Chapter 09 · Currency & payments
FX brokers: Wise, OFX, Knightsbridge
Three specialized FX brokers offering 0.4–1.5% rates instead of 1.5–3.34% bank markup. Which to choose based on your needs.
Direct answer · 60-second summary
The 60-second version
Wise, OFX, and Knightsbridge are specialized FX brokers offering much better rates than banks: 0.4–1.5% markup instead of 1.5–3.34%. Each platform targets a different profile (small transfers, large amounts, ongoing management).
Acronyms used in this guide
- CAD — Canadian Dollar
- USD — United States Dollar
- FX — Foreign exchange
Wise (TransferWise)
Peer-to-peer FX platform. Rate: spot + 0.48–1.5% markup. Very low fixed fees (often $0 on certain routes).
- Pros: Transparent (you see rate + fees before confirm), Wise card in USD/EUR/GBP, multi-currency accounts, ideal for ongoing transfers
- Cons: 1–2 day delays, transfer limits based on ID verification
- Profile: Canadians with regular USD expenses (rent, utilities), small to medium amounts
OFX
Established FX broker (since 1997). Rate: spot + 0.4–1.5% markup. Fees: $15 for amounts < $10,000 USD, free above.
- Pros: Competitive rate, dedicated account manager for large amounts (> $100,000 CAD), long track record, 180+ countries
- Cons: Fixed $15 fee on small amounts, less polished UI than Wise
- Profile: Canadians sending $20,000–$500,000 CAD, small business
Knightsbridge FX
Specialized broker, no direct fees. Rate: spot + 1–2% markup (not published online, quote required).
- Pros: Personalized service, fixed margin if contracted, real estate specialist, no hidden fees
- Cons: Non-transparent rates (quote needed), longer timelines
- Profile: Florida home buyers ($250,000–$1,000,000 CAD), long-term relationship
Comparison: $250,000 CAD
Assumed spot rate: 0.7200 USD/CAD = $180,000 USD
- Wise (0.8%): 250,000 × (0.7200 − 0.00576) = ~$177,860 USD (loss $2,140)
- OFX (1.2%): 250,000 × (0.7200 − 0.00864) = ~$177,360 USD (loss $2,640)
- Knightsbridge (1.5%): 250,000 × (0.7200 − 0.0108) = ~$177,000 USD (loss $3,000)
- RBC (2.0% + $45): ~$175,400 USD (loss $4,600)
Every figure, rate, threshold, and deadline in this guide is drawn from a verifiable primary source listed at the bottom of the page. The article is updated whenever the underlying rules change, with a fresh review date stamped at the top.
Sources and references
Public sources verified as of the last review date (Bank of Canada, FINTRAC, IRS, Wise, Knightsbridge FX, Canadian banks).
Disclaimer
This guide is for educational purpose only. Figures, rates, thresholds, timelines and rules are drawn from public sources at the date shown and may change.
For any concrete decision on currency exchange or cross-border payments, consult a cross-border tax advisor, a tax attorney, or a licensed FX broker.