Paying for trailer from the US - Escape Trailer Owners Community

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Old 04-25-2018, 01:05 PM   #1
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Paying for trailer from the US

So, I did quite a bit of digging to see what might be the most economical way to transfer my payment to ETI in $CAD from my $US accounts. Seems that 1% exchange fee was pretty standard with the caveat that there "may" be additional bank charges from intermediary banks along the way. Worst about this was that I could not get a firm figure regarding the total cost.

Discovered an outfit called TransferWise https://transferwise.com

I did end up using them and total cost was around 0.6% all in plus they gave me the exact cost in $US to transfer my exact balance to ETIs bank account. Got confirmation from ETI this morning that they received the funds OK.

There may be other better solutions but just thought I'd pass along my experience.
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Old 04-25-2018, 01:17 PM   #2
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We too have used TransferWise both for part of our Escape payments and for sending funds to relatives in the EU. It's painless and simple. It's nice to know the exact amount the recipient gets right on the webpage.
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Old 04-25-2018, 09:14 PM   #3
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We looked at the wire transfer option but ultimately sent a personal check (or cheque since it went to Canada ) via FedEx instead. This was an available payment option since our trailer completion date was still more than two months out, otherwise a wire transfer would have been our only option.
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Old 04-26-2018, 12:18 PM   #4
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Originally Posted by akmacs View Post
We looked at the wire transfer option but ultimately sent a personal check (or cheque since it went to Canada ) via FedEx instead. This was an available payment option since our trailer completion date was still more than two months out, otherwise a wire transfer would have been our only option.
Do you recall if you got the actual spot exchange rate for your $US check? That was one of the issues I was concerned about as it seemed that the actual exchange rate I would get if I paid ETI by check would be unknown until payment had cleared. Anyway, it's done now
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Old 04-26-2018, 06:37 PM   #5
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My understanding, this is the bank ETI uses, the column on far right "Member Sells" would be the rate ETI would use if payment received today.

https://www.vancity.com/Rates/ForeignExchange/
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Old 04-26-2018, 07:00 PM   #6
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Originally Posted by Kent View Post
My understanding, this is the bank ETI uses, the column on far right "Member Sells" would be the rate ETI would use if payment received today.

https://www.vancity.com/Rates/ForeignExchange/
Good to know thanks. That rate is around 2% poorer than the spot rate today. Not bad but one can do better.
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Old 05-01-2018, 08:47 PM   #7
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Carl, I started to use transferwise yesterday to send the last bit of funds, but I decided against it when they asked for bank password. Did that happen to you?
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Old 05-01-2018, 08:54 PM   #8
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Carl, I started to use transferwise yesterday to send the last bit of funds, but I decided against it when they asked for bank password. Did that happen to you?
No I did not have to give a password. That does not sound right. For the destination bank you need routing and account numbers as well as info re. the beneficiary. I set up the transfer then wired the funds to transferwise. I would not give out any passwords to anyone!
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Old 05-01-2018, 10:59 PM   #9
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Perhaps you landed on a 'look-alike' fake site by mistake?
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Old 05-01-2018, 11:29 PM   #10
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Sorry Carl didn't see your question but looks like Kent answered it. Like he said ETI gave me their bank's rate but it seemed like any method held a degree of uncertainty on the rate depending on when the funds reach the payment company or ETI. I would have been better off paying as soon as I ordered but very happy for the "discount".
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