- Zero fees
- Competitive rates
- Large transfers
Not so great for
- Online transfers
- Fast service
- Amounts under $2,000
Knightsbridge FX offers free wire transfers to countries around the world. The company doesn’t post their exchange rates online, so it’s difficult to say how competitive it is but there is a best-rate guarantee.
If you send money overseas with Knightsbridge FX, you may be able to save around 1.5% to 2% on your total transfer amount when compared with the major banks. This means that its rates are on-par with other specialist money transfer services.
Knightsbridge FX allows you to send money overseas in most major currencies, including:
Knightsbridge FX allows you to make international money transfers over $2,000 with no maximum limit. You can book your transfer over the phone or in person, but there are no online options for sending money.
To get started, you’ll need to specify whether you want to book a spot rate, which processes immediately, or a limit order, which allows you to lock in a favorable rate before the transfer goes through.
You’ll be able to send money directly to your recipient’s bank account so long as you know their banking information, including bank name, account number and SWIFT or IBAN code.
Wire transfers and bill payments typically settle in 1-2 business days, while money transfers take between 3-5 business days.
You can only pay for your money transfer with a bank transfer. Unfortunately, other payment methods aren’t accepted, including credit, debit, cash, cheque and bank draft.
Transfers typically take
Knightbridge FX has to keep client funds in a separate account at the Bank of Montreal. All transactions have a confirmation number and can be traced electronically with Canadian banks.
Knightsbridge FX makes its money by charging a spread on the exchange rate. You need to call in to find out what its exchange rates are, so it’s hard to say if they’re competitive. That being said, it does claim to offer a savings of 1% – 2% over the big Canadian banks.
For example, if the mid-market rate to send CAD to USD is $0.751, the bank will offer you a rate of $0.735. Knightsbridge FX might offer a rate of $0.745, which means that you’ll save $0.01 per dollar on your transaction. If you send $10,000, this adds up to a savings of $100.
Creating a personal or corporate account is simple. You’ll just need to complete an online form, and then verify your identity and banking information before you transfer money. This will require uploading a driver’s license or a passport as well as a copy of your bank statement showing your name and account number in Canada.
Once you’ve been approved, Knightsbridge FX will send you an email with your account number. After that, you’ll need to call their trading floor to book an exchange.
Knightsbridge FX is a Canadian money transfer service offering personal and corporate accounts. It has locations in almost every capital city in Canada, with the headquarters based in Toronto.
Knightsbridge FX is just one among many banks and specialist companies offering international money transfers. Use our calculator below to see how it stacks up against the competition.
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