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Best way to receive payments from a Canadian Customer (and minimize costs)?

free_bird 18 22 August 11, 2015 at 05:57 AM
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I have a small business in Texas and receive payments from a few Canadian customers. The amounts vary from a few hundred to several thousand dollars.

In the past I have received wire transfers as well as Canadian checks. Some have the ability to send funds in US dollars while others don't have this capability.

My bank charges extra fees for wire transfer and processing fees when I attempt to deposit a Canadian check. Some customers have suggested using PayPal because it’s easy for the customer to use their credit card for the payment but this also adds extra fees to my net deposit.

What’s the best option to receive Canadian payments that’s reasonable to the customer yet keeping the fees to a minimum?

Thanks in advance for everyone’s excellent advise.

3 Comments

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#2
Gold bullion shipped via first class mail Big Grin but in all seriousness besides PayPal/wire/check I am not sure if there are any other options available to you at this point. Unless you are an established business and can sign up for a merchant account with a credit card processor which should shave a few basis points off the fees that PayPal would charge.
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#3
what kind of exchange rate does the bank give on wires and checks vs the fees? Generally a CC will give the buyer the best exchange rate although there are fees involved. Lastly you can generally choose to process a charge in CAD or USD at many places.

I was in Ontario a few weeks ago and many places had dual price listings. Figuring out the xrate they were offering 1.25CAD=1USD when the "live" xrate was 1.31, so it's an easy choice to charge CAD to my CC which is in USD to get the better rate. This only applies when there aren't fees involved though (e.g. FTF).
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#4
Credit card would make the most sense
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