KnightsbridgeFX Clears Up Legitimacy Concerns

Knightsbridge Foreign Exchange Inc., a Canadian currency exchange company, has been in operation since 2009 and is headquartered in Toronto. According to Rahim Madhavji, President of Knightsbridge Foreign Exchange Inc., one of the most common questions they receive is whether they are legitimate. The company converts money between six currencies for Canadians and Canadian businesses: CAD, USD, GBP, EUR, AUD, and NZD.

Knightsbridge is registered with FINTRAC as a money services business (registration M09819788) and is regulated by the Autorité des marchés financiers in Quebec. They also have an A+ rating with the Better Business Bureau and have exchanged over $30 billion since 2009, serving more than 150,000 clients. Their pricing has a markup as low as 0.1% and on average 0.5%, built into the rate by amount.

Madhavji explains that people often ask if Knightsbridge is legitimate because they are not a bank, and the money exchange process can be unfamiliar. He advises checking the public record to verify their registration with FINTRAC and other regulatory bodies, rather than relying on his word or the company's advertising claims.