As a result of the current times, a growing number of people are opting for digital currency exchange. The transition from in-person to digital had already started prior to COVID-19, but it has now accelerated. Online currency exchange is a cheaper, secure, transparent, and easy way to exchange your money.
Banks are no longer the cheapest way to obtain foreign currency in Canada. There are many companies that specialize solely in currency exchange, whether you need it for a vacation, a large purchase, or some other purpose.
This is why we've created a series of articles comparing some of your digital currency exchange options. Today, we'll see how Remitbee stacks up against Knightsbridge FX.
There are twelve main factors to remember when evaluating a currency exchange service:
KnightsbridgeFX has been in business since 2009. It offers a variety of foreign exchange services. It is a Canadian business, just like Remitbee. It has been recognized as one of the country's fastest growing companies since its inception. It made between 5 and 10 million CAD in revenue in 2018. Knightsbridge is currently only available online, with no smartphone applications. It also has a call center, which is important for its currency exchange service since transactions must be booked over the phone.
In 2015, Remitbee was created in Canada by immigrants for immigrants. It has also been hailed by the media and industry as one of the most important fintech firms to keep an eye on. It quickly established alliances with some of the world's leading banks to provide its services to Canadians. Although its main business began with international money transfers, it introduced currency exchange as a service in late 2020. While it focuses on USD to CAD and CAD to USD, it has plans to provide more currencies in the future.
Overall, Remitbee offers a better exchange rate. Canadian banks normally charge a 2.5 percent or higher premium over the interbank rate. This rate is the one you see when you search for the current rate online. It’s usually an average of the buy and sell exchange rates for huge amounts between banks. This rate is not usually applicable to the general public or small businesses.
As of 10 May 2021, the interbank rate was 1.00 USD → 1.2119 CAD.
To view KnightsbridgeFX exchange rates, you have to sign up on their website. There is no way to know their exchange rates without providing your personal information. However, if you sign up and get a quote, here is a sample exchange rate.
KnightsbridgeFX’s exchange rate for CAD/USD
1.00 USD → 1.2177 CAD
Remitbee’s exchange rate for CAD/USD
1.00 USD → 1.2158 CAD
So of the two, Remitbee was closer to the mid-market rate, which means a better deal for you, the customer.
Let’s dig in further by comparing fees.
According to their website, iRemitX fees depend on the country that you are sending from and the mode in which you want the money received by your beneficiary.
And here are their fees when you use Remitbee Wallet and Interac.
Currency exchange platforms have been plagued by plenty of secret fees and fine print. It has become less of a problem as digital transfer platforms have grown in popularity and people can now easily compare their choices. Transparency should be something you are aware of when choosing a service.
Let's see how both services fare in terms of transparency.
Knightsbridge does not publish its rates on the internet. The prices of their services are determined by the amount of money exchanged, according to the company. You must call or email Knightsbridge for a quote in order to find out the cost.
Remitbee, on the other hand, makes their exchange rate and charge available on their website. You do not have to sign up to receive a quote. Simply go to www.remitbee.com and enter the amount you'd like to change. The latest exchange rate and the fee will be shown.
To use or try any of Knightsbridge's offerings, you must first complete their registration process. In order to get an exchange rate and book the trade, you must also call their trading floor and talk with a trading floor representative. You must first wait for the trade to be confirmed before transferring funds to the designated KnightsbridgeFX account.
Their compliance department must also verify your identity, which may take up to one business day. You may, however, mark your application as urgent, which can reduce the processing time to as little as one hour.
Remitbee’s process for currency exchange is 3 steps. These are sign up, verification, and then exchanging money, which involves sending a direct transfer to the Remitbee bank account. They have three levels of verification to choose from. The minimum level takes no more than 24 hours.
There are not many verified independent reviews available for KnightsbridgeFX. However, the company does have a selection of extracts of reviews on its site that are favourable. It also has a rating of 4.64 out of 5 on its Better Business Bureau profile.
Remitbee has a rating of 4.89 out of 5 on its Better Business Bureau profile. The Remitbee apps are also highly. The Android app is rated 4.7 out of 5 and the iPhone app 4.6 out of 5.
At a quick glance, it seems that both companies are tied in terms of feedback and reviews. Both have positive reviews.
Neither company accepts debit / credit cards, cheques, or physical cash to fund a transfer.
Remitbee’s payment methods include:
FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada) regulates KnightsbridgeFX . This body ensures that all Canadian money-transfer services, such as Knightsbridge, are supervised. Client funds, according to KnightsbridgeFX’s website, are kept in separate accounts at a Canadian financial institution. The funds are transferred via wire transfer or direct deposit, both of which are secure methods of sending money.
KnightsbridgeFX says it has changed billions of dollars for Canadian consumers since it was founded. It is also compatible with all of the country's banks, so you can use the service regardless of your banking institution.
Remitbee also has strong security measures in place. It works with major trusted banks all over the world to keep your money secure. FINTRAC also registered and monitors Remitbee.
The company is also certified by the Better Business Bureau's online reliability program, which further demonstrates its trustworthiness. Remitbee uses cutting-edge security software to host and handle the customer data while keeping it safe. Amazon AWS and Microsoft Azure are two examples.
Both companies appear to be healthy and stable places to trust with your money.
KnightsbridgeFX operates solely online.
Remitbee operates solely online.
Both KnightsbridgeFX and Remitbee are reliable currency exchange services that can be used instead of going to a bank. Both have a lot of positive feedback and high scores.
Overall, Remitbee is the better service for online currency trading because of its ease of use and great exchange rates. See for yourself by getting a quote on exchanging CAD to USD or USD to CAD with Remitbee now.
Best exchange rates, one-day delivery, free transfers over 500$ and amazing customer support! Too good to be true? How about a sweet 15$ bonus towards your first transfer? Just give us a shot!