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Doug Tyler

2% Exchange Rate Difference for Canadians vs USD

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Does anyone have any experience with this? Knightsbridge or CARP are offering to change Canadian dollars to USD by buying large amounts in bulk. One can deposit $2000CAD+ in their institution and have it redeposited it in your Canadian account in about 48 hours in USD, saving about 2% versus Canadian banks' exchange rates. 

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All banks and financial institutions charge a "premium" on currency exchange.  It is essentially a bank charge.  By offering you a better exchange rate, the companies you are looking at invest your money for the time they are holding it and possibly make a killing in short term interest income.  If it were me considering this option, I would be very careful to do my research into the stability of the company involved.  Remember, you are depending on strangers to invest your money in order to offer you a better exchange rate and even the most reliable companies have gone under because of stupid decisions.

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