Renting to Canadians - How to handle the payment?

[NTP66]

What does everyone here do when renting a US timeshare to Canadians? That's what I'm looking at right now, and am a little unsure how to go about it. I don't want to use Redweek's escrow service because I don't believe the fees are worth it, and I won't be able to contact the bank until Monday to see what kind of rules they have around it (Canadian bank check in USD) in terms of clearing time, etc.

 

[vacationhopeful]

I have accept Canadian bank checks in USD amounts for years. Ask your guest whose bank is the processing US bank .. usually is a BIG name bank, like Citibank. And your US bank processes it like a regular US bank account.

With enough lead time on the check clearing ... you should be fine. Like 3 weeks.

The "USDollar" or "USD" is printed under the numeric numbers "box" ... so the face looks like this:
Jane Smith ..............$1000.00 USD or US Dollar
One Thousand dollars and no cents .....

Small town banks will tell you WEEKS to clear as they do not understand the difference between a US Dollar account and a check written for DRAWING CAD funds.

If your checkin is less than 4 weeks away ... use Paypal ... add the cost into the price of your rental.

 

[traveldaddy]

Paypal is easy they can pay credit card that way and you get the money right away. About 3% cost though iirc.

 

[DeniseM]

I use Paypal with Canadians - and everyone else.

 

[dioxide45]

I believe that a Canadian bank check in USD will actually be drawn against a US bank. So there shouldn't be any issues with it. Though I agree with Denise, just use PayPal.

 

[ronparise]

I dont know how it works but I have an Australian customer that pays me through paypal. she uses Australian dollars and I get paid in US dollars

ask your customer what works for them, I have lots of Canadians as my neighbore (in the winter) and they all have US bank accounts. I would bet your guy does too

Bottom line, is he is coming here, Hes gonna have to do some currency conversion

 

[radmoo]

I use Paypal with Canadians - and everyone else.

Same here.

 

[NTP66]

Thanks everyone, I appreciate the input. The renter actually e-mailed me before I could reply asking if they could pay with PayPal to make it easier, which I'm fine with in this case, so that's the route we're going.

This Grande Ocean unit was on Redweek for less than 20 hours before it was rented, which has to be a new record for me.

 

[am1]

I accept bank to bank transfers in CDN dollars. Current day exchange rate less 3%. It helps to soften the blow of the exchange rate. Or a credit charge in USD. Either way I give them the option so they can decide.

 

[PrairieGirl]

Only the case for US bank DRAFTS

I believe that a Canadian bank check in USD will actually be drawn against a US bank. So there shouldn't be any issues with it. Though I agree with Denise, just use PayPal.

As a retired banker (30+ years) in both countries I would like to add a point of clarification: If a Canadian bank issues a Bank Draft (i.e. an official cheque drawn on its own account) then yes, it will actually often (but I am uncertain if always) be drawn on a US domiciled bank.

However, many Canadian banks have US denominated accounts for their customers. These are just ordinary chequing accounts from that financial institution that happen to be denominated in US funds.