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Old 09-26-2015, 07:12 PM   #1
xyz
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Fastest Way to Pay for Final Bill

My wife and I are on our way up to Chilliwack to pick up our trailer, and we're freaking out a bit. I trie dot do a wire transfer on Friday, but the PDF Escape sent me did not have the Institution code or Transit code on it. By the time I got the email and got back to it, my bank was closed for making international transfers.

We're now four days from picking up our trailer, and we have not paid the full balance yet. We have all the money in our bank account (USAA), but don't know the fastest way to get it to Escape so that we don't have to get a hotel for 10 unplanned extra days before driving our trailer away. Partly our fault, but we also have gotten no email contact about payment types, how to pay, etc, since making our initial deposit.

Does anyone here have experience with a personal check vs. wire transfer? If we overnight a personal check now, it will be there by Monday. Will three days be enough time for that to clear? Or would doing an international wire transfer on Monday be a better option; although, USAA states that it can take up to 15 days for international transfers to post, but only 1 day for domestic wire transfers to post.

If anyone has some helpful input, I'd really appreciate it!
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Old 09-26-2015, 07:26 PM   #2
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I can't speak to wire transfers as we attempted to mail the check. We sent it Priority Mail via USPS, which is 2-3 days in the U.S. Took over three weeks to get to Canada. Since it was the Canadian version of a bank check, it seems it cleared right away once it got there.

DO NOT send it via USPS if it needs to get there any time soon. UPS or fedex are better for internal delivery. I had a client in Ontario send a check overnight via FedEx and it was here the next day.
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Old 09-26-2015, 07:29 PM   #3
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Bill,

The only thing I'm worried about is that it would take extra time for a personal check to clear, since it's a US check. I don't have access to Canadian checks. We'd be happy to Fedex overnight a personal check, but if it will take longer to clear than a wire transfer, we'd rather start the wire transfer process.

Perhaps we should just Fedex the check now, and then call the bank and Escape on Monday to ask which will be fastest for clearing...
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Old 09-26-2015, 07:30 PM   #4
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I think a personal check takes a long time to clear - so it needs to be a cashier's check which can be credited immediately.
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Old 09-26-2015, 07:34 PM   #5
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Bill - what sort of check did you pay with? You said it was the "Canadian version of a bank check". What does that mean? A cashier's check that was converted to CAD before it was printed?

The trouble here is that we're not in San Antonio any more, so if we were to get a cashier's check from USAA, we'd have to have them overnight it to Canada, and I don't know that there's any guarantee they would use Fedex over USPS or something similar; whereas we can definitely use Fedex, if using a personal check is faster than international wire transfer.

I'm wondering if there's any way to expedite an international wire transfer.
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Old 09-26-2015, 07:36 PM   #6
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A cashiers or bank check is needed, but I believe if the remaining balance is small they will accept a credit card payment (small as in less than $1k) otherwise your check can be verified by the bank in Canada and a hold placed until it clears, thereby creating a bank check.
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Old 09-26-2015, 07:38 PM   #7
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Jim - does that mean that we can pay with a personal check and take the trailer that day? We ow the balance minus $500 initial deposit, so a credit card won't cut it.

Or are you saying that the cashiers check will be verified, "creating a bank check"?
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Old 09-26-2015, 07:38 PM   #8
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Quote:
Originally Posted by fridaynext View Post
Bill - what sort of check did you pay with? You said it was the "Canadian version of a bank check". What does that mean? A cashier's check that was converted to CAD before it was printed?

The trouble here is that we're not in San Antonio any more, so if we were to get a cashier's check from USAA, we'd have to have them overnight it to Canada, and I don't know that there's any guarantee they would use Fedex over USPS or something similar; whereas we can definitely use Fedex, if using a personal check is faster than international wire transfer.

I'm wondering if there's any way to expedite an international wire transfer.
If you get the cashiers check, then take it with you, it can be verified via phone by ETI bank. Should be ok
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Old 09-26-2015, 07:39 PM   #9
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I think cashiers checks take a few days to clear now as well. Best would probably be to call ETI and setup a wire transfer at this point. You indicate final payment, I think they will allow up to $3k on ur card when you pick up, but if more than that remaining then the other route is way to go.
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Old 09-26-2015, 07:47 PM   #10
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I used TDBank but any commercial bank that offers currency exchange can do this. In the U.S., to pay a car dealer you would get a bank check (aka cashiers check). These funds are good immediately. The Canadian name for this check is a bank draft. The bank took the U.S. Funds from my account, converted it to Canadian, and then gave me the bank draft in cdn$ which I mailed to ETI.

If you lived in Canada, you would probably just walk in with the cdn$ bank draft and settle it the day of pickup.

I also suggest making sure the funds are up there ahead of the border crossing. One of the questions at customs was about carrying large amounts of money, and when we mentioned picking up a trailer, they wanted to know how we were going to pay for it since we didn't have a large amount of cash. Paying ahead by bank draft was an acceptable answer.
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