BajaNomad

USD - Peso hits 18.3

HeyMulegeScott - 6-7-2024 at 11:12 AM

Whoo hoo. Great exchange rate today. I use Wise to get the best rate and send to my Intercam account from our US account. Get a free transfer up to 14,000 pesos with my affiliate link https://wise.com/invite/dtsc/scottdaniels2

JDCanuck - 6-7-2024 at 11:35 AM

Yes, suddenly the USD is climbing again after a prolonged period in decline. Same with CAD/MXN rates. We must use XeTransfer as Wise wont do the CAD/MXN exchange for us. We are almost back to pre pandemic exchange rates now

mtgoat666 - 6-7-2024 at 12:18 PM

Peso fell earlier this week on news that there would be single-party majority in Mex govt., the market likes opposition to balance the excessive tendencies of majorities.

Today the dollar jumped in value due to great numbers on nonfarm pay roll (thanks to bidenomics :bounce: ).

I wish you all good fortune in currency trading, hope you all succeed like george soros, eh!

How will you plan your currency trading between now and Nov 6?

[Edited on 6-7-2024 by mtgoat666]

RFClark - 6-7-2024 at 01:09 PM

goat,

Who knew! Too much government isn’t a “good thing” unless you keep score in $$$US! That’s 2 more Pesos to the dollar in just a few days BTW!

Until they bring that gold astroid back Gold is an excellent choice $2300ish going down so buy the bottom.

[Edited on 6-7-2024 by RFClark]

HeyMulegeScott - 6-7-2024 at 02:02 PM

The US political arguments are stupid although in the good news equals bad news department today's strong job reports and continued low unemployment spooked the stock market a little with concerns the Fed won't lower rates soon.

As for why the peso is falling there's the Mexico election results and according to this article unwinding of a carry trade where investors were borrowing low interest yen or Swiss Franc and investing it in the peso where you can 11%. https://www.reuters.com/markets/currencies/unwinding-hugely-...

AKgringo - 6-7-2024 at 02:34 PM

If this exchange rate had occurred mid-April, my La Paz dental work would have been $250 US dollars less than what I paid.

[Edited on 6-7-2024 by AKgringo]

surabi - 6-7-2024 at 04:38 PM

Well, it's always going to be like that when one is using a different currency from the currency of the country you're in. A Mexican visiting the US right now has just seen the cost of everything go up for them if they are converting their pesos to US dollars.

shari - 6-7-2024 at 04:45 PM

I got 17.1 at Bancomer today...sigh

surabi - 6-7-2024 at 04:56 PM

The Mexican banks buy/sell rates are never good compared to other methods of exchange.
I live and work in Mexico. My clients, most of whom are American or Canadian, pay me in pesos. Let them be subject to whatever the exchange rate happens to be- I have no use for their US dollars.

AKgringo - 6-7-2024 at 06:00 PM

I did not use pesos or dollars, at least not in cash! I used a visa card linked to a US money market fund. I am sure there is a small service fee involved, but the exchange is much better than using a bank or cabio.

Neither may dentist or myself have to deal with handling cash.

JDCanuck - 6-7-2024 at 07:08 PM

Quote: Originally posted by AKgringo  
If this exchange rate had occurred mid-April, my La Paz dental work would have been $250 US dollars less than what I paid.

[Edited on 6-7-2024 by AKgringo]

I assume it was still a great bargain. I will be taking advantage of the great La Paz dental services this month too. Got tired of paying extremely high rates for mediocre service up here.

JDCanuck - 6-7-2024 at 07:21 PM

Once again if you missed the OP post and mine. The very best way to move foreign money to Mexico accounts so far is using a tiny fee and minimal offset from midpoint transfer agent. Wise in the US or XeTransfer in Canada both facilitate conversions at great rates. Just going to the bank ATM or worse yet a retailer will give them a larger margin so they can profit additionally by your transactions. If you love your retailer you may be happy to support him in this extra way, if you are stingy like me...find the cheapest way to transfer funds and give away the savings to some other more needy person.

Timinator - 7-3-2024 at 06:37 AM

Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can use at Mexican ATM's ?

Ateo - 7-3-2024 at 07:29 AM

Quote: Originally posted by Timinator  
Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can use at Mexican ATM's ?


x2

HeyMulegeScott - 7-3-2024 at 07:29 AM

Quote: Originally posted by Timinator  
Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can use at Mexican ATM's ?


Yes. Haven't used it myself but they have a Visa debit card option.

AKgringo - 7-3-2024 at 07:36 AM

This thread is almost a month old, but the rate today is again at 18.33(+/-) to the US dollar.

ftrphb - 7-4-2024 at 10:28 PM

17.8 in San Ysidro
17.5 in TJ
On 7-3-2024

BooJumMan - 7-5-2024 at 07:21 AM

Quote: Originally posted by Timinator  
Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can use at Mexican ATM's ?


I just signed up the other day, using Scott's referral link and got to load up on pesos for free. You get to buy pesos at the current exchange rate, which is nice. I've opted to get a physical card for use in Mexico. You pay in pesos and avoid any exchange rate mishaps. Also, they don't charge foreign transaction fees. The only fee that will get you is the 2% for withdrawals at ATMs.

Thought this was a good article to read on what the differences are between a Wise account and a non foreign transaction fee credit card:
https://wise.com/us/blog/wise-card-vs-no-ftf-card

HeyMulegeScott - 7-5-2024 at 10:43 AM

Quote: Originally posted by BooJumMan  
Quote: Originally posted by Timinator  
Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can use at Mexican ATM's ?


I just signed up the other day, using Scott's referral link and got to load up on pesos for free. You get to buy pesos at the current exchange rate, which is nice. I've opted to get a physical card for use in Mexico. You pay in pesos and avoid any exchange rate mishaps. Also, they don't charge foreign transaction fees. The only fee that will get you is the 2% for withdrawals at ATMs.

Thought this was a good article to read on what the differences are between a Wise account and a non foreign transaction fee credit card:
https://wise.com/us/blog/wise-card-vs-no-ftf-card


Good info. Thanks for using the link. Still valid if anyone else wants to get a free transfer up to 14,000 pesos with my affiliate link https://wise.com/invite/dtsc/scottdaniels2

HeyMulegeScott - 8-6-2024 at 08:28 AM

The peso is now at 19.3 and spiked at 19.8 briefly. The biggest driver seems to be the carry trade on the yen when the Bank of Japan had a surprise interest rate increase. This also rocked the global markets. The carry trade is basically borrow a cheap interest yen and buy a high interest peso.

https://www.reuters.com/markets/us/global-markets-rout-posit...

JDCanuck - 8-7-2024 at 10:56 AM

Quote: Originally posted by HeyMulegeScott  
The peso is now at 19.3 and spiked at 19.8 briefly. The biggest driver seems to be the carry trade on the yen when the Bank of Japan had a surprise interest rate increase. This also rocked the global markets. The carry trade is basically borrow a cheap interest yen and buy a high interest peso.

https://www.reuters.com/markets/us/global-markets-rout-posit...


The Peso has been declining ever since the latest Mexican election. Looks like a lot of planned manufacturing has been put on hold or cancelled in Northern states. Mexicans I spoke with in Baja believe it's due to distrust of the new Gov't. Still, not a bad time to be looking at buying a place there as the USD will suddenly go a whole lot further.

Flatfish - 8-12-2024 at 04:14 PM

It’s hanging around 18.8 to 19.4 lately…….

bajatrailrider - 8-12-2024 at 06:15 PM

I got today 18.20 ex in ensenada my Amazon card give me over 18.70

AKgringo - 8-13-2024 at 03:47 PM

I still have about 4500 of the "high value" pesos that I got in April at about 16.8 to the dollar! :thumbup:

BajaGringo - 9-11-2024 at 07:32 AM

Quote: Originally posted by lencho  

As I've mentioned before, now is probably not a good time to stock up on pesos. :light:


X 2

19.89 Pesos to the Dollar this morning

AKgringo - 9-11-2024 at 07:46 AM

I hope it stays right about there.....a five cent peso is an easy conversion without a calculator!

HeyMulegeScott - 9-11-2024 at 09:43 AM

Quote: Originally posted by lencho  
Quote: Originally posted by JDCanuck  
Mexicans I spoke with in Baja believe it's due to distrust of the new Gov't.

My understanding is that the recent rise in exchange rate is due to foreign concerns about the judicial reform move.

FWIW, it it just passed the senate, so it's effectively a done deal.
As I've mentioned before, now is probably not a good time to stock up on pesos. :light:


From what I'm reading the judicial reform concerns and US interest rates are what is driving it now. Seems like a good time time to me to stock up on pesos with these rates but I spread our transfers out as a hedge.

HeyMulegeScott - 9-11-2024 at 10:25 AM

I'm not planning on keeping any more than we need in the next 12 months or so in our Mexican bank account. The dollar devaluation in the last couple of years has been pretty painful too. Time will tell.

AKgringo - 9-11-2024 at 10:43 AM

I have mentioned this before, but it might be timely to recall my father's experience in the 1980's devaluation.

He had substantial savings in a Mexican institution because of the high interest rates they were offering. He not only lost the income from the savings, he lost most of the principle as well.

Tioloco - 9-11-2024 at 12:35 PM

Quote: Originally posted by AKgringo  
I have mentioned this before, but it might be timely to recall my father's experience in the 1980's devaluation.

He had substantial savings in a Mexican institution because of the high interest rates they were offering. He not only lost the income from the savings, he lost most of the principle as well.


That is always on my mind with the peso. Seems like it will happen again.

HeyMulegeScott - 9-12-2024 at 01:04 PM

This was a bleak article that came out in June after the election -

https://www.theatlantic.com/international/archive/2024/06/fa...