Paying for your Escape

[padlin]

Noticed on the Build Sheet that paying by personal check is a valid payment option, is there any reason NOT to use such from the US? Sounds too easy.

[Scruffy Varmint]

Hi Bob!
We tried going the certified bank check route and found it nearly impossible to complete the transaction. Finally just wrote out a personal check and stuffed it in an envelope. Tammy received it in a week's time and it processed through in about 4 days. No problem.
Greg

[nealmccarter]

Originally Posted by padlin

Noticed on the Build Sheet that paying by personal check is a valid payment option, is there any reason NOT to use such from the US? Sounds too easy.

Just sent my second personal check. I was told the only problem was its taking a little longer to clear. We are paying way ahead of time, so it's not a problem. Definitely easier and cheaper.

[fudge_brownie]

I am assuming that Escape takes those personal checks and deposits them into their US bank account. This bank account, I have read somewhere else is at Wells Fargo. In prior posts I read where you can also wire transfer the money to this account. My bank charges $15 for a domestic wire. Then you can notify Escape when you want the money transferred.

I have found an on line foreign currency converter at the Wells Fargo web site that will give you up to date conversion rates. Of note is the rates generally are +4% less than those published by FX, the global exchange market. For example on Feb 25 the FX exchange rate was .902 dollar to loonie, the Wells Fargo site was showing the rate at .942. On a purchase of $26,000 US this represents about $1,000 difference.

Now you and I are never going to get the best rate, those are for multimillion dollar transfers and for the best clients. We have to deal with banks who in turn have to work with dealers, all getting a cut. Somewhere I read banks charge a .015 currency exchange fee, I am not sure what bank and how widespread that rate is.

Since my first purchase of an Escape four years ago it has certainly become easier to send money. Back then it was a struggle to find a bank able to do a foreign wire transfer, there are now more options. Four years ago my bank could not tell me what the exchange rate was going to be, to this day I have no idea. Now there are at least some published rates, perhaps your bank can now give a rate, or at least yesterdays rate. All this requires effort on your part and a cooperative bank.

[cpaharley2008]

I always used personal checks, just allow about 10 days and double the postage if mailed in US. Otherwise it works. They acknowledge receipt upon delivery.

[jamman]

ETI does not take a personal check for the final balance (if any) due at pickup time, but will take a credit card if the final balance due is under $3,000.

[cpaharley2008]

Yes, it has to be fully paid for before leaving the facility.

[padlin]

Thanks all
The balance due being the only down side, a personal check sounds most convienient for me. I have a 3% CC fee for foreign transaction at Chase, will have to try and get it as close as possible with the check.

[cpaharley2008]

If you over pay, they can always send you a refund. I got mine down to under a $100 and a cc took care of balance.

[santacruzer]

I don't believe ETI had a Wells Fargo account in the U.S. when I purchased.

The exchange rate was in my favor when I made the deposit, via credit card, and the other way around when I made the final payment via wire transfer. Wells Fargo, who is my primary bank, wanted significantly more to handle the wire transfer than did Bank of the West, who I ended up using. Compared to the final exchange rate beating, the bank processing fee was quite reasonable. I owed ETI $93 when we sat down to finalize. You might not know the final rate until receipt is confirmed at the Canadian bank, I was told.

Might pay to watch the exchanges rates and be prepared to make periodic payments, if fees didn't eat up any savings.

[Ray N]

Any idea how the conversion rate I see on line compares with the rate ETI uses?
For example, if I see 10% on line will I actually get 7% with ETI?

[gbaglo]

If you go to different sites on line you will get different rates and yet another rate seconds later.
Money traders have computer programs to buy and sell currency when it's in their favour by a fraction of a penny. Since they are trading millions at a time, all those fractions add up.
We are not in that league and neither is Escape. I expect they get whatever their bank lists as the current rate, and that will change by the minute.

Use on line quotes only to get the gist of what a dollar is worth.

[Ray N]

Originally Posted by gbaglo

If you go to different sites on line you will get different rates and yet another rate seconds later.
Money traders have computer programs to buy and sell currency when it's in their favour by a fraction of a penny. Since they are trading millions at a time, all those fractions add up.
We are not in that league and neither is Escape. I expect they get whatever their bank lists as the current rate, and that will change by the minute.

Use on line quotes only to get the gist of what a dollar is worth.

Yes, I realize that. But what is the "ballpark" figure for what people are now actually paying ETI in US dollars? The on-line figures are all roughly around .90 USD for 1 CD; what have recent Escape purchasers actually ended up paying?

[cpaharley2008]

I think I was around 97 cents on the canadian dollar or about $900 on $33,000. In other words my unit was $34,000 canadian and I paid $33,000 US

[paulw]

After going through XE trade for a couple early payments, I made the last payment by wiring the money in US dollars to ETI's US bank. The rate was 1.0721 when Tammy transferred it to their Canadian bank on January 9, 2014.

I was going to make the payment in Canadian dollars, but my credit union couldn't figure out the routing information for ETI's Canadian bank. That was fortunate for me because doing the exchange through ETI saved me over $600 from what the CU was going to charge me.
Next time I'd just send Tammy a check (cheque?) and save the wire transfer fee.

[Ray N]

Thanks, Jim and Paul, that's the information I was looking for.
I'm a bit surprised that the actual exchange rate wasn't better, but at least it's not in negative territory.

[burrab2002]

i have paid eti $10,500.00 us, with a personal check. they gave me $11,029.00 toward our bill.

[nealmccarter]

Originally Posted by burrab2002

i have paid eti $10,500.00 us, with a personal check. they gave me $11,029.00 toward our bill.

I paid $19,000 US on January 17th which counted as $26,621 CA. The exchange rate was 1.0853

[cpaharley2008]

Originally Posted by nealmccarter

I paid $19,000 US on January 17th which counted as $26,621 CA. The exchange rate was 1.0853

Wow, that is too big of a difference, and the math doesn't add, $19K X 1..08 is $20,520. In order to get that $7,621 difference the rate would have to be 1.40. Please verify those numbers.

[Jim Bennett]

Yeah, the Canadian peso has not dropped that far ever, to my knowledge, and recently not much over 10%.