How to pay up (to Canada) - Escape Trailer Owners Community

Go Back   Escape Trailer Owners Community > Escape Tech > Documents & Helpful Instructions
Click Here to Login
Reply
 
Thread Tools Display Modes
 
Old 11-19-2011, 09:19 AM   #1
Senior Member
 
rvomaha's Avatar
 
Join Date: Jul 2011
Location: Omaha, Nebraska
Trailer: 2012 Escape 19
Posts: 231
How to pay up (to Canada)

This topic is an opportunity for U.S. Escape owners to give the benefit of their experience in converting U.S. dollars to Canadian dollars, the lessons learned, good, bad, and ugly.

For starters, our initial deposit of $500 cost us more than we expected. The tab on our credit card was almost $530. I think we could have handled this better somehow by not using a credit card.

Here is what Tammy sent us by email on the topic of paying for our camper:

To minimize the costs associated with paying the final balance on your trailer you have two options depending on your bank and account type. The first choice which normally costs about $5 – $20 is a Canadian Bank draft. The second choice is a Canadian Wire Transfer which can be included with your account.

I recommend contacting your account representative and discussing their process for obtaining a Canadian bank draft or Canadian Wire transfer. Depending on the size of your bank they may have to order in the bank draft which can take 3 – 5 business days. If they do Canadian Wire transfers then simply take in the attached form.

The last resort is a US wire transfer which will cost more money simply because when the money leaves your account it is still in USD. As it moves from bank to bank during the transfer process each bank converts the money according to their current exchange rate. Sometimes the customer sees a very little difference while other times they have experienced a $400.00 difference.

Tammy


Any input, you guys? --Liz
__________________

__________________
2012 Escape 19 towed by 2012 Ford Flex
See lots more about our Escape at http://kibitka.blogspot.com/
rvomaha is offline   Reply With Quote
Old 11-19-2011, 10:00 AM   #2
Senior Member
 
Vermilye's Avatar
 
Join Date: Feb 2010
Location: Oswego, New York
Trailer: 2016 Tacoma Off Road, 2017 21
Posts: 2,285
Re: How to pay up (to Canada)

You really need to look at what your bank & credit card(s) offer. In my case HSBC wanted to add 2% to any Canadian credit card purchase on top of the exchange rate. They offered Canadian draft (physical check) for free, and a $20.00 charge for a wire transfer. My Capitol One credit card doesn't charge any more than their exchange rate for a credit card purchase.
__________________

__________________
Jon Vermilye My Travel Blog
Travel and Photo Web Page ... My Collection of RV Blogs 2016 Tacoma, 2017 21
Vermilye is offline   Reply With Quote
Old 11-19-2011, 11:11 AM   #3
Senior Member
 
Join Date: Nov 2008
Posts: 214
Re: How to pay up (to Canada)

5 years ago I contacted a bank in Abattsford, near Chilliwack, and negotiated a better exchange rate (a few cents on the dollar or so) then they normally offer a walk up customer because I was converting a large amount of money. I then gave then a cashiers check when I arrived and they gave me a check that I gave Escape.
Thane is offline   Reply With Quote
Old 11-19-2011, 11:57 AM   #4
Senior Member
 
Jim Bennett's Avatar
 
Join Date: Oct 2008
Location: Calgary, Alberta
Trailer: 2017 Escape 5.0 TA
Posts: 11,934
Re: How to pay up (to Canada)

Actually Thane, if you got it in Canada, it would be a cheque, not a check. A check is to restrain, or a mark, or to investigate up here.

Blame the Brits, that is where our English came from. Not sure where they learned it.
__________________
2017 Escape 5.0 TA
2015 Ford F150 Lariat 3.5L EcoBoost
2009 Escape 19 (previous)
“Most folks are about as happy as they make up their minds to be.” — Abraham Lincoln
Jim Bennett is offline   Reply With Quote
Old 11-19-2011, 12:29 PM   #5
Senior Member
 
sjnuss's Avatar
 
Join Date: Feb 2009
Location: San Antonio, Texas
Trailer: 2017 Escape 21
Posts: 298
Re: How to pay up (to Canada)

Liz,
Like you we are in the process of getting our 19 and our initial CC deposit was much like yours. After we sold our Casita I wanted to transfer those funds to Escape. And what a pain that was figuring out how to do that. Here was my process:

I initially went to my credit union but they will not issue any funds in CDN dollars, only US. This would have cost too much. Then I went to Wells Fargo. I established a checking account with them and got ALMOST to the point of sending a wire transfer (in CDN) but discovered that they were going to charge me a few HUNDRED dollars more than the exchange rate. Stay away from them! After some on line searching I discovered that XE Trade and Western Union will do on line transfers for modest fees. I was very skeptical because this is a significant amount of money, but at this point I felt I had no choice. I went with WU only because they have been around forever and felt this was the safer way to go. But be forewarned-you must provide ID documentation to them in order to establish an account. You may not be comfortable giving this information on line. Again, I was hesitant but felt I had not other options at this point. When you initiate a wire transfer they quote you US to CDN and this quote holds for a week, I believe. Then you have 2 ways to pay. Direct transfer from you account (cheaper this way) or go to the bank and order a wire transfer to WU (may cost a little more depending on your bank/CU). I have done 2 transfers this way with no issues at all. Tammy will provide you with the paperwork for their account numbers and bank names.

On a similar note-if you are deciding when to make a transfer follow the stock market. If it has a bad day, and there have been many of those lately, the exchange rate moves in our favor.

Hope this helps. Please feel free to ask me any questions.

Steve
__________________
Steve and Cynthia
San Antonio, TX
Escape 21 "Just Rolling Along"
Chevy Silverado 1500, 5.3L, 4x4
sjnuss is offline   Reply With Quote
Old 11-19-2011, 01:57 PM   #6
Senior Member
 
Join Date: Sep 2010
Location: Kelowna, British Columbia
Trailer: 2008 Escape 17b
Posts: 1,874
Re: How to pay up (to Canada)


I may be mistaken but, couldn't Liz go to her bank in Omaha and get a certified check to give/send to Escape Trailers for $500 Canadian. Send the check to Escape, then pay the balance when picking up the trailer? What am I missing? Today's exchange rate is only about $.03. The way the market fluctuates Liz, you have a couple of months to exchange your US dollars into Canadian dollars at possibly a better rate.
J Mac is offline   Reply With Quote
Old 11-19-2011, 04:16 PM   #7
Senior Member
 
Join Date: Jan 2011
Posts: 191
Re: How to pay up (to Canada)

When my wife and I went to see what the trailers were all about, we talked to Tammy.
Deciding to get a trailer, I think my wife put the deposit on her debit card, no problem.

When It was time to pick up the 19' we mailed a certified cheque, to Tammy.
again no problem.

Some banks and stores seem to have a problem with Canadian Money, and refuse to give the exchange rate accurately, or in some cases refuse to except Canadian money.
A few weeks ago on a trip to the lower 48, a few stores we were in even refused to accept Canadian pennies when making change.
In Alaska it is not a problem as quite a few of the customers are from the Yukon.

Doug
Yukon Escape is offline   Reply With Quote
Old 11-19-2011, 04:41 PM   #8
Senior Member
 
escape artist's Avatar
 
Join Date: Oct 2008
Location: St. Thomas not BVI., Ontario
Trailer: 2014 Escape 5.0TA
Posts: 5,297
Re: How to pay up (to Canada)

Hi: Yukon Escape... Just wait till you try to pass one of the new plastic Canadian hundreds in the U.S!!! They're touted as being "Recycleble".
I thought they were made flat to fly!!! Alf
escape artist N.S. of Lake Erie
__________________
Quote Bugs Bunny..."Don't take life too seriously, none of us get out of it ALIVE"!!!
'10 Frontier CC. S.E. 4X4 Lng. Bed V6 '14 Escape 5.0TA
St.Thomas Ont.( Not the Virgin Islands)
escape artist is offline   Reply With Quote
Old 11-19-2011, 08:22 PM   #9
Senior Member
 
sjnuss's Avatar
 
Join Date: Feb 2009
Location: San Antonio, Texas
Trailer: 2017 Escape 21
Posts: 298
Re: How to pay up (to Canada)

J Mac,
You would think that it would be that easy (and it may well be for some) but in my case my credit union would not deal in CDN currency. Some banks do, so don't. It was at this point that I then had to find a bank that would do the foreign exchange and then figure out the best method to do this exchange. You would think that in today's electronic world these types of transfers would not be that complicated. When asking around about a possible loan for my Escape you would have thought that I was buying from a company on Mars! Really frustrating.

Steve
__________________
Steve and Cynthia
San Antonio, TX
Escape 21 "Just Rolling Along"
Chevy Silverado 1500, 5.3L, 4x4
sjnuss is offline   Reply With Quote
Old 11-19-2011, 10:26 PM   #10
Senior Member
 
gbaglo's Avatar
 
Join Date: Oct 2008
Location: North Vancouver, British Columbia
Trailer: 2009 Escape 17B - "Toad". '08 Toyota RAV4 V6
Posts: 10,740
Re: How to pay up (to Canada)

Take a look at the weather map in your local and national papers. There is nothing beyond the borders of the U.S.A.

baglo
__________________

__________________
2009 Escape 17B "Toad"
2008 Toyota RAV4 V6 Sport
North Vancouver, British Columbia

What happens to the hole when the cheese is gone?
- Bertolt Brecht
gbaglo is online now   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off






» Virginia Campgrounds

Reviews provided by



All times are GMT -5. The time now is 02:45 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Copyright 2012 Social Knowledge, LLC All Rights Reserved.