International Language Schools and Student Agencies
VBCE assists language schools and student agencies in foreign exchange. Each morning, VBCE posts current exchange rates on its website. This allows language school administrators and student counselors to provide up-to-date information to their students.
Foreign students can exchange their money in person at VBCE into CAD to pay for their tuition. They may also arrange for their parents to have funds wire transferred to one of VBCE’s many foreign currency accounts. The funds can then be converted into CAD and forwarded to the school or the agency. Many schools instruct students to transfer funds to the school’s Canadian dollar account. In this case, either the sending bank or receiving bank sets the exchange rate which is generally less favorable than rates offered by VBCE.
Language schools receiving tuition in the form of USD may open a business account with VBCE. School administrators will find that by dealing with VBCE, they will see a noticeable increase in tuition revenue as a result of better foreign exchange rates.
1.) Student agencies may have payments from their students transferred to VBCE to be exchanged into CAD. Some agents ask that students wire transfer funds to VBCE and have the students pick up the exchanged funds once they arrive in Vancouver.
2.) Other agents will have students transfer funds to the agent’s own foreign currency account. Once funds have been accumulated from several students, the agent will exchange into Canadian dollars through VBCE.