Which Toronto currency exchange is the best? Sounds like a dumb question, how can one company be objectively better than another? When dealing with currency exchange it is very possible. Price, security, and speed are the most important factors in any foreign trading service. Here’s a look at 3 the biggest ones in Toronto. |
Knightsbridge FX: Price: Knightsbridge FX are winners here. They have a rate matching policy that ensures they will always offer customers the lowest possible exchange rate. Security: They are registered FTRAC and have never had a major security issue. No company on this list has security issues. Knightsbridge gets extra points for including links to testimonials, which prove customer’s sense of security with the company is genuine. Speed: A one business day max on transactions is as good as your going to find anywhere else. Weakness: Knightsbridge FX only deals with exchanges to American currency.
Guardian International Currency Price: Their prices are competitive but there is no rate matching policy. Also 2% fee on foreign currencies purchased on credit cards almost nullifies the savings you get from choosing an exchange company over a bank. Security: Guardian has an impeccable reputation for safety all over the world. Speed: Banknotes in 80 currencies can be picked up in their office usually the same day you request them while exchanges differ depending on the countries involved. Weakness: not matching competitors rates means you could potentially save more money elsewhere
Interchange Financial: Price: Like Knightsbridge Interchange has a relatively straightforward rate guarantee policy. Security: Interchange has been successfully conducting transfers for over 20 years. This article won’t be mentioning companies with security issues. Speed: Many transfers are instantaneous but money orders to certain countries can take more time. Weakness: Interchange offers many services that are ideal for businesses moving money between different countries but might not apply to someone traveling for pleasure.
Conclusion: You won’t really go wrong with any of these companies. They’re all safe and will cost less money than a bank. They also all specialize in something different. http://www.KnightsbridgeFX.com is by far the best option for American exchanges. The company specializes in US currency, guarantees the best rate, and has a sterling reputation for safety and customer service. The same can be said of Interchange, though many of their services are specifically designed for businesses. They can probably handle personal travel but it is not their expertise. Guardian is a must for less common destinations and anywhere in Asia or Africa, they serve over 80 countries while Interchange deals with the US and Europe.
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