A month ago, in BOLA, local villagers told me something that I found hard to believe: exchange rate can be different in different branches of the same
bank on same day.
Ex, it is (was) 16.0 in Guerrero Negro right now. Wait a minute, I said - just passed through TJ, banks buy @17.5 (probably went up since then),
cambios buy 18.3, and even hotels give you 18.0. No, locals said, it's 16.0 in GN because Banamex can have different rates in different branches.
Consider that this is BOLA, it's like on the moon, half of the people don't have internet or even a bank account, and (probably) every 5th person
can't read.
Happy holidays.Udo - 12-19-2017 at 12:27 PM
Yes, they do have differing rates. Not only the same branch, but especially between differing banks.
Between banks, it varies by as much as $2 Pesos per dollar. Fees vary widely also.shari - 12-19-2017 at 03:33 PM
They were telling the truth as Banamex always has lower exchange rates than Bancomer....I have accounts at both banks and have made deposits in
dollars within hours of each other and got a way worse rate at Banamex in GN.tobias - 12-19-2017 at 03:44 PM
What about the ATM?
My understanding is that rate is negotiated by your bank in the states and is usually going to be the most competitive rate available. Is there more
to it?Bob and Susan - 12-19-2017 at 04:23 PM
18.7 is a far cry from 16.0. Though I think rates went up since November, as the country is approaching traditional New Year "regalos" from the
president.
Also, it is interesting that Banamex here is the best on the list, not the worst. Maybe this particular GN Banamex is worse than any other bank in
Mexico, I don't know.
This site and other that I saw, don't specify which local branch of Banamex, so it "should" be same rate for all Banamex branches. Again, I'm curious
about rates of different branches of the SAME bank. Other names - Bancomer, Scotia etc set their own rate, this is understandable. Doug/Vamonos - 12-21-2017 at 06:52 AM
A couple months ago I was getting my visitors permit at San Isidro and decided to get some pesos from the atm. They have two inside. I went through
the process and was about to finalize and the screen pops up a question that said something like, "the exchange rate is 17 to 1, do you want to
proceed?" I knew the rate should be at least 18.5 that day, so I said hell no and pressed the no button. It processed the exchange anyway, so I got
ripped off a bit. Usually I have good experiences with atms. I figured this one was a tourist trap because of its location.
Exchange rates
bajaguy - 12-21-2017 at 06:57 AM
Who sets the exchange rates for foreign ATM withdrawals with my credit and debit cards?
The exchange rate for international purchases and foreign ATM transactions is set by Visa® or MasterCard®, depending on your card's logo. This
exchange rate is either the wholesale market rate or a government-mandated rate on the day before the date the transaction is processed. The
processing date may differ from the date of the transaction.
Also add in ATM/bank fees elskel - 1-18-2018 at 09:25 AM
The Charles Schwab card and others, reimburse for all ATM fees. It is the way to go. Brian
