What is the fastest and safest way to send money to the USA, from Canada, for example. Clearing a certified cheque drawn on a Canadian Bank takes forever. Money Orders can be difficult to deal with. I've heard good things about "Paypal" but for some reason I can't access the site and I don't know if they do international transfers. Not everyone accepts credit cards, and sending cash isn't prudent. What are the best methods you've employed, as payor or payee?
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Sending Money to The USA - Best Method?
- Thread starter HJK
- Start date
- Joined
- Apr 19, 1999
- Messages
- 3,560
Direct bank transfer is probably the quickest and least trouble.. We did one this week without leaving the office. Cost $35.
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george
www.tichbourneknives.com
sales@tichbourneknives.com
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george
www.tichbourneknives.com
sales@tichbourneknives.com
Micky,
The credit card option is good, if the recipient takes cards. Many don't. Cheques are a lousy option because they take so long to clear. I resent paying for direct wire transfers, anybody else have an opinion or bad experience with that or moneyorders? I've heard the commercial service I mentioned in the first post doesn't charge anything because they earn interest while the money sits there waiting to be paid out. Izzat true?
The credit card option is good, if the recipient takes cards. Many don't. Cheques are a lousy option because they take so long to clear. I resent paying for direct wire transfers, anybody else have an opinion or bad experience with that or moneyorders? I've heard the commercial service I mentioned in the first post doesn't charge anything because they earn interest while the money sits there waiting to be paid out. Izzat true?
- Joined
- Jan 27, 2000
- Messages
- 517
The easiest method I have found with it costing an arm and a leg is an international postal money order. You can deposit it directly into the bank without waiting for clearance or cash it at the post office. I little more hassle for you but makes your seller feel real good.
Rs
Don
Rs
Don
- Joined
- Jan 22, 2000
- Messages
- 499
InternationalMoney Orders seem to do the trick. I usually use my credit cards to pay for things from the USA or Canada but I've had people send IMOs to me from Ireland and the USA, I just pay them into my bank account like ordinary bank cheques.
Gollnick
Musical Director
- Joined
- Mar 22, 1999
- Messages
- 29,258
Credit cards are the ultimate answer to this question if the non-US payer has a suitable card (Visa, Master Card, American Express, Diner's Club, etc. all issue cards outside the US).
Bank wire transfers are also a good option, but you do have to pay for this service.
Failing these, the payer can go the a "downtown" office of a _major_ bank in his country. The main offices of major banks can issue cashiers checks in US Dollars. The US receiver should take this check to the "downtown" office of his own US bank. The tellers at the mini-branch at the grocery store are unlikely to know how to handle such a check. Take it to the main branch. Suggest that the teller ask the head teller for assistance if necessary. You may also wish to call your bank before this even begins and ask "What Borstchtoverian banks do you accept cashiers checks from with minimal delays?" They may tell you that, for example, "Checks from National Bank of Borstchtovia or from Borstchtoverian International Bank of Credit and Commerce can be cleared in two business days. Other Borstchtoverian banks may take several weeks." So, tell your payer to use one of those two preferred banks. Also, tell your payer to mention to his bank that the check will be cashed in the US. The reason for this is that major foreign banks maintain accounts with major US banks for the purpose. The cashier's check you'll receive is not drawn on Borstchtoverian International Bank of Credit and Commerce. It is drawn on a special account at Chase Manhattan bank in New York. Your bank treats it much like they treat a cashier's check from Chase. The trick is to use the right bank
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Chuck
Balisongs -- because it don't mean a thing if it ain't got that swing! http://www.4cs.net/~gollnick
[This message has been edited by Gollnick (edited 02-07-2000).]
[This message has been edited by Gollnick (edited 02-07-2000).]
Bank wire transfers are also a good option, but you do have to pay for this service.
Failing these, the payer can go the a "downtown" office of a _major_ bank in his country. The main offices of major banks can issue cashiers checks in US Dollars. The US receiver should take this check to the "downtown" office of his own US bank. The tellers at the mini-branch at the grocery store are unlikely to know how to handle such a check. Take it to the main branch. Suggest that the teller ask the head teller for assistance if necessary. You may also wish to call your bank before this even begins and ask "What Borstchtoverian banks do you accept cashiers checks from with minimal delays?" They may tell you that, for example, "Checks from National Bank of Borstchtovia or from Borstchtoverian International Bank of Credit and Commerce can be cleared in two business days. Other Borstchtoverian banks may take several weeks." So, tell your payer to use one of those two preferred banks. Also, tell your payer to mention to his bank that the check will be cashed in the US. The reason for this is that major foreign banks maintain accounts with major US banks for the purpose. The cashier's check you'll receive is not drawn on Borstchtoverian International Bank of Credit and Commerce. It is drawn on a special account at Chase Manhattan bank in New York. Your bank treats it much like they treat a cashier's check from Chase. The trick is to use the right bank
------------------
Chuck
Balisongs -- because it don't mean a thing if it ain't got that swing! http://www.4cs.net/~gollnick
[This message has been edited by Gollnick (edited 02-07-2000).]
[This message has been edited by Gollnick (edited 02-07-2000).]
Gollnick
Musical Director
- Joined
- Mar 22, 1999
- Messages
- 29,258
BTW, the other thing that affects your ability to get a foreign cashier's check cashed is your bank. If your bank is Chase, then you can probably get those foreign checks cashed easier and faster than if you try at The Friends of Ole and Lenna Credit Union. So, if you're planning to receive a lot of foreign money, you might want to consider this when you select your bank.
Now, on the other hand, the payer's bank may charge a very high fee for a cashier's check in US Dollars and/or may offer a very unfavorable exchange rate. Some Larger American banks can accept cashier's checks in foreign denomination. The problem here is that you now bear the risk of any change in exchange rate while the check is in the mail or in processing. This is more risky for some currencies than others.
Me, well, I just have 'em wire the money to one of my numbered Swiss accounts.
Chuck
[This message has been edited by Gollnick (edited 02-07-2000).]
Now, on the other hand, the payer's bank may charge a very high fee for a cashier's check in US Dollars and/or may offer a very unfavorable exchange rate. Some Larger American banks can accept cashier's checks in foreign denomination. The problem here is that you now bear the risk of any change in exchange rate while the check is in the mail or in processing. This is more risky for some currencies than others.
Me, well, I just have 'em wire the money to one of my numbered Swiss accounts.
Chuck
[This message has been edited by Gollnick (edited 02-07-2000).]
The helpful folks at TD Bank suggest a bank draft drawn on a US Bank. Wire Transfer or Money Order would also be good options, depending on the amount of money and charges involved. I was an idiot for sending a cheque, that's for sure.
Thanks for your input, all.
Thanks for your input, all.