Top 3 Money Exchange Strategies That Actually Make You Money
June 9, 2021
Navigating the FX markets
You don’t need to be a day trader to get more value from your foreign exchange needs, learn the basics and understand how to make more money when buying and selling foreign currency. Our VBCE FX Traders sat down to share some top currency exchange tips to help you better navigate the FX market information to make better-informed decisions.
Top Foreign Exchange Tips
- Monitor the FX Market
If you or your business transact across borders you should be aware of how the world Foreign Exchange Market is doing. We offer a weekly recap as well as a daily update on top currency exchange selections to help our customers stay on top of this information. We find customers with these needs benefit the most from this information: . ● Those with individuals and businesses with international properties, whether in the US, Mexico or Europe
● Snowbirds leaving the cold Canadian winters and living down south in the US
● Businesses transacting internationally through importing and exporting
● Tech companies raising funding through Seed and Series A, B & C capital rounds as well as tech employees receiving stock options and payment for services
● Parents with students studying abroad in the US, UK and Australia and other international destinations
2) Understand more about fees and exchange rates
Hidden fees can reduce your savings, get the basics of FX and work with foreign exchange firms that are transparent in how rates are determined.
● At VBCE we don’t charge service fees. Some currency exchange firms do charge service fees. Check the small print or call to ask.
● If we are charged a bank fee through your transaction, we pass that on to you without marking it up.
● We handle over four billion dollars in transactions per year and we pass those volume savings to our customers. VBCE offers all customers rates that are better than the banks and very competitive in the market.
● Fees and rates impact those more with recurring needs. Those who are cross-border property owners, businesses with foreign revenue or expenses you can save more by avoiding unexpected fees for service and benefit more with higher trade frequency discounts.
3) Have your FX account already in place
To be ready to benefit from changes in the FX market take the time to evaluate your upcoming needs and reach out to a company such as VBCE to set up your account in advance of needing to use it.
● Thinking ahead allows you to gather the personal or business information and work with our Customer Service representatives to establish the account with you.
● Through the setup process, you can ask any questions about upcoming needs, and learn the various ways you can send payments internationally or receive funds or revenue more efficiently from international sources.
● Build a relationship with your FX firm, like all relationships, over time brings you more value.
The best way to exchange money in Canada is to understand the basics of Forex to get the best value from your currency exchange needs whether for cross-border travel, for business or e-commerce managing FX risk when transacting across borders, or for buying international properties and paying maintenance bills or a mortgage in a foreign country.
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With over 30 years of experience, we handle over 4 billion dollars in transactions per year servicing customers across Canada. We are a trusted Canadian currency exchange firm and collectively save our customers millions of dollars per year.
To learn more about our service, call to speak to one of our customer representatives who specialize in online cross border payments at 604-685-1008
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