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Old 12-14-2014, 10:41 AM   #1
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Using XE for Electronic Fund Transfers (EFT)

I recently exchanged American for Canadian dollars through XE (XE - The World's Favorite Currency and Foreign Exchange Site) with a couple of issues that I wanted to let everyone know about. My wife and I read all of the forum posts about paying for our 19' and decided to use XE because it appeared simple and would save us money over using a wire transfer through Wells Fargo. I got the wire transfer instructions from Tammi, but following XE's advice did not use the intermediary bank in ETI's instructions and not understanding the difference between wire transfers and EFT used the EFT option to avoid fees. The result was that the trade was rejected owing to the account being closed.

I then went back and reread Karen H.'s instructions for using XE from an earlier posting and contacted Tammi and XE to determine where the glitch was. Since I was still confused and didn't want to be charged another $15 for not getting it right I contacted ETI's bank, Citizens Bank of Canada foriegn exchange unit. The person I talked to explained Citizens is now owned by Vancity Credit Union and is an online only bank with no actual customer deposits. Instead, actual accounts and funds are held by Vancity, explaining why the account was "closed". While I was assured by XE that I didn't need to use Wells Fargo as an intermediary bank to reach ETI's accounts Citizens Bank told me that if I didn't use the intermediary bank there would be no way for the transaction to be completed appropriately. Therefore, I needed to figure out how to get an EFT to ETI through XE without using Wells Fargo.

So I sent a message to Karen H. And she kindly updated me on the proper accounts to use. It turns out to be very simple and there are no fees for an EFT. All you have to do is set up your account in XE and identify ETI as your recipient and their Vancouver City Savings Credit Union account number as the beneficiary account. Ask Tammi for ETI's Vancity account information, not the wire transfer instructions. While wire transfers are faster they have fees attached. In my case $22.50. While not a lot, if I make 6 $5000 transfers that totals about $130.

Right now you can save money by using XE over a bank like Wells Fargo. This morning XE quoted me $8932 American for $10,000 Canadian (0.8932 exchange rate). Wells Fargo quoted me $9053 for $10,000 (0.9053). For a $30,000 trailer that's a savings of $121 American per trade and over $360 total. Again, while not a lot it pays for extra options. Don't be fooled by "live exchange rates", 0.86348, posted this morning on XE main web page. Instead, make sure you use thier quote feature in the Transfer Money tab so you include XE's profit for the trade.

Sorry for all the acronyms and I hope this helps others that are as confused as I was.
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Old 12-14-2014, 11:28 AM   #2
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The key here is that one needs to understand the difference between a wire transfer and an electronic transfer of funds (EFT). It took me several tries to get the right information from ETI but once I had it, everything was smooth.
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Old 12-14-2014, 12:05 PM   #3
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How about just sending a check?

We used XE for our first trailer. It worked fine. But for our second one we were able to send a check in American funds directly to ETI, and that worked fine too. I am not sure how we came out in terms of the exchange rate, but my guess is that we did ok.
I once worked for a Wells Fargo. Even as an employee, I could not move money to Canada as cheaply as I could using XE.
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Old 12-14-2014, 12:14 PM   #4
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I believe that works, too, and some people on this forum have done that; however, I don't think the exchange rate is as favorable which, on a $25K+ trailer, can add up as posted above.
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Old 12-14-2014, 12:44 PM   #5
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For me it was getting a Cashiers Checks from my bank, no charge for it, and sending it to ETI. Granted it took about a week before ETI actually had the money but for me it was far and away the simplest and least expensive way to do it. Total cost? A buck and change for postage.
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Old 12-15-2014, 12:08 AM   #6
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ETI told me a cashier's check would be fine. I'm to call ETI tomorrow to get the latest exchange rate, then will get the check from my bank (no charge) and take it with me on Tuesday when I pick up my trailer.
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Old 12-23-2014, 08:41 PM   #7
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First time XE transfer funds

Has anyone used XE.com or XEtrade to pay for your trailer? Is it possible to use either a wire transfer or an EFT transfer overnight?

Also, what would be the cost to do this?

I'm a newbie. Thanks.
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Old 12-23-2014, 09:59 PM   #8
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Quote:
Originally Posted by chris valenta View Post
Has anyone used XE.com or XEtrade to pay for your trailer? Is it possible to use either a wire transfer or an EFT transfer overnight?

Also, what would be the cost to do this?

I'm a newbie. Thanks.
First of all, you need to read this thread in its entirety: http://www.escapeforum.org/forums/f3...nada-2064.html. Pay particular attention to Post #10 which says that the entire fourth paragraph in Post #1 of that thread is incorrect. That is addressed more specifically in this thread beginning with Post #1. Once you have read through all this and understand the difference between an EFT (electronic fund transfer) and a wire transfer, you're good to go.

Yes, several people have used XE.com to do an EFT. Others have used ETI's directions for wire transfers (a whole different thing). And others have simply sent a check in US funds to ETI and they (ETI) have deposited it in their bank using their exchange rates. There's no free lunch here. You will pay either in fees or a less favorable exchange rate. The more people in the middle, the higher the cost and even small differences in exchange rates can add up when talking about $25,000+. It's up to you to figure out what is best for you.

BTW, welcome to the forum!
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Old 12-23-2014, 10:07 PM   #9
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Originally Posted by gingerh View Post
ETI told me a cashier's check would be fine. I'm to call ETI tomorrow to get the latest exchange rate, then will get the check from my bank (no charge) and take it with me on Tuesday when I pick up my trailer.
I sent a cashier's check in $US to ETI when I bought my trailer, they got an excellent exchange rate and the transaction was very low cost and easy. Apparently they get a preferential exchange rate from their bank.
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Old 12-23-2014, 10:56 PM   #10
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Thank you KarenH for all the info.
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Old 03-05-2015, 04:20 PM   #11
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Have anyone used XE to do EFT to ETI since December 2014? I have emailed and called ETI and I have not been able to get any information regarding their account on Vancity. Every email/phone call resulting in me being given instruction for Wire transfer to Citizens Bank (got those pages 3 times in my inbox!), which will not be usable according to this thread. Can anyone please help? Thanks!
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Old 03-05-2015, 05:15 PM   #12
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Account no.

I sent you a private message with the information.
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Old 03-05-2015, 05:27 PM   #13
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Thanks!
I will check it soon.
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Old 05-01-2015, 09:55 PM   #14
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Anyone have the Vancity info? I tried to get it from Tammy, but she sent me the same wire transfer info as last time. For some reason my credit union is unable to process the transfer with the information she sends. They claim the account number at Wells Fargo is wrong and the transfer will not go through. I ended up sending a cashier's check last time, but that cost me more in postage than the wire transfer would have--if I could have done it.

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Old 05-01-2015, 10:03 PM   #15
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Wire transfer info may be different from EFT transfer info. Pretty sure.
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Old 05-01-2015, 11:02 PM   #16
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After all this time, I just don't understand why this is so difficult to get the correct information. An electronic fund transfer (EFT) is totally different from a wire transfer. To do an EFT (via XE or probably anyone else) one only needs ETI's VanCity Savings Credit Union account number for the branch located on Luckakuck Way. Easy peasy. I have their account number from 2013 but hesitate to give it out in case it has changed. Perhaps Sematz will come through via a PM.
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Old 05-01-2015, 11:50 PM   #17
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Quote:
Originally Posted by captmath View Post
Anyone have the Vancity info? I tried to get it from Tammy, but she sent me the same wire transfer info as last time. For some reason my credit union is unable to process the transfer with the information she sends. They claim the account number at Wells Fargo is wrong and the transfer will not go through. I ended up sending a cashier's check last time, but that cost me more in postage than the wire transfer would have--if I could have done it.

Dick
Did you know what fee you would have from Wells Fargo? They may have a fee on top of another fee.
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Old 05-02-2015, 12:16 AM   #18
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Did 3 wire transfers from a brokerage account with no fees. Just verify with ETI they have received funds.
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Old 05-02-2015, 01:25 AM   #19
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Again, there is a difference between EFTs (through ETI's VanCity) and wire transfers (through ETI's Wells Fargo). The difference can involve cost and time depending on what is important to the consumer; EFTs can be cheaper but wire transfers can be quicker. Here's an explanation:

Difference Between Wire Transfer & Electronic Transfer | eHow

And be aware that there are always fees. There's no free lunch here whether the fees are explicitly stated or are in the form a higher/lower exchange rate.
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Old 05-03-2015, 10:57 AM   #20
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Sent you a private message with info. Definitely do a test send to make sure it works. We finished paying off ours in April so it should. Make sure you tell Tammy it's an EFT to their Vancity CU account so they don't look for a wire transfer to the account they gave you. My contact info should be in the message if you need to call me.
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