5 Reasons To Switch To Online Money Transfer In 2022

April 9, 2022

As a full-service currency exchange solution, VBCE serves customers across Canada, and we offer the convenience of multiple ways to transfer money worldwide. You can visit one of our four branches, speak to an expert via phone, email us for customer support, and for recurring needs use an online platform from your home or office.

We launched our online platform in 2014 and our customers have been transferring billions of Canadian dollars worldwide every year. Online access became more popular during the COVID-19 waves of infection as we learned to stay home more and find ways to send money to our family members, business partners, suppliers and employees worldwide. Digital choices allowed us to reduce our personal risk by transferring money online and opened up a new way to transfer money across the globe.

Our VBCE Online account request grew during the pandemic, and we spoke with customers to understand the value of being able to transfer money online as we increase the features of our online platform. In our conversations, we’ve determined what customers found to be the top reasons for the switch and what they value in having access to money transfers online.

Top Reasons to Switch To Online Money Transfers in 2022

  1. Convenience
  2. Speed
  3. Affordability
  4. Confirmation of Transactions
  5. Greater Security From Home

1. Convenience

We are a mobile population in Canada whether using our mobile devices or moving around from office, home, vacation property or remote locations for work or pleasure. Being able to access a platform to transfer between currencies is a common activity for many people in Canada who manage different currencies as part of their day-to-day.

Similar to setting up your online banking experience, setting up your transactions with a currency exchange firm puts the control in your hands and gives you 24/7 access to exchanging funds. Technology allows access to online money transfers conveniently whenever and wherever you need it.

2. Speed

When your online access is set up you can select the currency account you wish to transfer from and then select the currency account you wish to transfer to. You can enter the amount you’d like to send in the currency of your choice, receive a live market quote, confirm the transaction and “accept” and you are done!.

  • No need to go to your bank branch to set up a transfer, you can do this quickly from home.
  • No need to fill in new paperwork or show your ID after your Online account is set up, we set this up once with you for your first transaction and then you are ready to go

Once the confirmation is complete you transfer your funds to VBCE depending on the funding method that has been pre-approved for you, and VBCE will then transfer out your purchased currency. It is as easy as 1-2-3.

Transfer times, from start to finish are dependent on your choice of funding to VBCE and where your payee’s account is located. Transfer times are reliant on bank processing times and can range from 1- 2 days for Pre-authorized Debits or up to 1-5 days for wire transfers. Review our full list of transfer times.

3. Affordability

As a business, VBCE understands that our customers are looking to get the best rate for currency exchange which is why we don’t charge commission fees as other brokers and online currency exchange companies may do. Sometimes when transferring funds between accounts your bank or the receiving bank may have their own fee structure that they pass on to us while we are settling the transfer. We only pass on these types of fees if your bank or your receiving bank charge for a transaction. With 5 billion dollars in total transactions per year, we pass through the savings on the volume of trading to our customers and our reputation is built on this value to our customers. Read more about the fees we pass on.

What do our customers say:

Better rates & service than the big banks - I chose VBCE because their rates were the most competitive I could find for USD to CAD. Pleasantly surprised by how easy it’s been to convert into CAD whenever needed. Also, any time I’ve had to contact them their customer service has been outstanding. Better rates and better service than I’ve ever gotten from my typical bog bank experience. I’d gladly recommend them to anyone needing FX services! - D. Pelley

4. Confirmations of transactions

The great advantage of using an online platform is that you have a confirmation of the transactions. We offer user activity tracking and reporting. For example, every action of the user if recorded and available as a report when using the VBCE Online platform.

5. Greater security From Home

All information that flows between the user and VBCE Online is encrypted using SSL Encryption with minimum encryption strengths of 2048 bit. security features. This security allows users to know that their information is secure.

As money exchange is going from one account to another, you would be asked for bank codes or SWIFT codes during the setup and transfer process. VBCE can confirm that the account codes you are sending to are correct before you send funds. Our customers appreciate being able to pick up the phone to confirm account details with our customer service representatives.

Switching To Online Money Transfers

Switching to an online option if you have recurring needs is one way to convert currencies 24/7 from the comfort of your home or business. We help you get set up on our online platform, offer onboarding and training and answer questions, and provide support when needed - we’re just a phone call away and are based in Vancouver, Canada.

Our customers like options for online transfers whether they are transferring USD to CAD, CAD to USD, CAD to GBP, CAD to MXN or their preferred currency exchange option.

The feedback from our customers is that the platform is easy to use and they feel supported at every step when signing up for the VBCE Online platform they enjoy the personal onboarding process and like the customer support available to them for any questions they may have and the options they have for online money transfer.

How To Choose A Currency Exchange Partner

Providing currency exchange services for over 30 years, we’ve built the reputation of being a trusted partner to those customers who are looking for an option that offers a more competitive exchange rate than commercial banks such as CIBC, TD or RBC.

  • Our customers want to avoid commission fees and transaction fees and get a high level of service.
  • Banks offer currency exchange but the conversion rates are not favourable to the everyday person or small business, and they can charge fees per transaction.
  • VBCE doesn’t have a commission fee for money transfers, and you can speak to an expert about your needs such as our FX Traders who can offer insights into the market conditions when you are considering a foreign currency trade.

In a recent article, we spoke about how to get the most value from a currency exchange partner and shared the steps to increase the value of your relationship. Below are some articles that you may enjoy:

Our VBCE Online team is available to answer any questions you may have.

Contact us

Local Line: 604-336-8086 Email: fxonline@vbce.ca

More about VBCE Online

How VBCE Online Works