BajaNomad

Bancomer no longer changes US$$$$

shari - 12-13-2012 at 01:39 PM

I went to the bank to do our normal deposit and after waiting an hour in a long line, the teller tell me that they have a new policy and one can no longer deposit dollars in a peso account...nor can you exchange dollars for pesos anymore...you can imagine my dismay!

New government rules...to deal with dollars, you must have a dollar account...so off I go to another desk to open a new account...hard to believe. They say it is to address narco money laundering. So manke sure you change our dollars at a Casa de Cambio close to the border.

Does anyone know if it is true with all banks or just Bancomer?

Hook - 12-13-2012 at 02:03 PM

That's what people at Banamex have been saying for a couple months now.

shari - 12-13-2012 at 02:09 PM

before, they said we had to deposit the dollars in our account...fine, OK..but the new rule as of last Monday is that you MUST have a dollar account.

Hook - 12-13-2012 at 02:31 PM

Sorry, I wasnt aware that there was a distinction. I have a Mexican peso account.

dollar account?

akshadow - 12-13-2012 at 03:28 PM

Three weeks ago I waited 2:30 hours and changed my dollar account to Peso. Wonder if i can still deposit dollar check into account and take out peso's?
Quote:
Originally posted by shari
before, they said we had to deposit the dollars in our account...fine, OK..but the new rule as of last Monday is that you MUST have a dollar account.

BajaOkie - 12-13-2012 at 04:47 PM

Shari,

Same thing happened to me in Mulege on the 11th. The ATM machine was down and I pulled out USD and was politely told that Bancomer can no longer exchange cash. Was not told to open a Dollar account but would not just for this anyway.

Good luck to all you folks operating businesses.

KC

shari - 12-13-2012 at 04:52 PM

it's not that big of a deal I guess but it was just time consuming...so now I can deposit dollars in the dollar account and then withdraw pesos out of the bank machine & can transfer money over to my peso account for everyday use and paying bills etc...I dont get it...just more red tape and accounts...you can still only deposit 15,000 at a time before you get charges a sur tax on it.

what is crazy is that a tourist cant exchange money anymore.

David K - 12-13-2012 at 05:04 PM

What about Canadian dollars... or do Canadians traveling to Mexico switch Canadian dollars to greenbacks when they enter the United States?

shari - 12-13-2012 at 05:13 PM

i think most canucks do that David...or just get pesos directly

durrelllrobert - 12-13-2012 at 08:27 PM

More than a year ago Scotia bank started refusing to let me deposit US $ into my peso account so I withdrew all but 50 pesos from their ATM and I haven't been back since.

motoged - 12-14-2012 at 02:29 AM

David,
When I travel in Mexico, I buy several hundred dollars worth of pesos from my bank in Canada so I have the local currency when I cross/land....and get pesos from ATM's after that. I have learned to use the currency of the country that I am visiting.....they don't take pesos in Canadian businesses....but could exchange them at a bank with some wrangling.

Very few USA businesses accept Canadian currency....even those close to the border....but there are a few exceptions.


I gave up on traveler cheques 20 years ago.

I also travel with two bank cards (separate accounts) and two credit cards (separate accounts)....and inform my credit card company of my travel plans so they don't freeze my card when away.....but don't like to use the credit card if I can help it, as there is a few extra percentage points added to foreign exchange rates....even in the USA.

Paula - 12-14-2012 at 09:03 AM

We have been depositing checks on our US bank accounts to our Bancomer peso account for years.
I wonder if this applies only to cash, or if we can keep using checks and waiting eight days for the money to be available?

boe4fun - 12-14-2012 at 10:21 AM

I'm confused as well. In the past I have electronically transferred US dollars to my Bancomer account. They would convert my deposit into pesos at the exchange rate for that day. From what it sounds like, I'll no longer be able to do it this way???

Bajajorge - 12-14-2012 at 10:30 AM

Quote:
Originally posted by motoged
David,



I gave up on traveler cheques 20 years ago.



Wow, haven't heard the words "traveler cheques" in many years.
I'd love to try to use one in a Mom and Pop in Baja.:O:rolleyes:

Hook - 12-14-2012 at 01:07 PM

Quote:
Originally posted by boe4fun
I'm confused as well. In the past I have electronically transferred US dollars to my Bancomer account. They would convert my deposit into pesos at the exchange rate for that day. From what it sounds like, I'll no longer be able to do it this way???


No, I think you can still do that.

This is aimed at stemming outlets for the cartels to launder all their greenbacks.

Has anyone ever used the exchange services at xe.com? It sounds very tempting but I dont know what type of "cut" they take. It's definitely a reputable site. Fully electronic transfers. But you must have a bank affiliation down here, I guess.

Barry A. - 12-14-2012 at 01:16 PM

Quote:
Originally posted by motoged
David,
When I travel in Mexico, I buy several hundred dollars worth of pesos from my bank in Canada so I have the local currency when I cross/land....and get pesos from ATM's after that. I have learned to use the currency of the country that I am visiting.....they don't take pesos in Canadian businesses....but could exchange them at a bank with some wrangling.

Very few USA businesses accept Canadian currency....even those close to the border....but there are a few exceptions.


I gave up on traveler cheques 20 years ago.

I also travel with two bank cards (separate accounts) and two credit cards (separate accounts)....and inform my credit card company of my travel plans so they don't freeze my card when away.....but don't like to use the credit card if I can help it, as there is a few extra percentage points added to foreign exchange rates....even in the USA.


Tho I am not in Canada, I do EXACTLY the same as Moto, but using USA banks. Works great for me.

Barry

Pescador - 12-14-2012 at 07:35 PM

Quote:
Originally posted by boe4fun
I'm confused as well. In the past I have electronically transferred US dollars to my Bancomer account. They would convert my deposit into pesos at the exchange rate for that day. From what it sounds like, I'll no longer be able to do it this way???


According to the bank manager for Bancomer, since the new ruling came out, they will not allow you to transfer dollars into the account.
I use Chase in the United States and am able to transfer Pesos directly into my Mexican Bancomer account. I used to have to pay the tax (5%) on those transfers that were over 15,000 pesos MN but by doing a wire transfer I do not have a tax to pay and I pay a flat amount for the wire transfer.
The old transfer cost $25 but if I convert to pesos then I pay $45 but pay no tax, so it is way ahead of what I was paying for ATM fees.

micah202 - 12-19-2012 at 09:00 PM

no Currency cashing in Baja???.........that's nutz!!!
.........I'm sure it'll really slow down the narcos if there's fewer tourists

.............up to last year,I had no problem to cash US/CDN ,,,would have some of each,,used whichever was stronger to the peso

chinolbz - 12-19-2012 at 09:11 PM

Walked into the Banamex here in Barriles yesterday and changed dollars into pesos. As is normal, just needed a copy of my passport. Chino

shari - 12-20-2012 at 08:04 AM

thank you Chini....that's what I was thinking...it's just Bancomer's new policy.

Marla Daily - 12-20-2012 at 08:39 AM

Last week at Bancomer in Loreto we were unable to get pesos for US dollars (cash). Although we have a peso account, we were told by the bank manager that we had to open a dollar account, deposit the cash in the dollar account, then transfer dollars from the dollar account to our peso account. (A minimum $100 US is required to be kept in the account to avoid account fees.)

Bajajorge - 12-20-2012 at 10:02 AM

Quote:
Originally posted by Marla Daily
Last week at Bancomer in Loreto we were unable to get pesos for US dollars (cash). (A minimum $100 US is required to be kept in the account to avoid account fees.)


Several years ago Bancomer took the $63USD I had in my Peso account and closed it. The forfeit excuse was due to not enough account useage in a 6 month period, and not enough kept in it. When I tried to open a new account and get my money back they said, you can open an account, but you don't get your money back. Needless to say, I told them to pound sand and I no longer have a Mexican bank account.
All my Pesos come out of an ATM at the bank, or a money exchangeria(just a fun word). I no longer need boatload sums of Pesos as all my large purchase items have previously been made. I get along just fine on some 3-5000 Pesos per week.