Paying for trailer from the US

[1Oldman]

Originally Posted by 1Oldman

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.

Just to be clear, I presented the cashiers check to ETI at orientation. I didn't mail it!

[Fox hunt]

i paid mine a few batches using my bank (no charge part of my bank services), a check , and a last payment on my card. I paid part of it early because the rates were so low.

[vanwinkp]

I contacted my bank and was told we could request a wire transfer for outgoing international funds which would cost $58.00.

Was wondering if anyone has done this and were there any glitches along the way?

Thanks!

Bobby & Tricia Van Winkle
Texas

[Bilbo]

Originally Posted by vanwinkp

I contacted my bank and was told we could request a wire transfer for outgoing international funds which would cost $58.00.

Was wondering if anyone has done this and were there any glitches along the way?

Thanks!

Bobby & Tricia Van Winkle
Texas

Hello Bobby, I shared my experiences with wire transfers in post #14 above. No problems at all.

Thanks
Jim

[vanwinkp]

Originally Posted by Bilbo

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.

Jim

Thank you so much BILBO for your quick reply-puts our mind at ease!

Bobby

[Jake930]

Originally Posted by vanwinkp

I contacted my bank and was told we could request a wire transfer for outgoing international funds which would cost $58.00.

Was wondering if anyone has done this and were there any glitches along the way?

Thanks!

Bobby & Tricia Van Winkle
Texas

That’s how I paid for mine was with a wire transfer thru my credit union. Requested ETI’s bank address and routing # and there was some other number they gave me, can’t seem to remember, it been two years. CU wired it on Tuesday, was credited on Thursday, ETI notified me on Friday. Easy - peasy . Cost me 35 dollars.

[cpaharley2008]

I think it all depends on your bank. My bank, a local had to go thru Wells Fargo which then had to go thru NY to Chilliwack and then to ETI's bank. It took a week, so i just mail a check now, takes about 10 days and costs me double postage.

[Upfisk]

We have a brokerage account with Fidelity. It was absolutely NO charge to wire US funds to ETI. Wire arrived in 2 days, and there were no charges for the wire transfer. The Canadian bank ETI uses charged us 2% on the conversion. Our broker offered us 1% to convert to $Can and still have a free wire charge. Guess we'll go that route next time. ETI has a link on their website on their bank's conversion rate, should have paid attention. We still have more to pay as this was a test payment, now we are trying to pick the best exchange rate day as we have seen fluctuations from 0.75 to 0.79 US to the Can dollar.

[cpaharley2008]

So, a $30K wire will cost you $300 @ 1%, you still think it is free of charges?

[Upfisk]

Yes, because ETI's bank just charged me the equivalent of $1200 for that theoretical transaction. Looking back at my initial credit card down payment their bank charged me 2% also. Better to pay 1% to convert before than the hidden fee of 2% after.

[splicer]

Does ETI's bank charge you a 2% conversion when paying with a check?

[Upfisk]

Any form of payment that involves US $ has to be converted to Canadian $. There is a conversion fee with ETI's bank, it is posted on their website. It looks like it is about 2%, but some days we have seen a 3% fee posted. This is versus the official exchange rate. So cash, check, money order, wire transfer, anything in US$ will have to pay an exchange rate that is higher than the "official" exchange rate. There are several online exchange companies that offer 1% or less for exchange rates. Knowing nothing about these companies, we feel it is better to go with the banking or brokers we know.

[vanwinkp]

Bilbo-Upon reading further down in the posts someone stated that the bank ETI uses charges a 2% conversion rate upon receipt. Did you experience that charge as well?

Thanks!
Bobby

[Upfisk]

We used https://x-rates.com/table/?from=CAD&amount=1 as our comparison of exchange rater. This website is as close to the official conversion rate from US$ to Can$. We knew how much our wire transfer was in US$, we were surprised that our monies received by Escape were 2% less. Banks do need to make money, there is absolutely no where that you will get the official exchange rate.

On your build sheet you receive a statement:
Escape Trailer Industries has the ability to process payments in both Canadian and US Dollars. All payments received in US funds are processed and displayed in Canadian Funds. Escape Trailer Industries cannot guarantee or promise an exchange rate. The exchange rate used to convert US to Canadian funds is calculated on the day the money is received. (The best option to guarantee an exchange rate is to have your bank process the payment in Canadian Funds prior to sending).

Finally, if you go to the website of Escape's Bank https://www.vancity.com/Rates/ForeignExchange/
you will find their daily conversion rate differs from the 1st link. So if you are OCD like us you'll discover the day your transfer of US$ is received by Escape that it shrunk by at least 2% when they give you a receipt.

[splicer]

Originally Posted by Upfisk

The exchange rate used to convert US to Canadian funds is calculated on the day the money is received. (The best option to guarantee an exchange rate is to have your bank process the payment in Canadian Funds prior to sending).

That's what my credit union told me yesterday. They convert to Canadian, then wire the money. $35 dollar charge. So is there still a fee from the Canadian bank?

[Upfisk]

From what we read (Escape's language in the build sheets) if they receive Can$ then all is done. We will convert to Can$ next time we send money, so we know exactly how much we are sending. Our broker will charge us 1% to convert, seems like a low number, but it is hundreds of $.

[splicer]

Please keep us posted.

[Chris & Patricia]

Originally Posted by splicer

Does ETI's bank charge you a 2% conversion when paying with a check?

Not if you arrive with a Canadian $ cheque.

[efal]

Originally Posted by Bilbo

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.

Jim

Jim - I am leaning towards transferwire. My question - transferwire asks for your method of payment and gives 3 choices: 1) wire transfer (i.e. from my checking acct); 2) debit card ~$40; 3) credit card - not an option. My bank states that it is a $40 flat fee for wire transfer. What are the possible extra fees and rates from both countries that are possible if I go with transferwire and use option 1 - the wire transfer? If debit cards are a safer option, I suppose I could go thru the trouble to open one up. Which option did you use? Geesh!!

[Greg A]

XE.com is free and what we used with no issues.
Open account and put ETI as recipient, bid or accept current rate offered and select mail check option. Your rate is finalized once you accept the offer and they cut a check to ETI in CA funds and mail it. ETI had it in 3 to 5 days.
Very easy, no cost, and you know your conversion rate up front.