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Bank Exchange Rates

July 5, 2019 , by Kyle Rammler

See How Continental Compares to Your Bank

All of the large retail banks in Canada offer foreign exchange services. But not all FX is created equal. Below you can find a list of the top five retail banks in Canada with information on their foreign exchange rates and the number of currencies they have on offer. Remember, Continental Currency Exchange will beat the bank exchange rates!


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TD Exchange Rates vs Continental Currency Exchange

TD Canada Trust has over 10 million customers in Canada and offers foreign exchange on over 50 foreign currencies. TD exchange rates are available online and money orders can be made on EasyWeb, over the phone, or from a TD Canada Trust Branch.

Continental Currency Exchange has an edge over TD’s exchange rates and services for a number of reasons. From a smaller markup (about half of the 2.64% TD charges), to cheaper wires offered in more currencies and quicker, more convenient online ordering, when it comes to foreign exchange Continental is the way to go!

BMO Exchange Rates VS Continental Currency Exchange

Bank of Montreal offers exchange services on over 15 different currencies. BMO exchange rates are available online. Not all currencies are available at every branch, so you have to call ahead to your local BMO branch before you visit.

You can expect a markup of 2.65% on BMO’s exchange rates. With BMO’s wire fees ranging from $15-$125 as well, Continental Currency Exchange offers a far more competitive option for all of your foreign exchange needs.

RBC Exchange Rates VS Continental Currency Exchange

RBC offers exchange on over 30 foreign currencies. RBC exchange rates are available online. You can acquire foreign currency at your local RBC branch or an RBC US dollar ATM.

RBC charges a markup of around 2.60% on all exchanges, and while their international money transfer platform allows you to send money to 80 countries for $13.50, the fee for sending wires to a country not on that list is $45. Continental’s markup is half that of RBC, and wire fees are much cheaper. With a faster online order and delivery service as well, Continental on the whole offers a stronger alternative to RBC’s foreign exchange services.

Scotiabank Exchange Rates VS Continental Currency Exchange

Scotiabank offers foreign exchange on over 26 different currencies. Scotiabank exchange rates are available online and a list of their foreign exchange services can be found there as well.

There is a markup of 2.88% on all of Scotiabank’s exchange rates. When it comes to sending wire payments, Scotiabank charges $9 plus 1% of the sum transfer amount. Considering the size of the markup, even sending a small wire with Scotiabank will cost more than it would with Continental. But considering our online currency ordering and corporate FX services, Continental offers more for less.

CIBC Exchange Rates VS Continental Currency Exchange

CIBC provides foreign exchange on up to 65 different currencies. For information on CIBC exchange rates, call your local CIBC branch or visit their ordering site to order foreign currency online.

At 3.34%, CIBC’s exchange rates have the highest markup of any major bank in Canada. In spite of this markup, CIBC does provide some good services. With their Global Money Transfers you can send money to 50 countries for free so long as the total is under $15,000. If you’re sending over $15,000 or to a country not valid for Global Money Transfers, however, CIBC charges a $30 wire fee.

Considering the substantial markup though, even if the wire fee is waived, you may still find it cheaper to send wires with Continental. At any rate, when it comes to plain and simple currency exchange, Continental is without doubt your best option!

Best Rates Guaranteed

Continental Currency Exchange is a lot smaller than any of the banks listed above, but when it comes to Foreign Currency Exchange, we hit a lot harder. With over 160 different currencies available, we are far more capable of helping you prepare for your trip than the leading bank. Especially if your trip is taking you to more obscure destinations.

No matter where you are travelling though, we guarantee to beat the bank exchange rates. We consistently offer rates superior to the banks. But if you find a better rate with your bank and we can verify it, we’ll beat it! Which means more money in your pocket to enjoy your trip. Just the way it should be. Come to your local Continental branch today!

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