Using XE.com to Transfer Funds to Canada - Page 2 - Escape Trailer Owners Community

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Old 05-08-2013, 12:52 AM   #11
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Originally Posted by Floating Cloud View Post
You can get some great deals buying from other countries with a credit card. The key is the card. A big-name bank will hit you with big-dollar fees. A small credit union will likely charge you far less. I believe Discover is another card without foreign transaction fees. I have used a CU for overseas purchases and saved plenty that way over cash. You can ask your institution's fees or maybe look them up.
Why is this the case? Are there fees associated with a currency exchange that you don't pay using a credit card?
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Old 05-08-2013, 09:24 AM   #12
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Check with bank that has issued your credit card. Generally there is a 3% fee in addition to the currency exchange fee. The cost may be somewhat offset dependent on the value of the USD. Are you looking for info concerning purchasing your Escape or for other purchases outside of the US ?
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Old 05-08-2013, 09:45 AM   #13
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Check with bank that has issued your credit card. Generally there is a 3% fee in addition to the currency exchange fee. The cost may be somewhat offset dependent on the value of the USD. Are you looking for info concerning purchasing your Escape or for other purchases outside of the US ?
It all depends on the bank. While HSBC (which calls itself a "World Bank") charges the 3% fee for purchases in Canada, my Capital One credit card has no transaction fee & excellent exchange rates. They also give "cash back" of 2% on automotive & groceries, & 1% on everything else.
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Old 05-08-2013, 11:53 PM   #14
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Yes, this is related to the purchase of our soon to be in production 19' Escape.
I'll check with both banks we have accounts with.
My understanding is that Escape has a Wells Fargo account, so I'm wondering if I could simply make a funds transfer and bypass some fees?
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Old 05-09-2013, 07:30 AM   #15
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I spoke with Tammy about this and yes they do have an American bank account. I think she said with Citizen bank. We can deposit the money into that account then she can move it. She indicated that she was getting a very good exchange rate.
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Old 05-09-2013, 09:37 AM   #16
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We followed TECHFAN'S advise.
Contact escape trailer and Tammy or Kim will e-mail you the wire transfer instructions (the bank was impressed with the complete info). Contact you bank ('s) to determine if they are willing and the wire transfer cost if any (usually $45).
Monitor this link to determine the USD to CAD value:
XE: (USD/CAD) US Dollar to Canadian Dollar Rate
If the 1$ USD = $1.015 CAD the exchange cost is not at a loss and equals the transfer expenditure. If the CAD is above $1.015 you will gain CAD dollars.
E.g. We sent $25,000 USD when the exchange rate was $1.03 and we gained $389.58 CAD dollars toward payment of the Escape trailer after the 0.015 transfer cost was deducted.
So the cost of the wire transfer is the expenditure for the service at your bank and the 0.015 currency transfer cost. Set this up with your bank in advance so you can make the transfer as soon as the exchange rate is in your favor.
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Old 05-15-2013, 12:10 AM   #17
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We sent $25,000 USD when the exchange rate was $1.03 and we gained $389.58 CAD dollars toward payment of the Escape trailer after the 0.015 transfer cost was deducted.
So, you can transfer $ at any time? Our trailer just began production?
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Old 05-15-2013, 12:22 AM   #18
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The pundits are saying that the government of Canada would like to see the Canadian dollar fall some against the U.S. dollar. And, that interest rates will continue to be low.
For what it's worth.
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Old 05-15-2013, 08:54 AM   #19
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So, you can transfer $ at any time? Our trailer just began production?

Yes, Escape trailers are willing to accept payment any time you are want to wire the payment. The exchange rate is now in your favor. CAD is more than $1.015
XE: (USD/CAD) US Dollar to Canadian Dollar Rate
Call Escape trailers after wiring the money and make them aware that funds are being sent. We asked our bank for a confirmation e-mail and forwarded it to Escape TT.
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Old 12-16-2015, 10:45 AM   #20
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So, you can transfer $ at any time? Our trailer just began production?
We have made 2 payments in advance to Escape, using our Wells Fargo account and transferring it to the WF account which Escape uses. The wire transfer fee of $45 is not helpful, and the banks do not give you the full amount of the exchange rate. But all in all, we are getting a good deal and hope to be able to use the wire exchange once more before we pick up in May.
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