canadian dollars in usa bank question - Escape Trailer Owners Community

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Old 04-01-2016, 06:13 PM   #1
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canadian dollars in usa bank question

We got on the list for a new 19 (no easy task) and the gal on the phone told me that I could lock on the exchange rate for Canadian to US dollars by opening an account and loading it with Canadian dollars. Trouble was my bank looked at me like I was crazy. ETI won't let me pay in advance of my april 12 delivery date and every cent up costs me $. Any advice out there?
thanks
Jerry and Maria
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Old 04-01-2016, 06:24 PM   #2
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I don't know anything about US Banks.
But here in Canadian Banks you can have a US$ account. A separate account holding US$ value. You deposit US$, or convert CAN$ into US$ and deposit that. That will lock in the exchange rate at the time you do the deposit. When you withdraw later there is no exchange process.
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Old 04-01-2016, 06:36 PM   #3
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One current forecast for exchange rate for 1st qtr 2017 is .77, same as today. Whose crystal ball is better? who knows.... Escape says they do not lock down the final cost until your build sheet is due, 90 days before delivery date.
Things change both in the exchange rate and possibly Escape...the good news is you have a date in 2017 which is better than not having one if you want an Escape!
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Old 04-01-2016, 06:40 PM   #4
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I couldn't find any banks that would let me set up an account in Canadian dollars. Not even Canada based BMO. They will let Canadians hold US dollars but not the other way around. The people I talked to thought it was weird too, but it's company policy so nothing they could do about it.
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Old 04-01-2016, 06:46 PM   #5
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Is Escape not taking advance payments new? I was under the impression that many people had paid well in advance if not up front entirely.
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Old 04-01-2016, 06:52 PM   #6
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Jimrules - I tried that same thing and had the same problem.
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Old 04-01-2016, 06:57 PM   #7
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Morgan Stanley broker created an account for us with British pounds last year when our daughter was going to grad school. An sure he could do it with loonies too.
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Old 04-01-2016, 07:00 PM   #8
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Quote:
Originally Posted by FlaGman View Post
Is Escape not taking advance payments new? I was under the impression that many people had paid well in advance if not up front entirely.
Yeah, that doesn't make sense that they told you you can't pay in advance. Yesterday we paid off The Trailer, even thought it's not due until December. Maybe she meant they wouldn't take final payment now as all they needed was a deposit.

As far as I know you can pay whatever you want, whenever you want. We paid off for the 2016 version soon after getting the build sheet finalized in January. Then paid the difference when we switched to the 2017 model.

I'd send 'em an email to ask for further clarification.

And yeah, no way of knowing what will happen with that exchange rate.
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Old 04-01-2016, 07:10 PM   #9
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yeah, I asked if i could send a check for the $30300 now and pay for any options later and was told that I couldn't (accounting issues), so I will try to open an account in a Canadian bank from down here. wish me luck.
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Old 04-01-2016, 08:18 PM   #10
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My understanding is the same as NW Cat Owner's. We were told that we could put down as much as we wanted (that was back in January). I'd like to clarify this as we're planning on monitoring the exchange rate and paying as much as we can while the rate is favorable.
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