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Old 06-29-2013, 09:22 AM   #1
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Capturing favorable US/CAD conversion

My Escape 19' won't be completed until January 2014. Right now the conversion is 1 CAD = 0.9507 USD. Have any US buyers set up a bank account in Canada to deposit funds for their future purchase while taking advantage of favorable conversion rates? My thought is that this is kind of like dollar averaging in the stock market. (When the market is down, purchases are like buying stocks on sale) So, if the trend is that the USD is getting stronger, you hold off depositing into Canada, but if the trend reverses, you make your deposits.
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Old 06-29-2013, 09:25 AM   #2
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When you send payment to Escape you can tell them to deposit immediately, then you will be given credit for the difference currently or about 5% more. Or you can gamble, wait until January and then make payment. You will be given credi the prevailing exchange rate then. I'm going to send in my money next month and request immediate conversion for my December Escape. I just asked Tammy this same question yesterday.
Right now it will almost pay for my entire 6% sales tax surcharge.
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Old 06-29-2013, 09:44 AM   #3
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Maybe use a credit card to make a payments from time to time when the rate is in your favor. Well as long as the credit card does not charge a foreign transaction fee and you can pay off the balance before the cc company charges interest. That way you do not have to try and open a bank account in Canada.
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Old 06-29-2013, 09:55 AM   #4
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Most cc will charge a fee, mine did last year while in use in Canada and when I made my deposit on my first Escape earlier last year.
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Old 06-29-2013, 10:52 AM   #5
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I'd second the credit card method, just shop around if your credit card company charges a fee for one that doesn't. I used my Chase Visa at the factory last month and there was no fee for that purchase.

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Old 06-29-2013, 12:25 PM   #6
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Using XE.com to Transfer Funds to Canada
The excange rate now is very good:
http://www.xe.com/currencyconverter/...rom=USD&To=CAD
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Old 06-29-2013, 12:35 PM   #7
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And, will get better, says those financial analysts. No guarantees though. You could have bought gold...
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Old 06-29-2013, 12:46 PM   #8
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May want to check with Escape as they have a wire transfer option. As explained by Tammy. Do a wire transfer to their US account, send them an email and they complete the transfer from their end and credit your payment.

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Old 06-29-2013, 01:27 PM   #9
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Capital One is a credit card that does not charge a foreign exchange fee. I recently signed up for one and they also had no interest until June of 2014. Are there any financial experts out there who think the loonie will fall any further against the US dollar?
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Old 06-29-2013, 01:36 PM   #10
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Go here:
Canadian Dollar/U.S. Dollar News - The Globe and Mail

for recent stories and opinions
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