BajaNomad

Will any bank/exchange buy CAD?

Sevy77 - 9-6-2022 at 01:43 AM

Made the mistake of assuming Scotiabank would be able to exchange some CAD for Pesos or USD. They said not unless I was a citizen.

Stuck with some Canadian dollars now, it's not a lot and not a big issue or anything but would prefer to exchange and use the amount. Wondering if anyone has a recommendation as to somewhere that may be able to do such an exchange?

Thanks in advance!

*EDIT*

Looks like Pacifica Money Exchange in La Paz deals with Canadian currency, so worst comes to worst it'll be doable there. Anything sooner, between San Quintin and there would be a bonus

[Edited on 9-6-2022 by Sevy77]

mtgoat666 - 9-6-2022 at 06:15 AM

Have you tried the cambios? Cambios at border xings, airports or tourist areas are in the biz of changing money, while banks seem to be annoyed at being asked to change money….

[Edited on 9-6-2022 by mtgoat666]

Sevy77 - 9-6-2022 at 09:02 AM

Quote: Originally posted by mtgoat666  
Have you tried the cambios? Cambios at border xings, airports or tourist areas are in the biz of changing money, while banks seem to be annoyed at being asked to change money….

[Edited on 9-6-2022 by mtgoat666]


I tried at least 2 dozen cambios at the San Ysidro border crossing in both US and Mexico side and no luck. Tried like 5 different banks as well. Havent had any luck since Washington, and they screwed me on the exchange rate and fees.

Probably just wait till La Paz. As mentioned Pacifica Money Exchange has a picture of a Canadian flag so thats gotta be promising.

AKgringo - 9-6-2022 at 12:14 PM

I was in Mulege in 2016, when due to some event in the international money markets, the banks and ATMs refused to accept debit cards or US dollars in exchange for pesos.

It was the same in Loreto, but in both towns, I found businesses that would still accept dollars for gas, food, or lodging. I have no idea if that would work with Canadian Dollars, but it wouldn't hurt to try.

Alm - 9-8-2022 at 04:42 PM

If it's not a big issue just take it back home. ATM like Scotia, HSBC, BMO will let you withdraw Pesos from Canadian account. Baja is a cash country. "Alta California" is pretty much too, gas stations are discouraging use of credit cards by charging extra and the pumps stopped taking foreign credit cards, you must enter ZIP code. Must be a problem with fake/stolen cards, I guess.

Bajazly - 9-8-2022 at 06:31 PM

Quote: Originally posted by Alm  
...gas stations are discouraging use of credit cards by charging extra and the pumps stopped taking foreign credit cards, you must enter ZIP code. Must be a problem with fake/stolen cards, I guess.


I haven't seen this at all. I started using a cc for all my gas purchases lately, mostly because I hate going to the ATM, and I have never been refused when I hand them a cc. I keep all the paper for tax purposes and they are all spot on.

I never have had to do self serve here which I assume is where the zip code comes in but in the states I always have to put in the ZC, that is not stopping you from using it here unless, well, you may not "know" the ZC.

Alm - 9-11-2022 at 05:42 PM

Quote: Originally posted by Bajazly  
Quote: Originally posted by Alm  
...gas stations are discouraging use of credit cards by charging extra and the pumps stopped taking foreign credit cards, you must enter ZIP code. Must be a problem with fake/stolen cards, I guess.


I haven't seen this at all. I started using a cc for all my gas purchases lately, mostly because I hate going to the ATM, and I have never been refused when I hand them a cc. I keep all the paper for tax purposes and they are all spot on.

I never have had to do self serve here which I assume is where the zip code comes in but in the states I always have to put in the ZC, that is not stopping you from using it here unless, well, you may not "know" the ZC.

The pumps require you to enter ZIP. They will take my Canadian card if I step inside but this defeats the purpose of saving time and avoiding Covid, and besides, inside it's cheaper paying cash.

You can't "know" ZIP associated with a Canadian card because there isn't any. In Canada there are 6-digit alphanumerical codes, ex. A1B2C3. Entering random ZIP doesn't work, it has to be associated with the card. Recently I've been told one trick that might work, will try in my next trip.

[Edited on 9-12-2022 by Alm]

JDCanuck - 9-11-2022 at 08:23 PM

There are places to exchange CAD for pesos like at airports, but be prepared to lose a whole lot in value when you do it (I saw exchange rate differentials as high as 8 percent or more).
Common losses using credit cards run around 5-6% when combining the credit card fee with the offset on exchange rates s they charge. Or get an FX charge free credit card like Scotiabank Passport and use it while traveling and just pay the 2.5% or so bank exchange offset.
Better by far to have a system like XE Transfer that will transfer to a Mexican account and draw pesos out there. Losses that way are under 1% as they have tight exchange offsets.
Or...as most of my Canadian friends do...just think of this as an extra tourist charge, ignore it and drown your concerns in extra cervesas once you get to the party Resort.

[Edited on 9-12-2022 by JDCanuck]

JDCanuck - 9-11-2022 at 08:45 PM

Bottom line is this: Save your pesos and USD when you come home, sell them to your friends at nominal midpoint exchange rates, or use them again on your next trip down. We always carry USD and Pesos when we travel to avoid some of these excess exchange fee charges the banks and credit cards presently charge. Set up a bank account at Intercam if you are a frequent visitor or Temporary or Permanent Resident and use EX Transfer to move Canadian dollars to the Mexican account from your Canadian chequing account. Save tens of thousands of dollars in bank fees in the meantime.

Bajazly - 9-12-2022 at 08:18 AM

JD, what is Intercam ?

JDCanuck - 9-12-2022 at 07:34 PM

Intercam was the only Mexican domiciled bank I knew of that would allow me to open an account without being a resident. This is how we managed to pay bills and buy large items without having to carry large amounts of pesos with us. They have very few local offices and do not have the same privileges as the larger traditional Mexican banks. We did need a local mailing address and our relatives also supplied a copy of their utilities bill at that address. We were then able to transfer large amounts of funds into it to pay our contractors without the high exchange fees of using Visa or Mastercard. We could transfer using SPEI transfers to any Mexican accounts.

JDCanuck - 9-12-2022 at 07:55 PM

Canadian zip codes are an issue. Many utilities expect a 5 digit code in online payments and simply won't accept a Canadian 6 digit alphanumeric code. This meant to pay those utility bills we had to send money by wire or electronically to a Mexican account in their name, have a friend withdraw the pesos and then go to an OXXO to pay our municipal taxes and bills. Having the Intercam account allows us to pay those bills ourselves using SPEI transfers.