BajaNomad

the Dollar Dilema at banks

shari - 11-23-2017 at 08:56 AM

I tried to open a US dollar account at the Banamex a few days ago and was surprised by more dollar woes....not only do they not have dollar accounts anymore but they dont accept ANY dollars now either depositing to your peso account or even to exchange them for pesos!!!! THAT SUCKS!!!

They blathered on about the new changes in the system to alleviate money laundering and explained the only dollar accounts are in banks in border cities. WTF? I told them I had a BAncomer dollar account and they said ALL banks were going to be shutting down the dollar accounts. Yesterday at Bancomer they didnt seem to know about this though.....sheesh.

This is awful for all the businesses in GN who take dollars...how the heck will they deposit them now? So be advised you wont be able to exchange dollars for pesos anymore in GN.

We will most likely have to revise our option of paying us here at our Inn in dollars and try to get people to only bring pesos to pay with.

meme - 11-23-2017 at 09:44 AM

The Bancomer bank in San Felipe will not accept U.S Checks for deposit or dollars either. We closed our account there as we always done the check deposits each month.It does us no good if we cannot deposit U.S checks.

Hook - 11-23-2017 at 09:46 AM

Shari, you are just going to have to come up with an electronic solution for customers to pay you. Any expenses for doing so, will have to be included in your prices. Ally yourself with a bank that lets you easily access the transferred amounts.

Then, the only thing your customers have to show up with is incidental pesos for much smaller stuff like tips, "trinkets", meals and alcohol. No carrying larger amounts of dollars and/or pesos down the peninsula.

OK, maybe alcohol is not that small of an expense................

I hate it, too, but it is the way of the future.

'Course, I dont mind what my stock investment in Paypal has done over the last 2.5 years. :o

I'm not suggesting that Paypal is the answer. I dont use it enough to know. Others are far more knowledgeable about electronic pay services.

I will say I DO appreciate businesses that separate out their services into electronic and cash-only payments; giving a price break for those that pay in case. Why should cash payers subsidize the others?

pacsur - 11-23-2017 at 09:48 AM

Santander and Scotia both deal with dollars in Los Cabos, I was under the impression the other banks that are not allowed to deal with dollars are the ones that got caught up with the money laundering issue a couple of years ago?
Santander normally has a much better exchange rate and even better when you exchange online, Scotia's exchange rate always sucks, it gets a little better if you call the manager and ask for current rates, I don't know if there is a minimum, but I usually exchange at least $1,000usd when asking for the special rate.

wilderone - 11-23-2017 at 09:50 AM

You can't deposit a check for pesos?

Hook - 11-23-2017 at 09:58 AM

GN probably has one Bancomer and one Banamex and that's it. Her options are probably limited.

Santander is the best true bank in Mexico that I have used. That's a good one, if she can find one. But I never see them in small towns below probably 20,000 people.

[Edited on 11-23-2017 by Hook]

BornFisher - 11-23-2017 at 10:00 AM

Can`t you just accept credit cards? My last trip down I used my cc at 2 gas stations and 2 motels. These included the Pemex on the north side of Guerrero Negro and the Terra Sol in Guerrero Negro.

CaboMagic - 11-23-2017 at 10:14 AM

Shari check your email (not u2u)

shari - 11-23-2017 at 10:41 AM

there is only a Bancomer in Vizcaino and that is a 3 hour round trip and Guerrero Negro only has Banamex so my options are sooooo limited.
I bought a credit card terminal but found it didnt work as our internet is waaaaay tooooo slooooow and unreliable so that doesnt work either at this time.

So I guess what we will do is stick with PayPal and just charge an extra fee for that so that people paying in pesos cash will get a lower price.
Maybe I will open a Santander account in Ensenada as I think we can make deposits at the telegraph office here....hmmm

thanks everyone for your suggestions!

Bob and Susan - 11-23-2017 at 11:23 AM

what about the bank coppel has inside

I wonder of they can help you
its a good company

I was in bancomer today...they will open a dollar account today and will retain the service later
they knew about banamex

todays rate was 17.82
that means the cambios at the border are at 17.60


Bob and Susan - 11-23-2017 at 11:26 AM

tourists driving down should ONLY carry pesos

they should exchange the dollars at the border for pesos

and exchange the extra back when they return




pesosins.jpg - 192kB

David K - 11-23-2017 at 11:28 AM

For Calexico/Mexicali, I always use the place next to Auto Zone, across from Pep Boys, on the U.S. side a couple blocks before the border.

[Edited on 11-23-2017 by David K]

shari - 11-23-2017 at 11:29 AM

you are right Bob & Susan....I will look into Coppel too gracias.

Bob and Susan - 11-23-2017 at 12:29 PM

coppel bank will give you a visa debit AND credit card with your account

you can use it anywhere
"what's in YOUR pocket?"

Any ATM problems?

AKgringo - 11-23-2017 at 01:36 PM

Last year at this time in both Mulege, and Loreto, I was not able to draw pesos using my US credit, or debit cards at the ATMs. No problem I thought, I have greenbacks in reserve. They wouldn't exchange them either!

Is this going on again this year? If I am able to get my crippled car on the road soon, I will definitely be stashing more pesos somewhere in it (and hope I remember where)!

Bob and Susan - 11-23-2017 at 02:31 PM

Quote: Originally posted by AKgringo  
Last year at this time in both Mulege, and Loreto, I was not able to draw pesos using my US credit, or debit cards at the ATMs. No problem I thought, I have greenbacks in reserve. They wouldn't exchange them either!

Is this going on again this year? If I am able to get my crippled car on the road soon, I will definitely be stashing more pesos somewhere in it (and hope I remember where)!


same this year...exchange dollars for pesos...whats left exchange them back when you return

don't assume your debit card will work everytime in a Mexican ATM

woody with a view - 11-23-2017 at 03:12 PM

ATMs are picky about the cards being used? I've heard only 4 numbered pins and calling your bank first, but now you're saying some machines pick and choose what cards they accept?

Russ - 11-23-2017 at 03:59 PM

What ever happened to the idea that tourist dollars are a good thing?

Bob and Susan - 11-23-2017 at 04:00 PM

Quote: Originally posted by woody with a view  
ATMs are picky about the cards being used? I've heard only 4 numbered pins and calling your bank first, but now you're saying some machines pick and choose what cards they accept?



that's right...it depends if the bank you use
has a contract with the Mexican bank
for the exchange rate they will use when you take out the money..

if it doesn't the card will NOT be accepted

don't assume your card will work at all atms if any

take cash on vacation

mtgoat666 - 11-23-2017 at 05:18 PM

Quote: Originally posted by Russ  
What ever happened to the idea that tourist dollars are a good thing?


They are. Govt just wants to stop illegal $ and transactions that avoid taxes.

JoeJustJoe - 11-23-2017 at 05:25 PM

Lets reverse this dollar dilema at banks and see how it sounds.


The Peso Dilema at banks.

Lets pretend it's from a Mexican ex-pat visiting an American bank in the US.
______
I tried to open a peso account at the Bank America a few days ago and was surprised by more peso woes....not only do they not have peso accounts anymore but they don't accept ANY pesos now either depositing to your dollar account or even to exchange them for dollars!!!! THAT SUCKS!!!

Blah blah blah...........
_____________

It seems to me that Americans banks wouldn't bend over backwards serving Americans with dollar/peso issues, and Mexico does have a money laundering problems.

I'm sure there are places that will exchange dollars for pesos, although it will cost more.

shari - 11-23-2017 at 06:49 PM

Oh my....I never thought of it that way....good point. I want to say that tourism depends on dollars but I bet in border areas pesos are prevalent too and people would like the banks to take them.

Seems like we all need to begin to change the way we think and travel especially in other countries....crossing the border or before....get a crapload of pesos!
Quote: Originally posted by Bob and Susan  
coppel bank will give you a visa debit AND credit card with your account

you can use it anywhere
"what's in YOUR pocket?"


but how does this help with my dollar dilema? I have credit cards with Bancomer & BAnamex.

surabi - 11-23-2017 at 07:29 PM

Quote: Originally posted by Hook  
GN probably has one Bancomer and one Banamex and that's it. Her options are probably limited.

Santander is the best true bank in Mexico that I have used. That's a good one, if she can find one. But I never see them in small towns below probably 20,000 people.

[Edited on 11-23-2017 by Hook]


Would have to disagree re Santander. My daughter had to open an account with them, as the international school she was working for used Santander and that was where her salary was deposited.

When she asked the bank how she could transfer $ from her account here to her Canadian bank, they told her it wasn't possible. And there were so many convolutions for her to get the money from Santander to her Paypal acct, that she just gave up.

She HATED dealing with Santander and they certainly didin't operate like a "best true bank".

How easy do you want it to be to transfer your money?

joerover - 11-24-2017 at 09:57 AM

Quote: Originally posted by surabi  


When she asked the bank how she could transfer $ from her account here to her Canadian bank, they told her it wasn't possible. And there were so many convolutions for her to get the money from Santander to her Paypal acct, that she just gave up.

She HATED dealing with Santander and they certainly didin't operate like a "best true bank".


In Ensenada I found an external device on the atm machine, a card reader that belonged to an electronic bandido. I pointed it out to the police man standing on the malecon. He did not care or understand. The bandido followed me around the corner and asked what the policeman said? He dont care. They made the paper, good heist over a holiday weekend. Both Ensenada and Tijuana police have been caught recording credit card numbers, and making bank transfers to them. A nice girl in Tijuana will help you figure out your paypal and on line banking. She types english better than I do. She will transfer $500 to your paypál acount if you give her $250 right now. not sure why her account name is blueeyes, hers are brown. She made a $500 a week living for 3 or more years like this. The deported english teacher was working for the Ensenada police, making electronic transfers of your money to the police mans bank account. That is until the Tecate pólice shot him, for growing to many hecters of marijuana to close to their 300 acre field.

How easy do you want it to be to transfer your money?

Paco Facullo - 11-24-2017 at 10:30 AM

I refuse to link my bank account with PayPal.
The guy that bought my business had his account linked and ended up getting robbed fro $7,000 . He tried to get it back but never did.
Be careful out the folks.

Also, many years ago I lost $1650 from and ATM card skimmer in Colombia.
I stupidly used a lone standing ATM machine. Never again.
Will ONLY use ATM's at Banks or ones much used at muskets.
I always PULL on the place your card is inserted hard and hide my hand when putting in my pin.

JoeJustJoe - 11-24-2017 at 10:31 AM

Quote: Originally posted by joerover  
Quote: Originally posted by surabi  


When she asked the bank how she could transfer $ from her account here to her Canadian bank, they told her it wasn't possible. And there were so many convolutions for her to get the money from Santander to her Paypal acct, that she just gave up.

She HATED dealing with Santander and they certainly didin't operate like a "best true bank".


In Ensenada I found an external device on the atm machine, a card reader that belonged to an electronic bandido. I pointed it out to the police man standing on the malecon. He did not care or understand. The bandido followed me around the corner and asked what the policeman said? He dont care. They made the paper, good heist over a holiday weekend. Both Ensenada and Tijuana police have been caught recording credit card numbers, and making bank transfers to them. A nice girl in Tijuana will help you figure out your paypal and on line banking. She types english better than I do. She will transfer $500 to your paypál acount if you give her $250 right now. not sure why her account name is blueeyes, hers are brown. She made a $500 a week living for 3 or more years like this. The deported english teacher was working for the Ensenada police, making electronic transfers of your money to the police mans bank account. That is until the Tecate pólice shot him, for growing to many hecters of marijuana to close to their 300 acre field.

How easy do you want it to be to transfer your money?


Have you been drinking?

Paco Facullo - 11-24-2017 at 10:31 AM

Quote: Originally posted by Paco Facullo  
I refuse to link my bank account with PayPal.
The guy that bought my business had his account linked and ended up getting robbed fro $7,000 . He tried to get it back but never did.

Be careful out the folks.

Also, many years ago I lost $1650 from and ATM card skimmer in Colombia.
I stupidly used a lone standing ATM machine. Never again.
Will ONLY use ATM's at Banks or ones much used at markets.
I always PULL on the place your card is inserted hard and hide my hand when putting in my pin.

rts551 - 11-24-2017 at 04:01 PM

Quote: Originally posted by shari  
there is only a Bancomer in Vizcaino and that is a 3 hour round trip and Guerrero Negro only has Banamex so my options are sooooo limited.
I bought a credit card terminal but found it didnt work as our internet is waaaaay tooooo slooooow and unreliable so that doesnt work either at this time.

So I guess what we will do is stick with PayPal and just charge an extra fee for that so that people paying in pesos cash will get a lower price.
Maybe I will open a Santander account in Ensenada as I think we can make deposits at the telegraph office here....hmmm

thanks everyone for your suggestions!



I would have thought that you would have gone to EXEDE by now. That is what a couple of businesses and the coop here have done so they can process debit and CC transactions. From what I understand it will be a while before there are any upgrades along the coast. Hell we can not get any new phone or internet service and the existing service is all but unusable during the day.

BajaBlanca - 11-24-2017 at 04:02 PM

Shari

It is possible to deposit to Santander from telegrafo.

Your dilemma is real. We are lucky as our US bank now allows us to transfer US$1500 at a time here to our local telegrafo. It becomes available within the hour and only costs $5 dollars. Muy bueno es wells fargo.

surabi - 11-24-2017 at 05:42 PM

"How easy do you want it to be to transfer your money?"

Any "real " bank should be capable of transferring $ to any other real bank without it disappearing.

shari - 11-24-2017 at 06:05 PM

things would indeed be easier if I had an American bank account but I"m Canadian! I looked into Xoom and it charges 20%!!! that dog dont hunt!

So I asked at our telegraph office which is sort of like a bank as it has a card swiper and you can get money out of your Mexican account. They said the easiest bank to deal with is Santander and I can make deposits there at the telegraph office which means not having to drive to Vizcaino.

About Excede...I am indeed waiting as I heard that the guy in Vizcaino who puts up towers to provide fast internet like to Pta.Chivato....he is getting a land deal done to put the tower up for here so I will wait for that which sounds better than Excede.
Then I can have a point of sale App to take credit cards!!!

rts551 - 11-24-2017 at 06:16 PM

Quote: Originally posted by shari  
things would indeed be easier if I had an American bank account but I"m Canadian! I looked into Xoom and it charges 20%!!! that dog dont hunt!

So I asked at our telegraph office which is sort of like a bank as it has a card swiper and you can get money out of your Mexican account. They said the easiest bank to deal with is Santander and I can make deposits there at the telegraph office which means not having to drive to Vizcaino.

About Excede...I am indeed waiting as I heard that the guy in Vizcaino who puts up towers to provide fast internet like to Pta.Chivato....he is getting a land deal done to put the tower up for here so I will wait for that which sounds better than Excede.
Then I can have a point of sale App to take credit cards!!!


Shari. What is his source for the internet going to be? In Vizcaino (and other places) he uses Telnet, which is fast because they have fiber. We did the same thing in Abreojos using EXEDE for a while (I brought the equipment down from the states for 6 users). Worked OK, but most of us decided to get our own because we were many times competing for download speed and were dependent on having the availability of an unlimited bandwidth account. Good Luck.

Hook - 11-24-2017 at 06:21 PM

Quote: Originally posted by JoeJustJoe  
Lets reverse this dollar dilema at banks and see how it sounds.


The Peso Dilema at banks.

Lets pretend it's from a Mexican ex-pat visiting an American bank in the US.
______
I tried to open a peso account at the Bank America a few days ago and was surprised by more peso woes....not only do they not have peso accounts anymore but they don't accept ANY pesos now either depositing to your dollar account or even to exchange them for dollars!!!! THAT SUCKS!!!

Blah blah blah...........
_____________

It seems to me that Americans banks wouldn't bend over backwards serving Americans with dollar/peso issues, and Mexico does have a money laundering problems.

I'm sure there are places that will exchange dollars for pesos, although it will cost more.



Of course, what renders your comparison scenario ridiculous (as usual) is that US banks have virtually NEVER accepted pesos for deposit, while it has been commonplace for Mexican banks to accept dollars for many years, until recently.

'Course, I guess that just doesnt have the anti-American appeal that YOU seem to always need............

JJJ, I hope for your sake that your credit score is higher than your credibility score around here.

mjs - 11-24-2017 at 06:36 PM

Quote: Originally posted by shari  
things would indeed be easier if I had an American bank account but I"m Canadian! I looked into Xoom and it charges 20%!!! that dog dont hunt!

So I asked at our telegraph office which is sort of like a bank as it has a card swiper and you can get money out of your Mexican account. They said the easiest bank to deal with is Santander and I can make deposits there at the telegraph office which means not having to drive to Vizcaino.

About Excede...I am indeed waiting as I heard that the guy in Vizcaino who puts up towers to provide fast internet like to Pta.Chivato....he is getting a land deal done to put the tower up for here so I will wait for that which sounds better than Excede.
Then I can have a point of sale App to take credit cards!!!


Shari,

You should be able to get a U.S. bank account. I helped some British friends to get one at Chase. The bank just wanted to see a copy of a lease or some other document to show a US residency address. Their British DL and lack of a SS number were not an issue. Just like an American or Canadian can have a second home in Mexico so can a foreigner have a residence in the U.S.

aguachico - 11-25-2017 at 12:10 AM

Depositing dollars into banamex or bancomer in Tjuana was no bargain the last time I tried. The rate was the worse in the city.

I would think a Mexican business should have flat rates in pesos, period.

If visitors have only dollars, then they should take the hit of the exchange rate since they were too lazy to buy pesos. My first visit to BA, I was short of pesos - thank god for paypal.

Good luck with the CC POS. This way you could bill in advance reservations.

JZ - 11-25-2017 at 01:31 AM

Quote: Originally posted by AKgringo  
Last year at this time in both Mulege, and Loreto, I was not able to draw pesos using my US credit, or debit cards at the ATMs. No problem I thought, I have greenbacks in reserve. They wouldn't exchange them either!

Is this going on again this year? If I am able to get my crippled car on the road soon, I will definitely be stashing more pesos somewhere in it (and hope I remember where)!


If you use WF you can pretty much use it anywhere to take out money, except Bancomer.

Marc - 11-25-2017 at 07:41 AM

I don't live SOB so fortunately I have no use for banks or ATM machines. What I do is before going down I figure a budget as close as I can and then double it. I buy pesos either in San Francisco or Palm Springs at Wells Fargo. I don't care what they charge. A lesson I learned years ago. I ran out of cash in New Guinea and had to borrow to get back. A good story I should share on non Baja trip reports some day.

Udo - 11-25-2017 at 08:55 AM

I have a CITIBANK debit card. It is affiliated with BANAMEX.

The exchange rate it gives when I withdraw Pesos is within 5% of the daily currency exchange. The only drawback with Banamex is that I am subject to THEIR withdrawal limit which is no more than $5000,00 Pesos per transaction. So I generally take more than $5000 Pesos at a time. At times I have to make 5 withdrawals to obtain the money I need.

It really is not a good idea to try to make do with just Dollars. the merchants give you the screw-over by adjusting their Peso rates to as low as 15 per dollar. Nothing anyone can do about the transaction rate from them. Arguing does no good...they hold all the cards if you are trying to pay in USD.

[Edited on 11-25-2017 by Udo]

Hook - 11-25-2017 at 11:58 AM

If the banks begin refusing to take dollars, the businesses away from the border can't be far behind.

motoged - 11-25-2017 at 12:16 PM

Aside from ATM, CC, and account issues, it seems that the simplest solution is for travelers to travel with sufficient funds in the currency of the country in which they are traveling :light:

Expats living abroad need to figure out the rest of it for their needs.

I think it is selfish and a bit arrogant to expect their own national currency to be readily accepted abroad for food, rooms, etc.

A "When in Rome" kinda thing...

Bob and Susan - 11-25-2017 at 12:40 PM

Quote: Originally posted by motoged  

...I think it is selfish and a bit arrogant to expect their own national currency to be readily accepted abroad for food, rooms, etc...


actually the BIG hotels in TJ like the hayatt and marriott
quote rate in dollars for stability

they convert to pesos if you want to pay cash
(float the peso rate)

It the ONLY way to stabilize costs because the peso is changing so fast...up and down

so the dollar acceptance will always stay the same as long as the client wants it to

redmesa - 11-25-2017 at 01:20 PM

Shari, how about ScotiaBank. They must be somehow related. I think I will go in and check here about that and may get an account here with them if they promise that my card will always work in Baja.

redmesa - 11-25-2017 at 01:22 PM

Also, it is interesting that Bancomer has U.S. banks so????

Bob and Susan - 11-25-2017 at 01:45 PM

Quote: Originally posted by redmesa  
...go in and check here about that and may get an account here with them if they promise that my card will always work in Baja.


get it in writing!!! : )

Bob and Susan - 11-25-2017 at 01:47 PM

Quote: Originally posted by redmesa  
Also, it is interesting that Bancomer has U.S. banks so????


BancomerUSA and BancomerMX are 2 entirely different companies

International Rules apply when transfering money and using a bank card

motoged - 11-25-2017 at 02:59 PM

Quote: Originally posted by Bob and Susan  
Quote: Originally posted by motoged  

...I think it is selfish and a bit arrogant to expect their own national currency to be readily accepted abroad for food, rooms, etc...


actually the BIG hotels in TJ like the hayatt and marriott
quote rate in dollars for stability

they convert to pesos if you want to pay cash
(float the peso rate)

It the ONLY way to stabilize costs because the peso is changing so fast...up and down

so the dollar acceptance will always stay the same as long as the client wants it to


I guess I am a bumpkin who travels Baja via smaller Mexican hotels and motels....with an occasional B&B....pesos in hand for most of them...and US$ for the occasional place...and have never used credit cards....yet ;)

AKgringo - 11-25-2017 at 03:26 PM

Ged...are you saying nobody wants your Canadian dollars? :biggrin:

After my difficulty recharging my cash supply in Mulege and Loreto last year, I started using my credit cards where they would take them. That included a few Pemex stations, and even my dentist in La Paz was happy to run plastic rather than have cash on hand.

Edit, That wasn't meant as a snarky shot at Canada, it is one friend razing another. At least I hope we are still friends!


[Edited on 11-25-2017 by AKgringo]

surabi - 11-25-2017 at 06:37 PM

Quote: Originally posted by redmesa  
Shari, how about ScotiaBank. They must be somehow related. I think I will go in and check here about that and may get an account here with them if they promise that my card will always work in Baja.


I have a Scotiabank acct. in Canada and my card always works in the Mexican Scotiabank machines. Additionally there is no ATM fee if you keep the minimum balance in your acct or have a seniors acct.
But the banks are separate entities. If you lost your Can. Scotiabank card, for instance, you couldn't go in to a Mexican Scotiabank and get a replacement. And you can't go into a Scotiabank here and deposit Can.or US dollars into your Can.acct.

shari - 11-25-2017 at 07:50 PM

I asked at our local telegraph office which also serves as a sort of bank and they said the bank that works the very best here for making deposits and withdrawals is Santander..go figure.

I could open an account in Ensenada but then when things go awry they always say you have to go in person to the branch which is problematic as it is 10 hours away...geeze.

woody with a view - 11-25-2017 at 07:58 PM

Shari why cant you add your daughter to that account just for those instances?

bledito - 11-26-2017 at 04:53 PM

one would think it would be made easier to bank in mexico for tourist reasons alone. I had such problems when I was on the east cape building my home. I had to use my debit card at the local hotel when they had the atm full because it would not work at the local banks. I even had to drive the 1 1/2 hour round trip to san jose a couple of time just to be able to pay for the workers wages.

Bob and Susan - 11-26-2017 at 05:17 PM

tourists don't build homes...they vacation

you could always do an international bank transfer
for funds to build but it costs $$$

to pay workers you can pay directly to their bank account...
that's actually perfered by the government

if they don't have a bank account you have them open one

the rule is anything over 2000 pesos should be paid by a bank card ...


[Edited on 11-27-2017 by Bob and Susan]

joerover - 11-26-2017 at 07:41 PM

Quote: Originally posted by JoeJustJoe  
Quote: Originally posted by joerover  
Quote: Originally posted by surabi  


When she asked the bank how she could transfer $ from her account here to her Canadian bank, they told her it wasn't possible. And there were so many convolutions for her to get the money from Santander to her Paypal acct, that she just gave up.

She HATED dealing with Santander and they certainly didin't operate like a "best true bank".


In Ensenada I found an external device on the atm machine, a card reader that belonged to an electronic bandido. I pointed it out to the police man standing on the malecon. He did not care or understand. The bandido followed me around the corner and asked what the policeman said? He dont care. They made the paper, good heist over a holiday weekend. Both Ensenada and Tijuana police have been caught recording credit card numbers, and making bank transfers to them. A nice girl in Tijuana will help you figure out your paypal and on line banking. She types english better than I do. She will transfer $500 to your paypál acount if you give her $250 right now. not sure why her account name is blueeyes, hers are brown. She made a $500 a week living for 3 or more years like this. The deported english teacher was working for the Ensenada police, making electronic transfers of your money to the police mans bank account. That is until the Tecate pólice shot him, for growing to many hecters of marijuana to close to their 300 acre field.

How easy do you want it to be to transfer your money?


Have you been drinking?


I did take a drink, on new years eve. I spent less than $20 on alcohol in the last 10 years.
Quote: Originally posted by Paco Facullo  
I refuse to link my bank account with PayPal.
The guy that bought my business had his account linked and ended up getting robbed fro $7,000 . He tried to get it back but never did.
Be careful out the folks.

Also, many years ago I lost $1650 from and ATM card skimmer in Colombia.
I stupidly used a lone standing ATM machine. Never again.
Will ONLY use ATM's at Banks or ones much used at muskets.
I always PULL on the place your card is inserted hard and hide my hand when putting in my pin.


https://www.youtube.com/watch?v=WKnYbaQddBE

[Edited on 11-27-2017 by joerover]

bledito - 11-27-2017 at 07:29 AM

yes when in usa I wire money direct to his account but I needed to be in usa to do so

Hook - 11-27-2017 at 07:48 AM

I have lots of Canadian friends in the town I live in and some of them have problems banking in Mexico, compared to US citizens.

Maybe the biggest (as they explain it to me) is that they cant buy stuff online from US companies (like Amazon, fer chrissakes, who can live w/o Amazon these days!) with their Canadian Bank-issued credit cards. They aren't able to guarantee their Netflix accounts with a Canadian credit card. I just dont get that. Another Patriot Act fiasco?

Who wouldn't trust a Canadian, financially? They are the most frugal, debt-avoiding people I know.

surabi - 11-27-2017 at 10:52 AM

Quote: Originally posted by bledito  
yes when in usa I wire money direct to his account but I needed to be in usa to do so


There are many online currency exchange houses that you can sign up with (xetrade, transferwise, xoom, to name a few). It then is easy to transfer $ from your bank acct. to one in a foreign country and you can be anywhere to do it. Funds are transferred by electronic funds transfer, so there is no wire fee. The companies make their $ on the exchange rate.

JoeJustJoe - 11-27-2017 at 12:56 PM

This thread is another reason why cryptocurrencies, like "Bitcoin" will be the future and international borders won't interrupt merchant or user transactions and "Bitcoin" are a great investment, up about 800 percent this year!

woody with a view - 11-27-2017 at 02:03 PM

Yep, i got on the LTC, IOTA, NEO and ETH altcoin bandwagon in Sept. sort of late but when 98% of humanity still has no idea what the tech actually is it’s still in its infancy.

Udo - 11-27-2017 at 03:57 PM

TRY USING A BIT COIN IN BAJA:lol:
Quote: Originally posted by JoeJustJoe  
This thread is another reason why cryptocurrencies, like "Bitcoin" will be the future and international borders won't interrupt merchant or user transactions and "Bitcoin" are a great investment, up about 800 percent this year!

micah202 - 11-27-2017 at 06:48 PM

Quote: Originally posted by AKgringo  
If I am able to get my crippled car on the road soon, I will definitely be stashing more pesos somewhere in it (and hope I remember where)!


...well be careful the car isn't stolen.
..I'll just say I was very very lucky when my van was swiped in TJ a few years back.

It's rather unbelievable what I'm hearing,,, really!?
Mex cash ONLY!? No Foreign exchange!!?? :wow:

...sooo,,
...every Gringo car has a WAD of cash somewhere!?... what could possibly go wrong!!?? :o:O

.



[Edited on 11-28-2017 by micah202]

micah202 - 11-27-2017 at 07:07 PM

Quote: Originally posted by JZ  

If you use WF you can pretty much use it anywhere to take out money, except Bancomer.


....and what is this 'WF' you speak of?? :?:

.

micah202 - 11-27-2017 at 07:14 PM

Quote: Originally posted by motoged  
Aside from ATM, CC, and account issues, it seems that the simplest solution is for travelers to travel with sufficient funds in the currency of the country in which they are traveling :light:

Expats living abroad need to figure out the rest of it for their needs.

I think it is selfish and a bit arrogant to expect their own national currency to be readily accepted abroad for food, rooms, etc.

A "When in Rome" kinda thing...


I don't know about Rome,lol.... but in Turkey and Morocco these days,, it is totally customary to be able to withdraw funds from a bank using a credit card,, as it is to exchange any currency,, both Canada and US was totally acceptable. ......it sounds like you think carrying large amounts of cash is a good idea? ....for whom!? ;D

.

motoged - 11-27-2017 at 07:57 PM

Quote: Originally posted by micah202  
Quote: Originally posted by motoged  
Aside from ATM, CC, and account issues, it seems that the simplest solution is for travelers to travel with sufficient funds in the currency of the country in which they are traveling :light:

Expats living abroad need to figure out the rest of it for their needs.

I think it is selfish and a bit arrogant to expect their own national currency to be readily accepted abroad for food, rooms, etc.

A "When in Rome" kinda thing...


I don't know about Rome,lol.... but in Turkey and Morocco these days,, it is totally customary to be able to withdraw funds from a bank using a credit card,, as it is to exchange any currency,, both Canada and US was totally acceptable. ......it sounds like you think carrying large amounts of cash is a good idea? ....for whom!? ;D .




ME :biggrin:

Doug/Vamonos - 11-29-2017 at 09:48 AM

I returned Sunday from Bahia. On the way down on November 17 I used the Santander ATM in front of Home Depot/Walmart in Ensenada and did two withdrawals of 4,600 pesos each. I looked at my bank account when I returned and the charges were $242.96 plus $4.37 for transfer fee and $1.00 for ATM fee for each withdrawal. So my total cost for 4,600 pesos was $248.33, which converts to 18.52. My credit union is SchoolsFirst. The exchange rate that day was 18.91.

micah202 - 11-29-2017 at 03:27 PM


....summary?

..Just bring Peso's,, cash machine's and banks can't be relied on!?

bkbend - 11-29-2017 at 05:14 PM

Four pages should get you your own conclusion but here's my take-away.

US Dollars are becoming an issue for banks, they won't convert to pesos for tourists and they won't accept them for deposits from Mexican businesses. I don't know if that applies a looney.

Businesses off the Mex 1 corridor have unreliable internet connections, therefore have hit/miss credit card transactions.

ATM machines are very good at dispensing pesos from foreign accounts but sometimes don't work, have low limits, or eat cards.

Currency houses on both sides of the border, as well as your local bank, will exchange local currency for pesos.

Cash in pesos always works. whether you use an ATM or exchange at your bank or a currency exchange house at the border is the decision you will need to make.

(edit for typos)

[Edited on 11-30-2017 by bkbend]

[Edited on 11-30-2017 by bkbend]

KurtG - 11-29-2017 at 05:42 PM

My recent experience. I just spent two weeks motorcycling, went as far south as Loreto. While I carry emergency cash I use ATM's regularly. I have never had a problem with Banamex or HSBC both of which I used on this trip. I also had no problem with Bancomer in Loreto where I took out 6,000 pesos. Did not need it in Mulege where there were problems last year. My local bank (Pacific Premier) does not charge me for out of network or international use and also rebates me for the Mexican ATM fees which means I get a consistently pretty good exchange rate. I've been using Mexican ATM's pretty much as long as they have existed and with the exception of Bancomer haven't had problems. Maybe just lucky.

joerover - 11-29-2017 at 07:58 PM

Quote: Originally posted by bkbend  

Cash in pesos always works. whether you use an ATM or exchange at your bank or a currency exchange house at the border is the decision you will need to make.
]


Quote: Originally posted by micah202  
[
...sooo,,
...every Gringo car has a WAD of cash somewhere!?... what could possibly go wrong!!?? :o:O
]


better get the card figured out