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Old 02-07-2022, 03:57   #16
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pirate Re: Conversion between euros and USD during boat purchase

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I will only add that unless the person who told you that the exchange rate would be higher in September is a billionaire currency trader, they don't know what they don't know. If one could predict future currency prices with just 55% accuracy they would quickly become billionaires, so if they aren't then they have no more ability to predict the future price then you or I or a random number generator does and they can be safely ignored. As others have said, buy a futures contract or purchase the Euros now if you want to lock in today's rate. You can do either with an Interactive Brokers account for just a few dollars. Or you can become a currency speculator, just go into it eyes wide open that you're doing exactly that.
Naah mate, I just a bottom feeder..
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Old 02-07-2022, 04:35   #17
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Re: Conversion between euros and USD during boat purchase

One is either a currency speculator or a boat buyer. Both are going to loose loads of money over the long term !!

Lock in an exchange rate and move on
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Old 02-07-2022, 04:50   #18
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Re: Conversion between euros and USD during boat purchase

Biden just solved the European US trade war. Up until a few weeks ago Europe was taking their 25% on US boats to 50%.
With global economies all in trouble you may get a pass. Europe was questioning US printing paper on futures pre Covid.
The US dollars use in trade has dramatically changed. It really belongs about 8 cents under the Canadian and Australian dollars.
So if you have had an European boat on order for a year you should be up 25% in tariffs and expect a 5% loss in currency confidence.
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Old 02-07-2022, 05:03   #19
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Re: Conversion between euros and USD during boat purchase

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Originally Posted by Stewie12 View Post
You can instruct your US bank to send the funds in Euros by IBAN. This makes the transfer free of charge, but it can take up to 7 days.

Better to open a Wise or Revolut account.



Save thousands on the exchange rate, and the transfer is instantaneous.
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Old 02-07-2022, 05:12   #20
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Re: Conversion between euros and USD during boat purchase

The whole free world has a 25% tax on US product not 75% domestic. It’s an enablers tax to stop the flow of copies changing the perceived value of a products developed in our markets. Free trade with Japan Canada and Europe was end the damage. Maybe a few Americans can hang on to their jobs too. If a Canadian buys a new or used European boat from USA it’s 9.5% tariff. Tax and tariff free from europe. In Europe a US made boat was a 25% tariff in retaliation for the attack on European boats and cars. Beneteau moved production of Wellcraft Scarab 4Winns Glastron to Poland and closed Jeanneau Beneteau Yachts after 36 great years.
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Old 02-07-2022, 05:22   #21
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Re: Conversion between euros and USD during boat purchase

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Biden just solved the European US trade war. Up until a few weeks ago Europe was taking their 25% on US boats to 50%.
With global economies all in trouble you may get a pass. Europe was questioning US printing paper on futures pre Covid.
The US dollars use in trade has dramatically changed. It really belongs about 8 cents under the Canadian and Australian dollars.
So if you have had an European boat on order for a year you should be up 25% in tariffs and expect a 5% loss in currency confidence.
Not clear how European tarrifs on U.S. boats impact someone in the U.S. buying a boat in Europe? They will only be subject to the usual 1.5% tariff if they import the boat to the U.S. which has been in place for years. I'd they keep the boat outside the U.S. they won't even have to pay that.
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Old 05-07-2022, 05:00   #22
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pirate Re: Conversion between euros and USD during boat purchase

The euro on Tuesday slumped to its lowest level since 2002 and European stock markets sank as growing recession risks sent shockwaves around the region.

The shared currency fell as low as $1.0298, threatening a push towards dollar parity
It also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans more modest increases.
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Old 05-07-2022, 09:06   #23
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Re: Conversion between euros and USD during boat purchase

Morning, so now would be a good time to exchange dollars for Euros then? I am trying to find a way to transfer such a large sum...
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Old 05-07-2022, 11:42   #24
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Re: Conversion between euros and USD during boat purchase

If you hold dollars now and you need to pay a fixed number of Euros in the fall, you can either hedge, by locking in an exchange rate now, or speculate, by not hedging.

There is, of course, nothing inherently wrong with speculating: you're betting that the market is wrong and that you'll get a better deal on future Euros than the collective opinion of today's market thinks you will. But understand that if you sign a purchase contract for future delivery that's denominated in Euros, and you hold dollars now, you are gambling. Some people like that, some don't.

Currency prices are set by traders. The current price is the point at which the collective financial position of those traders who think the exchange rate is going to go up, exactly balances the position of those those who think the exchange rate will go down.

Some traders are dumb, many are very smart. On the whole they are backed up by big research departments. Any information that is out there, anybody's expectations of what Russia will do, or what the US Federal Reserve Bank is going to do, or what any national policymaking body is going to do, or what economic, military, or political conditions are going to prevail, is already baked into the the current exchange rate.

It makes no sense to say "Buy euros now rather than later because the Fed is likely to do X, which will worsen the exchange rate" Everyone already knows that there's a chance that the Fed will do X, and their expectations of how likely that is and what effect it will have on the exchange rate are already baked into the current exchange rate.

Unless, of course, you think that the collective opinion expressed by the market is wrong, in which case by all means speculate.
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Old 05-07-2022, 11:49   #25
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Re: Conversion between euros and USD during boat purchase

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Morning, so now would be a good time to exchange dollars for Euros then? I am trying to find a way to transfer such a large sum...

Now is neither a good time nor a bad time to exchange dollars for euros. Doing it now takes the uncertainty off the table. You will have no risk of getting hosed by an unfavorable change in the exchange rate, but also no chance of benefiting from a favorable change in the exchange rate.



For such a large sum, study the fees carefully, as there's a huge difference between the cheapest and the most expensive ways of exchanging currency.

When comparing options, be sure to look at the entire picture. One bank or fintech company might have lower transaction fees than a competitor, but give you a worse exchange rate. Or vice versa. Understand both the fees and the exchange rate that will be used. The exchange rate should be explained in transparent terms, for example, "The midpoint of the interbank rate on the day of the transfer."

Others have mentioned fintech companies like Wise. Also ask your bank or brokerage house: tell them "I"m going to need xxx,xxx in euros in October, what can you do for me?
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Old 05-07-2022, 11:52   #26
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Re: Conversion between euros and USD during boat purchase

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No seller carries the exchange risk.
In any transaction, who carries the exchange risk is entirely negotiable.
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Old 06-07-2022, 08:31   #27
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pirate Re: Conversion between euros and USD during boat purchase

The euro hit a fresh 20-year low point under $1.02 — the European single currency fast closing in on parity as traders eye recession for the eurozone and aggressive interest-rate hikes in the United States to combat decades-high inflation.

“Worries about a big global slowdown are still gripping financial markets and that nervousness is unlikely to dissipate any time soon,” noted Susannah Streeter, senior analyst at Hargreaves Lansdown.
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Old 06-07-2022, 09:02   #28
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Re: Conversion between euros and USD during boat purchase

Thanks for keeping up with your responses boatman61. Can you please explain in simple English terms for my dumb brain? thanks!
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Old 06-07-2022, 09:23   #29
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Re: Conversion between euros and USD during boat purchase

My thought is stay tuned.
The US will print a bunch of paper based on futures and devalue everyone else currency in the process. The rest of the world will reject the value claim and the yuan and daller will get a talking to.

Whereas I’d bank on Europe having amazing fire power currency when the dust settles in Ukraine and Finland and Sweden plug in. Europe is in a very agreeable free Trade with Canada and Japan. It’s a gang out to protect perceived values and measures rather than enable junk and copies.
The US Fed stated in 2019 the US dollar was no longer a commercial vehicle. They also stated the Multinationals who stripped the US of millions of jobs were not bringing the trillions home as expected. Cash flow is flying out of the country. The currency is a shell game.

I’m also enjoying watching all the bit coin genius’ at work, a lot, like way too much.
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Old 06-07-2022, 09:39   #30
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pirate Re: Conversion between euros and USD during boat purchase

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Thanks for keeping up with your responses boatman61. Can you please explain in simple English terms for my dumb brain? thanks!
It means that today you get 1.3 centime more for your dollar than yesterday..
So on $100,000 you get an extra €1,300... unless I got my sums wrong somewhere..
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