M&T Bank

[dipmicro]

When calling, 9 out of 10 times I get "Calling is temporarily unavailable". Other phone numbers busy signal. When I was setting up web banking it went through so many hoops and wasted my selected ID in the process because IT guy on the phone (45min) did not know what he was doing and one registration failed in the middle with ID becoming unavailable but unusable. Now I cannot remember my password but cannot reset it because it requires SSN and the "temporary" SSN number IT guy used for setting up my account does not work anymore. When I manage to get through the phone, there is no operators due to holidays.

Can someone suggest a bank account with USD denomination that can be linked to Canadian PayPal and is accessible to Canadians, i.e. web access without funny hacks with SSN ?

[cottonwoodindustries]

I went to Sterling, had one glitch setting up online banking but once that was worked out, everything works like a charm.

I have a US Visa Debit card, it works so smooth.

I can transfer my US paypal funds into my US account no fees
I also have free chequing, they give you 100 free cheques.
So if I want to put US money into my US Canadian Bank account, I just write myself a cheque.

I do not know if you are close to the US border, I have a US PO Box and they used that as my address but I understand you can have a Canadian address as well.

Everyone there is so helpful including the online service reps.

[surplusdealdude]

I'm using Bank of America - no problems so far. -------------------------------------------------------------------

If there were in the world today any large number of people who desired their own happiness more than they desired the unhappiness of others, we could have paradise in a few years.
- Bertrand Russell

[surplusdealdude]

If you ship thru the Lewiston Post Office, there's a branch right behind the Post office, kitty corner to it in that little "plaza" - not the one with the drug store, behind it. -------------------------------------------------------------------

If there were in the world today any large number of people who desired their own happiness more than they desired the unhappiness of others, we could have paradise in a few years.
- Bertrand Russell

[dipmicro]

Thanks cottonwoodindustries, yes I have US address, use it to buy stuff from US and also as a return address on my outgoing US shipments.

surplusdealdude, I ship all over. Have been to Main St PO right close to the rainbow bridge, have been to Lewiston once (the worst so far, when was my turn, they set me aside for 20min while they processed other people). I will check out the Bank of America they ought to have other places outside Lewiston 🙂

Most of the time I ship from post office on Niagara street because it's closest to UPS Store at Millitary St. Have entire errand in two stops - PO, mailbox and groceries at Wegmans then back through Rainbow Bridge. Btw. I found out that even if there is 1/2hr border wait at Lewiston (to Canada), Rainbow bridge has almost no wait.

Do you guys have web access with Sterling and Bank of America ?

[surplusdealdude]

Yes, I have web access with Bank of America -------------------------------------------------------------------

If there were in the world today any large number of people who desired their own happiness more than they desired the unhappiness of others, we could have paradise in a few years.
- Bertrand Russell

[jakeeangel]

This is where I go. The Buffalo International Airport is right in their backyard. Stuff gets to its destination WAY faster than bringing it anywhere else. All the other postal outlets have to bring it here & that takes time. The odd time when I've dropped off packages at other locations I find it adds 1 - 3 days delivery time over bringing it right to the Cayuga depot.

They have better hours too. They used to be 24/7 but it's changed. They close at midnight Monday to Friday and Saturday 10 or 11pm, Sunday at 9pm if I remember correctly.

I don't have online access with M&T because of the SSN thing but I can access any transactions through the phone line.

[cottonwoodindustries]

Yes, I have web access to Sterling, I rarely go into the bank because I can do everything on line.

www.sterlingsavingsbank.com

[surplusdealdude]

The odd time when I've dropped off packages at other locations I find it adds 1 - 3 days delivery time over bringing it right to the Cayuga depot.

While I agree it's an option, that would add another hour or so to a 5 hour round trip for me.

I'm currently getting 5's on my 30-day shipping time DSR's, so there's no benefit to doing the extra work. -------------------------------------------------------------------

If there were in the world today any large number of people who desired their own happiness more than they desired the unhappiness of others, we could have paradise in a few years.
- Bertrand Russell

[jakeeangel]

That would be a bit much for you but for us it's great. We go down that way anyways plus if we're running late it's fabulous. That's how we found out about it in the first place.

We were going to miss the post office & called the 1-800 number looking for a location with evening hours. It worked out perfectly. 😄

[dipmicro]

Hi guys, anyone has experience with HSBC in US ? They seem to have location in Niagara Falls at Military/Niagara intersection, that's close to where I ship from and my UPS Store mailbox.

I am intrigued by their Business Direct account - they offer 5 free incoming and 5 free outgoing wire transfers including international per month and even the fee is only $15 when exceeding the free ones.

I often send Western Union transfers to China and spend lot on fees. When using PayPal, China suppliers usually charge 3.5% on top ($35 on each $1000).

I will definitely stop by next time and may switch from M&T just fishing for some info beforehand. My best supplier has HSBC Hong-Kong account, that's how I got to check them out and hoping it may speed-up the clearing since it's same group.

[surplusdealdude]

I talked to HSBC in Lewiston before I opened the BOA account and the experience was totally negative.

The bank official came up with every excuse in the book NOT to open the account.

Apparently she's gone now, but that's the last they're ever going to see of me, either.

So I'm not a fan. -------------------------------------------------------------------

It is our similarities that make us all human - it is our differences that make us all interesting

[dipmicro]

I found out later that HSBC US Business accounts are open to US businesses only. Canadian HSBC does not list their fees, so I will check them out soon, they seem to have few local branches here in Niagara Falls.

I did about $10k shopping in China this year using Western Union / PayPal. PayPal costs 3.5% and Western even more (here in Canada). Unfortunately most of my shopping happened before I had my US account so there were even USD -> CAD (PayPal) and back (credit/debit card) conversion fees. Makes me frustrated to add that all up.

I looked at Xoom. I even signed up to find out to send money to Hong Kong results in Hong-Kong dollars. No option to send USD and receive USD. They did not specifically advertise the mandatory conversion to local currency when I was pricing the service before signing up. Deceptive, scratch Xoom.

Western Union has a Direct-to-Bank service, but not in Hong-Kong/China.

I looked at my forgotten MoneyBookers account, they only charge 1.9% to upload the funds from credit card. Although they offer free debit upload in many countries, they do not offer it in Canada.

International wire transfer at M&T costs $30. I guess if I fund Moneybookers account with $2k+ at a time, I could decrease the cost of sending money to China to less than $15/$1000 and have as many transactions as needed to different suppliers (as opposed to pay $15 for each transaction).

Someone on the internet suggested to setup a local account and send your supplier abroad an ATM card and that way each withdrawal would result only in some $3 foreign ATM fee. But that would work for single supplier.

Then there is company called ATMCash, they seem to be using this principle. But there is startup cost for Fedex of the ATM card to the contact, then transfer are inexpensive.

Any of these options beat $900/$10k in banking and exchange fees.

[surplusdealdude]

How about using wire transfer through a Canadian bank?

Incoming transfers cost $10 at TD - I don't know what outgoing transfers cost.

Perhaps look into a credit union as well, especially in the US. A lot of credit unions accept wire transfers for free, again not sure on the outgoing cost. -------------------------------------------------------------------

It is our similarities that make us all human - it is our differences that make us all interesting

[dipmicro]

How about using wire transfer through a Canadian bank?

Incoming transfers cost $10 at TD - I don't know what outgoing transfers cost

Incoming should not cost anything. The communication, wire etc, are all paid by sender. It's gauging.

Outgoing costs around $50, depending on the bank. RBC has a $13.50 flat rate product up to $1000, but ... only CAD, no USD accounts. Seems everyone wants to force that currency exchange on you.

[surplusdealdude]

Oh, just about everybody I've talked to charges for incoming as well.

That's why Netbank was so attractive ( before they went under). No costs for incoming transfers. -------------------------------------------------------------------

It is our similarities that make us all human - it is our differences that make us all interesting

[westernstargifts]

This is off topic but what does everyone pay the bank to cash a U.S. money order or cheque? I deal with a credit union. They recently raised the fee from $1 to $5 because that is what the bank charges them.

At that rate I have to rely on PayPal for U.S. transactions.

[jakeeangel]

I'm not sure what product you're referring to with RBC @ $13.50 but we charge $25 to wire money to another account. While I've been with the bank I've seen them send wires to several European countries. Are you thinking of money orders perhaps? Money orders are $6.50 for up to $1000 Cdn or US then $1000.01 and up have to be drafts, also $6.50. AFAIK wires are all $25 if you're an RBC client.

As for the exchanging, it's apparently Canadian banking laws. They can exchange OFC (other foreign currencies) to Cdn or US for customers but if the person has say GBP and wants Euros it has to go to Cdn first then to Euros. For non-RBC clients they can't do it.

Weird rules but thats what they do.

[dipmicro]

I'm not sure what product you're referring to with RBC @ $13.50

Jake, I run into this RBC ad when I googled "send money to China", came up as paid result on the top. It's called "International Remittance":

http://www.rbcroyalbank.com/services/international-remittance/international-remittance-search.html

[zarzuella]

> This is off topic but what does everyone pay the bank to cash a U.S. money order or cheque? I deal with a credit union. They recently raised the fee from $1 to $5 because that is what the bank charges them.
>
> At that rate I have to rely on PayPal for U.S. transactions.


I have a US dollar account at TD Canada Trust that I use to deposit the occasional cheque or money order I get. There is no charge for making the deposit, but there is a $1 transaction fee for withdrawals or transfers to a CAD account.

Ann