The current exchange rate between TT and US dollars is $6.75 T.T to $1.00 US and this can be out dated by the time this post is uploaded to our website. That is how fast the rate exchange appears to be increasing within recent months. Many speculate the rate increases are due to our country's weakening economy, indirectly affecting our currency value. There are others who speculate that the volatility of the world wide economy is causing the spikes in rate exchanges between countries. Our company policy requires us to adjust our exchange rate to match the bank rates that are monitored daily, but we only make adjustments when the airlines provide notice of an increase or decrease. We understand these topics cause concern for our customers as it directly affects their import costs for business and personal items. This is the reason we have decided to address this topic head on and provide our customers with options to reduce costs.
- It is a common practice for customers to have accounts with more than one P.O. Box service. This gives them the option to take advantage of the unique features each service offers. In light of the current economic climate, it will be best to consolidate their shipments under one P.O. Box service. This does two things; it allows the customer to increase the weight bracket in which they normally ship causing their shipping rate to be reduced, it also allows the customer to consolidate their shipments which can bring even further discounts in shipping. At J.S.L. a customer can save up to 10% off their shipping costs by saving on customs service charges, volume weight and discounted rates at higher weight brackets.
- Re-evaluate your supplier contracts. Suppliers are aware of the current short falls in the economy and are feeling the impact. Therefore they may be open to renegotiate their merchandise prices or service fees to keep you as a customer. Any little savings adds up especially if the savings are in US dollars.
- Take advantage of sales tax exempt status for shipments that are purchased in the US, but are not intended to be sold or remain in the US. Our company is capable of providing the necessary information required to any supplier in the U.S., if they agree to waive the sales tax from your invoice. There are certain conditions that are necessary, but it is worth the time confirming with your supplier if they will waive sales tax on your purchases, if you show proof the shipment left the US. This can be more than a 7% of the total invoice in savings. This method may not apply to the regular shopping services such as Amazon.com, Ebay.com etc.
- Cost effectiveness is a key criteria when deciding to import a shipment via Air Freight or Ocean Freight services. J.S.L. offers both services and without time constraints a customer should consider our Ocean service for restocking inventory or purchasing large equipment and supplies. It is cheaper than Air freight costs, but can take a little longer (7 days) to arrive in Trinidad as it travels by boat. Prioritizing your shipping schedule based on time constraints can create unexpected savings by including our Ocean Service as an option.