Buyer in Canada, seller in USA. Best way to transfer $ ?

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nodiak

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Unfortunately buyer doesn't use paypal.
What's fastest and least expensive (more important) way for Canandian buyer to send $ to USA?
The person on the phone at my bank didn't have definitive answers . He said a personal check or money order could go through collections and possibly take several weeks. Wiring to my acount has a $15 charge on my end.
It's only an $85 deal, so not worth too much hassle.
I may end up suggesting the buyer get paypal.
Thanks, Don

Bill Baker

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Re: Buyer in Canada, seller in USA. Best way to transfer $ ?
« Reply #1 on: 1 May 2007, 06:17 pm »
Hi Don,
 The first thing I would do is ask the potential buyer what bank he uses. In many situations, a US based bank is used and as long as he writes a check in US funds, there is not too much hassle.
 I accept checks from Canadian residents often and they usually clear my bank in only a few days.
 It all depends on the bank he/she is using and the policies of your bank.

 In the end, there really is no "easy" way of dealing with international transactions.

Syrah

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Re: Buyer in Canada, seller in USA. Best way to transfer $ ?
« Reply #2 on: 2 May 2007, 12:53 am »
Hey Guys. 

I do this all the time.  I take out a wad of cash in Canadian $.  I take my wad of cash to the CIBC.  I ask to buy a bank draft in U.S. $.  At most Canadian banks, you can get it drawn on a U.S. account.  They do this as a matter of course at the CIBC with their U.S. sub, an NYC bank.

Then you mail your draft.  Done.

Since it's drawn on a U.S. account the U.S. casher doesn't pay any penalty for drawing a foreign cheque.  The charges on the U.S. side should be zero.  The charges on the Canadian side are a small flat fee for cutting the cheque (if it's your bank it might be free) and whatever premium they take on exchange, which is usually about the best rate you'll get on the exchange.

In my experience, you can't beat this.  Especially for large sums.  For getting a tube here, a cable there, credit cards are way better.

Cheers.