VBCE: Currency Exchange in Vancouver

Common Money Mistakes in Currency Exchange

August 28, 2023

How do you know if you are making mistakes when exchanging money? Find out if you are by answering the questions below. Learn which common currency exchange money mistakes you might be making and how much money you are leaving on the table. We'll share tips on how we help customers save more.

Consider first what do you primarily look for when exchanging currency?

An easy, convenient way to exchange the currency
Getting the best-guaranteed rates
Minimizing foreign exchange fees
All of the above

Which did you select? All of these are options that should be readily available to you. You should benefit from all of your transactions, but this isn't always the case if you use your bank to exchange funds.

What is your typical need for currency exchange

I'm doing an international money transfer
I'm paying foreign vendors online
I'm exchanging from one account to another
I need cash for travel

Which did you select? For these common transactions, choices with full-service support are available to you, depending on your currency exchange partner selection. We manage over 5 billion dollars annually for our customers across the globe and offer international money transfer services and wire transfers. We also can bridge the exchange between your US and CAD bank accounts and give you a better rate than your bank. We offer spot market trades, as well as hedging with open or fixed-date forward contracts as well.

How do you usually exchange your foreign currency?

I use my bank
I exchange at the airport or abroad as needed
I use a currency exchange broker

Which did you select? If you chose "1" or "2," you are making money mistakes when exchanging funds and leaving money on the table. Banks, airport kiosks and exchanging abroad at local tourist areas do not offer the best exchange rate, but when you use a currency exchange like VBCE, you can save an average of 3% on your transactions (that's $1,500 a year if you exchange 50k!). If you use a currency exchange broker or FX trader, you are making a good choice since this can help you save on each exchange.

TIP: If you transfer more than $4k annually, you can benefit from our VBCE online platform or work with a dedicated FX trader. Even for smaller transactions for travel, we offer the best rate, so you can visit one of our four locations or call us. Our online platform and working with an FX Trader are 100% free services.

How often do you transfer payments to the US or other foreign countries?

Monthly or more frequently
At least four times annually
Rarely or never

Which did you select? If you selected "1" or "2," you would benefit from speaking to an FX Trader and see how best to save on exchanges and streamline the process. Making the transaction process efficient by setting up an account before you need it will help get the application process approved and documentation in place. The process is similar to setting up a bank account since VBCE is a registered Money Services Business with FINTRAC and is a regulated business. We are required to know our customers; this is the same for commercial banks in Canada.

What is the average amount that you exchange per year?

Less than $4999
$5000 - $9999
$10,000 - $99,000
$100,000 or more

Which did you select? If you selected "2," "3," or "4," you would benefit from speaking with an FX Trader to explore the best options for you for these larger transactions to ensure you are getting the strongest possible rate for your currency exchange. In addition, we help our customers with large transactions so they can be confident the money is being transferred to the correct destination. If you answered "1," there are also services for you! Small transactions can be managed in person or over the phone, and receive the best rate per transaction.

What best describes you?

I am a Canadian Business Owner with some US clients
I am a Canadian citizen who gets paid in USD
I travel to the USA or abroad more than 60 days per year

Each of these selections can be supported at VBCE. Our FX Traders work with business owners, individuals with properties abroad, contractors getting paid in USD, frequent business travellers, import/exporters, and snowbirds, to name a few of the clients we help.

In summary, the common mistakes tend to fall into two categories:

Money Mistake #1 - Exchanging at the bank
Money Mistake #2 - Exchanging currency at the airport or abroad

When you use a currency exchange like VBCE, you can save an average of 3% on your transactions (that's $1,500 yearly if you exchange 50k!). If you transfer more than $4k annually, you can benefit from our online platform or working with a dedicated Fx trader. Both are 100% free services.