Sun 20 Jun 2010
Making a Deposit On Our Hotels
Posted by Kathie under Asia Travel , Follow Me While I Plan Our 2010 Asia Trip , Hotel Booking , Independent TravelComments Off
Glenburn requires an international wire transfer to make a deposit. Other properties I research in Sikkim and Darjeeling also required wire transfers. We are accustomed to make deposits by credit card, so I needed to do some research.
I planned to make the wire transfer out of the bank at my brokerage (E*Trade). I conduct virtually all of my business with the brokerage and bank online. I found the web page about wire transfers, international transfers cost $25, which seemed quite reasonable. It looked like I could make the arrangements online. For security purposes, I had to request an authorization code they emailed to me. As I moved through the process, I suddenly realized they wanted to transfer money out of my brokerage account rather than my bank account.
I went back and couldn’t find a link to make the transfer from my bank account. I could always transfer money from my bank account into my brokerage account, if necessary. So it was time to talk to someone. I had a very helpful conversation with a service rep. He said I couldn’t make that transfer online from my bank account, but he could do it for me. As I started to give him the details, he stopped me and said, I can only make this transfer if this transfer is into a foreign bank account with your name on it. Oops – this wasn’t going to work. In order to make an international wire transfer to an account I did not own, I would have to create a signed set of instructions, have my signature notarized and mail it to them. I decided to talk with my local bank.
My local bank (US Bank) said, sure, they could do it. Their price was higher, $50. But I just needed to bring in the instructions and they would do it. I asked about a premium on foreign exchange and they said there would be none. Mentally, I was comparing the cost of putting a transaction like this on a credit card, vs. the wire transfer. The amount of the transfer was about $1600. My Visa card would charge 3% ($48) or my American Express card would charge 2.5% ($40) so the cost of the wire transfer ($50) was fairly comparable. However, when I received the statement from my bank on the actual cost of the wire transfer, the exchange rate I received was 1.65% ($27) over the listed exchange rate on the day it was made.
Also, once I got the confirmation from Glenburn on the amount received, some bank that it passed through added an additional charge of $7. So all told, it cost $84 for the wire transfer, which works out to 5.25% of the amount transferred. The cost of the wire transfer worked out to be about twice the cost of putting it on my credit card.
When I make the final payment in October, I think I’ll do it through E*Trade so I have a direct comparison of costs.
Air tickets were harder. There is no way to book intra-Burma flights online. Indeed, it was impossible to find a current timetable, let alone one for a month or two away. Eventually, I found a posting of what flights flew last week. I have a travel agent in Bangkok I’ve used for booking intra-Asia flight when needed. I wrote to him, and after several weeks of trying, he told me he was unable to book my flights. At that point, I emailed a travel agent in Yangon. They were able to tell me the times of the flights and book them. 