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Old 03-18-2017, 07:21 PM   #171
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Originally Posted by NCBill View Post
Good move on Everbank. I don't like surprises. Does Escape hold their pricing regardless of possible currency fluctuations?
Hi - My understanding is that the final price (given in Canadian Dollars) will stay as stated on the Build Sheet once it is signed. You may want to contact ETI just to be sure. Once your money is sitting in the EverBank World account (as Canadian Dollars), you just need to wire the amount agreed to on the Build Sheet to ETI when appropriate. Others with more experience may want to "chime in" here, since I'm a bit of a newbie myself.
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Old 03-30-2017, 03:28 PM   #172
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For those considering Everbank, here is something that they publish on their site that indicates that they charge roughly 1% on the rate that they negotiate.

"Exchange rates are not published on any centralized exchange. We attempt to get you a competitive rate by:

• combining your trade with the trades of our other clients to gain economies of scale, and
• working with large institutional providers.

We add a spread of 1% or less to whatever exchange rate we can get for you. We also generally discount
our spread if your U.S. dollar transaction equivalent being converted exceeds $100,000. "

see -https://www.everbank.com/~/media/_docs/marketing/everbank/eb_ForeignCurrencyTermSummary.pdf
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Old 10-27-2017, 12:48 PM   #173
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Originally Posted by rjbny View Post
For those considering Everbank, here is something that they publish on their site that indicates that they charge roughly 1% on the rate that they negotiate.

"Exchange rates are not published on any centralized exchange. We attempt to get you a competitive rate by:

combining your trade with the trades of our other clients to gain economies of scale, and
working with large institutional providers.

We add a spread of 1% or less to whatever exchange rate we can get for you. We also generally discount
our spread if your U.S. dollar transaction equivalent being converted exceeds $100,000. "

see -https://www.everbank.com/~/media/_docs/marketing/everbank/eb_ForeignCurrencyTermSummary.pdf

I noticed that also But i think all banks charge something to do the transfer. its funny its says 1% or less . for those that have done it whats the spread they been charging?
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Old 10-27-2017, 01:18 PM   #174
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I noticed that also But i think all banks charge something to do the transfer. its funny its says 1% or less . for those that have done it whats the spread they been charging?
Less than 1% for mine. I was very happy with the rates I got from them
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Old 10-27-2017, 01:23 PM   #175
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In May I purchased $CAD when the FOREX rate was 1.3647. Everbank purchased the funds at 1.36169. Keep in mind that the trade will happen a day or 2 after you initiate the transaction so the rate may change. Also Everbank charged me $30 USD to wire the funds to ETI.
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Old 10-27-2017, 06:04 PM   #176
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Originally Posted by dinnyberry View Post
In May I purchased $CAD when the FOREX rate was 1.3647. Everbank purchased the funds at 1.36169. Keep in mind that the trade will happen a day or 2 after you initiate the transaction so the rate may change. Also Everbank charged me $30 USD to wire the funds to ETI.
If you wanted to exchange on the same day, you need to call the by 7am Pacific or something like that.

Also, I've found their rates to be the best I can find without having to give them any other business. One owner on this thread got a better deal with JP Morgan, but I think that's because he has retirement/investments thru JP Morgan.. and that's probably thousands of dollars in fees a year.

NOTE: Everbank got bought by TIAA.. so you'll have to check to see if this foreign currency account is still available.
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Old 10-27-2017, 06:57 PM   #177
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I just signed up with Everbank, and it does look like they're still offering the foreign MM accounts, although I'm awaiting the account number for it.
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Old 10-27-2017, 08:23 PM   #178
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If anyone has recently opened a special account and actually compared it to Escape's bank's rates at the time of payment, and can say what they saved, some might be interested in that.
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Old 10-30-2017, 01:18 AM   #179
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One owner on this thread got a better deal with JP Morgan, but I think that's because he has retirement/investments thru JP Morgan.. and that's probably thousands of dollars in fees a year.
Morgan Stanley, actually, and the transaction was essentially "free". I put free in quotes because it's quite true that we pay a goodly amount of management fees to them. If you have an existing relationship with a broker you probably want to ask about it, but if not, another alternative will surely be best.
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Old 10-30-2017, 01:37 PM   #180
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Morgan Stanley, actually, and the transaction was essentially "free". I put free in quotes because it's quite true that we pay a goodly amount of management fees to them. If you have an existing relationship with a broker you probably want to ask about it, but if not, another alternative will surely be best.

My retirement funds are at UBS. My financial team was not experienced with currency exchanges. The exchange rate they were originally quoted by someone else at UBS were OK but not great. I told them so and my team looked into it further. They found that the way to get the best rate was with a commodities trade. They set me up with a commodities account. I transferred USD into that account, when I was ready to buy CAD, I called them up. They got one of their commodities traders on the other line, who gave the approximate rate I could expect. I told them to go ahead and they bought all the CAD I need to pay for my trailer. My rate was actually better than quoted and was a tiny bit better that the spot rate listed on XE. I was delighted! (But wished I had purchased 30 days earlier, before the rate went up.)
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