Cochi
Junior Nomad
Posts: 98
Registered: 9-12-2008
Location: S. Oregon and Shell Beach
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Exchanging dollars for pesos
What is the most cost effective method of exchanging dollars for pesos while in Baja? Which will net you the most , the bank ATM or Western Union? I
am sure Nomads have great interest in this subject. It seems to be ever changing and we all could use some money saving advice. Thank you for response
in advance.
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David K
Honored Nomad
Posts: 64479
Registered: 8-30-2002
Location: San Diego County
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Mood: Have Baja Fever
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Should my card not work in Mexico or the ATM swallows it there, I always got my pesos before crossing the border. No chance of being SOL on having
Pesos that way. If I run out before my trip is over, dollars work everywhere!
I have bought my pesos at an exchange house near the border, in Calexico (next to an auto parts store) when going south on the gulf side, or at the
Costco in Chula Vista if going south of the Pacific side. The Costco on Broadway, Palomar exit off I-5, has a money exchange inside the store.
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Don Pisto
Super Nomad
Posts: 1232
Registered: 8-1-2018
Location: El Pescador
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Mood: weary like everyone else
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ATM from a bank with no international fees and reimburse ATM fees, (like Schwab or Capitol one) I wouldn't be concerned about varying exchange rates
between banks.....jmo
there's only two things in life but I forget what they are........
John Hiatt
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Cochi
Junior Nomad
Posts: 98
Registered: 9-12-2008
Location: S. Oregon and Shell Beach
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We stop in Ensenada at an exchange on the way down. Usually we have pesos from our previous trip too. It is usually a month into our stay that getting
pesos becomes an issue. Seems to be costing more and need mitigate the unnecessary fees.
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gnukid
Ultra Nomad
Posts: 4410
Registered: 7-2-2006
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Some stores offer best exchange rates for purchases, like Walmart, some gas stations or Soriana you buy a small purchase and use 100us and get back
change at a rate of near current rate, otherwise there is no better dollars to pesos exchange at banks or exchanges.
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BajaBlanca
Select Nomad
Posts: 13165
Registered: 10-28-2008
Location: La Bocana, BCS
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Wells Fargo has a system for sending yourself funds up to $1500 a day for $5.
It is called EXPRESS SEND
Your name on the remittance must be precisely as it appears on your ID.
The first remittance must be sent being present with the bank manager but after that first one is picked up in Mexico, all the rest are done online.
It works at any western union/telegrado, bank, oxxo, soriana and many other locations.
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John M
Super Nomad
Posts: 1906
Registered: 9-3-2003
Location: California High Desert
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How does that work Blanca?
I didn't follow the process Blanca - could you expand the explanation or send us a U2U?
thanks
J & B M.
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BajaNomad
Super Administrator
Posts: 4969
Registered: 8-1-2002
Location: San Diego, CA
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Quote: Originally posted by Don Pisto  | | ATM from a bank with no international fees and reimburse ATM fees, (like Schwab or Capitol one) I wouldn't be concerned about varying exchange rates
between banks.....jmo |
https://www.schwab.com/checking
When I was young, I admired clever people. Now that I am old, I admire kind people.
– Rabbi Abraham Joshua Heschel
We know we must go back if we live, and we don`t know why.
– John Steinbeck, Log from the Sea of Cortez
Affordable Domain Name Registration/Management & cPanel Web Hosting:
https://www.regionalinternet.com |
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BajaBlanca
Select Nomad
Posts: 13165
Registered: 10-28-2008
Location: La Bocana, BCS
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So, you go to wells fargo and with manager ask to set up an express send account. Very easy process but has to be done in person.
Add on any names of anyone you might want to wire cash to in Mexico. The names must appear exactly the same as on the documents one will use to
withdraw the cash (at bank or oxxo or telegrafo etc.)
Send cash to that person (limit is $1500 dollars a day). Once the recipient has gotten their funds, you no longer have to do this is person. You can
send funds online, in about 2 minutes, from the comfort of your home.
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BajaMama
Super Nomad
Posts: 1106
Registered: 10-4-2015
Location: Pleasanton/Punta Chivato
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Mood: Got Baja fever!!
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I get pesos before I cross the border, I order from my bank - there is no fee, but the exchange rate not as good as ATM. For me it is not enough to
sway me from the convenience. I don't travel with an ATM card, if the card is stolen you lose the cash. I only use credit cards for hotels, but even
then, rarely. I guess it will be different when I spend more than a few weeks at a time.
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AKgringo
Elite Nomad
Posts: 5807
Registered: 9-20-2014
Location: Anchorage, AK (no mas!)
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I lost a debit card in La Paz last year. By the time I noticed it was gone, someone had run up about $600 (US), mostly at gas stations.
The card was attached to an Edward Jones money market fund, and the bank was BNY Mellon. I reported the fraudulent charges, and after an
investigation, the funds were restored to my account.
There was also an attempt to do a cash advance, which was declined since they did not have my pin number.
[Edited on 5-14-2021 by AKgringo]
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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bajatrailrider
Super Nomad
Posts: 2423
Registered: 1-24-2015
Location: Mexico
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Mood: Happy
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Correction for Bajablanca wells Fargo max 500.00 dollars ex per day . You get very hi rate that cannot be matched no wire fee. 5.00 bucks. Another
one I use Chase 5000 grand and above amount . Converted in states to pesos super hight ex. Rate no charge or wire fee.
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Cochi
Junior Nomad
Posts: 98
Registered: 9-12-2008
Location: S. Oregon and Shell Beach
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The Schwab account looks straight forward. Linking to a brokerage account can be done without funding or making trades.
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AKgringo
Elite Nomad
Posts: 5807
Registered: 9-20-2014
Location: Anchorage, AK (no mas!)
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Mood: Retireded
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You may want to decline the exchange rate at an ATM
When I used an HSBC ATM at the Walmart in La Paz, I declined their exchange rate and let my bank do the international exchange.
The machine went ahead and issued 10,000 pesos, and I saved quite a bit over the rate HSBC was going to charge. I don't want to test my failing
memory with exact numbers, but using my own bank was a better deal for me!
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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Cancamo
Nomad
Posts: 345
Registered: 4-5-2011
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Denying the 5% bank add-on, (they're calling it an exchange rate), by clicking the box on the lower left of the screen simply rejects that additional
charge. The transaction goes through as usual and the rates are near normal, (been getting over 20p/$1 recently at Banorte ATM).
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BajaBlanca
Select Nomad
Posts: 13165
Registered: 10-28-2008
Location: La Bocana, BCS
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I asked and got the OK for $1500 a day since I use the account for the scholarship students. Husband Les also sends $1500 at a time.
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bajatrailrider
Super Nomad
Posts: 2423
Registered: 1-24-2015
Location: Mexico
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Mood: Happy
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Please share more about wells Fargo . As I was told no can do over 500 a day . What branch is it still same 5 dollar charge ? Thank you
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