How to pay for your new trailer across international boundaries - Escape Trailer Owners Community

Go Back   Escape Trailer Owners Community > Escape Tech > Problem Solving | Owners helping each other
Click Here to Login
Reply
 
Thread Tools Display Modes
 
Old 01-02-2019, 11:33 AM   #1
Junior Member
 
Join Date: Jul 2017
Location: Menomonie, Wisconsin
Trailer: 2019 Escape 21', Maple Interior, previous 2015 Escape 19'
Posts: 21
How to pay for your new trailer across international boundaries

We are ready to TRY and make the final payment for out new 21'. I want to do this before the stock market totally tanks and the exchange rate crashes. We had some success with the purchase of our first Escape 19' using our credit union, but have discovered that with the daily exchange holding steady over 1.32%, the banks and credit unions will only give you 1.24%. This calculates to about a $3000 difference to us. How are other people handling this?

Are you wiring money, opening a bank account in Canada, taking cash? What exchange rate are other people getting?
__________________

bjsmitty is offline   Reply With Quote
Old 01-02-2019, 12:23 PM   #2
Senior Member
 
Join Date: Sep 2016
Location: North Vancouver, British Columbia
Trailer: 2019 Escape 21 towed by F-150 with 2.7l eb, formerly Escape 17B 2017
Posts: 551
Quote:
Originally Posted by bjsmitty View Post
We are ready to TRY and make the final payment for out new 21'. I want to do this before the stock market totally tanks and the exchange rate crashes. We had some success with the purchase of our first Escape 19' using our credit union, but have discovered that with the daily exchange holding steady over 1.32%, the banks and credit unions will only give you 1.24%. This calculates to about a $3000 difference to us. How are other people handling this?

Are you wiring money, opening a bank account in Canada, taking cash? What exchange rate are other people getting?
You should talk to your bank directly and ask them to give you an estimated rate for wiring presumably what is close to CAD40,000 or even more. As a former banker. there should't be that big a differential for a commercial sized wire transaction. Also do a search on this forum on exchange rates as quite a few people have commented on how best to pay for the balance on their trailer purchases.
__________________

Chris & Patricia is offline   Reply With Quote
Old 01-02-2019, 12:42 PM   #3
Junior Member
 
Join Date: Aug 2017
Location: Elyria, Ohio
Trailer: 2018 Escape 19
Posts: 5
If you wire USD to Escape it goes to their bank and the bank will discount it by about 3% and your bank wire charge is about $50.
We also used our broker (Fidelity) and they exchanged our USD to Canada dollars in our account, and with no wire transfer fees to the Escape bank. That saved us the 2% difference for the exchange. Other brokers may do the same service.
Doug King is online now   Reply With Quote
Old 01-02-2019, 01:24 PM   #4
Senior Member
 
Join Date: Aug 2017
Location: Hope, Indiana
Trailer: Escape 21
Posts: 212
Last month, I paid using a personal check, which was mailed with two regular stamps.

All banking, handling, and exchange transactions came to $194 from the $10,000 that I mailed.

Yep, I know I could’ve saved some money by using a wire transfer and timing the exact day that the exchange rate is favorable.

Although I was experimenting, I might do a wire exchange next.
__________________
Trent
Rrgramps is offline   Reply With Quote
Old 01-02-2019, 01:56 PM   #5
Senior Member
 
JStelly's Avatar
 
Join Date: Jun 2013
Location: Friendswood, Texas
Trailer: 2015 Escape 19', Escape 5.0 on order July 2019
Posts: 376
Quote:
Originally Posted by Chris & Patricia View Post
You should talk to your bank directly and ask them to give you an estimated rate for wiring presumably what is close to CAD40,000 or even more. As a former banker. there should't be that big a differential for a commercial sized wire transaction. Also do a search on this forum on exchange rates as quite a few people have commented on how best to pay for the balance on their trailer purchases.


I was online with my bank this weekend (Chase Bank) and learned I can do an international wire transfer for as little as $5,000 with no fee. As I clicked through they quoted a rate of 1.33.
JStelly is offline   Reply With Quote
Old 01-02-2019, 02:00 PM   #6
Junior Member
 
Join Date: Jul 2017
Location: Menomonie, Wisconsin
Trailer: 2019 Escape 21', Maple Interior, previous 2015 Escape 19'
Posts: 21
We are clearly using all of the wrong banks!!!
bjsmitty is offline   Reply With Quote
Old 01-02-2019, 02:25 PM   #7
Site Team
 
cpaharley2008's Avatar
 
Join Date: Jun 2010
Location: Chilliwack, British Columbia
Trailer: Escape#4, 2019 Escape21 DejaView pulled by 2014 Ram Hemi/8sp
Posts: 18,782
I just write a check and use 2 stamps, no hassle, no fuss.
__________________
Jim
Never in doubt, often wrong.....
cpaharley2008 is offline   Reply With Quote
Old 01-02-2019, 03:06 PM   #8
Junior Member
 
Join Date: Feb 2018
Location: Minneapolis, Minnesota
Trailer: 2018: Escape 17-A
Posts: 12
I used TransferWise for 2 installments on my 17-A that was just completed. Last installment was December 28. Got market FX rate rate and total transaction fees were just under 1%; less than $100 per $10,000. I highly recommend TransferWise.
cotto is offline   Reply With Quote
Old 01-02-2019, 03:20 PM   #9
Senior Member
 
davidmurphy02's Avatar
 
Join Date: Feb 2018
Location: Austin, Texas
Trailer: 2019 5.0TA "Junior", 2019 Ram 1500 5.7 Hemi
Posts: 593
I checked with our bank, Bank of America, about wire transfers and found that while they'd do a wire transfer for little to no fee their exchange rate was terrible. We paid in several installments by personal check and found that the exchange rate through ETI's bank was far better, amounted to less than a 2% fee.
__________________
David, Mary, and 3 Cats
davidmurphy02 is offline   Reply With Quote
Old 01-02-2019, 04:09 PM   #10
Senior Member
 
Join Date: Aug 2017
Location: Hope, Indiana
Trailer: Escape 21
Posts: 212
Looks like there are several places that money can hit middlemen on the way to the receptor.
1. Cost of the wire service; 2. The sending bank; 3. The governmental or international “exchange rate/fee;” 4. Service for Timing the lowest “exchange rate;” 5. Or The receiving bank (ETI)

Some folks seem to be claiming that their service/bank includes all of the above middlemen (or excludes them) by combining the services into one, free of charge.
__________________

__________________
Trent
Rrgramps is offline   Reply With Quote
Reply

Tags
paying with us dollars

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off






» Featured Campgrounds

Reviews provided by

Disclaimer:

This website is not affiliated with or endorsed by Escape Trailer Industries or any of its affiliates. This is an independent, unofficial site.



All times are GMT -5. The time now is 11:39 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Copyright 2012 Social Knowledge, LLC All Rights Reserved.