Quote:
Originally Posted by moldex
Have any of y'all used VBCE or another currency exchange for a large transaction?
I understand VBCE is quite reputable but I tried to look around to see if they were insured in any way and I couldn't find it. I know they deal with a corporate transactions so the risk is low but I want to understand if there is any risk at all. For example if I send them a sum of money to exchange and somehow shit hits the fan, they weren't able to exchange my money and went bankrupt.
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There's always that same risk regardless of where you go to. Banks too can fail overnight. However, places like VBCE has been around for so long and built a reputation and scale that the amount one's looking to exchange is usually a drop in a bucket on their scale.
Unless you are doing a few millions of dollars worth of transactions, I wouldn't worry too much. And if you have over 1M, you can always find a broker to exchange on the wholesale market that gives you pretty much the spot rate at any given moment. If you want to be extra careful, you can ask VBCE specifically to issue a bank draft (so it's backed by whichever bank issuing. I believe they use mostly RBC, and if there's a day we have to worry about RBC failing, we have bigger issues) instead of their business check.
I can't say it's worry-free. But the likelihood of that happening, given regular folks' amount, is just really low.