Managing Foreign Currency for Business: How Okanagan hospitality business RestNest rentals saves more when managing USD to CAD exchange
June 29, 2023
Summer in Kelowna, BC, is a rite of passage for those living in the Lower Mainland and a top destination for Canadian and International travellers. Home to beautiful sweeping landscapes of natural forests, local vineyards, and Okanagan Lake, this warm destination is on the top list of many people looking to relax and explore the region's natural beauty.
In the peak summer months, it can be difficult to find available hotel rooms and homes to rent on popular apps such as Airbnb or VRBO and entrepreneur, Shervin Jamshidpour, decided in 2021 that facilitating short-term rentals would be a great opportunity to serve the market and found his business taking off with interests by visitors in larger homes and luxury rentals in the Kelowna area.
RestNest Hospitality is an online booking website providing short-term rentals in beautiful Okanagan-view homes with a luxury experience, including a personal concierge service. Making memories is a top priority for Restnest. The website allows visitors to book directly, speak to a local expert in the region, and find lodgings in Kelowna and the surrounding areas that exceed expectations. Accepting both USD and CAD, the flexibility allows visitors to book in their preferred currency and allows Jamshidpour to use both currencies to manage the business.
VBCE has been a game-changer for our luxury vacation rental business and has helped my new job as an entrepreneur be a positive one. The personalized service, competitive exchange rates, and user-friendly platform have not only saved us time and money but also provided peace of mind when handling international transactions. We trust VBCE completely and have never had any doubts about their service. We couldn't be happier with our decision to work with them. – Shervin Jamshidpour, Owner, RestNest
As a former VBCE Trader, Jamshidpour realized that managing multiple currencies could be a benefit for the business from increasing his customer base and managing currency exchange rates to his advantage through his knowledge of how the industry works. Now, as a VBCE client, we wanted to know how VBCE helps him as he runs his hospitality business leveraging USD to CAD exchange services.
Why did you choose VBCE?
I was very impressed with the focus on value for customers and customer service at VBCE. I used VBCE for cash transactions in Vancouver and knew that their rates were the best. I wanted to ensure I could get the best rate for my new company, realizing I would be saving more in the exchange step of foreign currency transfers if I used VBCE instead of a bank or other options. I needed to focus on growing my business, so using VBCE ensured I’d be in good hands.
Outside of my firsthand experience, the recommendation to use VBCE came from additional sources, including my accountant, who confirmed that VBCE was the best choice for my business currency exchange needs.
What were you looking for in a FX solution?
As a new luxury vacation rental company based in the Okanagan, we needed a solution to handle regular currency exchanges between USD and CAD, at least twice a month. We also wanted a reliable, easy-to-use online platform for wire transfers and account transfers, along with personalized service and guidance from knowledgeable traders. When it comes to personalized service, my preference lies in partnering with someone I can rely on for the long term. I work with Pandu at VBCE, and he is readily available and responds quickly, which is crucial for someone like me with a hectic schedule. I appreciate avoiding the hassle of waiting on the phone or navigating through phone operators. His guidance and expertise on FX have also been invaluable. He’s provided me with insightful advice on FX strategies, such as dollar cost averaging and setting up forwards when I convert my funds. These measures have allowed me to effectively manage my cash flow, reduce FX rate risk and allowed me to save money for my business without needing to monitor the market daily. The convenience and expertise that he brings to the table make it significantly easier for me to focus on what I do best—growing my business—without the added concern of FX-related matters.
What were your main reasons for seeking out a foreign exchange firm like VBCE?
Our main reasons for seeking out a foreign exchange firm were to facilitate payments to our US vendors, and manage exchanges when guests paid in USD. In my business, I receive payments from Canadian and US clients in both CAD and USD. Canadian clients use EFT for larger amounts and Credit cards for smaller amounts, while US clients pay with USD wire transfer. I don't use PayPal. To convert USD revenue into CAD, I primarily rely on VBCE. This covers various operating costs in CAD, including property maintenance, employee salaries, and taxes. I also keep a certain amount of USD in my account for expenses in that currency, such as software licenses, web development, and marketing. Pandu handles these expenses by debiting my USD account and wiring the funds to vendors via SWIFT or EFT methods. This process is incredibly convenient, eliminating the need for me to visit the bank or leave my home in Kelowna.
What would you say have been the biggest benefits to you and your organization with using VBCE for your FX services?
The biggest benefits of using VBCE for our FX services have been the personalized service from knowledgeable traders, improved exchange rates, and the ease of movement of funds between our accounts through their online platform. We trust VBCE wholeheartedly and have never had any doubts regarding the rates they provide or their overall service. By using VBCE for our currency exchanges, we’ve saved a significant amount of money on exchange rates compared to our bank. Their online platform has streamlined our payment process, allowing us to spend less time on foreign transactions and focus more on our core business.
What would be the top thing you would recommend about VBCE if you were to refer us to a friend or colleague?
We would highly recommend VBCE for their exceptional customer service, as their knowledgeable traders provide first-hand guidance and expertise which you just don’t get anywhere else. Their level of knowledge and their commitment to helping customers get the best rate and streamlining the steps in a currency exchange transaction is valuable to my business. Their trustworthiness, helpfulness, and reliability are key factors that set them apart from the competition.
About VBCE
VBCE has offered currency exchange services for over 30 years to Canadians and residents of Canada. The company has four branches in the Lower Mainland of Vancouver, including downtown Vancouver, South Granville, Richmond and in Burnaby at the Metrotown Mall. Known for our retail branch services for visitors and Canadians planning foreign travel. In addition to in-branch services, there is the VBCE Online platform for recurring needs, and personalized phone support for customers offering a wide set of currency exchange services from international wire transfers, foreign payments, and currency exchange for over 80 currencies for individuals and businesses.
Meet Pandu
Pandu Vitharana has over seven years of expertise in financial services and currency exchange, specializing in empowering SMEs to optimize FX strategies and achieve their financial goals. Have a question about how he can help your business manage currency exchange transactions? Contact him directly at pandu@vbce.ca.