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Old 10-07-2016, 08:26 AM   #121
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Impressed with EverBank

Quote:
Originally Posted by LJY View Post
Wow, 3 basis points.. that's like no fee. but i'm sure they are making in other wealth management areas

Inspired by you, I did some additional search for US banks that offer foreign currency accts. To my surprise, there's a handful of them now! I'm glad we are making progress as a country.

For those that want a CAD$ account, look at the online bank EverBank.com, I'm really impressed by their offering/rates, and straight forward disclosures. Very unlike traditional banks.
EverBank offers no interest for CAD$ acct currently. You can choose to use XE to wire CAD in..or use Everbank to exchange. They said the acct is free of charge and the exchange cost is 0.75% of their exchange rate which sounds lower than XE... but they aggregate all requests from their customers to exchange once per day to try to get better rate. And their outgoing international wire is just $30 (free incomings) or we can choose to ask for a bank check/draft in CAD$ for free. If there's anything else I've missed please share the info with the rest of us.

I'm glad that so many people have so much confidence in ETI.. it sounds like a great company and great people. However, in my experience, the key/secret of why dealing with smaller businesses is so risky is that small company is so dependent on the health and well-being of its owners. This is the inherent risk of dealing with smaller companies.
Hi - thanks for the tip about EverBank! We've ordered a 5.0TA which won't be ready until the middle August, 2017. I decided to check out EverBank and it's as good as you mentioned (great security, transparency, customer service, etc.). I set up a checking account and a World Market (Canadian currency) account. You simply do an external transfer from your current bank to EverBank and then do an internal transfer to the Canadian currency account. If you're a new online customer, they make you wait 3-5 business days from the time you have money in the checking account before that money becomes available to the internal transfer. However, I found if you call their World Currency department directly, they can do the transfer to Canadian right then and there. Very Cool! We'll save up the amount needed to pay for our new trailer and then have Everbank cut a check (in Canadian dollars) when the time comes for ETI to get paid. Very slick! Thanks again!
John
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Old 10-07-2016, 11:41 AM   #122
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I bought a bunch of FXC shares that I'll have had over a year when we pick up our trailer next October. That brings the US taxable rate down from "income" to "capital gains." In our income bracket (virtually none), that's a max of 15% on what very little I expect to gain (or a comparable offsetting loss for the next year). While some additional fluctuation is certainly possible, I don't anticipate a seismic shift in either the Canadian or U.S. economy (unless of course the unthinkable happens in the November elections ).
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Old 10-07-2016, 01:31 PM   #123
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I'm thinking of paying off my escape before the election (delivery in December). Don't know what to expect
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Old 10-07-2016, 02:27 PM   #124
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Pretty good rate today, I'd just lock it in, pay it off, be happy and not worry about things you can't control.
We averaged close to 30%, but two months later it went over 40%. I didn't care, the rate I got was better than the 20% when I ordered.
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Old 10-07-2016, 03:28 PM   #125
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Decided to use Cathay Bank

I looked into several options and found a local bank with good people and service so far. Cathay Bank has similar exchange cost ((0.75% if over $10,000) and wire fees. They have few locations but if you're close to one and prefer seeing who you're talking to, it may be worth checking out.
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Old 10-07-2016, 09:19 PM   #126
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we are in Los Angeles

We have some USD in a USD account at a Canadian Bank

and we also have a CAD account at the same Canadian Bank.

When I transfer $ from USD to CAD - inside the same bank - via their banking website - today, right now, they are offering a rate of 1.2857

when XE says the closing rate is 1.329

and both Google and also Bank Rate of Canada say about the same thing. about 1.329.

all measured at exactly the same time.

So our Canadian Bank is dinging us for about 4%

this seems very high.

anyone have any advice?

My plan was to wire USD to my USD account at the bank in Canada, but if the Canadian bank is going to soak us for 4% every time we internally transfer USD to CAD (inside the same bank), that is crazy.

thanks for any ideas / easy solutions.
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Old 10-07-2016, 10:00 PM   #127
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Quote:
Originally Posted by Losangeles View Post
we are in Los Angeles

We have some USD in a USD account at a Canadian Bank

and we also have a CAD account at the same Canadian Bank.

When I transfer $ from USD to CAD - inside the same bank - via their banking website - today, right now, they are offering a rate of 1.2857

when XE says the closing rate is 1.329

and both Google and also Bank Rate of Canada say about the same thing. about 1.329.

all measured at exactly the same time.

So our Canadian Bank is dinging us for about 4%

this seems very high.

anyone have any advice?

My plan was to wire USD to my USD account at the bank in Canada, but if the Canadian bank is going to soak us for 4% every time we internally transfer USD to CAD (inside the same bank), that is crazy.

thanks for any ideas / easy solutions.
Why not just send a check to Escape in USD? Their bank offers a favorable exchange rate when the funds are converted upon deposit. We did that, and it was hassle free.
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Old 10-07-2016, 10:04 PM   #128
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I've sent all the Escape wire transfer info to my local credit union. For only the wire transfer fee they'll do an international currency wire transfer to Escape's Canadian bank. Escape's accounts manager recommended this method to me, she said the exchange rate comes out much better that way than wiring it to Escape's US$ bank and having them do the exchange.
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Old 10-08-2016, 12:19 AM   #129
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Don't know if this has been mentioned but if you open a Canadian bank account that has a value of over 10,000 at any point you will need to file an FBAR due April 15, 2017.
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Old 10-25-2016, 05:31 PM   #130
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Received confirmation today Escape received our $25,000 payment via wire transfer. Easy Peasy! US Bank charged us a straight $50 fee plus a few extra little things from Escape's middle man bank (Citizens). We are beyond happy! Much more comfortable with that method rather than sending a check through the mail and waiting, waiting, waiting . . .
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