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Old 06-07-2022, 10:19   #31
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Re: Conversion between euros and USD during boat purchase

I just read today the exchange is 1.01 to the US dollar.
https://finance.yahoo.com/news/forex...095928612.html
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Old 06-07-2022, 10:49   #32
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Re: Conversion between euros and USD during boat purchase

Nope it means the banks have 1,300 on the table to play the exchange game with.
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Old 06-07-2022, 11:18   #33
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Re: Conversion between euros and USD during boat purchase

Warren Buffett, Peter Lynch and Rumrace...pretty much the big three...
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Old 06-07-2022, 12:03   #34
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pirate Re: Conversion between euros and USD during boat purchase

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Originally Posted by Rumrace View Post
Nope it means the banks have 1,300 on the table to play the exchange game with.
Or a buyer getting more bang for his buck..
I live by the exchange rates being a Brit in Portugal living on his pension.. a 2 or 3 cent rise or fall can make a big difference to the shopping basket.
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Old 06-07-2022, 18:32   #35
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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!

Remember that whenever two racing sailboats cross paths on opposite tacks, one of them is going the wrong way. It's not, of course, obvious until after the fact which one was which.


Similarly, If the Euro is trading at $1.02, all that means is that two paths crossed: there are people out there who own euros who would rather have 1.02 USD than 1 Euro, and there are others who own dollars who would rather have 1 Euro than 1.02 USD, and so they make a deal that makes them both happy. That's absolutely all it means. Maybe the person holding dollars wanted euros to buy a boat or something... Or maybe they thought that at some point in the future that euro would be worth more than $1.02. Similarly, maybe the person holding euros wanted dollars to pay for their kid's next college tuition bill, or maybe they thought that at some point in the future the euro would be worth less than $1.02.


The aggregate impact of a zillion such decisions is what sets the price.
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Old 07-07-2022, 05:04   #36
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Re: Conversion between euros and USD during boat purchase

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Or a buyer getting more bang for his buck..
I live by the exchange rates being a Brit in Portugal living on his pension.. a 2 or 3 cent rise or fall can make a big difference to the shopping basket.


All dwarfed by current inflation. Not a good few years ahead for pensioners like us.
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Old 07-07-2022, 08:04   #37
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Re: Conversion between euros and USD during boat purchase

I retired out during an acquisition after 25 years being a corporate slave. Was great and suddenly “ fixed income”.
Now I have two below average businesses. Love it and it fixed my income cause I retired before my pension would kick in.
My first business turned into pro bono immigration law. Didn’t plan it that way just non paying referral abuse you pay $800.00 a year for. Worst paid passionate litigator.
The other is art and residual from my past corporate life. I’ve been drawing and engineering boat parts, model trains, figurines on 3D printing. Just keeps getting bigger. I think I have 7 various Beneteau hinges they bought in cast white metal. I print them in Poly Carb stronger than originals. Designed a water fill for my Jeanneau and darn if it doesn’t fit every European boat. Threads in then domestic hose with quick release fits. Huge air vents to protect tank.
I starting printing waterproof housings for remote electronics with solar panel holder. It fits raspberry pi to add to boats. Now I have a panel holder to strap on a small battery. Holds the panel up from the battery 60degrees and attaches to battery straps. A magnetic IPad holder charger.
Soft rubber like covers for helm instruments.
It’s gotten so big I have two printers quietly working away, while I’m trying to help a client. All of my data for boat parts and electronics are public domaine. My 3rd printer has been delayed. It’s being built about 109 miles from where Russia is blowing stuff up. Some parts came from Ukraine are now coming from Germany.
There are 3 basic types of 3D printing, powder, liquid, filament. Filament has the greatest range of materials and probably the worst machines. That’s what I print with. I work in model trains with a liquid printer near by. He can print tiny figurines I can print tiny trains. He can’t print boat parts stronger than cast aluminum due to materials.
Some of you guys should start blogs evaluate products and give the public an honest opinion. There are strange ways to sell that amazing knowledge and experiences you’ve collected.

Fixed income and retirement are dirty words.
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Old 07-07-2022, 08:54   #38
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pirate Re: Conversion between euros and USD during boat purchase

Quote:
Originally Posted by Rumrace View Post
I retired out during an acquisition after 25 years being a corporate slave. Was great and suddenly “ fixed income”.
Now I have two below average businesses. Love it and it fixed my income cause I retired before my pension would kick in.
My first business turned into pro bono immigration law. Didn’t plan it that way just non paying referral abuse you pay $800.00 a year for. Worst paid passionate litigator.
The other is art and residual from my past corporate life. I’ve been drawing and engineering boat parts, model trains, figurines on 3D printing. Just keeps getting bigger. I think I have 7 various Beneteau hinges they bought in cast white metal. I print them in Poly Carb stronger than originals. Designed a water fill for my Jeanneau and darn if it doesn’t fit every European boat. Threads in then domestic hose with quick release fits. Huge air vents to protect tank.
I starting printing waterproof housings for remote electronics with solar panel holder. It fits raspberry pi to add to boats. Now I have a panel holder to strap on a small battery. Holds the panel up from the battery 60degrees and attaches to battery straps. A magnetic IPad holder charger.
Soft rubber like covers for helm instruments.
It’s gotten so big I have two printers quietly working away, while I’m trying to help a client. All of my data for boat parts and electronics are public domaine. My 3rd printer has been delayed. It’s being built about 109 miles from where Russia is blowing stuff up. Some parts came from Ukraine are now coming from Germany.
There are 3 basic types of 3D printing, powder, liquid, filament. Filament has the greatest range of materials and probably the worst machines. That’s what I print with. I work in model trains with a liquid printer near by. He can print tiny figurines I can print tiny trains. He can’t print boat parts stronger than cast aluminum due to materials.
Some of you guys should start blogs evaluate products and give the public an honest opinion. There are strange ways to sell that amazing knowledge and experiences you’ve collected.

Fixed income and retirement are dirty words.
My income is anything but fixed...
Last week it was based on €1.15 to the £, today its €1.18 to the £... tomorrow possibly €1.09 to the £..
Do the odd delivery for the challenge if it appeals.
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Old 07-07-2022, 15:07   #39
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Re: Conversion between euros and USD during boat purchase

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My income is anything but fixed...
Last week it was based on €1.15 to the £, today its €1.18 to the £... tomorrow possibly €1.09 to the £..
Do the odd delivery for the challenge if it appeals.
Of course the vast majority of the world are subject to their income dropping to zero at any time for reasons entirely beyond their control. They would love to have a fixed income stream in any currency, one can always hedge the currency risk if that is a concern.
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Old 12-07-2022, 01:56   #40
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Re: Conversion between euros and USD during boat purchase

To the OP - might also call your CPA and financial advisory for there thoughts. You will need to compare the actual rates and fees offered to convert to euro to determine the best option.

Also, if you happen to open an account outside the US make sure to tell your CPA for FBAR reporting, penalties can be very expensive.
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Old 12-07-2022, 05:56   #41
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Re: Conversion between euros and USD during boat purchase

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To the OP - might also call your CPA and financial advisory for there thoughts. You will need to compare the actual rates and fees offered to convert to euro to determine the best option.

Also, if you happen to open an account outside the US make sure to tell your CPA for FBAR reporting, penalties can be very expensive.
Thank you for the info. Much appreciated. We are having a lawyer handle the transaction for us because there’s just too much at stake and many hurdles to get over. I will call my CPA as well.
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Old 12-07-2022, 07:27   #42
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Re: Conversion between euros and USD during boat purchase

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Originally Posted by jeffjd View Post
To the OP - might also call your CPA and financial advisory for there thoughts. You will need to compare the actual rates and fees offered to convert to euro to determine the best option.

Also, if you happen to open an account outside the US make sure to tell your CPA for FBAR reporting, penalties can be very expensive.
Can’t stress this enough. As noted up thread we just went through this process - $ cost averaged our currency exchange (Wise Account) and worked/working with our accountant to file FBAR and 8938. Good link here https://www.irs.gov/businesses/compa...r-requirements.

Entertaining thread and to the OP hope the process is going well and your having fun with the process - YOUR BUYING A BOAT - right up there with unicorns rainbows and puppies.
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Old 12-07-2022, 07:43   #43
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Re: Conversion between euros and USD during boat purchase

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Can’t stress this enough. As noted up thread we just went through this process - $ cost averaged our currency exchange (Wise Account) and worked/working with our accountant to file FBAR and 8938. Good link here https://www.irs.gov/businesses/compa...r-requirements.

Entertaining thread and to the OP hope the process is going well and your having fun with the process - YOUR BUYING A BOAT - right up there with unicorns rainbows and puppies.
Hi SV Viento, love the name! We hope to have enough of it to sail, but not too much of it to cause me severe anxiety!

So you just went through this process, as in, you just bought your boat in a foreign country and from the US? If so, I would love to hear about any tips/info you think might be helpful to us. The seller hired an attorney in Australia to handle the sale contract and the escrow and we are looking for our own attorney here in the US to represent us. There's just too much at stake here. The seller told us she asked her attorney to draw up the contract with the agreed upon price, which was in Euros and she said the exchange rate would be the same rate there was on the date we agreed on price, which was about 3 weeks ago or so... oh and she said while we agreed on the price in Euros, the contract will be in AUD... So, we need to discuss this with our lawyer as well.
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Old 12-07-2022, 09:05   #44
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Re: Conversion between euros and USD during boat purchase

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Hi SV Viento, love the name! We hope to have enough of it to sail, but not too much of it to cause me severe anxiety!

So you just went through this process, as in, you just bought your boat in a foreign country and from the US? If so, I would love to hear about any tips/info you think might be helpful to us. The seller hired an attorney in Australia to handle the sale contract and the escrow and we are looking for our own attorney here in the US to represent us. There's just too much at stake here. The seller told us she asked her attorney to draw up the contract with the agreed upon price, which was in Euros and she said the exchange rate would be the same rate there was on the date we agreed on price, which was about 3 weeks ago or so... oh and she said while we agreed on the price in Euros, the contract will be in AUD... So, we need to discuss this with our lawyer as well.
We are going through the process at this time. We are US citizens and are having a new boat built in Sweden. So the details of our purchase appear to be different from yours. But, much of the process is similar. First, we simply agreed to a price in SEK. We were given the option to pay in USD but we wanted to control the timing of the currency exchange so payments made in SEK and we exchange USD to SEK when rate is favorable to us. As noted above we do this at Wise. We are 2/3rds through this process and so far it is working out just fine as the USD/SEK exchange rate continues to improve. Had we agreed to a rate at the time the contract was signed, the cost to us would clearly be more as the USD has become stronger during this period.

Contracts and attorneys: the builder is a well known builder that provided what I assume to be their standard contract with the details of our build delineated. We had an attorney review but made no changes.

Escrow: we did not use, in this case, but have in previous US based used boat sales and purchases. In this case we have the option to exercise a Bank guarantee. This was totally new to us but is essentially an insurance policy offered by the builders bank. Regardless escrow seems appropriate in your case.

Hope this helps
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