Exchange rate - locking in now - Escape Trailer Owners Community

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Old 04-19-2018, 02:58 PM   #1
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Exchange rate - locking in now

We take delivery of our trailer in September - it is now April. I spoke with my bank and am getting a 'foreign currency draft' in Canadian dollars at today's rate. I hold that (no interest) until I pay ETI.

I'll feel silly if the exchange rate is even better in September but worse if the Canadian dollar gets stronger.
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Old 04-19-2018, 03:33 PM   #2
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We take delivery of our trailer in September - it is now April. I spoke with my bank and am getting a 'foreign currency draft' in Canadian dollars at today's rate. I hold that (no interest) until I pay ETI.

I'll feel silly if the exchange rate is even better in September but worse if the Canadian dollar gets stronger.
You win, I lose and visa versa. Yup, up here we're all hoping that the slump is over and we'll be breaking 80 cents sooner or later. Any less and we feel like our currency is a Canadian peso. Still a bit of a crap shoot though as there are some major issues that could affect how it goes in the next few months.

Ron
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Old 04-19-2018, 05:24 PM   #3
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Hopefully the exchange rate will return to historic averages
( $1 Canadian = .88 USD )
This would be beneficial for both countries .
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Old 04-19-2018, 05:27 PM   #4
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Originally Posted by sdnomis View Post

I'll feel silly if the exchange rate is even better in September but worse if the Canadian dollar gets stronger.
It's like going to the casino, isn't it?

When we decided to buy in early 2016, CAD was at a ten-year low, and just starting to climb. ETI had a fourteen-month backlog. Who knew where the exchange rate was going? We wanted to lock in...

(We could have hardly made this more complicated.)

So we opened a U.S. RBC account, travelled to Sault Ste Marie ON and opened a RBC Canada account, that we funded from the U.S. account at a low transfer cost. (First of two trips to the 'Soo'.) We deposited money in the account to pay for the trailer at around $0.74 USD/CAD.

Then we watched anxiously for fourteen months to see where the rate would ACTUALLY go. Did the FinCEN report and all the fussiness of having a foreign bank account.

Well, the day we xfer'd the payment to Escape, the exchange rate was $0.74, haha. All part of the adventure, I guess.
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Old 04-19-2018, 06:00 PM   #5
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I’d be bragging about $.74 the rest of the time I owned the trailer. That’s a heck of a discount. You did wonderful to my way of thinking.
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Old 04-19-2018, 06:13 PM   #6
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I’d be bragging about $.74 the rest of the time I owned the trailer. That’s a heck of a discount. You did wonderful to my way of thinking.
Iowa Dave
Dave,
Oh yeah, we DO feel pretty good about that, thanks.

Bob
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Old 04-19-2018, 06:22 PM   #7
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Back in April 2016, the exchange rate was at $.75 when I purchased Prairie Schooner. Prior purchases were around $.85 in 2014 and .$95 in 2012
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Old 04-19-2018, 06:25 PM   #8
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You could avoid all the foreign account hassle and prepay ETI up front the whole amount at today's exchange rate...
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Old 04-19-2018, 07:07 PM   #9
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You could avoid all the foreign account hassle and prepay ETI up front the whole amount at today's exchange rate...
At the time we ordered, I recall that ETI wouldn't accept our payment in advance. In any case, as sound as the Harmatuik's business appeared to be, we wouldn't have been comfortable about it. ETI was 4300 km's away, in a foreign country, building a new plant. And, the trailer we were purchasing was still in development.
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Old 04-19-2018, 07:47 PM   #10
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Originally Posted by J&B Mitt View Post
At the time we ordered, I recall that ETI wouldn't accept our payment in advance. In any case, as sound as the Harmatuik's business appeared to be, we wouldn't have been comfortable about it. ETI was 4300 km's away, in a foreign country, building a new plant. And, the trailer we were purchasing was still in development.
I understand your apprehension, truly. But, I sent tens of thousands of dollars to ETI based on a drawing on a 'cocktail' napkin and NO MOLDs. Plus I was a US buyer sending money to a 'foreign' country. One of the best decisions I've made in my life.
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