US Agents Bank Trust

[Stretch]

I am booked for my first hunt in Africa for August 2013. My outfitter has suggested handling funds through a US agents bank trust. I have not done this before, but I assume that I transfer money from my bank account into a US Bank account set up by the outfitter. Then the money is transfered to the outfitter as needed.

Would one normally pay the down payment from this fund? Is this the best way?
Does the money stay stateside until I release it to him? How does that work?
I was thinking of building a reserve amount for anticipated trophy fees.
Are these funds released to the outfitter prior to the hunt?
If extra funds in the account left-over (wishful thinking) are these funds returned to me?
What kind of bank fee's are associated with this type of transaction?
Is this the preferred way of handling payment to an outfitter?

Does anyone know how this process works?

 

[TOM]

Have they sent you their agent's information? He should answer a lot of these questions for you. How I handle it might differ from him but I consider it the client's money up until the safari concludes. I don't transfer the funds until I get the "all clear" from the client that he is back stateside and the safari was what he paid for.

Would one normally pay the down payment from this fund? Is this the best way?
This depends on what the Safari company wants to book your dates and secure your hunt. The "average" seems to be 50% but some take as little as $1,000 or so to hold dates.

Does the money stay stateside until I release it to him? How does that work?
It does with my company. Best to ask the agent directly how he handles it. Having it stateside is one of the main draws of using an agent. If something goes wrong, your money is on this side of the pond.

I was thinking of building a reserve amount for anticipated trophy fees.
Are these funds released to the outfitter prior to the hunt?
They can be but are generally held until right before the hunt or after the conclusion and the total amount due is known.

If extra funds in the account left-over (wishful thinking) are these funds returned to me? With me they are. It is your money so it belongs to you.

What kind of bank fee's are associated with this type of transaction?
Some outfitters charge the transfer fee (around $60) to transfer it to Africa. Others don't charge anything for the service and you are just "parking" your money into the trust account. It is a symbol of goodwill and commitment. It proves to the outfitter that you are serious and committed to coming over. He is then a lot more comfortable blocking off the dates and preparing for your safari.

Is this the preferred way of handling payment to an outfitter?
I think so because you still have control over the funds as it is in the United States and the agent is a phone call away.

If you have any other questions please feel free to PM me.

 

[Cliffy]

Tom, Very good reply.
Having never done it that way, I, too would have no idea. I'm saving your reply in case I ever have to go this way. I guess I've been lucky, I've just paid a deposit ($1,000) and brought Travelers Checks with me and paid the bill. One outfitter has even said, "pay me when you get home with a check". I did, and I went back for another hunt with him 5 years later and he said the same thing. He was a great guy to hunt with and he stays a great friend.

 

[Stretch]

Tom
He is sending me the information. I thought I would try to be better educated so I know what to expect.
Thank you for the informative and comprehensive answers. I appreciate the information. You are good at what you do and it shows.