather, but this park is best enjoyed in the spring and summer months. Ever since the park hosted the World Fair in the 1960s, the globally recognized “Biosphere” was left in the middle of the park for tourists to behold. Tourists can visit the massive bubble – now repurposed into an ecological museum – while admiring the park’s construction and taking a pleasant stroll.
#5 Sample the Cuisine
Montreal features two fabulous dishes that play a large role in Canada’s overall cuisine. More specifically, the city birthed the Montreal smoked meat sandwich and poutine! Poutine is a delicious meal that is recognizable by pretty much any true Canadian, and it consists of thickly cut potato fries smothered in gravy and topped with cheese curds. Fortunately there are plenty of great poutineries and smoked meat shops scattered within the city limits – especially in tourist dense zones. If you’re unsure of where to find one (or don’t trust Google reviews), try asking the local residents for restaurant recommendations. You just can’t visit Montreal and not sample either the poutine or the smoked meat sandwich.
#6 Enter Every Museum
One of the main perks to Montreal is the city’s general affordability – once you look past Montreal/Quebec’s hefty tax rates. In fact, the city features many cost benefits to individuals looking for art specifically. Montreal’s streets are practically littered with talented artists who love to place their merchandise and life’s work on display. There are dozens of niche art shops you could find just by adventuring through the city roads, and if you’re a fan of the fine arts you can stop by a museum – and this is all within walking distance. The best part of it all is that Montreal offers so many incentives to go see art, oftentimes it’s totally free. Even the city’s largest museums allow post secondary students to explore at a discount, and it’s not uncommon to find museums with a fully open door policy.
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