Brassard Girls - What form of payment did you use?

[amy2003]

Did you send a check, bank draft, credit card over the phone?  Also, did you convert the money to Candadian before you sent it, or did you send US dollars and Brassard's office converted it?

I didn't know what to do, so I asked my bank if I could get a check in Canadian funds, and they said sure.  But then after I had received the check from them and had already put it in the mail to Brassard, I realized they had taken much more money out of my account than I had anticipated.  When I asked about it they explained that the US dollar was weaker than the Canadian dollar right now, that's why they took out $18,559 USD to give me $18,040 CAD.  Everything I find on the internet and several of my friends have said that the US dollar is stronger than the Canadian dollar.   According to many different online currency converters I should have paid $17,534.

I'm thoroughly confused and looking for some guidance.  It seems logical that the bank would know what they are doing and maybe I'm just not understanding how this works.  But everything I find says I'm right.  If I have to, I will call Brassard Monday morning, pay my deposit by bank draft, and ask them to return the check to me so I can get a refund.  But I need confirmation that I am getting ripped off.

[Kristyn]

The current value of the Canadian dollar is .96cents, so logically they should have taken out less.  When is your surgery date?

[Flan]

the bank might have shafted you during the FOREX transaction part, since the usual fee is measured in % in us dollars.

[lilacwoman]

$18559 = Can$19330 so you paid well over the odds so I'd go back and ask for a good explanation.

If they charge a commission/transfer fee of 7% then your $17500 would come to about Can$18050 + 7% = $19330.  This is where it pays to shop around for lowest commission and transfer charges.

Does the US have any sort of mandatory tax/levy on cross border transfers?

[Steph]

I live in Kingston, Ontario Canada, about 4 hours from Brassards Office.  For me I found that using my Line of Credit over the phone worked great.  For me using my line of credit over my credit card made sence as the interest rates are much lower and the whole process much simpler.

Steph

[Jessica.C]

They must be making a mistake. Everything i see says that the USD is stronger as well.

I paid my first deposit by a credit card. 2000.00 Canadian and it was just slightly less USD. Getting ready to pay my second deposit next week of 2500 Canadian should be around 2403.38 USD.

Here send them this link.  http://coinmill.com/CAD_USD.html#CAD

Curious to know what you find out?

[amy2003]

I guess at this point I will just go the bank branch president Monday morning and try to get them to see reason.  Otherwise I will demand a full refund and have Brassard simply charge my credit card.  This is just over $1000 we are talking about.

Any other replies?  I can't have too many people confirm my thoughts right now.  My Mom and I rented a movie and I am having trouble concentrating because of this on my mind.

[blackMamba]

Different banks will have different exchange rates.  Most if not all of them will charge a fee to exchange currencies.  The foreign exchange rates you find on the major finance websites typically reflect rates for a whole different market than the personal banking you are requesting.

So, what you paid is probably ballpark for what the market rate is.  I checked with my bank and the Canadian dollar is very slightly stronger than the US dollar, but pretty much dead even.  I would ask your bank what exchange rate they used and the fee they charged.  If you shopped around you could probably find a better rate, but if your money has to be in by a deadline date next week, that might be what you end up paying.  It's up to you if you want to go through the hassle.  Montreal may charge you to send the check back to you.  I think worst case scenario is you could have saved a few hundred dollars, but that's all.

If you don't have to have the money in for a while, you could test your luck and hope the USD gets stronger.  However this strategy could backfire and it may actually become weaker.  You are really at the mercy of the exchange rates. 

[amy2003]

I had my money exchanged on August 10.  According to MSN Money, the "official" closing rate for US vs. Canadian was $1USD = $1.0305CAD.  When I changed my money, the bank told me that the best rate they could give me was $1.0288, and ON TOP OF THAT they would add the neccessary fees.  Now, they did not specifically say that I was getting $1USD = $1.0288CAD, they just said the rate was $1.0288.  Common sense then told me that that must mean that that was the value of Canadian dollar against the US.  I understand that the official "money market" rates are not what you would get in a bank, but you know it is going to be somewhere in the ballpark.

Since going back and asking why so much money was taken out of my account, they told me that the CAD was stronger than the USD, not just in their bank, but in the global market, and it has been for some time now.  She explained that the way they computed it was to take the amount I needed in CAD and multiply it by the "rate".  But, if you take the amount of USD to convert and multiply it by the "rate", you get an amount of Canadian dollars that equals exactly what all of these online currency converters say I should get.

$1,024 is the difference I think I am owed, without fees.  That's enough to argue about.

[blackMamba]

I see, well, if she meant $1 CAD = $1.0288 USD, then the math works out:  $18,559.55 ( = $18,040 x 1.0288)  This scenario has the CAD stronger than the USD just as the bank person said it was.

Are their rates pubished online?

[spacial]

amy

Given the sum involved, you should go to the bank to complain.

I suspect the bank has used some particularly expensive system to transfer the funds and will probably cite some red tape in the US relating to money laundering.

You are transfering money, openly, between yourself and a recognised medical institution.

To be honest, I wouldn't be surprised if the bank thought that you might be too embarrassed to complain.

Just another institution that needs to learn that we are not ashamed of who we are.

[Jessica.C]

Amy, All i can say is TRY to be as calm as you can and not freak. I remember i was trippin over getting my passport, At first they didn't wanna give me the inclusive F but i got it , it just took a little more work. I'm sure this matter will work out.

I'm in the same boat as you right now as far as I have to send that second deposit by the 26Th.

One other note, worst case scenario, even if the you did end up paying slightly more. Relatively speaking compared to the total amount for the SRS, 1000.00 isn't really that much. Dr Brassard is one of the best and still ends up being cheaper than almost all his counterparts here in the states.

[amy2003]

I see, well, if she meant $1 CAD = $1.0288 USD, then the math works out:  $18,559.55 ( = $18,040 x 1.0288)  This scenario has the CAD stronger than the USD just as the bank person said it was.

Yes, but I find it a terribly strange situation that the current rate for all of the world for that day seems to be very close to $1USD = $1.0305CAD, except at my bank, where the exchange rate just happens to be 17/1000th away from being the exact opposite.  I find it more explainable that someone at the bank screwed up and now they don't want to admit it.

I suspect the bank has used some particularly expensive system to transfer the funds and will probably cite some red tape in the US relating to money laundering.

You are transfering money, openly, between yourself and a recognised medical institution.

To be honest, I wouldn't be surprised if the bank thought that you might be too embarrassed to complain.

Actually, all they did was convert the money and then issue me a cashier's check in Canadian funds.  No fancy transfers.  And I had the check made out to Gestion Elijean, and the bank thought that was a person.  They don't really know who the money went to.

Amy, All i can say is TRY to be as calm as you can and not freak. I remember i was trippin over getting my passport, At first they didn't wanna give me the inclusive F but i got it , it just took a little more work. I'm sure this matter will work out.

I'm in the same boat as you right now as far as I have to send that second deposit by the 26Th.

One other note, worst case scenario, even if the you did end up paying slightly more. Relatively speaking compared to the total amount for the SRS, 1000.00 isn't really that much. Dr Brassard is one of the best and still ends up being cheaper than almost all his counterparts here in the states.

The chance of me freaking out has nothing to do with me being trans, it just has to do with my inability to stay calm when I think I am being ripped off.  I don't think they did it on purpose, I think the just made a mistake and haven't been able to see it yet because, obviously a bank should know more about changing money than little 'ol Amy.  But you are right, after 7 years I will finally be getting surgery, and if I don't get my money back, welll, I will still get surgery and life will still go on.

[Kristyn]

The chance of me freaking out has nothing to do with me being trans, it just has to do with my inability to stay calm when I think I am being ripped off.  I don't think they did it on purpose, I think the just made a mistake and haven't been able to see it yet because, obviously a bank should know more about changing money than little 'ol Amy.  But you are right, after 7 years I will finally be getting surgery, and if I don't get my money back, welll, I will still get surgery and life will still go on.

I don't think that is what Jessica meant and you're right, perhaps they did make a mistake.  I'm sure if you went to speak to them and asked them kindly to explain how they arrived at that number, everything will get straightened out.  I really don't think that they intentionally set out to rip you off.  After all , you're in the U.S. not Mexico.   

HOLY CRAP!  ONE MONTH `TIL MY GRS!!!!

[blackMamba]

I find it more explainable that someone at the bank screwed up and now they don't want to admit it.

It's possible, I hope you are right.

HOLY CRAP!  ONE MONTH `TIL MY GRS!!!!

That's awesome Kristyn!!