BajaNomad

Buy those pesos! Current Exchange Rate is...

bajabound2005 - 10-6-2008 at 05:25 PM

Official rate as of this posting is 11.80 to 1 USD. Got 11.11 at the ATM this morning and the casas de cambio were doing 11.0 as of noon.

[Edited on 11-21-2008 by bajabound2005]

woody with a view - 10-6-2008 at 05:27 PM

c'mon friday!

oxxo - 10-6-2008 at 08:22 PM

9:20 pm, the official rate just hit 12.006!

Cajones - 10-6-2008 at 08:41 PM

Quote:
Originally posted by oxxo
9:20 pm, the official rate just hit 12.006!


If the price of oil keeps dropping like it has, along with the drop in foreign remittances and tourism, you can expect a wholesale devaluation of the peso. Like in the 1990's when it was devalued 50% overnight.

Those three items are numbers 1-2-3 in Mexico's source of foreign currency.

DianaT - 10-6-2008 at 08:41 PM

Headed to Costco tomorrow or Wednesday and will exchange then. Wonder what it will be---should be interesting.

Diane

MexicoGringoGuy - 10-6-2008 at 10:27 PM

Wow... the peso right now is awsome for poor folks like me... I changed 2 months of earnings over and did real well!! Do you think it will go further? I think 12 is about the max right??

bajadave1 - 10-7-2008 at 06:11 AM

There is NO max.

woody with a view - 10-7-2008 at 06:23 AM

the crap is nearing the fan....

Tues 0735

CaboRon - 10-7-2008 at 06:35 AM

12.0918

bajalou - 10-7-2008 at 06:52 AM

I wouldn't rush to make the change. It will probably go higher before it drops. Just get what you need and if it starts to drop, change more then.

Woooosh - 10-7-2008 at 09:43 AM

12.24 to the dollar at 9:42 this morning! Time to transfer a little and wait for 13 to tranfer more.

Woooosh - 10-7-2008 at 03:25 PM

re-post from dollar thread:

well- the computer showed 12.43 but the bank gave me 12.11 per dollar.
Even still, a nice gain for just waiting since it was 9.5 early August to 12.11 today. No one on Wall Street made 17% profit in the the last five weeks!

Before I get jumped on for calling that a profit- I do undersand that it is simply more pesos for the dollar to spend on goods/service suspect to Mexico's increased inflationary trends.

I do think Mexican banks are somewhat insulated from the sub-prime market mess since they don't even have a prime market to foreclose on yet. I doubt Mexico was invited to the party when these abhorrent financial instruments were concocted by flawed CEO's that have already pocketed $millions more than you and I will ever see in our lifetimes. There is no shame on Wall Street apparently. Lehman's set aside $2.5 Billion in their bankruptcy for their own bonuses! Incredible.

bajalou - 10-7-2008 at 03:31 PM

12.31 at 430p today 7th.

Woooosh - 10-8-2008 at 09:13 AM

13.25 at 9 this morning. WOW! I can't find an historical data above 12 since the peso collapsed in 1985.

bajalou - 10-8-2008 at 09:18 AM

If memory serves me at all, there were some short term peaks above 12 in 96-97. But that's a long time ago.

In the San Felipe area, most prices are set to the dollar, even though they are posted in Peso's so the exchange doesn't do much to increase buying power. Gasoline and propane, Telnor and of course the Government stuff, lights, water in town etc. are the exceptions.

peso

meme - 10-8-2008 at 09:31 AM

I have 13.207 this morning at 9:30 a.m.

Exchange Rate/Inflation

ViajeraGal - 10-10-2008 at 09:32 AM

Yeah, as mentioned, merchants in Baja have always been right there the moment the peso drops, to increase the price of the merchandise on their shelves. It is very difficult to get much ahead of the game.
You don't want to load up on too many pesos at 12-13 if it drops to 15 or more..............:?:

BajaGringo - 10-10-2008 at 09:39 AM

One piece of advice I would offer in this is that while down here in Baja be sure to exchange enough dollars to always be able to pay in pesos right now. Few places will give you much more than 11 right now and the Pemex where I filled up last was still only giving 10.80

They always react fast when the dollar drops but slow going the other way.

Woooosh - 10-10-2008 at 09:42 AM

I was holding out for 15 too...

It looks like the Mexican Fed is trying hard to keep it under 14. Seems the 13's is not a problem for them at this point. When it gets close to 14, they pump a few billion dollars into the system to squash it. I have no idea of how long they can keep that up.

Given that hunch (and it's just a hunch), I'll convert enough dollars to pesos in the 13's to hold me through the end of the year. It's still almost 25% more pesos than my dollar bought last week (it's like going to the bank with $75 and them giving you $100).

BajaGringo - 10-10-2008 at 02:04 PM

I think that's a smart move...

bajabound2005 - 10-22-2008 at 06:54 AM

1 USD = 13.4935 MXN according to Forex this morning.

Skeet/Loreto - 10-22-2008 at 07:15 AM

Just a Note to let all know that there is a New Pemex on the South Side of Viasciano> Just opened and will give you a fair deal instead of charging an Exchange rate of 9 to 1.

Always get Pesos as soon as you can after crossing the Border and only buy what you need for a couple of Days.

karenintx - 10-22-2008 at 08:05 AM

Called Tel-Mex USA a couple of days ago to pay a credit toward our phone bill. Charged $100 USD on our credit card and received $1,313.00 pesos credit with no service charge for the transaction.

woody with a view - 10-22-2008 at 09:04 AM

went in to GN to replace a torn sidewall friday and the pemex on the right at the curve before the bank exchanged 10-1. when i told him the bank was +12-1 and el rosario was 11.5-1 he looked at me like it was putting a knife in his back.

good thing i can afford losing 16 cents on every dollar or it might have been ugly. next time i'll go to the bank BEFORE i pay with my last dollars. :light:

Woooosh - 10-22-2008 at 09:10 AM

The Bancomer was giving 13.01 to change dollars to pesos yesterday. The bank officer suggested we wait a few days becasue it was going to go higher.

Sure enough- today it's showing 13.70

The question I have is what's the current $ .80 Canadian "dollar" impact on souther baja? Or do we have to wait for the snow to fly up north to find out if the snowbirds are coming back to roost this year?

woody with a view - 10-22-2008 at 09:39 AM

we just came "upstream" and there were NO caravans heading south. just a few random 5th wheelers and trailered boats!

these are the good old days, people!

bajabound2005 - 10-22-2008 at 02:35 PM

On Forex right now: 1 USD = 13.8895 MXN

CaboRon - 10-22-2008 at 02:52 PM

Quote:
Originally posted by woody in ob
went in to GN to replace a torn sidewall friday and the pemex on the right at the curve before the bank exchanged 10-1. when i told him the bank was +12-1 and el rosario was 11.5-1 he looked at me like it was putting a knife in his back.

good thing i can afford losing 16 cents on every dollar or it might have been ugly. next time i'll go to the bank BEFORE i pay with my last dollars. :light:


woody,

I always buy gas with pesos .... it just seems to work out better.

CaboRon

shari - 10-22-2008 at 04:08 PM

Si señore...."Ya betta shop around" I got 13.4 today at bAncomer for US $'s. The gas stations and some stores here only give you 10-1. Sure glad I stashes those dollars for a few months....sure hope the peso doesnt' devalue!...gulp...life is a risk.

tjBill - 10-29-2008 at 04:55 PM

The dollar dropped in value today. :no:

Due to the Federal Reserve's interest rate cute.

1 dollar = 12.859; according to yahoo finance.

Woooosh - 10-29-2008 at 05:35 PM

Quote:
Originally posted by tjBill
The dollar dropped in value today. :no:

Due to the Federal Reserve's interest rate cute.

1 dollar = 12.859; according to yahoo finance.


The stock market was up 900 yesterday. The rush to the safety of the dollar from other currencies has peaked, that's all. For now. The next shoe to drop is the consumer credit market, imho.

Other currencies are still in trouble and falling against the dollar. I think the currency market speculators figured there were easier targets than the peso after Mexico stepped in a few times to prop it up.

oldlady - 10-29-2008 at 05:40 PM

The US did a swap with Brazil, South Korea and Mexico; $30 billion each to prop up those currencies.

motoged - 10-30-2008 at 04:05 PM

Canadian dollar rose about $.04 Wednesday....it's biggest change since the 70's.

BUT, it is down from the high of a year ago when $1.00 Cdn bought about $1.06+ US to where $1 Cdn is presently about $.83 US.....

Good for Canadian trade but terrible for converting to taco purchases :(

makana.gabriel - 10-31-2008 at 10:23 AM

If the exchange rate did hit 16 or even 15, what about buying a new car? Are dealer prices adjusted quickly with each bump? Any veterans out there who have purchased a new MX car in a past crisis willing to share some tips?

bajabound2005 - 11-20-2008 at 05:11 PM

as of this moment: 1 USD=13.9005 MXN

Woooosh - 11-21-2008 at 09:28 AM

Quote:
Originally posted by bajabound2005
as of this moment: 1 USD=13.9005 MXN


... and Citibank is trading under $4 a share and about to get dumped by the mutual funds that are prevented from holding stoclks under $5 share. Which is the better buy- pesos or Citibank?

my computer is showing 14.11

[Edited on 11-21-2008 by Woooosh]

bajaguy - 11-21-2008 at 09:53 AM

Maybe Ford, at about $1.38???

fishbuck - 11-21-2008 at 10:26 PM

I'll be in Tijuana on Saturday. Where's the best place to buy pesos?

bajabound2005 - 11-22-2008 at 08:05 AM

best bet is to use your ATM card at a bank that has a relationship with yours so as not to incur fees. I got 13.9 the other day at Santander which has a relationship with Bank of America. That day the rate was hovering over 14:1.

bank exchange

baron - 11-22-2008 at 09:46 AM

Does anyone know which Mexican bank has a relationship with US Bank?

oldlady - 11-22-2008 at 09:48 AM

Bancomer has a relationship with JPMorgan Chase

Fatboy - 11-22-2008 at 10:07 AM

Question for everyone...If we plan to travel to Mexico next summer would now be a good time to buy peso's for that far out?

Because there are so many things that could happen, lets just assume that the US economy gets back in line, would the peso then return to trading at around 10 to 1USD?

Or would it more likely stay around 12/13 to 1USD?

If it stayed at 12/13 would all the prices go up to offset it?

Would the only advantage would be if they returned to historic exchanges?

fishbuck - 11-22-2008 at 01:13 PM

Do any mex banks have a relationship with Wells Fargo?

woody with a view - 11-22-2008 at 05:00 PM

fishbuck

i don't think so. but we use WF and the fee is only $5 for out of network fees. not too bad...

bajabound2005 - 11-22-2008 at 08:31 PM

Yes, Wells Fargo and Bancomer; Bank of America with Santander AND Scotia Bank. The others I can't vouch for....BUT, you may have to have a certain TYPE of acct for the fees to be waived. CHECK WITH YOUR US BANK FIRST. Given the info I've given you here, if you don't like the answer you get, ask for a supervisor. We've learned times over that the canned answer is "if you use a foreign ATM, you are charged the fees". NOT TRUE! Persevere and ask and ask and ask again. If all else fails, ask for a Mexican rep...they KNOW!

[Edited on 11-26-2008 by bajabound2005]

castaway$ - 11-25-2008 at 01:13 PM

Looks like the Peso is starting to bounce back a little, 13.348 - 1 today.

Lindalou - 11-25-2008 at 01:29 PM

We bank through a credit union in Nv. Never had a charge for the ATM. in the last 4 years. All of a sudden !% not bad but never used to be there and no warning about it. They did warn us if they move money over from your savings to your checking to cover your card transactions (not checks) they will charge the $25 fee.

BMG - 11-25-2008 at 03:04 PM

We have always withdrawn M$4000 when using an ATM. Last spring before we headed north, M$4000 cost us U$386 in the beginning of June. Yesterday (Nov 24) I withdrew M$4000 and our account today shows it cost us U$287.

bajabound2005 - 11-25-2008 at 05:34 PM

1 USD=13.2275 MXN (as of this moment)

Slim Says Mexican Peso Poised to Rally, Economista Reports

Nov. 25 (Bloomberg) -- Carlos Slim, Mexico’s wealthiest man, said the peso is poised to rally against the U.S. dollar, El Economista newspaper reported.

Investors who purchase dollars with pesos “at these prices will have to sell them cheaper” later, Slim said in Buenos Aires, where he joined a delegation of business leaders accompanying Mexican President Felipe Calderon on a state visit to Argentina, the Mexico City-based newspaper reported.

Slim also said he expects inflation to recede in Mexico, according to Economista. Slim called the recent pickup in inflation “momentary,” the newspaper reported.