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

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Old 01-02-2019, 11:33 AM   #1
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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?
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Old 01-02-2019, 12:23 PM   #2
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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.
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Old 01-02-2019, 12:42 PM   #3
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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.
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Old 01-02-2019, 01:24 PM   #4
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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.
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Old 01-02-2019, 01:56 PM   #5
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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.
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Old 01-02-2019, 02:00 PM   #6
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We are clearly using all of the wrong banks!!!
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Old 01-02-2019, 02:25 PM   #7
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I just write a check and use 2 stamps, no hassle, no fuss.
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Old 01-02-2019, 03:06 PM   #8
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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.
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Old 01-02-2019, 03:20 PM   #9
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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.
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Old 01-02-2019, 04:09 PM   #10
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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.
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Old 01-02-2019, 05:28 PM   #11
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Just wired the final 1/2 payment to ETI from our broker. Today's outbound wire transer exchange rate for US $ to Canadian dollars (the Wells Fargo rate) was .7474. This is much better than the exchange rate we received in October for the first half payment.
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Old 01-02-2019, 06:16 PM   #12
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Please tell me what you are timing the Canadian currency exchange to. How do you know if it’s up or down tomorrow compared to today or next week? Or right now? I put a marker in a random spot on October 10th. It’s been a continuous descent since then.

So of course you got a better rate lately, than back in October. Everybody did, and no broker does that for you. It’s a market trend.

If that trend continues, then it would be better to wait. But it could change, and at some point it will.

Wiring and setting my rate for today, doesn’t guarantee me that next week wouldn’t have been better—or worse.
Until I hear what the reasoning is, then...
...The answer my friend, is blowing in the wind. It’s buying and selling, very much like stocks.
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Old 01-02-2019, 06:51 PM   #13
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Please tell me what you are timing the Canadian currency exchange to. How do you know if itís up or down tomorrow compared to today or next week? Or right now? I put a marker in a random spot on October 10th. Itís been a continuous descent since then.

So of course you got a better rate lately, than back in October. Everybody did, and no broker does that for you. Itís a market trend.

If that trend continues, then it would be better to wait. But it could change, and at some point it will.

Wiring and setting my rate for today, doesnít guarantee me that next week wouldnít have been betteróor worse.

The answer my friend, is blowing in the wind. Itís buying and selling, very much like stocks.
Yes, of course what you have said is true. .73495 is the spot rate today. The vig goes to WFC for the wire. I could postpone no longer sending the final payment as we pick up in a week and a half. Will the exchange rate go lower? Sure it could as Canada has a resource based economy and crude oil /CL has declined rapidly from at high of 76.90 on October 3rd to a low of 42.36 on Christmas eve. If I were a betting man, I would bet that both /CL and /6C will both begin a MODEST rebound in the first few months of the new year. This is a personal opinion and is not to be interpreted as investment advice. YMMV.
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Old 01-02-2019, 07:14 PM   #14
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Yes, of course what you have said is true. .73495 is the spot rate today. The vig goes to WFC for the wire. I could postpone no longer sending the final payment as we pick up in a week and a half. Will the exchange rate go lower? Sure it could as Canada has a resource based economy and crude oil /CL has declined rapidly from at high of 76.90 on October 3rd to a low of 42.36 on Christmas eve. If I were a betting man, I would bet that both /CL and /6C will both begin a MODEST rebound in the first few months of the new year. This is a personal opinion and is not to be interpreted as investment advice. YMMV.
Gotcha.
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Old 01-02-2019, 10:32 PM   #15
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The no fee is only for the wire payment part. The exchange rate for today is 1.36. Your bank would be keeping the difference, but they don't call it a fee.
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Old 01-03-2019, 07:10 AM   #16
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The no fee is only for the wire payment part. The exchange rate for today is 1.36. Your bank would be keeping the difference, but they don't call it a fee.
Precisely.
When I was researching the same topic before making my payment things got crazy. Some places had no *fee* but a worse exchange rate. Some had a better exchange rate but high fees. Some people seemed to get better deals than others. I finally stopped trying to figure out who was on first and just wired the funds in CND from my bank. $80 in disclosed fees. No other costs.
Could I have done better?
Did I get hosed?
Who knows. Itís paid for and Iíve moved on.

Scheduled to start production on 01/17 with a completion date of 02/13. Less than 30 days construction time on a well optioned 21í. I was surprised.

Planning our first trip to Moab in March. Weather permitting.

Ed
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Old 01-03-2019, 12:11 PM   #17
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Precisely.
. I finally stopped trying to figure out who was on first and just wired the funds in CND from my bank. $80 in disclosed fees. No other costs.
Could I have done better?
Did I get hosed?
Who knows. It’s paid for and I’ve moved on.

Ed
Good for you. If it works for you, then that’s what counts.

I’m still trying to figure out what is wrong with sending a personal check to ETI, whom I’m told, deposits it into their bank account; and that their bank exchange is as low or lower than anything in the States. (That of course, depends upon the ever-changing exchange rate).

There are zero fees, and no middlemen.

About the risk factor of sending a check through the regular mail. Our parents always mailed money in cash or checks. In fact, I mailed my bills and payments back in the 70’s. My mother in law still does. Cash! Wow!
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Old 01-03-2019, 01:22 PM   #18
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i sent a check , wired money, paid with check while visiting, and put some on a credit card all depending on rates timing etc... all worked well with minimum expense.
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Old 01-03-2019, 01:32 PM   #19
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Good for you. If it works for you, then thatís what counts.

Iím still trying to figure out what is wrong with sending a personal check to ETI, whom Iím told, deposits it into their bank account; and that their bank exchange is as low or lower than anything in the States. (That of course, depends upon the ever-changing exchange rate).

There are zero fees, and no middlemen.

About the risk factor of sending a check through the regular mail. Our parents always mailed money in cash or checks. In fact, I mailed my bills and payments back in the 70ís. My mother in law still does. Cash! Wow!
That's what we did, we just mailed two rather large checks through the US mail, no muss, no fuss. And were very pleased with the exchange rate we received.
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Old 01-03-2019, 02:20 PM   #20
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I talked at length with ETI about just mailing a check as payment.
The women in accounting I spoke with said that was fine as long as I mailed the check at least eight weeks before pickup day. That allowed for mail delays and the time it takes to clear an American check through the Canadian banking system. If the funds had not cleared the bank I could not get the trailer. She said some people use a courier service like UPS, DHL, etc to expedite check delivery. I checked with our local UPS office. They wanted $60 for a ten day delivery guarantee.
Per our conversation, the exchange rate you get is the rate in effect on the day ETI deposits the check. What will that be? Who knows?. Depends on the mail delivery, when ETI makes a bank run, the state of the world, etc.

Just some other stuff to factor into the equation.

Ed
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