Trust & Value: How To Get More From Your Currency Exchange Rate
August 12, 2021
Navigating Foreign Exchange for international business and cross-border personal needs
VBCE has been in business for over 30 years and we regularly get questions about how businesses and individuals can best manage their currency exchange needs and reduce risks and costs for trading currencies.
Whether you are a snowbird heading to the US, or an import/export business we have our Top FX Tips below to reduce risk in foreign exchange transactions and earn more from currency exchange.
Top Foreign Exchange Currency Tips
1. Build a relationship with one trusted FX firm
We grew our business from one retail location in the financial district in Vancouver to four locations across the Lower Mainland. We have grown our FX Trader and Customer service team to serve the needs of individuals and businesses that have a need to exchange funds internationally.
We are proud of our reputation of being one of the most trusted Currency Exchange firms in Canada and thank our customers for growing our business by referring their friends and family over the years. Trust is one of our core values.
We offer a diverse set of services from walk-up transactions to international wire transfers and even 24/7 online access to trading through our VBCE Online tool. Over the years prided ourselves in knowing our customers. Why is this important?
The more we build relationships with our customers, the more value we can provide through stronger rates and faster settlement times.
In Canada, the FINTRAC Centre is a Canadian government department that monitors transactions to protect the Canadian financial system. This helps prevent fraud and illicit transactions. VBCE gets to know you so that we can protect your transactions.
We offer customers FX options that help reduce risks for businesses and offer one-on-one support for personal and business needs for recurring transactions Knowing our customers better gives access to faster and more productive transactions.
- Those with individuals and businesses with international properties, whether in the US, Mexico or Europe can greatly benefit from this relationship and set up international bill payments easily.
- Snowbirds leaving the cold Canadian winters and living down south in the US can access funds as needed and get a better rate than the banks offer and transfer funds 24/7.
- Businesses transacting internationally through importing and exporting can find solutions to more efficiently trade currencies and benefit from volume discounts as well as forward contracts.
- 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 can set up an account that allows them to easily transfer funds at the best time to maximize their funding or income.
The process of getting to know your customer is set up to protect all Canadians. You’ll see this reflected in the paperwork required to set up any financial services account including a foreign exchange account. While sometimes this step takes time and requires answering questions about your personal information or business details, it is important to understand why this is being done and provide the details to move onto the next step of service.
2. Watch out for hidden fees
Not all foreign exchange firms work the same when it comes to how they make money. It is up to the consumer to do their homework to find a solution that fits their needs the best and avoid hidden fees.
At VBCE we offer transparency in how we work with our customers. The best thing you can do is work with one trusted FX firm and understand how to get the best rate for your type of transactions.
- No management fees - we don’t add in a fee per transaction for managing your needs. The only fees we charge are any pass-through fees from other service provides, we do this without a mark-up.
- The best rate - We offer all customers the best rate that is better than the banks and competitive in the market. We handle over four billion dollars in transactions per year and we pass those volume savings to our customers.
- Discounting on volume FX Trading - As you trade more frequently and in larger volumes, you benefit from volume rate discounts. We offer dedicated FX Traders for our customers who transact in foreign exchange more regularly and at higher volumes.
If you transact over $1000 internationally per quarter you should speak to one of our FX customer service representatives about the options available for your currency exchange needs. Additional articles on navigating FX needs you might enjoy:
Building trust saves more on foreign exchange needs
We’ve shared the Top FX Tips for those with currency exchange needs to reduce FX risk and get make more money by trading currencies:
- Like all relationships, building trust with one FX firm over time brings more value
- Hidden fees can reduce your savings, get the details and work with FX firms that are transparent in how rates are determined.
To learn more about our FX services and how to set up a VBCE Online account for recurring needs, call to speak to one of our customer representatives who specialize in online cross border payments at 604-336-8086.