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  1. #1

    Default US Seller/ Canadian buyer..fastest way to pay for a horse?

    I am a small breeder in NY. Have several people interested in one of my babies. One buyer from Canada would like to go forward with a deposit ASAP and get a vetting scheduled.

    What would be the quickest way to get the deposit in US funds? My husband has a small home busines and could possibly run a credit card through for me, but then we need to consider those extra fees that will be taken out. So that would be my last resort.

    Have any of you dealt with international sales like this? How did it work? I am getting pressure from all the interested buyers and am getting overwhelmed by the whole thing. This is why I hate doing sales!



  2. #2
    Join Date
    Aug. 3, 2009
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    The interested buyer should be able to get you a certified check and/or bank draft from their own Canadian bank in US funds. They would pay all the fees associated with the exchange that way. Canadian banks are very capable of dealing with US fund transactions. Unfortunately, I can't say the same for a lot of US banks about Canadian funds--BUT with you being in NY you are close enough to the border you should be alright. The interested Canadian buyers may also be able to do a transfer directly to your account--what used to be called a wire transfer, but now it can be done using the routing number and account number on your check. Both the sending and receiving banks may charge fees for this.
    If you have any questions feel free to PM. Hopes this helps!



  3. #3
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    For what it's worth, I do believe it takes US checks cashed in Canada up to 30 days to process. This is hearsay since I haven't done it, but my braider has voiced her annoyances when I've paid her with a US check. (I now just pay in cash!) The same may be true for a US bank cashing a Canadian check.

    Probably the easiest way is a wire or direct bank transfer... or PayPal. I love PayPal for stuff like this. Works like a dream.



  4. #4
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    wire transfer is the best and surest - it can usually be done the same day if it is a major cdn bank and major us bank. I do it all the time with my business

    Between the US and Canada it is very common.



  5. #5
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    Oct. 23, 2001
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    Canuckistan
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    When I sold one to the USA they wired/transfered the $$$ directly to my bank. We then went ahead and had coggins/health cert. done for travel. Easy and safe.
    Good luck with your sale!



  6. #6
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    We do wire transfers only for these types of long distance transactions, have completed them for both canada and mexico and takes very little time for the transfer to go thru.



  7. #7
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    Mar. 19, 2006
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    VA
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    Definately wire. Hope you quoted prices in US funds.
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  8. #8
    Join Date
    Jul. 25, 2005
    Location
    Toronto, Ontario
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    Ask the buyer to wire you the purchase price in USD to your bank account.
    I have done international sale before and found this to be fast and reasonably safe.

    I would recommend once your bank has confirmed receipt of the fund, take it out of your account before shipping the horse and sending the ownership paper.
    I recall reading a fraud case where the wire transfer was reversed and the horse has been shipped and ownership paper sent.
    Best Regards
    Ken Wong
    Toronto, Ontario, Canada
    www.StarStallions.com



  9. #9
    Join Date
    Jul. 17, 2010
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    Wire transfer is quickest and easiest (I'm Canadian and half of my horses/ponies were bought in the US).



  10. #10
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    Jun. 21, 2004
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    Quote Originally Posted by prodomus View Post
    wire transfer is the best and surest - it can usually be done the same day if it is a major cdn bank and major us bank. I do it all the time with my business

    Between the US and Canada it is very common.

    I will agree because I have paid Germany this way and been paid by Germany this way. It is wayyyyy safer with all the freaking scams
    *^*^*^
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  11. #11
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    Quote Originally Posted by canwong View Post
    I would recommend once your bank has confirmed receipt of the fund, take it out of your account before shipping the horse and sending the ownership paper.
    I recall reading a fraud case where the wire transfer was reversed and the horse has been shipped and ownership paper sent.
    WOW that is crazy... thanks for the heads up
    *^*^*^
    Himmlische Traumpferde
    "Wenn Du denkst es geht nicht mehr, kommt von irgendwo ein kleines Licht daher"



  12. #12
    Join Date
    May. 21, 2006
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    I have purchased horses in the US and other large ticket items as well.
    I do not like wire transfers. They do not always go where you send them and then both parties are out the money.
    A bank draft in US funds is cashable upon receipt.Have them send you the money by courier.



  13. #13
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    Jan. 28, 2002
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    Quote Originally Posted by LynneK View Post
    I have purchased horses in the US and other large ticket items as well.
    I do not like wire transfers. They do not always go where you send them and then both parties are out the money.

    I think a lot of this is here say. We have been doing wire transfers - from bank to bank - for over 15 years between Canada and the U.S. and have NEVER had a problem. If your bank has the routing number, account number and contact information, institution number, etc. for the other bank, no problem will occur. I have never heard of a bank sending a wire transfer to another bank and having the money go missing. As well, as far as I understand the system, once the money has been transfered to another bank, it CANNOT suddenly bounce back a few days later. You can deposit money in, but CANNOT take money out from another bank account that is NOT yours!

    Bank drafts and money orders are great...as long as they are not counterfeit! And yes, International cheques can take up to 5-10 business days or more to clear your bank.

    PayPal is convenient, but the seller gets charged a percentage fee, and the charges can potentially be reversed by the buyer if a complaint is filed.

    When done properly, wire transfers between banks is the quickest and most convenient way. I find most banks charge a $10 fee to send a wire transfer (depending on the type of account set-up you have) and if the money is deposited before 12:00 pm, the money is normally in the other account within 10-15 minutes.

    If you are using a basically anonymous money wire service like Western Union, user beware! But what most of us are talking about above is a BANK TO BANK wire transfer.
    Last edited by Daventry; Sep. 4, 2010 at 04:52 PM.
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