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Old 11-10-2014, 05:20 PM   #1
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Exchange Rates / Brokering

I've seen threads on the topic of currency exchange and values when paying for the trailer, but I'm still not 100% clear on it.

1- the exchange rate is very favorable for the dollar right now. How would I "capture" that rate?

2- do you have a preferred bank/broker to handle the conversion, or does ETI accept a check in USD?

Thanks for any info.
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Old 11-10-2014, 05:36 PM   #2
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I think you'll be OK paying on pick-up. Everything I've heard and read indicates that Canadian dollar will stay around 87 cents or sink even lower ( high 70s ).
Google Globe and Mail Report on Business and have a look around.
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Old 11-10-2014, 06:05 PM   #3
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Robert,
I set up a Western Union account and used them for all my transactions. All funds needed to be CDN.

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Old 11-10-2014, 06:08 PM   #4
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rbryan4,

1- I suppose you could always pay ETI early. Setting up an account at XE (web site) is a fairly easy way to convert US funds to Canadian funds. Tammy can give you ETI's bank account info.

2- See above. I do not believe ETI accepts US currency, although that may have changed since we bought our rig.
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Old 11-10-2014, 06:13 PM   #5
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I did a wire transfer for my first payment, takes about (2) days for it to hit ETI account. Tammy can email you instructions. Its my preferred method of payment. I did have to pay my bank $40.00 for the service, but again, its quick and easy. I do agree with gbaglo, all indications are that the CD (loonie) is going to stay lower for the foreseeable future. But, do you want to chance not taking advantage of this very favorable exchange rate. Exchange rates are similar to mortgage rates, no one knows for certain where they're headed.
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Old 11-10-2014, 06:14 PM   #6
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rbryan4,

1- I suppose you could always pay ETI early. Setting up an account at XE (web site) is a fairly easy way to convert US funds to Canadian funds. Tammy can give you ETI's bank account info.

2- See above. I do not believe ETI accepts US currency, although that may have changed since we bought our rig.
Sent in a check (US) for our deposit, got credit for exchange rate at the time. Simple enough.
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Old 11-10-2014, 06:43 PM   #7
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Thanks all. I'll use XE or do a wire transfer through my broker. He doesn't charge me for wires, so that's a bonus. I trade currency via Oanda on the MT4 platform, and Glenn's right, the CAD has been tanking-- but I don't trade it against the USD so I haven't really been paying attention.
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Old 11-10-2014, 06:51 PM   #8
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When we put our deposit down the rate was 98 Canadian to $1.00 American and i thought that was a great deal because the year before it had been reversed. I was all set to pay the whole thing, but my husband kept saying to wait and the Canadian dollar kept going down down down -- I think when it went down to 94 cents we paid for the trailer and it went down a little more before we would have had to pay in full anyway. But how low can it go? I keep thinking it can't be good for Escape because so much of their inventory comes from the U.S. and they are committed to the trailer prices at this point up to a year ahead of time.
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Old 11-10-2014, 07:54 PM   #9
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Ruthe,

True, the exchange rate makes their US parts more expensive. On the other hand, they haven't had to offer a sale lately because of a plethora of US customers. Sounds like their build wait time has lengthened considerably. I think they'll be OK.
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Old 11-10-2014, 09:32 PM   #10
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When I bought Ten Forward, it started with the $500 deposit (paid with a credit card), then when I went up to ETI four months before delivery, I wrote a huge personal US check. Two-three days before I was to go up for pickup, Tammy sent me an email stating what the final amount was going to be. I went to the Credit Union and got a certified check for $128.

Worked for me, YMMV

After talking with Tammy on pickup day, I know ETI prefers that the trailer be totally paid for a minimum of six weeks in advance. Something about international money and lag time. After all, you ARE getting title to the trailer the day you pick it up (or delivery) and ETI doesn't want to have any grief.
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Old 11-10-2014, 09:40 PM   #11
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I'm doing much the same. $500 on the credit card for a deposit, a very large personal check(US) a few months early, and I'll cover the remainder with credit card. I just guessed on the exchange rate and intentionally kept it a bit low.
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Old 11-10-2014, 09:51 PM   #12
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Quote:
Originally Posted by rbryan4 View Post
Thanks all. I'll use XE or do a wire transfer through my broker. He doesn't charge me for wires, so that's a bonus. I trade currency via Oanda on the MT4 platform, and Glenn's right, the CAD has been tanking-- but I don't trade it against the USD so I haven't really been paying attention.
Also researched topic prior to paying for ours in late September. It seems that its not so much the loonie is tanking as much as the dollar is rising. It tends to move in seven year cycles and guess what? So anyway, you could pay for some now, then see. It is a moving target. Brokerage house was a good way to pay, just stay on top of the transaction to be sure its converted.
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Old 11-10-2014, 11:43 PM   #13
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Yeah, I wouldn't worry about their financial state...lol. My 34k CAD trailer is currently 30k USD. I'm lovin' it.
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Old 11-11-2014, 02:04 AM   #14
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We paid recently paid for our trailer with a personal US check. We missed the super low rate by a few weeks, but ETI paperwork said a personal check needed to be there early so the funds could clear. All went well and we ended up with a small balance in our favor.
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Old 11-11-2014, 08:21 AM   #15
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exchange rates

Not being much of a gambler on rates I sent half by personal check earlier and then the other half by check as time was closer to pick up. Then which ever the rate changed, I'd have half of the lose or gain and if you can't trust Reace and Tammy, who can you trust.
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Old 11-11-2014, 07:47 PM   #16
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Quote:
Originally Posted by rbryan4 View Post
1- the exchange rate is very favorable for the dollar right now. How would I "capture" that rate?
Two options come to my mind:
  1. Pay early. With currently minimal interest rates, this may not be unreasonable.
  2. Move the money to a Canadian-dollar account in your bank of choice. If U.S. banks don't offer this (we can get Canadian-dollar and US-dollar accounts here), then my guess is that a Canadian bank operating in the U.S. (such as TD Bank) do. I'm sure this is possible; I'm as sure that it is a hassle for a single (albeit large) transaction.
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Old 07-06-2018, 12:57 PM   #17
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Donna D-were you charged a conversion rate? I am exploring ways to pay for our 21' now and my bank charges a $35 wire transfer fee AND a conversion fee is 3% which amounts to an additional $800!!

Any advice is appreciated!
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Old 07-06-2018, 02:41 PM   #18
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We used TransferWise. Inexpensive, easy, you know the exact exchange rate, and itís fast.
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Old 07-06-2018, 03:25 PM   #19
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Donna D-were you charged a conversion rate?
No, but that was more than four years ago now. My experience then...really can't apply to now. Not the way things change constantly.


The exchange rate was much higher than today. 86 cents CDN to 1 USD. So maybe I really did...
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Old 07-06-2018, 04:02 PM   #20
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No, but that was more than four years ago now. My experience then...really can't apply to now. Not the way things change constantly.


The exchange rate was much higher than today. 86 cents CDN to 1 USD. So maybe I really did...
Seems like you are overdue for an upgrade!
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