US buyers take advantage of exchange rates - Escape Trailer Owners Community

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Old 12-07-2018, 02:11 PM   #1
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US buyers take advantage of exchange rates

We just visited ETI and met with Linda to finalize our 5.0TA build sheet. Linda was just fantastic to work with, she was very patient and full of helpful information. We traveled all the way from MI to make sure we totally understood the product and process. Being able to spend time looking at the trailers that were in the show room was invaluable. I would highly recommend visiting prior to purchasing.
The real reason for my post is we were able to open a checking account at TD Canada Trust. Since we are seniors the monthly fees were waived. We are now able to transfer monies from our accounts in the US and take advantage of a very favorable exchange rate. My understanding is you need to do this in person. However this will provide us a $10K saving on the purchase of our trailer. This may be a way to justify a trip to Chilliwack.
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Old 12-07-2018, 02:51 PM   #2
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Thanks, will keep this in mind when the time comes.
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Old 12-07-2018, 08:48 PM   #3
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Welcome to the forum and congratulations on your Escape.

Good idea opening a Canadian account, although you know up here you actually have a "chequing" account
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Old 12-07-2018, 09:22 PM   #4
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We just visited ETI and met with Linda to finalize our 5.0TA build sheet. Linda was just fantastic to work with, she was very patient and full of helpful information. We traveled all the way from MI to make sure we totally understood the product and process. Being able to spend time looking at the trailers that were in the show room was invaluable. I would highly recommend visiting prior to purchasing.
The real reason for my post is we were able to open a checking account at TD Canada Trust. Since we are seniors the monthly fees were waived. We are now able to transfer monies from our accounts in the US and take advantage of a very favorable exchange rate. My understanding is you need to do this in person. However this will provide us a $10K saving on the purchase of our trailer. This may be a way to justify a trip to Chilliwack.
But now you have to go back and pick it up when completed, another trip and depending on when you make your payment, the rate changes almost daily. I have already paid for mine, via personal check and I'm not worried about rates, mine is locked in although not to be made for another 5 months. It is a gamble as no one knows the future. Try to attend the rally in May, 150 Escapes all lined up in one place.
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Old 12-07-2018, 10:10 PM   #5
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Lot of other ways to get a square exchange rate including having your broker or bank wire funds directly to ETI.
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Old 12-08-2018, 09:53 PM   #6
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what's the advantage?

What's the advantage of opening up a Canadian bank account? When the time comes I'll pay using a check from my American account, and still take advantage of the exchange rate....am I missing something?
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Old 12-09-2018, 12:21 AM   #7
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What's the advantage of opening up a Canadian bank account? When the time comes I'll pay using a check from my American account, and still take advantage of the exchange rate....am I missing something?

No miss; you're right on.


That's what we did in 2015: after the initial deposit (credit card while on the phone with ETI), we sent a couple of checks for the balance. We got ETI's bank's rate when they cleared the check. We actually ended up on the plus side, so we added a couple things onto our build list since they were then within budget!!!
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Old 12-09-2018, 07:27 AM   #8
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What's the advantage of opening up a Canadian bank account? When the time comes I'll pay using a check from my American account, and still take advantage of the exchange rate....am I missing something?
Either works and either will be hit or miss when it comes to the exchange rate. Right now it's hovering around 75 cents to 1 USD. It may go down further or may go up. The lowest I've ever seen was 73 cents CDN, but that was a couple of years ago. It's been around 76 cents for months. I paid 84 CDN nearly 5 years ago.

Do you feel lucky?
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Old 12-09-2018, 07:31 AM   #9
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Just do whatever you're comfortable with, all the different ways to pay work and make perfect sense to the buyer. The only thing I recall seeing as a con to sending a check was someones mail took a couple weeks to get to ETI. I had no such issue.
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Old 12-09-2018, 08:12 AM   #10
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Personal checks was my method, just remember Canadian mail needs double postage from US.
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Old 12-09-2018, 08:46 AM   #11
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Personal checks was my method, just remember Canadian mail needs double postage from US.
Hi: cpaharley2008... One of my best dodges is the line "The cheque is in the mail"!!! Alf
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Old 12-09-2018, 09:05 AM   #12
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Loonie rate

As I understand it, the CAD is tied to the price of oil and that's about as low as it's going get now. When we were purchasing I'd add several thousand toward my bill when oil went down. USAA Bank would wire USD funds to ETI for about $30. I brought $500 with me at time of pickup to cover the small balance.
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Old 12-09-2018, 10:09 AM   #13
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. I brought $500 with me at time of pickup to cover the small balance.
Yes, We intentionally left a similar balance and used a credit card at pick-up
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Old 12-09-2018, 12:00 PM   #14
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Hi: cpaharley2008... One of my best dodges is the line "The cheque is in the mail"!!! Alf
escape artist N.S. of Lake Erie

Alf, I was a little skeptical that "cheque" is even a word so I looked it up in my Scrabble dictionary. We all know if it's not a playable word, it's not really a word. I'm happy to report that cheque is indeed a playable word. Carry on!
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Old 12-19-2018, 11:31 AM   #15
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Canadian dollar just hit 74 cents to one USD.
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Old 12-19-2018, 11:45 AM   #16
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Canadian dollar just hit 74 cents to one USD.
Ha! I fretted for months about what the exchange rate would do, wound up paying well in advance to lock in a favorable rate when it was around .76 - and now it drops even further....that's how it goes. The reality is that exchange rates have fluctuated all year in a pretty narrow and very favorable range - may not last forever, but at least for now this is a great time for US buyers to purchase an Escape!
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Old 12-19-2018, 12:25 PM   #17
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We used exactly the same method last June with TD Bank, worked very well to pay for the Escape, the hitch at Trademasters, the hotel, and Presidents Choice groceries to fill the pantry. After comparing different methods, this seemed most efficient and cost effective. We do go to Canada a couple of times a year, so it was convenient to open the TD account. As Canadian expats living in the US, we enjoyed the exchange rate when purchasing the Escape, but our Canada Pension cheques are a bit sad.
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Old 12-19-2018, 12:44 PM   #18
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Hello there folks. I've noticed lots of chatter on possible benefits for an American to have a Canadian Bank Account. In addition to having further simplicity in banking for purchasing a new Canadian made travel trailer in another country, this bank account could be used additionally for future camping/RV'ing vacationing excursions in Canada. When the exchange rates are in your favour, you could buy Canuk Dollars for a great price and use this as your Touring Canada bank Stash. She is one nice very large friendly country conveniently located next door. Campgrounds-RV Resort Parks in all 10 provinces and our 2 territories. Come on up, and get screached-in for starters and then drift west !! Just a thought. Happy travels to all.
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Old 12-19-2018, 03:24 PM   #19
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Ha, remembering now how my check/checque made it to Vancouver then accidentally caught a plane to Japan, came back to Canada but was tied up in customs for a while. ETI was not worried!
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Old 12-19-2018, 05:35 PM   #20
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Cheque? When are we going to give up on the idea that there is some special panache attached to French words. Wait a second, panache is French. I meant elegance, no, that comes from middle French too. How about aplomb?? Arg, that's middle French too. Aw, forget it.

Betting on the change in currency exchange rates has a name. It's called arbitrage, also a French word. It is done by buying and selling the same thing in 2 different places with different currencies that have different values. It is usually done on the spur of the moment but it can be done over months or years too.

People can make fortunes trying to do this. Mostly they lose fortunes though.

The best plan is to track trends and buy when you think the trend is at a low point. You will be wrong but perhaps not too wrong. Or you could just buy the trailer when you have the money available and not worry about a couple of percentage points. After all, ETI has to buy a lot of their stuff from the lower 48 so they are on the other side of the coin. When the exchange rate makes a big move ETI has to adjust their prices accordingly so it tends to even out a lot.

Once you come up with a purchase plan, stop shopping. You will never get the best possible deal. Nobody ever has. Tracking it will just ruin the experience for you, not to mention your mental state.

If you just can't leave it alone then think of it this way. Sure you could save a couple of hundred bucks by carefully examining trends, causes and results but by spending the same time and effort you could earn even more at a job, if you wanted to have a job. What ever you don't save is the price of not being a slave to the market or a boss.
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