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Old 04-25-2018, 02:05 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, 02:17 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, 10:14 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, 01:18 PM   #4
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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.
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, 07:37 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, 08:00 PM   #6
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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/
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, 09:47 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, 09:54 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, 11:59 PM   #9
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Perhaps you landed on a 'look-alike' fake site by mistake?
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Old 05-02-2018, 12:29 AM   #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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Old 05-02-2018, 06:21 AM   #11
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I sent checks for all 3 of my Escapes, double postage was the only added cost.
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Old 05-02-2018, 07:08 AM   #12
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I setup a CAD dollar account on Everbank and did "dollar cost averaging" conversions until I had enough Canadian currency together to send to ETI. Once I was ready, it was a standard CAD$ wire transfer and only cost me $30 US to send over $40K CAD. It was also kind of fun tracking the exchange rate and picking when I would convert US$ to CAD$. This took some of the stress away since I could spread out the conversions over time and not go all-in on a single conversion.
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Old 06-06-2018, 12:04 PM   #13
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I will add that I too have successfully used TransferWise (TW). I was nervous about such a large amount being in the hands of an intermediate company. Also, the process of getting "signed up" and approved is not crystal clear. I sent the original deposit to Escape using personal check, with no control over exchange rate. With TW I knew the rate as soon as I initiated the process, and it matched the "official" rate exactly. There was a fee of course.
In hindsight, I would have signed up with TW for the initial deposit wire transfer, then completed the larger transfer(s) later, using them as well. This would have reduced my anxiety considerably. My local bank was no help in learning about this option, but was happy to offer the transfer using their inflated exchange rate.
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Old 06-25-2018, 08:27 AM   #14
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Just completed my transfer to ETI using Wells Fargo to make a wire transfer. Well, truth be told, I made two wire transfers - the first in the amount of $200 and a second for the balance.

The reason for the first transfer was to "prove the system". I worked too golly dang (sorry for the profanity!) hard to earn that money, and I didn't want to wake up the next day and learn my financial electrons went rogue and now manifested themselves in the form of a new Hummer for someone on the other side of the planet. That piece of mind test cost me $35.

The second wire transfer - another $35 but both went smooth.

I have, at my own expense, proven this new fangled 'wire transfer' actually works - you're welcome. Sleep easy world.

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Old 06-25-2018, 08:37 AM   #15
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I just mail a check (double postage) and it is done. In fact I was thinking of adding ETI to my electronic checks, free.
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Old 06-25-2018, 08:50 AM   #16
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ETI mentioned that most people just mailed a check but I reflected on the experience of my third job - walking my neighbor's mail over to their house, and thought $35 was good for my piece of mind. Well, $70 in my case but I slept well!

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Old 06-25-2018, 09:24 AM   #17
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Quote:
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ETI mentioned that most people just mailed a check but I reflected on the experience of my third job - walking my neighbor's mail over to their house, and thought $35 was good for my piece of mind. Well, $70 in my case but I slept well!

Jim
I agree! The US Postal Service has gone down the tubes over the last few years. If I expect a package, I have to stand by the mailbox as the postal worker comes by or it either gets dropped at someone else's house or "disappears". I am constantly having to redistribute mail that ends up in my mailbox. I sent a birthday card last month with a check to my daughter in California - it never got there and I had to cancel the check before it got cashed. Complaints fall on deaf ears as the Postmaster could care less - he protects his workers and lets the service go to crap.

And I am going to trust sending a payment through this? No way!




And more - it has been happening and continues to happen. Don't send anything important through the Postal Service.
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Old 06-25-2018, 12:34 PM   #18
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I agree! The US Postal Service has gone down the tubes over the last few years.
Here we go, trashing the US Postal system. Where else can you send a personal check for only a penny a day!

For my trailer I simply had a cashiers check made out to ETI for 98% of my balance due based on the US conversion rate at the time (my credit union issues cashiers checks for free to members). When I stopped for orientation and trailer pick up I simply paid the small balance due via my credit card.
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Old 06-25-2018, 12:42 PM   #19
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we were sending a zamp port to ETI at the time so we put a personal check in the same box, let ETI know there's a check in the box for finance, and sent via USPS global priority.. it got there a little less than a week.
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Old 06-25-2018, 01:27 PM   #20
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I just mail a check (double postage) and it is done. In fact I was thinking of adding ETI to my electronic checks, free.
Hi: cpaharley2008... I've heard too many times, "The cheque is in the mail"!!! Alf
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