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https://www.knightsbridgefx.com
October 10, 2018
9:05 am
abstech17
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Has anybody dealt with this website?? Good ? Bad??
A Cru

October 10, 2018
10:45 am
NorthernRaven
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I haven't actually used them myself, but I looked at them a little bit years ago, and there have also been some good mentions on the web. What sort of quantities are you looking to exchange? If it is mid-to-high five figures KB seemed able to provide some pretty low rates. Someone converting $500K for a house purchase in California got it for an incredibly low 5 basis points. If you are doing small amounts, they may not be much different than some of the other online forex options, I don't know.

October 10, 2018
6:22 pm
maGIC
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Check out "Agility" it is a BC outfit. I have used them numerous times. Minimum is $3,000 USD.
I have done 3,000 to 50,000 USD.

You sign up for free
Works best with an RBC account but may be at other financial institutions now. At RBC, Under bill payments -add a payee "Agility" is on the list.

Once set up at Agility, you get a user name and password and log on line to Agility website.

You pick the currency I have ...and the currency I want and the amount.

Then click get quote. It instantly provides the exchange rate and the amount it will cost.

I usually watch the live rates at another website that shows bid and ask prices just to see how many basis points Agility is from current ask price
Usually it is 2 to 4 basis points.
You have I think it is 15 seconds to decide, then it grays out. Then just ask for another quote. These are live rates.

If you like the price you execute the trade

Then log into your bank (I use RBC) that has Agility as a payee and pay Agility the amount.

Agility then sends the foreign currency to your foreign currency account within 2 days.

In the past I have used Scotia Bank and CIBC and paid about 2.5 %

With Agility as I said it is about .2 to .4 %

The more the amount ...the better the rate

I looked into Knightsbridge back when I set up Agility.

Both are very close in rates, but being able to pay a bill on line without having to mail a cheque or pay for a wire transfer, for me was and is better. And Agility beat the rate by about 2/10 of a basis point.

I am not sure how Knightsbridge deals with the logistics and if there are fees in the way of transfers now.

Example $10,000 USD would cost about 20 to 40 bucks over the actual live rate compared to a bank at about $250.00

October 10, 2018
6:30 pm
maGIC
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https://agilityforex.com

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October 11, 2018
5:11 pm
Save2Retire@55
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I am not sure what you mean by good .. bad. When I want to buy foreign money, I check all the sites I get on the first 2 pages of Google search. Compare the rates and just go with whoever gives me more money 🙂

October 12, 2018
7:59 pm
rodeworthy
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I have used Knightsbridge FX exclusively for $US purchase for a few years. They are very good. I phone in for a quote. If it is satisfactory to me, I book it. I keep $CDN at RBC Hi-Interest Savings. I transfer enough from there to cover the transaction into my RBC chequing account and use bill payer to make the payment to KFX. The $US are returned to my RBC US dollar account. I can then transfer to my RBC Bank account in USA as needed. I keep most $US in Canada because I earn interest on it. I can move money as needed to USA using online access to RBC. The transfer is virtually immediate. I buy $5K to $10K at a time. I am prepared to buy more if exchange rates ever get better. I was advised it requires a minimum of $50K to get a further reduced rate. I only buy $US for personal expenses while in USA. Have not tried to convert $US to $CDN. KFX transaction completion time has varied from 2 to 4 days. No problems to date.

Hope this is what your were looking for.

October 13, 2018
11:42 am
abstech17
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Thanks Very much for info

October 13, 2018
5:26 pm
maGIC
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Hi Roadworthy, what you are doing with Knightsbridge is exactly what I am doing with Agility. I am glad to here Knightsbridge has the bill payer option at RBC. About 5 or 6 years ago Agility was the only one in bill payer. Both were about the same rate. When I do a transaction, I have a look at the different rates at different amounts just as a curiosity. i.e. I get a quote on line for 3,000 USD, 10,000, 20,000 etc just to see the margin at different amounts. As you said the spread is better if you do a larger transaction.
I don't know if either has bill payer option at any other institution?
RBC was the only one when I started doing it. I had a child in a US university and was doing trades 2 or 3 times a year. Now just for trips.
I had a joint Visa card and debit card with my child at US RBC that I paid using the scenario roadworthy described.
Anyone who needs USD in amount of 3,000 or above I recommend Agility or Knightsbridge.

Roadworthy, does Knightsbridge do amounts less than 3,000 USD? And if so what is the approximate spread?

I have also noticed that the best spread is business hours mon -fri.

October 16, 2018
7:02 am
NorthernRaven
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I believe Knightsbridge had a "bill payer" transfer option with multiple institutions as far back as 2012 (RBC, BMO, National, Desjardins, and now Tangerine).

Rates during business hours are likely live exchanges rates plus a standard spread, while off hours may use a single canned base rate, which will be conservative so they don't lose in off-hour swings.

October 16, 2018
11:22 am
rodeworthy
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The website for Knightsbridge Foreign Exchange (KFX) https://www.knightsbridgefx.com/ states that they work with all Canadian banks. I presume that means they have a similar arrangement using bill payer for those institutions. I had my setup with RBC in Canada and RBC Bank in USA before using KFX. So, RBC was the natural choice for me when trading with KFX.

I don’t know the minimum trade KFX will do. I do know that a chat invitation pops up on the website when you open it. That would be a good question to put to them if you want to do smaller amounts.

I don’t spend a lot of time to determine ‘spreads’ when I purchase. Not sure I can figure them out anyway. Does one use the daily exchange rate for calculation? Does KFX work from a different base of available US$? I went back and did a bit of calculation on my 2017 purchases. The fee rate varied considerably over the three purchases. The amounts ($5K, $7.5K and $10K) went up as the exchange rate changed in my favour.

KFX-purchases-2017-2.gif

I used the ‘Fixed Price’ taken from the website cited for my exchange calculations. I have no idea what time of day I booked the orders. There is such a variance in the Fee Rate it makes me wonder if I am doing this correctly.

Overall, I am happy that the total fee for the year was under 1.0% of the total amount paid. KFX claims they will save you about 2% compared to bank rates and that turned out to be close to my experience.

A phone call, a few mouse clicks and a bit of bookkeeping to complete the transaction works for me. The only caveat I can provide is that KFX has not delivered the $US the same day as ordered in my experience. The delivery time is satisfactory to me but is contrary to their claim on their website.

(My apologies if my table does not display well. Having a bit of trouble finding the best way to upload this information.)

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