Review: Knightsbridge FX international money transfers

Send fee-free international money transfers with Knightsbridge FX.

Quick verdict

Good for
  • Zero fees
  • Competitive rates
  • Large transfers
  • Secure
Not so great for
  • Online transfers
  • Fast service
  • Amounts under $2,000

Learn more about:

Knightsbridge FX exchange rates and fees

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.

Available currencies

Knightsbridge FX allows you to send money overseas in most major currencies, including:

  • USD US dollar
  • GBP British pound
  • EUR Euro
  • AUD Australian dollar
  • NZD New Zealand dollar
  • CHF Swiss franc
  • JPY Japanese yen
  • SEK Swedish krona
You can only send funds in Canadian dollars, US dollars, Euros, British pounds, Australian dollars, and New Zealand dollars.

What types of transfers can you make with Knightsbridge FX?

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.

How long does a transfer with Knightsbridge FX take?

Transfer times can vary based on what currency you’re sending.

Wire transfers and bill payments typically settle in 1-2 business days, while money transfers take between 3-5 business days.

What payment methods does Knightsbridge FX accept?

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 takeClock icon for transfer speed

1-5 business days

Is Knightsbridge FX safe to use?

  • Security and regulation. Bonded and insured, segregated account, electronic tracking
  • Established. 2009
  • Amount processed. 2 billion*
*According to Knightsbridge FX on 11 March 2019.

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.

How does Knightsbridge FX make money?

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.

How to register an account

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.

What is Knightsbridge FX?

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.

In a nutshell

Pros

  • Zero fees. Wire transfers are fee-free so you’ll only have to pay the margin on the exchange rate.
  • Competitive rates. You can take advantage of their best-rate guarantee.
  • Large transfers. There doesn’t seem to be a maximum limit on transfers, but you will need to send a minimum of $2,000 in most cases.
  • Security features. Knightsbridge FX is bonded and insured and your money is held in a separate account until it’s transferred to your recipient.

Cons

  • No online orders. You have to phone or visit a store in person to book your transfer.
  • Slow transfers. It can take up to 5 business days for your recipient to receive their funds.
  • High minimum transfer. You’ll need to be sending at least $2,000 to initiate a transfer, so it’s not good for small amounts.

How does Knightsbridge FX compare to other providers?

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 150 1 day CAD 0.00 0.76 USD
7,603
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.76 USD
7,596
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details
CAD 50 1 - 2 days CAD 75.00 0.763 USD
7,577
Quick and simple international money transfers with zero-margin exchange rates. Typical fees vary from 0.25 % to1.0%. Earn loyalty points on sign up, referral and every transaction. Go to site Show details
CAD 0 1 day CAD 0.00 0.76 USD
7,603
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
GBP 5,000 1 - 2 days CAD 0.00 0.76 USD
7,601
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate. Go to site Show details
CAD 2,000 1 day CAD 0.00 0.76 USD
7,603
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Go to site Show details

Compare up to 4 providers


The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may differ from the actual exchange rate quoted by the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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