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#145868 - 10/25/02 05:10 AM Canadian funds
KC Offline
HELP! <please>
I have someone in Canada who wants to rent the house. How do I do this???

He can send a check, but only in Canadian funds. So, how much should the check be for, since the rate changes? My bank will handle the conversion, etc.... for a fee.

He can also do a credit card, but will we run into the same thing? How much? fees?

Call me clueless. Any help from our Canadian friends will be very much appreciated.

Kathy
_________________________
"You're braver than you believe, and stronger than you seem, and smarter than you think."

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#145869 - 10/25/02 06:21 AM Re: Canadian funds
denverdan Offline
Hang in there girlfriend.
I'm sure Jim, or maybe even .mQQse., among others will come to your rescue!
Hey... ya got a pix of dat fish in the BR yet?
P.S. all the e-mail I send still comes back to me. humm
What dat mean? lol

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#145870 - 10/25/02 03:04 PM Re: Canadian funds
ChrisW Offline
Have you considered setting up a paypal account? This will allow him (or any else) to pay you by credit card. The currency conversion will happen automatically via the credit card bank. Most don't charge a fee and give a fair exchange rate but this should be checked. Paypal would charge you a small fee similiar to what you would have to pay if you were a merchant set up to accept credit cards.

As for cashing a Canadian check in the US, it varies greatly from bank to bank and region to region. All banks are capable, but here in the middle of Indiana, I have not found a bank that does not charge a fee (around $20 bucks I think). If you are closer to the border or an international banking center, you should be able to find a bank that won't charge you a fee. Also beware that it may take a long time for the check to clear.

It is also possible to get a international money order or similiar in any currency you desire. All this does is switch the hassle and fees from the person recieving the funds to the person sending the funds.

www.paypal.com

Here is a place to check the current exchange rates:

http://finance.yahoo.com/m3?u

Current 1 US = 1.567 Canadian

This can change minute to minute and your bank might use a slightly different rate. But aproximately if you were charging $1000 US you would want $1567 Canadian. (AmountUS * 1.567 = AmountCanadian)

If he sends you a check for say $1567 Canadian (currently worth $1000 US) by the time you cash it, it could be worth plus or minus a percentage or two. You basically become a currency trader for a short while. Hold on to it a while and see if you can make some extra bucks if you think US dollar will weaken against the Canadian dollar:)

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#145871 - 10/25/02 03:12 PM Re: Canadian funds
Sandcrab Offline
Hi Kathy,

I suggest that your Canadian clients go to their local bank and open a US dollar account. this is very easy to do. Then purchase some US dollars through their bank and deposit them in their new US account. Order some cheques for the new account which will clear through a US clearing house/bank.

Then simply write cheques on the account for your rental and mail them to you. The Canadian bank conversion rate will probably be the best one for their purposes (today it is US$1.00 = CAN$1.5885) I just checked the rate at my US account at my local bank.

Oh, no extra charges are incurred for clearing or conversion.

Hope this helps,
Jim
_________________________
**Jim

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#145872 - 10/25/02 05:32 PM Re: Canadian funds
KC Offline
Thanks Chris and Jim. I guess these are things I should know, but didn't.

Hi Hope! I don't know why your e-mails are bouncing?? got the right addy?

Yep! I got Silkpainter's fish pic up on the bedroom wall last May. Looks great!

kathycarp@attbi.com

Kathy
_________________________
"You're braver than you believe, and stronger than you seem, and smarter than you think."

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#145873 - 10/25/02 05:58 PM Re: Canadian funds
Lan Sluder/Belize First Offline
I agree with Jim. These days it seems like most, or at least many, Canadians have checking accounts where checks can be written in either U.S. or Canadian dollars. Banks in the U.S. usually charge a hefty fee to handle a Canadian check, if they will do so at all.

--Lan Sluder
_________________________
Lan Sluder/Belize First
http://www.belizefirst.com

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#145874 - 10/25/02 06:07 PM Re: Canadian funds
patrick-e Offline
Kathy, If you are able to use a credit card to charge your customer, this could be the easiest way for you, since you will invoice him in US Dollars and the conversion will be on his side. The only negative is that most credit card companies charge a fee to the supplier (you) for using their service. But this will be a hassle free transaction for you - without any worry about foreign currency conversions.

If you were to receive his check and try to deposit it to your bank, they will have to process it for "collection" (you would not receive value immediately), which will take a week or more and there will also be a fee for this service.

Jim and Lan's comments about having the Canadian use a US Dollar account from his bank is also a great idea - if he has one. This way, there will be no fx conversions, but I am not sure whether your bank will have to process this check (from a foreign country) for collection or just deposit it normally. If it has to be processed for collection, the time delay and fees mentioned above will still apply. Good luck.
Patrick

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#145875 - 10/25/02 06:09 PM Re: Canadian funds
seashell Offline
KC, I often write checks on my Canadian $ account for things that I buy out of the US. A good example of this is my DAN membership. So for example, I make the cheque out for $100 U.S., clearly showing that the amount written is for US funds. When it is cashed my bank makes the conversion. That way I don't short pay the receiving party and I don't pay anymore on the conversion than the rate due the day it clears my account. Your customer may not be aware that he can do this. Have him contact his bank to get confirmation that it would be acceptable for his account.

If that doesn't work for the guy, you can multiply the US $ rental amount by $1.59 which is close to the conversion today. In other words, each $100 US is worth $159.00 Cdn.
_________________________
A fish and a bird can fall in love, but where will they build their nest?


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#145876 - 10/25/02 07:40 PM Re: Canadian funds
Ernie B Offline
Why can't you do an electronic wire transfer. Cost about $15.00 U.S. No hassel. confused
_________________________
Gun Control is Hitting Your Target.

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#145877 - 10/25/02 11:55 PM Re: Canadian funds
karin Offline
I always ask my bank to prepare a bank draft in USD (any bank can do that). It costs me (the sender) about 7.00 CAD and can be done from a account in CAD (I have no account in USD)... wink

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