Currency Exchange Brampton

Brampton: Get a no-obligation currency exchange rate quote: 1-877-355-5239

Brampton Currency Exchange Rate Comparison With Banks

If you are looking for the best currency exchange rate in Brampton that will provide you BETTER than bank exchange rates, then call Call Knightsbridge Foreign Exchange (www.knightsbridgefx.com) at 1-877-355-5239 for a no-obligation currency exchange rate quote.

You can expect to save 1-2% vs. your bank's currency exchange rate. Don't overpay with the banks.

  Bank Spread % Source
  Royal Bank of Canada (RBC) 2.6% RBC Exchange Rates
  TD Bank 2.6% TD Exchange Rates
  Scotia Bank 2.8% Scotia Bank Exchange Rates
  Bank of Montreal (BMO) 2.6% BMO Exchange Rates
  CIBC 3.3% CIBC Exchange Rates
  Desjardins 2.5% Desjardins Exchange Rates
  HSBC 2.1% HSBC Exchange Rates
  KnightsbridgeFX 0.1%-0.5% Knightsbridge Foreign Exchange

You can compare the Canadian bank currency exchange rates using the links in the table above. The exchange rates can be obtained directly from the bank websites or you can also call your bank directly to see thier current exchange rate.

It is important to know the exchange rates change regularly, often every few minutes. Therefore, if you are doing a comparison, then you must call the banks quickly one after another so you can ensure you are comparing it properly.

Some banks do not post their exchange rates easily and they want you to call them to obtain the most recent currency exchange rates.

As you can see from the table above, most of the bank exchange rate margins are similar and are quite high. The bank exchange rates seem to compare and are in line with one another.

You can expect non-bank providers to offer you a better exchange rate than the banks. They are more nimble and have less overhead costs. Moreover, they can also simply just charge less margin than the banks. Since the banks have large market share and most people use them, the banks dont need to compete on price and offer cheap exchange rates.

 

Canadian Bank Forecast for the Canadian Dollar 2014

Most of the Canadian banks release a Canadian dollar forecast for the year and it is also updated throughout the year. Please call your bank directly to obtain their most recent Canadian dollar forecast as the information here could be dated.

Here is some information for 2014 for the Canadian dollar forecast by some of the Canadian banks (please remember this could be outdated and the information should be sourced directly from the banks. Also remember that you should not make any decisions based on the information here)

Scotia Bank is forecasting a 1.12 US dollar / Canadian dollar for 2014 and 1.11 US dollar / Canadian dollar for 2015.

RBC Bank is forecasting a 1.15 US dollar / Canadian dollar for 2014 and 1.18 US dollar / Canadian dollar for 2015.

BMO Bank is forecasting a 1.11 US dollar / Canadian dollar for 2014 and 1.14 US dollar / Canadian dollar for 2015.

CIBC Bank is forecasting a 1.08 US dollar / Canadian dollar for 2014 and 1.08 US dollar / Canadian dollar for 2015.

TD Bank is forecasting a 1.15 US dollar / Canadian dollar for 2014 and 1.11 US dollar / Canadian dollar for 2015.

National Bank is forecasting a 1.09 US dollar / Canadian dollar for 2014 and 1.09 US dollar / Canadian dollar for 2015.

*Call your bank directly to obtain the most recent forecast. Also note that forecasts may not come true.

It is important to remember that just because a bank releases a Canadian dollar forecast it doesn't mean that it will come true. Banks can be wrong and many times they are simply guessing. They change their forecast when events change.

There are a lot of factors that can influence the direction of the Canadian dollar. The Canadian dollar is based on supply and demand and this determines the price of the exchange rate of Canadian dollars in to US dollars. However, some of the factors that impact supply and demand are as follows:

Oil prices: Since Canada has a lot of oil, the price of oil can have an impact on the value of the currency. As oil prices go up, the value of Canada's natural resource of oil goes up. Also a lot of the companies in Canada are oil based companies, either exploration or oil services, so the economy could benefit when oil prices rise to a certain extent. The economy makes more money and grows as oil prices increase. This can attract people to invest in Canada.

Commodity Prices: Canada is also rich in natural resources. Therefore, when natural resource and commodity prices go up, more exploration occurs and these goods can be sold to other companies, people, and countries. This can help boost real estate land prices and helps to grow the economy when the prices of natural resources goes up. This increases jobs and brings in more money to the economy. This attracts investment in Canada.

Economy: Gross domestic product and jobs are key factors that determine the strength of an economy. As the economy is strong, this makes people more employed, they start to earn more money, wages can go up, and they spend more. This increased economic activity is also good for attracting capital in to Canada and this can boost the demand for Canadian dollars.

Bank of Canada: The Bank of Canada sets policy on interest rates. As interest rates rise, it can attract capital in Canada as many people will park money in a place where interest rates are higher.

Other factors: There are other factors not mentioned here that can impact the Canadian dollar.

 

Why Can't I Get The Bank of Canada Exchange Rate or the Rate on TV?

The rate you see on TV is called an interbank exchange rate. This is similar to the Bank of Canada exchange rate, which is called the interbank exchange rate. Often it is actually an average of a buy rate and a sell rate. This is considered the rate at which the banks will typically sell to each other in very large quantities, often millions and millions of dolllars.

Therefore, you need very large volumes like the banks to be able to access and obtain close to interbank exchange rates. The general public typically cannot obtain the rate seen on TV or the Bank of Canada exchange rate.

The Canadian bank exchange rates as you have seen in the table above include very large margin markups. This is how the banks make money. They buy it cheap and mark it up to make a profit. The margin the banks can add can be up to 5% or more depending on the currency.

Unless you are buying in millions and millions of dollars of currency, you should not expect to obtain the interbank exchange rate you see on TV or on the Bank of Canada. You should expect to pay some margin markup.

The banks have costs to provide you the service of exchanging money. These costs vary but some of these costs include the cost of carrying the money as inventory. Imagine, the bank has to have your currency on hand before you go to exchange money with them. This is an inventory cost. Although the banks typically take deposits and have large amounts of cash anyway, there is still an inventory cost to them.

The banks also have a cost of people for processing your currency exchange. It is not magically done. It takes resources to move it from one currency to another currency and the bank needs to hire both front line and back office people to get this done. This costs money.

The bank branch also is an overhead cost. They have to pay for people, retail space, equipment, lighting, and marketing to offer the currency exchange service to you. All of this costs money.

As you can see, the banks will have costs to provide the currency exchange service. That being said, the banks are also in business to make a big profit from you.

Especially, since banks control a very large percentage of the currency exchange market, they know that if they increase the price on currency exchange and charge a high margin, most people will still use them not knowing any better.

If you did not know any better than to compare exchange rates or look for another provider, then you would most likely just use whatever exchange rate the banks offered to you. Most people are also in a rush and they simply just accept whatever rate the bank charges.

Currency exchange providers, such as Knightsbridge Foreign Exchange, can undercut the bank exchange rates. They are specifically built to offer competitive foreign exchange services and they simply take a smaller markup than the banks. Because the bank markups are so high, they simply charge less than the banks.

 

The Best Way to Compare Exchange Rates in Brampton?

If you want to do a comparison yourself to see the most up to date exchange rates, then the first step is to call each bank directly. You want to call the bank and ask them if someone can assist you with obtaining a currency exchange rate. You will then ask them if that if you wanted to buy US$1,000, what is the amount you need to provide in Canadian dollars to buy this amount of US dollars. They will tell you the amount it costs in Canadian dollars to buy US$1,000. If you divide both the numbers it will tell you the rate. But you just need to know the amount in Canadian. You can also ask them if it includes all service charges and fees.

Now all you do is call some other banks and do the exact same thing. Compare the prices to buy US$1,000 and the cost in Canadian dollars. The one with the lowest cost obviously has the best exchange rate.

Now you also want to give a non-bank provider a call and do the exact same thing and obtain a quote on currency exchange. Compare the difference and then you can know how much money you can save.

 

What are Credit Card Exchange Rate Margins?

Using a credit card is very convenient. It allows you to buy things without holding physical cash. If you buy something in US dollars but have a Canadian credit card, the credit card company will provide you an exchange rate automatically to calculate the cost in Canadian dollars to buy the item in US dollars.

Generally speaking, the fee the credit card companies charge is built in the exchange rate you see. You can call your credit card company or look at the terms and conditions to see if the fee is outlined. A lot of people think that the credit card currency exchange margin markup is about 2.5%. This is high but is also reasonable for smaller purchases as it is really convenience. Many people do not have other options to buy small dollar amount items online in another currency, there simply arn't effective other options.

There is not much you can do other than to call your credit card company and ask for a discount. This rarely works because they know you dont have other options.

 

 

 

History of the Recent Canadian dollar Currency Exchange

The loonie is a term used for the Canadian dollar. It is often symbolized as "CAD" or "C$". The central bank that overseas the printing of the Canadian dollar is the Bank of Canada. The Royal Canadian Mint produces Canadian dollar coins.

The Canadian dollar as of early 2014 is considered weaker than the US dollar. However in 2013, the Canadian dollar was close to partiy, 1 for 1, with the US dollar. Prior to that, a few years prior, the Canadian dollar was stronger than the US dollar. However, in 2008, the Canadian dollar was weaker than the US dollar for a while beacause of the US recession. However, prior to that, the Canadian dollar was stronger due to the economic boom in Canada and oil prices. However, prior to that and for a while, the US dollar was a lot stronger than the Canadian dollar.

 

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