Foreign Exchange - anyone use Knightsbridge?

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May 14th, 2012 9:00 pm

LionheartMG [OP]: Member; Dec 11, 2009; 228 posts; 30 upvotes

May 14th, 2012 9:00 pm

Foreign Exchange - anyone use Knightsbridge?

Hi guys,

I was wondering if anyone has any experience with Knightsbridgefx? I won't post a link, but they say they will beat the bank's rate, with no fees. You send the money via online bill payment.

Well anyway, I was looking to see if someone can vouch for them, because I have 18,000 USD to exchange. Originally I was going to go with Norbert's Gambit, but I am very inexperienced, so I'm stressed out about that.

I called Knightsbridge to get a rate, and here are the comparisons on 18,000 (I checked the rate on them all within the span of 30 seconds):

Xe.com 1.00222 = $18,039.89
TD Canada Borderless account online exchange 0.9867 = $17760.6
Knightsbridge 0.99975 = $17995.5

So correct me if I'm wrong, but XE.com is the spot rate. I don't know how close Norbert's Gambit would get me to the spot rate, but I'll just assume it's dead on.

So the difference between NG and Knightsbridge would be $44.39. Since I am under $50,000 assets with TDW currently, I'd then have to pay $29.99 twice with the NG. (and worst case scenario running into a bad phone rep that charges me the phone trading fee).

So am I correct in thinking that Knightsbridge would be the way to go for me? I just don't want to be scammed, heh. But they seem legit with articles on globe and mail, toronto star, etc.

Let me know guys, thanks!

98 replies

May 14th, 2012 9:27 pm

LionheartMG [OP]: Member; Dec 11, 2009; 228 posts; 30 upvotes

May 14th, 2012 9:27 pm

I'm not 100% sure (I sent an emailing asking) but I think there will be a fee from the bank to receive the wire transfer from KnightsbridgeFX. With TD, that's $10 I believe. It still seems like a better option than the Nobert's G though, since I have the 29.99 trades with TD currently. When I get to $50,000 that'll change the situation.

May 14th, 2012 10:08 pm

LionheartMG [OP]: Member; Dec 11, 2009; 228 posts; 30 upvotes

May 14th, 2012 10:08 pm

Hmm I just discovered xetrade now. I'll have to see what rate they offer when my account is confirmed. This would be even better since they use EFT, so no wire transfer fee to receive from TD, and they have a lower minimum transfer. (Knightsbridge is 10,000)

I feel like a kid in a candy store finding all these options and not sure what to choose.

I can't believe how many times I used TD Canada's teller exchange rate.... BAH!

May 15th, 2012 1:04 am

AAA: Sr. Member; May 4, 2004; 511 posts; 22 upvotes; Toronto

May 15th, 2012 1:04 am

Don't really have experience with the one you mentioned but have you visited TD in person to negotiate for a better exchange rate?
Many many years ago, we went to a shopping mall which has both TD and BMO on different floors. We had 2 people, 1 at each bank stood in line to negotiate for better exchange rate. BMO turned out with better rate and would hold/lock the rate for certain minutes (you need a higher up employee there to do it for you), so the person in TD immediately got a draft note (I think that is what it called) from TD and ran to BMO to get it exchanged.

May 16th, 2012 1:00 pm

fennec88: Newbie; Dec 27, 2010; 1 posts

May 16th, 2012 1:00 pm

I used Knightsbridge back in December for $10K and again in January to exchange $140K. I got a great rate, it was hassle free and the money was deposited back into my account the next day. I used BMO online banking for the $10k and there were no fees. For the $140K I paid a wire transfer fee to send them the money but nothing to receive it.

May 16th, 2012 2:34 pm

sunnyd71: Deal Addict; Dec 9, 2006; 1274 posts; 131 upvotes

May 16th, 2012 2:34 pm

Knightsbridge looks quite good. I wonder if they allow for only large transactions or allow a mix of small and large. It seems that they only allow for wire transfer of the funds in the foreign currency, it is unfortunate they don't have EFT or the ability to send drafts like XETrade. Can someone confirm this?

How do the rates on XETrade compare to Knightsbridge?

May 16th, 2012 9:45 pm

enigma54: Deal Addict; Jun 15, 2006; 1439 posts; 296 upvotes

May 16th, 2012 9:45 pm

Does it strike anybody that it seems risky to wire $10k or $100k to Knightsbridge, or anybody for that matter, and then have to wait until the next business day for them to wire the US dollar equivalent back to you? I perused their website casually and everything looks legit, but....maybe I'm overly paranoid.

May 16th, 2012 10:09 pm

LionheartMG [OP]: Member; Dec 11, 2009; 228 posts; 30 upvotes

May 16th, 2012 10:09 pm

enigma54 wrote: ↑Does it strike anybody that it seems risky to wire $10k or $100k to Knightsbridge, or anybody for that matter, and then have to wait until the next business day for them to wire the US dollar equivalent back to you? I perused their website casually and everything looks legit, but....maybe I'm overly paranoid.

That is what I'm worried about and why I made this thread. A positive experience reply from someone with 1 post does nothing to ease my worries unfortunately.

I'm leaning toward just using xetrade.com, but I don't know... I think Knightsbridge has a better rate.

May 17th, 2012 9:49 am

sunnyd71: Deal Addict; Dec 9, 2006; 1274 posts; 131 upvotes

May 17th, 2012 9:49 am

Here's some more info:

[QUOTE]Hi,

Our minimum is US$5,000. We can only accept wire transfer or online bill payment if sending Canadian dollars. Bill payment is only with RBC, BMO, National Bank, and Desjardins and is under Knightsbridge Foreign Exchange.

Thanks,

Application Team | Knightsbridge Foreign Exchange
T: 416-479-0834 | T: 1-877-355-KBFX (5239) | application@KnightsbridgeFX.com

100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com[/QUOTE]

Jan 9th, 2013 5:28 pm

513263337: Deal Addict; Apr 10, 2010; 1395 posts; 205 upvotes

Jan 9th, 2013 5:28 pm

OP, how did it go? Which one did you end up going with?

Jan 9th, 2013 5:46 pm

LionheartMG [OP]: Member; Dec 11, 2009; 228 posts; 30 upvotes

Jan 9th, 2013 5:46 pm

I ended up going with Xetrade.com, because Knightsbridge doesn't allow online bill payment from my bank - TD. Meaning I'd have a wire transfer fee. But if I was with RBC or BMO I probably would've went with Knightsbridge.

Xetrade.com went smoothly - took about a week to get the accounts linked. The rate improves as you trade larger amounts, but if it's only a smaller amount, say $5000 - then TD Borderless isn't much different.

+1

Jan 9th, 2013 11:35 pm

513263337: Deal Addict; Apr 10, 2010; 1395 posts; 205 upvotes

Jan 9th, 2013 11:35 pm

LionheartMG wrote: ↑I ended up going with Xetrade.com, because Knightsbridge doesn't allow online bill payment from my bank - TD. Meaning I'd have a wire transfer fee. But if I was with RBC or BMO I probably would've went with Knightsbridge.

Xetrade.com went smoothly - took about a week to get the accounts linked. The rate improves as you trade larger amounts, but if it's only a smaller amount, say $5000 - then TD Borderless isn't much different.

Thanks for the update.

Apr 16th, 2013 5:12 pm

AMRivlin: Newbie; Feb 10, 2011; 70 posts; 7 upvotes

Apr 16th, 2013 5:12 pm

What was the reason KBFX can't be used with TD Bank?

Apr 16th, 2013 5:18 pm

laptop-tech: Banned; Jul 16, 2003; 10397 posts; 1468 upvotes; Toronto

Apr 16th, 2013 5:18 pm

Im not sure what the limitation is with TD.. you can send money to them in 2 ways : either "paying a bill" using your online bank or sending them a wire transfer. I bank with National Bank and added them as a payee and had no issues. The first 2 times I used them, I sent the wire transfer to their BMO account, but later on decided to to the bill payment option.
Great service, great rates...saved me a ton of money... used them to send over 350k overseas, so far.

Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428

Apr 16th, 2013 5:24 pm

AMRivlin: Newbie; Feb 10, 2011; 70 posts; 7 upvotes

Apr 16th, 2013 5:24 pm

I am not able to locate them in the TD bill pay system, but assume I can send them a wire. Maybe TD charges for wires, Ill have to check. It will still be a MASSIVE savings over the TD extortion fees.

Feb 10th, 2014 3:40 pm

tido88: Banned; Mar 12, 2010; 1281 posts; 53 upvotes; Aurora

Feb 10th, 2014 3:40 pm

LionheartMG wrote: ↑I ended up going with Xetrade.com, because Knightsbridge doesn't allow online bill payment from my bank - TD. Meaning I'd have a wire transfer fee. But if I was with RBC or BMO I probably would've went with Knightsbridge.

Xetrade.com went smoothly - took about a week to get the accounts linked. The rate improves as you trade larger amounts, but if it's only a smaller amount, say $5000 - then TD Borderless isn't much different.

In the same position trying to exchange $10k. From's Knightsbridge website

"3) You Send Funds
Send funds via online banking bill payment (we can show you how) or via bank wire transfer."

Unfortunately I have PC financial, and you can't setup a bill payment through this institution. Appears only TD and BMO has this ability with Knightsbridge. Costs $30 to wire transfer $10K to Knightsbridge.

Aug 26th, 2015 8:47 am

JohnCSRivers: Newbie; Jun 23, 2015; 8 posts; East York, ON

Aug 26th, 2015 8:47 am

tido88 wrote: ↑In the same position trying to exchange $10k. From's Knightsbridge website

"3) You Send Funds
Send funds via online banking bill payment (we can show you how) or via bank wire transfer."

Unfortunately I have PC financial, and you can't setup a bill payment through this institution. Appears only TD and BMO has this ability with Knightsbridge. Costs $30 to wire transfer $10K to Knightsbridge.

Hey but if you're saving around 1.5% to 2% on your rate $30 is much less than what you save. You're still net positive over a hundred bucks. I'd use that to take my family out for a meal or something nice...

Dec 30th, 2015 10:27 am

AMaZiNG_DeaLz: Sr. Member; Oct 16, 2010; 604 posts; 807 upvotes; Toronto

Dec 30th, 2015 10:27 am

This would be a good time to convert US$ to CAD$ or still wait and watch?

Dec 30th, 2015 10:40 am

sunnyd71: Deal Addict; Dec 9, 2006; 1274 posts; 131 upvotes

Dec 30th, 2015 10:40 am

AMaZiNG_DeaLz wrote: ↑This would be a good time to convert US$ to CAD$ or still wait and watch?

It's a great time but will next year/month/day be better? Who knows? There's always a risk involved in waiting but right now you know you'll get a good rate. I've personally converted 30% of what I aim to now, will wait until next year and see about the rest.

I've been using Currency Fair recently and have been getting good rates with their instant conversation hen compared to Xe trade.

Dec 30th, 2015 10:52 am

AMaZiNG_DeaLz: Sr. Member; Oct 16, 2010; 604 posts; 807 upvotes; Toronto

Dec 30th, 2015 10:52 am

sunnyd71 wrote: ↑It's a great time but will next year/month/day be better? Who knows? There's always a risk involved in waiting but right now you know you'll get a good rate. I've personally converted 30% of what I aim to now, will wait until next year and see about the rest.

I've been using Currency Fair recently and have been getting good rates with their instant conversation hen compared to Xe trade.

Thanks that's a good idea. Will check out Currency Fair.

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