Have you been wondering who has the best exchange rates near you, Continental Currency Exchange or RBC? While both offer good exchange rates, there’s one clear winner. Read on as we compare the savings and services of both institutions.
Big banks have a lot to offer their clients, convenience first and foremost. But while many of us have come to take these services for granted, they often end up being more expensive than services offered by smaller companies who specialize in them. In this post, we compare foreign exchange-related services at RBC and Continental Currency Exchange to help you make the choice that’s best for you!
RBC Exchange Rate vs Continental Exchange Rate
Continental beats RBC’s exchange rates in a number of ways. Firstly, Royal Bank of Canada has a range of between 2-5% between their rates for buying and selling. Within that range you can also expect a markup of 2.60%.
To be fair, you can expect a slight markup anywhere you exchange your currency, as that is the cost of offering that service. But the markup at Continental Currency Exchange is about half that of RBC. Whether you’re buying your currency or selling it back, in either case your transaction will cost you 50% more at RBC than if you traded your money at Continental Currency Exchange. What’s more, Continental offers a ‘best rates guarantee’. Meaning, that if you find a better rate at a bank or elsewhere, we’ll beat it!
On top of their rates, there is also a significant disparity between RBC and Continental in terms of the currencies on offer. RBC exchanges just over 30 foreign currencies, while Continental buys and sells over 160 currencies. Although RBC might be a convenient option for doing your banking, when it comes to currency exchange, Continental Currency Exchange has a clear advantage.
RBC Wire Transfers vs Continental
Continental Currency Exchange allows you to send wire transfers on average for only $10-15. Sending an International Money Transfer with RBC is comparable, at only $13.50 to some 80 countries. However, if you wish to send a wire with RBC to a country not on that list, it becomes much more expensive: at $45 per wire. Even with the more inexpensive method of international money transfers, with the added markup you’ll find on an currency exchange with RBC – the cost of sending money overseas with RBC will be more than 15 dollars.
The list of countries to which you can send wires to with Continental is somewhat smaller, at 56 countries and semi-autonomous regions. But unless your desired country is not on our list, with Continental’s low wire fees and best rates guarantee, there is no question that Continental Currency Exchange is the place to go when you need to send a wire!
RBC Foreign Currency Online Ordering & Delivery vs Continental
One of Continental’s hallmark features is FXtoGO, an online currency platform that lets you to order the currencies you need direct to where you need them – anywhere in Canada (excluding Quebec). You can have your order delivered directly to your home or office, in as little as 24 hours; or pick it up for free at one of our 19 branches across Ontario!
In contrast, ordering currency with RBC takes up to 3 business days, and is only available for pickup at a branch. With better rates and a lower markup, plus delivery straight to your door, Continental Currency Exchange is the best choice for ordering your foreign currency online!
RBC Business Currency Exchange vs Continental
Big bank that it is, RBC has a lot of resources to offer your business – whether you’re well established or simply starting out. But, in the field of foreign exchange, Continental still has the edge.
Although you can expect to have a Foreign Exchange Specialist/Expert assigned to your account with both institutions. With Continental’s 30 plus years of experience as a Canadian corporate and business foreign exchange leader, and its 160 currencies bought and sold immediately, Continental Currency Exchange has more to offer than RBC.
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