How to hedge exchange rate?

[Jim Bennett]

Originally Posted by M & M

Jim, when I paid the USD 2,000 deposit, I received an email from ETI titled "Thank You For Order" in it there was a lot of information, under Payments stated:

Escape Trailer Industries has the ability to process payments in both Canadian and US Dollars. All payments received in US funds are processed and added to the buildsheet in Canadian Funds. Escape Trailer Industries cannot guarantee or promise an exchange rate. The exchange rate used to convert US to Canadian funds is calculated on the day the money is received. (The best option to guarantee an exchange rate is to have your bank process the payment in Canadian Funds prior to sending).

This email was sent December 2, 2019.

Mario

So you signed the contract in CAD, but then Escape changed it to USD at a different exchange rate? If you do not end up paying exactly what it said in the contract in the fund designated, that would be illegal.

As well, it would seem they since changed their processes.

[Donna D.]

CAD 70 cents

[barry]

Originally Posted by sclifrickson

Escape Trailer Industry currently refuses to sell US customers the same trailer for the same price that they will sell it to anyone else. If a customer makes or loses money by exchanging currencies has no bearing on this equation. If Escape were to offer their product to ALL customers for the same $CAN, then they would not be guilty of discriminating against one specific subset. This objection has nothing to do with the vagaries of the currency exchange game. Escape is treating people differently based on citizenship. This is discrimination.

Quite frankly I wonder how long it will be before Escape drops the Cdn prices on their web site and only list US prices given the animosity this pricing policy has caused, then you will be comparing your prices with Casita, Scamp, Oliver and the like in the same currency. No Canadian exchange or discrimination to moan about. This is what many Canadian companies already do and we, as Canadians, will find yet again, the price of something manufactured and sold in our own country is at the mercy of the US dollar.

When I read what you've posted I think to myself, this is what Canadians have been putting up with for countless years and now you deem it discrimination because the tables have turned, I say, welcome to the club.

To clarify though, I am totally against them not honouring agreements made in Cdn dollars prior to the policy change. That's dirty if you sign an agreement and then not honour it if in fact that is what happened. What I do wonder is, what is your legal recourse if you sign an agreement in foreign country, if you used Visa or Mastercard for the deposit then you may have some way of getting the whole deposit back through them if they didn't honour the agreement as signed.
Barry

[Donna D.]

CAD 71 cents

[Centex]

Originally Posted by Donna D.

This is an old thread, but I didn't want to start a new one with the same topic.

Just read, the Fed is going to cut the interest rate to zero. IF you are a serious Escape trailer buyer, keep an eye on the exchange rate. Right now it's approx. 72 cents to 1 USD. It may drop further starting tomorrow.

Originally Posted by Donna D.

CAD 71 cents

Noting the 'trigger' for resurrecting this 2+years dormant thread was apparently ~.72CAD : 1USD ..... maybe the 'excitement' is coming to an end after only 30-days, and the 'to-do' among some here about US customers getting 'hosed' for lack of ability to deal CAD with ETI can come to an end with it.

Cas fortuit or whatever, that might not be such a bad thing.

[M & M]

Originally Posted by Centex

Noting the 'trigger' for resurrecting this 2+years dormant thread was apparently ~.72CAD : 1USD ..... maybe the 'excitement' is coming to an end after only 30-days, and the 'to-do' among some here about US customers getting 'hosed' for lack of ability to deal CAD with ETI can come to an end with it.

Cas fortuit or whatever, that might not be such a bad thing.

The official exchange rate is actually irrelevant to the US customers, we are forced to pay our trailer in USD at the ETI exchange rate of 0.80 CAD = 1 USD.
Mario

[75thRanger]

Be nice to have a world currency, something akin to the Euro. I think it will eventually happen but I'll never see it.

Make things so much simpler, of course, that's two strikes against it right there.

[XBeatzX]

Originally Posted by M & M

The official exchange rate is actually irrelevant to the US customers, we are forced to pay our trailer in USD at the ETI exchange rate of 0.80 CAD = 1 USD.
Mario

Lol, that’s very well put. I hope all the American suppliers that export parts and goods for these trailers come up with their own made up Micky Mouse exchange rate. I’m sure ETI would just love that. Doubtful though, not good business to single out a customer set just based on their location or nationality. Oh wait.....

[barry]

Originally Posted by XBeatzX

Lol, that’s very well put. I hope all the American suppliers that export parts and goods for these trailers come up with their own made up Micky Mouse exchange rate. I’m sure ETI would just love that. Doubtful though, not good business to single out a customer set just based on their location or nationality. Oh wait.....

American suppliers that "export" to Canada do use a Mickey Mouse exchange rate already, we pay for it dearly, have done for years. Just price out the same identical product on Amazon.com and Amazon.ca.
Barry

[brad2002]

Originally Posted by barry

American suppliers that "export" to Canada do use a Mickey Mouse exchange rate already, we pay for it dearly, have done for years. Just price out the same identical product on Amazon.com and Amazon.ca.
Barry

I compared prices and you guys are truly getting a raw deal. It just doesn’t seem fair that you would be charged more just for living in Canada.

[M & M]

Originally Posted by barry

American suppliers that "export" to Canada do use a Mickey Mouse exchange rate already, we pay for it dearly, have done for years. Just price out the same identical product on Amazon.com and Amazon.ca.
Barry

If ETI would have told me, before they took my deposit:

"US customers will be required to pay their trailer only in USD"

I'd not have any complaints, but they stated "You can pay in Canadian or US Wire Transfers"
Then four months later, Karl Kenny says that option is off the table.
That is my issue.

Mario

[barry]

Absolutely, I can sympathize on you with that, not good practice at all. They are not doing themselves any favours by changing the currency mid order. As for selling and doing business in US dollars, that's become common practice in Canada.
Barry

[barry]

Originally Posted by M & M

If ETI would have told me, before they took my deposit:

"US customers will be required to pay their trailer only in USD"

I'd not have any complaints, but they stated "You can pay in Canadian or US Wire Transfers"
Then four months later, Karl Kenny says that option is off the table.
That is my issue.

Mario

Karl was online at the time you posted this. He replied to a thread on the new E23 so he's obviously reading the forum but selectively choosing what to reply to.
Barry

[kootenaigirl]

Originally Posted by barry

Absolutely, I can sympathize on you with that, not good practice at all. They are not doing themselves any favours by changing the currency mid order. As for selling and doing business in US dollars, that's become common practice in Canada.
Barry

I have never come across a business in Canada that is selling a product to the general public in US dollars with no option to pay in Canadian. Could you give some examples please.

[M & M]

Originally Posted by barry

Karl was online at the time you posted this. He replied to a thread on the new E23 so he's obviously reading the forum but selectively choosing what to reply to.
Barry

He has ignored my last two emails, even though I offered a fair compromise.
Mario

[barry]

Originally Posted by kootenaigirl

I have never come across a business in Canada that is selling a product to the general public in US dollars with no option to pay in Canadian. Could you give some examples please.

This guy runs a photo workshop business on Vancouver Island he is a Canadian resident and lives on the Island.

Private workshop on the island $900 US per day
https://quietlightphotoadventures.com/onetoone

Workshop to the Carmanah Valley in BC
$1470 US
https://quietlightphotoadventures.com/carmanahvalley

Many more do the same.
Barry

[kootenaigirl]

Interesting thank you.
I guess I was thinking more of physical products that you go in to a business to buy and take home as opposed to an experience. I see the person you referenced has prints and books for sale on his website and they are all priced in Canadian $.

[kdelaney]

Originally Posted by M & M

He has ignored my last two emails, even though I offered a fair compromise.
Mario

That happened to me too. Have you considered a BBB complaint? I’m drafting mine now. Did they send James your way? He is the financial person.

[M & M]

Originally Posted by kdelaney

That happened to me too. Have you considered a BBB complaint? I’m drafting mine now. Did they send James your way? He is the financial person.

I haven't thought about placing a complaint, are you going thru Canada or USA BBB?
I was hoping to resolved this issue just between Karl and I, but the way he stonewalled me I don't see it happening.
I have not heard from any financial person, my trailer should be ready for delivery any time now.
Mario

[cpaharley2008]

You may want to wait until delivery before pursuing any complaint outside of Escape.