The Best Ways to Convert Canadian Dollars into US Dollars

I recently tried Knightsbridge but the problem is you can’t pay them electronically, you have to visit your bank and send them a draft! The rate at xe.com is nearly as good and it can be done without the hassle.

We currently have the reverse situation. We have bank accounts both in the USA and Canada and would like to transfer/convert some money from US (USD) to Canada (CAD). Should we open a Wise US or Wise Canada account for this operation. Both seem possible. Does it make a difference? Can anyone advise?

A phone call can avoided with KnightsbridgeFX. You can book your currency trades via a chat window on their website.

Compare everything in the form of commission fees or spread. Bank in house average is 3%.. I used Knightsbridge for years and negotiated a commission of 0.6%… Yeah hated calling in and during banker hours. XE was next. More flexibility. Use the app any time of the day. Negotiated a 0.58% rate. Now i use Wise for smaller transfers (<15k as its gonna be a wire above that)…. Wise is almost on par with XE.
Speed… In bank? Instant.. Knightsbridge is 4-5 days. XE is 3-4 days. Wise. Instant (and cheaper) if just transfer to use on the card. 8-11hrs if used as a transfer service as the others.

You should definitely check out Interchange Financial. They have a much better exchange rate than Knightsbridge on CAD to USD for both electronic and cash conversion (they also do cash for all other currencies and they have it available all the time – no need to book in advance like the banks). Live exchange rates for all currencies are published on their website. They have multiple locations in the Toronto area but also ship all different kinds of foreign currencies anywhere in Canada for free insured by Canada Post. By far the best currency exchange service I ever experienced in Canada is Interchange both for small amounts and travel needs and also large converts for purchases in the USA.

Your article missed a much better and easier way to convert CAN$ to US$ every month or as needed basis. Key is to have a US bank account.
Canadian Snowbird Association transfers millions of $ on a monthly basis for its members at a rate that is much better than the 5 you have mentioned in your article.

Seems like a lot of work for literally a few dollars!!!! Unless I am buying $50K it isn’t worth the hassle to worry about $8-10 on $1000.

Just an FYI that Questrade doesn’t do fractional shares. Those “nasty fees” you’re referring to are actually ECN fees charged by the exchange. You can find more info about ECN fees, and how to avoid them, on the Questrade website here: https://questrade-support.secure.force.com/mylearning/view/h/Investing/ECN+fee+guide/

Knightsbridge is the best. You call, you get the paperwork with the guaranteed exchange amount possibly while you are still on the phone, sign it, send a jepg back and in a few business days you have the money. Larger amounts of money, thousands and thousands, get better rates. Initial set up is easy and future transactions are even easier as you will have an account. Nice thing is that someone on the other end will literally walk you through the process if you have never done anything like this before.

You should look into the crypto.com prepaid credit card. A massive unadvertised benefit of it is that you’re able to charge it in CAD and use it in the US while gaining 2% cash back AND getting zero currency conversion fees/markup.

+1 for Wise from me, good for small transaction (a couple thousands, still not rich enough to buy a condo sadly). Takes about 1 day from my Canada bank account to Capital One US bank account (also highly recommend Capital One checking account: no min, no fee, just leave it open)

I have used KnightsbridgeFX to purchase my condo in Florida and nothing else came close to them by far

4b) If you’re staff or know someone that works at a bank, take advantage of their staff exchange rate, which is basically spot. Blows all other options out the water