BajaNomad

Pesos from US banks

mojo_norte - 12-14-2012 at 02:10 PM

Can I get Pesos from a US bank - say in Yuma or San Diego? I use Bank of America. If so, are their rates / fees better or worse than the exchange at kiosks at the border?

DENNIS - 12-14-2012 at 02:48 PM

FYI....Competitive Casa De Cambio rates are generally 2% lower than bank rates.
That won't answer your question, but it gives you something to work with.

Bob and Susan - 12-14-2012 at 02:55 PM

here is a source if you want to get pesos from your local town
http://ceifx.com/locations.php

rates are better at the border than at your local bank

DENNIS - 12-14-2012 at 03:03 PM

Quote:
Originally posted by Bob and Susan
rates are better at the border than at your local bank


Just hope you arn't inside when they get busted for money laundering. I mean, how can they be offering an exchange rate lower than a bank?

Riom - 12-14-2012 at 03:11 PM

Quote:
Originally posted by DENNIS
Just hope you arn't inside when they get busted for money laundering. I mean, how can they be offering an exchange rate lower than a bank?


Banks charge a larger spread - the difference between the buying and selling rates, where they make money. Money changers have lower overheads (and less greed...) so can compete by using a smaller spread.
Quote:
Originally posted by mojo_norte
Can I get Pesos from a US bank - say in Yuma or San Diego? I use Bank of America. If so, are their rates / fees better or worse than the exchange at kiosks at the border?


BofA probably don't do pesos for walk-ins unless by chance they have some in stock. They do have a way you can order online in advance for home delivery but the rates are terrible: 12.08 pesos for a dollar today. Mexican banks are quoting 12.38, the online service I use for electronic transfers is giving 12.768 today.

Usually the best rate for cash is to draw it out from an ATM in Mexico. For BofA, use Santander or Scotia ATM's in Mexico to avoid extra fees.

Rob

DENNIS - 12-14-2012 at 03:36 PM

Quote:
Originally posted by Riom
Banks charge a larger spread - the difference between the buying and selling rates, where they make money. Money changers have lower overheads (and less greed...) so can compete by using a smaller spread.



OK....wado I know...except that cambios not only exchange currency, they act as short term money lenders for their neighborhood. High interest, secured loans only.

woody with a view - 12-14-2012 at 04:34 PM

kinda like a good old pawn shop, eh?

DENNIS - 12-14-2012 at 05:11 PM

Quote:
Originally posted by woody with a view
kinda like a good old pawn shop, eh?


Yeah, except, like I mentioned, the interest, but the Mexican folks don't have lending institutions for short term loans. The banks don't do it so the cambios are happy to give them a loan.

Oh yeah....they do have pawn shops as well, but I don't know how they operate. They used to be government owned, "Monte de Piedad" was their name....still is, but I see other names these days.
The irony was that the government would drive people into poverty, then buy the gold out of their teeth.

You see these humongous national flags flying here and there in Mexico.....the story is [read this in the newspaper] they were all financed with profits from the national pawn shops.

durrelllrobert - 12-14-2012 at 05:50 PM

Quote:
Originally posted by DENNIS
Quote:
Originally posted by woody with a view
kinda like a good old pawn shop, eh?


Yeah, except, like I mentioned, the interest, but the Mexican folks don't have lending institutions for short term loans. The banks don't do it so the cambios are happy to give them a loan.

Oh yeah....they do have pawn shops as well, but I don't know how they operate. They used to be government owned, "Monte de Piedad" was their name....still is, but I see other names these days.
The irony was that the government would drive people into poverty, then buy the gold out of their teeth.

You see these humongous national flags flying here and there in Mexico.....the story is [read this in the newspaper] they were all financed with profits from the national pawn shops.


I see a new one on reforma that is advertising for people to pawn their cars now.

msteve1014 - 12-14-2012 at 05:50 PM

fwiw, Wells Fargo is the same. You can get a better rate at any Pemex.
Quote:


BofA probably don't do pesos for walk-ins unless by chance they have some in stock. They do have a way you can order online in advance for home delivery but the rates are terrible: 12.08 pesos for a dollar today. Mexican banks are quoting 12.38, the online service I use for electronic transfers is giving 12.768 today.

Usually the best rate for cash is to draw it out from an ATM in Mexico. For BofA, use Santander or Scotia ATM's in Mexico to avoid extra fees.

Rob

greengoes - 12-14-2012 at 05:58 PM

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Dinero rapido!!!!

LLAMA - CINCO CINCO CINCO CINCO CINCO CINCO

Sin controles de credito!

LLAMA - CINCO CINCO CINCO CINCO CINCO CINCO



:lol::lol:

DENNIS - 12-14-2012 at 06:06 PM

Quote:
Originally posted by durrelllrobert
I see a new one on reforma that is advertising for people to pawn their cars now.


Well....that's not a bad deal. Father Joe in San Diego wants people to give them to him. He's such an accomodating Christian, he'll even accept your yacht........or airplane.
Whata guy.

DENNIS - 12-14-2012 at 06:11 PM

Quote:
Originally posted by Riom
Usually the best rate for cash is to draw it out from an ATM in Mexico. For BofA, use Santander or Scotia ATM's in Mexico to avoid extra fees.

Rob


Just watch out for BANCOMER ATMs. They charge a fee of 65 Pesos to use their machine when most other charge 28.
I suppose it's more reasonable for Bancomer clients, but I'm not one of them.

ncampion - 12-14-2012 at 06:56 PM

Quote:
Originally posted by DENNIS
Quote:
Originally posted by woody with a view
kinda like a good old pawn shop, eh?


Yeah, except, like I mentioned, the interest, but the Mexican folks don't have lending institutions for short term loans. The banks don't do it so the cambios are happy to give them a loan.

Oh yeah....they do have pawn shops as well, but I don't know how they operate. They used to be government owned, "Monte de Piedad" was their name....still is, but I see other names these days.
The irony was that the government would drive people into poverty, then buy the gold out of their teeth.

You see these humongous national flags flying here and there in Mexico.....the story is [read this in the newspaper] they were all financed with profits from the national pawn shops.


Don't know how a pawn shop could stay in business in Mexico. If there's one thing I have learned from my years in Baja is: Don't ever lend money to a Mexican. They consider it a gift.

.

DENNIS - 12-14-2012 at 07:03 PM

Quote:
Originally posted by ncampion
Don't know how a pawn shop could stay in business in Mexico. If there's one thing I have learned from my years in Baja is: Don't ever lend money to a Mexican. They consider it a gift.

.


Essentially they are buying the item put up for pawn. Buying it for a song and selling it for a good profit.
I have heard that the police visit the Empeņos frequently looking for stolen goods. I don't know who's the big loser on those since I'm pretty sure the police take the item.

DaliDali - 12-14-2012 at 07:08 PM

Quote:
Originally posted by DENNIS
Quote:
Originally posted by Riom
Usually the best rate for cash is to draw it out from an ATM in Mexico. For BofA, use Santander or Scotia ATM's in Mexico to avoid extra fees.

Rob


Just watch out for BANCOMER ATMs. They charge a fee of 65 Pesos to use their machine when most other charge 28.
I suppose it's more reasonable for Bancomer clients, but I'm not one of them.


Not to mention the Bancomer ATM machines have TWICE failed to spit out the bills for me. I can hear the machine going thru it's paces and the screen says "would you like another transaction?" "would like a receipt?"......Yet NO dinero!!
I called the girl out to the machine....she looked at it....went back in to her computer and sure enough, it showed a withdrawal and then a credit for the same amount.
So I go back home and get online with my banking institute and sure enough....I get dinged for the total transaction.

Now I have to file a claim and wait and wait and wait for my credit.
And I remained cashless because every other machine said I had reached my daily withdrawal limit. Yeah buddy!!

And the Bancomer machines "eat" your card by sucking it into the machine and does not spit it back out until the transaction is finished.
Whereas the local Banamex is just a "swipe" and then stuff the card back into your pocket.

pes0s for dollars

jkruk - 12-15-2012 at 07:30 AM

Great timing as yesterday I went into Tahoe's B of A and got 500 dollars worth of pesos to be delivered to my branch here , Monday/Tuesday for 508.oo .. Yes exchange rate is terrible but convenience great

nbacc - 12-15-2012 at 07:43 AM

At B of A it depends on how much you are ordering.......convenience and money when you cross over is awfully nice. nancy

CortezBlue - 12-15-2012 at 07:56 AM

I use Wells Fargo here in Fenix and the rate they charges is much more reasonable than to use an ATM in Mexico.

bill erhardt - 12-15-2012 at 11:12 AM

mojo.....Another alternative if you're coming down through San Diego is the Costco in Chula Vista. There is a money changing window next to the vision center in the front of the store.

Hook - 12-15-2012 at 01:21 PM

Quote:
Originally posted by CortezBlue
I use Wells Fargo here in Fenix and the rate they charges is much more reasonable than to use an ATM in Mexico.


That would be truly amazing.

You gotta find other ATM machines, amigo. Get affiliated with a network like B of A/Santander/Scotia or Citibank/Banamex.

mes1952 - 12-19-2012 at 10:00 AM

I have Bank of America and use it for almost all my purchases except where cash is needed. Usually I get a good exchange rate at Santander and don't pay a fee as well and they are always better rates than those exchange houses. I pay rent in pesos so I check the exchange rate every day on coinmill.com and when the peso goes up I withdraw from the Santander ATM.