Foreign Exchange - anyone use Knightsbridge?
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!