Top Reddit questions about VBCE
July 15, 2024
We love the Reddit community and find that VBCE commonly comes up as a topic in the r/PersonalFinanceCanada community threads. Reddit users are smart and discerning, and they are always looking to get advice to discover the best deal. They are ideally situated to see the value that VBCE offers our clients.
Since our opening 35 years ago, we’ve been the hidden gem of Vancouver and the surrounding areas. Whispered from friend to friend whenever heading out on vacation and needing currency for travel, or when someone lands a job that pays in USD, our name floats around the community as THE place to go for the best rates. This happens on the Reddit threads as well.
We thought it would be nice to share answers to the Reddit community's questions since these are typically common questions that are helpful when exchanging currency.
We’ve curated two popular questions posed by Reddit members to the community, the top responses, and any extra information that might be helpful. We hope you find this helpful and enjoy it!
Asked on Reddit
Question 1 - Best USD to CAD?
Anyone have any experience with VBCE Online buying USD in Canada? So, I found these people online and it seems like they charge no fees to move money between the two countries from usd to can and from can to usd. Have any of you had experience with them? - madcaesar
Responses from the Reddit community:
It's true, they've been around in Vancouver for ages. They're a forex company. I've exchanged money with them before, but have done or know less about other services they've provide. The reason they're low in rates is their forex part of the company. - Bin00111
I use VBCE to convert USD to CAD, and their rates are far better than any other options short of Norbert's Gambit. I don't think they move money between countries though -- I move my USD into a BMO account (by writing myself a check!) on this side of the border and then VBCE takes USD out of that account and deposits CAD into another account at the same branch. - perciva
Extra info from VBCE:
We can offer services to transfer money between countries! You can send your funds to VBCE as a wire transfer in Canadian dollars, American dollars, British Pounds, Euros, Australian dollars, and Japanese yen.
Here are the other services we offer for individuals and businesses
We have options to send your purchased currency after an exchange to your selected Payee’s bank account. Learn about payment methods.
Question 2 - VBCE Online
Has anyone used VBCE online before? We are looking to exchange USD to CAD frequently as a portion of our income is received in USD. The cash is currently held in a USD-based account at a Canadian bank.Trying to save fees instead of using the bank and came across https://www.vbce.ca/online. Any feedback using this website would be great! I've also started to read up on Norbert's Gambit, but it seems complicated and time consuming. - s3n5azn
Responses from the Reddit community
I use it for my RSU and ESPP stocks 6-8x a year which are American $. After I sell the RSU/ESPPs, I put the funds into my American TD account and then setup a transfer on VBCE Online from my American to my Canadian TD account. They handle it from there.
Super easy to do and the funds take about 1-3 days to clear. They will want to setup a call with you to make sure they set proper limits and setup security for your accounts. Overall, highly recommend, the transfer fees are very minimal in comparison to any bank for sure and the process is super simple. - KellyV
Extra info from VBCE:
- Many of our clients earn USD and want to transfer it to CAD regularly. We recommend VBCE Online for personal accounts if you have recurring transfers of over $1000 at a time and, on average, $10,000 per year as a minimum.
- Lower limits or one-off exchanges can be done in the branch or with our FX Traders, who can assist you. Call if you have any questions - 1-888-224-3331.
- More info can be found on our VBCE Online page, where you can also use the contact form at the bottom of the page to contact the VBCE Online team to discover what best fits your needs.
Question 3 - Large FX transfers?
Large amount of currency exchange - I will be selling some property in Europe, and the buyer will deposit the money in euros in my account here in Canada. Do I have any other options other than using my bank, on how to convert this into CAD? - 9hundreddollarydoos
Response from the Reddit community:
I use vbce no issues. But most importantly call them and ask if that is their best rate. They want to do the business and will give good rates if you open a relationship with them. - thectrain
Extra info from VBCE:
- Our knowledge and experience go beyond giving the best rate – we also have valuable expertise checking for correct incoming and outgoing international wire instructions and detecting fraud.
- Yes, we can help with Canadian bank account transfers from one currency to another, saving you up to 3%. But we offer much more to our customers. Our traders have specialized knowledge and experience in receiving and sending international payments.
- The transfer of funds can be daunting and unfamiliar to many, but for our traders, handling these types of transfers is a routine task. Detecting fraud comes with the territory when dealing with any type of electronic transaction; our team is trained to protect our clients.
- It’s also good to know you have experts supporting your international wire needs and reducing your exposure and risk to fraud.
We hope to see more conversations on Reddit about the value we offer customers since the word-of-mouth recommendations are how we have built our business over the last 35 years. People always have a choice of where to go for currency exchange, but we focus on the best rate, convenience and access to information to ensure you have the info you need and we can hear in the advice being shared by our customers on Reddit that they appreciate this as well.