BajaNomad - Exchanging dollars for pesos

Exchanging dollars for pesos

Phil S - 9-27-2010 at 03:15 PM

Other than using ATM machines, as discussed earlier. Has anyone noticed a slacking off of this recent rule? I used to go to my bank in Oregon and collect a few thousand dollars woth of peso's before heading south. It would take a phone call to Portland's main branch, and I'd have the money the next day. This worked for years. Then one year when the money showed up, a bill of several hundred dollars was attached. I had the bank send the money back, and they had to eat the bill. They weren't too happy over that, either. Oh well. I had no advance notice. Seems all the banks no longer do that. The peso's are purchased from money brokers for a fee. And I might add a fairly sizeable fee at that. I tried a credit union I also use, and found the same thing with them?????? Anyone have a source where they still get peso's from their bank/credit union for a small fee??????
I would still prefer to carry peso's with me, rather than stop at an ATM machine that might be 'watched'!!!!! Or a bank that might have someone outside watching for a transaction of cash. Has anyone stopped at a "resort" or large department store and inquire for dollars for peso's exchange.?????? Like maybe in Ensenada at the WalMart store for an example. Where would this work in Ensenada?

[Edited on 9-27-2010 by Phil S]

Bajahowodd - 9-27-2010 at 03:23 PM

I must question the wisdom of "sending the money back" and still paying the service charge.

Since I don't know where you travel in Baja, I cannot recommend any specific location. However, since a number of folks on this board have raved about the money exchange in Costco, Chula Vista, if your are Costco member, you might consider going there.

That said, we've used ATMs up and down Baja for years. Most of them are located in, or adjacent to banks. And we go there during daylight. Except for a few reports of scoundrels using external card readers to clone cards, I really am unaware of any posts on here by people who have been robbed/ mugged at ATMs in Baja.

woody with a view - 9-27-2010 at 04:05 PM

although you have to admit, a gringo pulls up to the bank and walks to the atm......

easy money.

bajaguy - 9-27-2010 at 04:07 PM

Phil

Just use the ATM in the Commercial Mexicana in Ensenada.....get your cash, wander around and get some pastry and water or beer then be on your way.....no problems

Udo - 9-27-2010 at 04:17 PM

Phil:

I have tried to exchange Dollares into Pesos for the last few months. It is getting to be increasingly difficult to exchange at a supermarket (Walmart, Sorianas, Calimax). They all insist that US Dollars are the defacto currency in most of Baja...go figger!
Don't count on the banks either!
The only places that exchange freely is at the Costco in San Diego, and a few exchange houses that are attached to gas stations as you drive toward Otay Mesa (I never cross at San Ysidro). But their exchange rate seems to be about 1/2 peso less than the current daily exchage posts. (even though their signs say no commissions...my a$$).If you exchange $500.00 U.S. you end up losing about $5.00. If taking the local businesses exchanges, rates are anywhere from 10-12 pesos per Dollar.
You get it in the shorts no matter what.

bajamigo - 9-27-2010 at 04:23 PM

No commission=big spread.

Santiago - 9-27-2010 at 04:36 PM

I quit using USA banks long ago, outrageous fees. If you have 'merican then do the Costco in Chula Vista just east of I-5 (they close the cambino window at 3:00pm). You do not need to be a member - just walk in the exit door and the window is straight ahead to your left.
But really, ATM is the way to go - Baja Guy knows whereof he speaks.

lizard lips - 9-27-2010 at 04:47 PM

Open an account at Bank of America and when you come down take it out at the Santander bank for NO FEE. We have been doing this for years and it works every time. I live here and if I was to exchange at the Casa de Cambio or get the large attached fee at other ATM's I would be just throwing my money away.

lizard lips - 9-27-2010 at 04:49 PM

You also get the current exchange rate for that day at Banco Santander which is always good.

Bajahowodd - 9-27-2010 at 04:59 PM

That's a great idea, if you are traveling anywhere that has a Santander. They are not ubiquitous in Baja.

lizard lips - 9-27-2010 at 06:42 PM

There are only 9400 branches in Mexico and everywhere in all of Baja

oxxo - 9-27-2010 at 07:03 PM

We use Santander up and down Baja. They are available in most larger towns along Hwy 1.

Phil S - 9-27-2010 at 08:24 PM

Thanks to all who resonded. Great ideas. Looks like I'll give Costco a visit in Ensenada. viva la Nomads!!!!!!!!!!!!!!!!!!!!!!!!!!!

Lee - 9-28-2010 at 02:11 PM

Quote:

Originally posted by lizard lips
Open an account at Bank of America and when you come down take it out at the Santander bank for NO FEE. We have been doing this for years and it works every time. I live here and if I was to exchange at the Casa de Cambio or get the large attached fee at other ATM's I would be just throwing my money away.

BofA has a program called Global Alliance ATM with a reciprocating bank in Mexico: Santander.

This is from that program:

''In addition, an International Transaction Fee will be charged for ATM Card and Check Card transactions made for foreign purchases or ATM cash withdrawals in currency other than U.S. Dollars, regardless of whether or not the transaction occurred at an ATM in a country covered in the ATM Global Alliance. The International Transaction Fee will be 3% of the U.S. Dollar amount for each converted purchase or 1% of the U.S. Dollar amount for each converted ATM cash withdrawal. This International Transaction Fee will appear as a separate item on your banking statement for each international transaction.''

This looks like there is NO FEE if the transaction is done in USD's. If the withdrawal is made in Pesos, then the International Transaction Fee applies.

Is that right?

k-rico - 9-28-2010 at 02:37 PM

I've been using a BofA ATM card at Santander for years to get pesos. No charge...................yet. The withdrawal process was modified several months ago to include a new screen that shows the withdrawal fee that will be applied. It always shows $0.00. But something is at hand, maybe.

irenemm - 9-28-2010 at 02:38 PM

Costco in Ensenada will only let you spend 100.00 dollars. No exchange.
they have signs at the register.
the same at Smart and Final they will ask you before your order is rang up.
I did not ask at walmart. but this is the new law as of Sept 13th. NO more than 100. per transaction.

krafty - 9-28-2010 at 02:41 PM

We have a b of a acct. and an acct. @ Santander-never a fee

MitchMan - 9-28-2010 at 03:36 PM

Look. Use Santander's ATM and withdraw pesos from your B of A checking account. It is the cheapest way to go. I monitor the internet exchange rate and the actual exchange rate that I experience by getting pesos from Santander's ATM .. religiously. The bottom line exchange rate that you get using this method is the best. To do anything else, generally speaking, is irrational.

La_Diva - 9-28-2010 at 09:38 PM

You can open an account at Santander with pesos, it used to be $500.00 not sure what it is now, open account at B. Of A. you can pick up your cash here in Baja in pesos, I had an account there for yrs. never had any problems, ask the Executive (nicely) to waive the fee. and if you see it there, just call them or go to the one that open your account and he will take care of it. or just let me know.

Don't be so afraid of everything and everybody, I don't think we are so bad, there is a reason we move here, we just have to be careful the same way has we do everywhere else. We really are nice
people.http://forums.bajanomad.com/images/smilies/spin.gif

You can not be happy if you are afraid, we just have to be careful. :bounce:

cftlet - 9-29-2010 at 09:22 AM

When did cosco change their max to $100 I used it this spring and we were allowed to exchange $1000 each? What is the exchange rate now? Three more weeks and then our Baja winter start. :bounce:

David K - 9-29-2010 at 10:15 AM

There is a money exchange in the Costco in Chula Vista, just east of I-5, Palomar exit... provided you are there when they are open... it is a great service.

Otherwise, there are money exchange places all over San Ysidro... Couldn't be easier, if you don't trust the ATMs or don't just use dollars (accepted everywhere in Baja).