BajaNomad

Buying Peso advice

mrfatboy - 3-26-2013 at 04:42 PM

I called Wells Fargo to ask them what their peso rate was today. It was 1 usd x 11.58 pesos. Typically I just use an ATM if need be but I need some ibefore I cross the border for the cab to the TIJ airport.

Is this rate typical and/or fair? I thought it was around 1 x 12.5 now.

DENNIS - 3-26-2013 at 04:50 PM

At this moment, 4:50PM, Yahoo Finance lists it at 12.35.

mrfatboy - 3-26-2013 at 05:02 PM

Yes, that's the published rate but what is the typical rate at the cambios and such? I'm also talking about the buy rate not the sell rate.

DENNIS - 3-26-2013 at 05:10 PM

Quote:
Originally posted by mrfatboy
Yes, that's the published rate but what is the typical rate at the cambios and such? I'm also talking about the buy rate not the sell rate.


The competitive Cambios charge the bank rate less two percent. I've always found the bank rate to be near or equal to the published rate.
Actually, I don't even look anymore. When I need Pesos, I go to the ATM. Life's too short to be counting centavos.

mrfatboy - 3-26-2013 at 05:17 PM

That's why I'm asking. Wells Fargo is 11.5 now. If I did my math correctly they are taking a mordita of 8%. It doesn't seem like a good rate if I can get 12.5 somewhere else.

DENNIS - 3-26-2013 at 06:20 PM

Quote:
Originally posted by mrfatboy
That's why I'm asking. Wells Fargo is 11.5 now. If I did my math correctly they are taking a mordita of 8%. It doesn't seem like a good rate if I can get 12.5 somewhere else.



I was kinda thinking the 11.5% was a misprint. It's way out of line.

mrfatboy - 3-26-2013 at 06:37 PM

Nope. Wells is at 1x 11.5. Complete ripoff of you ask me. Plus they that would be the rate if I used an ATM. I always thought the ATM's gave a competitive rate. Wells is just way off on this one.

Oggie - 3-26-2013 at 06:56 PM

We have used the Costco on Broadway in Chula Vista. No Drama and good rates.

Howard - 3-26-2013 at 06:58 PM

I was at the bank in Loreto this afternoon (not geting pesos) and I just happened to ask the assistant manager, by the way, what is the exchange rate and he replied, "around 11.9."

11.5 is wrong

durrelllrobert - 3-26-2013 at 07:04 PM

I just withdrew 6000 pesos from my Wells Fargo account which cost me $488.75 including the HSBC ATM fee. That's 12.28 to 1 USD.

wilderone - 3-26-2013 at 07:08 PM

TJ cab drivers will take dollars.

DENNIS - 3-26-2013 at 07:14 PM

Quote:
Originally posted by wilderone
TJ cab drivers will take dollars.


Stuck on 10 to 1 or worse, I'd be willing to bet, but you're right. They will.

mrfatboy - 3-26-2013 at 07:23 PM

Quote:
Originally posted by durrelllrobert
I just withdrew 6000 pesos from my Wells Fargo account which cost me $488.75 including the HSBC ATM fee. That's 12.28 to 1 USD.



Please correct me if I'm wrong. This is the rate wells quoted me over the phone. 11.5

https://www.foreignexchangeservices.com/index.html?partnerid...

Bajaboy - 3-26-2013 at 08:29 PM

Quote:
Originally posted by mrfatboy
Quote:
Originally posted by durrelllrobert
I just withdrew 6000 pesos from my Wells Fargo account which cost me $488.75 including the HSBC ATM fee. That's 12.28 to 1 USD.



Please correct me if I'm wrong. This is the rate wells quoted me over the phone. 11.5

https://www.foreignexchangeservices.com/index.html?partnerid...


I'm guessing that's in the branch.

mrfatboy - 3-26-2013 at 08:39 PM

Quote:
Originally posted by Bajaboy
Quote:
Originally posted by mrfatboy
Quote:
Originally posted by durrelllrobert
I just withdrew 6000 pesos from my Wells Fargo account which cost me $488.75 including the HSBC ATM fee. That's 12.28 to 1 USD.



Please correct me if I'm wrong. This is the rate wells quoted me over the phone. 11.5

https://www.foreignexchangeservices.com/index.html?partnerid...



I'm guessing that's in the branch.


That's if I went to the branch or ordered them online.

RnR - 3-26-2013 at 09:42 PM

Yep, Wells Fargo, in the US, offers a horrible rate.

It has always been about 10% lower than the exchange rates posted in on-line info sites on any given day. I didn't believe it when I was checking 10-15 years ago. If the current commission is only 8%, that's an improvement but still a horrible rate.

Always just used casa de cambios near the border. Now, ATM's after crossing into Mexico.

wilderone - 3-27-2013 at 07:33 AM

"Stuck on 10 to 1 or worse"
An exchange rate is not an issue. You approach one of the 50 cabs you see, you tell them you're going to the airport and will pay $10.00. As you enter from the US side there is a placard with taxi rates in dollars posted for a few destinations. These fares are posted so tourists know about what to pay. They are negotiable. Last October I paid $8.00 on two occasions for a ride to the central bus station ($10 with tip - two people).

DENNIS - 3-27-2013 at 07:55 AM

Quote:
Originally posted by wilderone
"Stuck on 10 to 1 or worse"
An exchange rate is not an issue.


At some point in the negotiations, it can become a moral issue, but looking to a TJ cab driver for fairness just shows you how things have changed down here. :light:

What they quoted included SHIPPING to your address

durrelllrobert - 3-27-2013 at 07:59 AM

Quote:
Originally posted by mrfatboy
Quote:
Originally posted by durrelllrobert
I just withdrew 6000 pesos from my Wells Fargo account which cost me $488.75 including the HSBC ATM fee. That's 12.28 to 1 USD.



Please correct me if I'm wrong. This is the rate wells quoted me over the phone. 11.5

https://www.foreignexchangeservices.com/index.html?partnerid...

This is not the rate you get if you go into the branch:
"All currencies in your order will be sent in one shipment. Currency can only be shipped to the address associated with your account. You must be available at that address to sign for the package. We do not deliver to P.O. boxes."

[Edited on 3-27-2013 by durrelllrobert]

mrfatboy - 3-27-2013 at 08:21 AM

Quote:
Originally posted by durrelllrobert
Quote:
Originally posted by mrfatboy
Quote:
Originally posted by durrelllrobert
I just withdrew 6000 pesos from my Wells Fargo account which cost me $488.75 including the HSBC ATM fee. That's 12.28 to 1 USD.



Please correct me if I'm wrong. This is the rate wells quoted me over the phone. 11.5

https://www.foreignexchangeservices.com/index.html?partnerid...

This is not the rate you get if you go into the branch:
"All currencies in your order will be sent in one shipment. Currency can only be shipped to the address associated with your account. You must be available at that address to sign for the package. We do not deliver to P.O. boxes."

[Edited on 3-27-2013 by durrelllrobert]


I called my local branch first asked them what the exchange rate was if I came in. He gave me the 11.5 rate. I guess I will call again to double check if he gave me correct rate. It would not be the first that somebody doesn't know their own job ;)

Bajajorge - 3-27-2013 at 09:29 AM

I find that buying Pesos from the Banomex ATM in San Felipe is much cheaper than using the Bancomer ATM there. The difference in fees is over $5.00 per transaction. Yesterday I got 4000 Pesos at Banomex at a rate of 12.3, the fee to Banomex was only about $4.50, plus the $2.00 to my credit union. The fee to Bancomer for that transaction would have been around $12.00.

mrfatboy - 3-27-2013 at 11:15 AM

I just got off the phone from the Encinitas branch of Wells Fargo. They quoted me the same rate at the Solana Beach branch of 11.5. She said the internet rate is the same as the walk in rate. I had her double check.

Wells Fargo = No Bueno!

DENNIS - 3-27-2013 at 12:34 PM

Quote:
Originally posted by mrfatboy

Wells Fargo = No Bueno!


Not very good from a customer service point of view. Did you tell them they could be replaced? :fire:

mrfatboy - 3-27-2013 at 01:27 PM

Quote:
Originally posted by DENNIS
Quote:
Originally posted by mrfatboy

Wells Fargo = No Bueno!


Not very good from a customer service point of view. Did you tell them they could be replaced? :fire:


LOL. Banking staff these days are basically on the level of fast food servers. They don't care. They are all in their early 20's I surprised that when I asked for the pesos she didn't say "Do you want fries with that?" :lol: Sad really.

Phil S - 3-28-2013 at 03:58 AM

I just read recently that the Mexican Peso was getting stronger versus the u.s. dollar. I can remember no too many years ago, in Loreto, getting 13.5something. Unless your after a ton of peso's, I find the convenience of driving down with peso's in my possession a lot easier than the atm parking lot experience, depending upon where you stop, or the cambio store parking lot. experienced travelers know the places. Newsbies could probably use some suggestions when heading south where to stop.?

mrfatboy - 3-30-2013 at 01:01 PM

I did some more calling around and got this "no bueno" rates :)

Chula Vista Costco 12.005
Bank of American 11.4
Travelex (UTC) 10.9

DENNIS - 3-30-2013 at 01:53 PM

Quote:
Originally posted by mrfatboy
I did some more calling around and got this "no bueno" rates :)

Chula Vista Costco 12.005
Bank of American 11.4
Travelex (UTC) 10.9



It always drops hard before a long weekend. It'll probably gain some ground come Monday morning.

bajaguy - 3-30-2013 at 02:25 PM

Quote:
Originally posted by Phil S
I just read recently that the Mexican Peso was getting stronger versus the u.s. dollar. I can remember no too many years ago, in Loreto, getting 13.5something. Unless your after a ton of peso's, I find the convenience of driving down with peso's in my possession a lot easier than the atm parking lot experience, depending upon where you stop, or the cambio store parking lot. experienced travelers know the places. Newsbies could probably use some suggestions when heading south where to stop.?





Depends on which route you take.

If you take the toll road south from Tijuana, the second Rosarito exit has a Comercial Mexicana supermarket (orange store with the Pelican logo). Variety of bank ATM's in the store.

Corridor 2000 also has a Commercial Mexicana and there is one at the south end of Ensenada next to the COSTCO, which also has two ATM's...........also plenty of bank ATM's available, and I think there is still a bank ATM at the Ensenada toll plaza.

durrelllrobert - 3-30-2013 at 03:41 PM

Quote:
Originally posted by bajaguy

also plenty of bank ATM's available, and I think there is still a bank ATM at the Ensenada toll plaza.

Yep and it's an HSBC which charges the least transaction fee.

mulegemichael - 3-30-2013 at 04:49 PM

unless yer doing like a gazillion pesos, what, really, difference does it make????....maybe two pacificos worth???/...i mean, geez...lemme see; please do the math; take 100,000 pesos, divide it by 10.78, then buy me dinner....ya know?...please.

Udo - 3-30-2013 at 04:57 PM

I second your PESOS sentiment, DENNIS!
It's not worth the aggravation over a 1/3 of a PESO in the exchange rate.
Quote:
Originally posted by DENNIS
Quote:
Originally posted by mrfatboy
Yes, that's the published rate but what is the typical rate at the cambios and such? I'm also talking about the buy rate not the sell rate.


The competitive Cambios charge the bank rate less two percent. I've always found the bank rate to be near or equal to the published rate.
Actually, I don't even look anymore. When I need Pesos, I go to the ATM. Life's too short to be counting centavos.

DaliDali - 3-30-2013 at 05:01 PM

Quote:
Originally posted by mulegemichael
unless yer doing like a gazillion pesos, what, really, difference does it make????....maybe two pacificos worth???/...i mean, geez...lemme see; please do the math; take 100,000 pesos, divide it by 10.78, then buy me dinner....ya know?...please.


Exactly.......hand the taxi driver $10 bucks and be on your way.
If you handed him 100p.....you would save what?....a buck fifty?

woody with a view - 3-31-2013 at 02:35 PM

Quote:
Originally posted by durrelllrobert
Quote:
Originally posted by bajaguy

also plenty of bank ATM's available, and I think there is still a bank ATM at the Ensenada toll plaza.

Yep and it's an HSBC which charges the least transaction fee.


a required stop on all of our trips south!

Terry28 - 4-1-2013 at 09:38 AM

Or you can do like we do, exchange $$ for peso's once, get a lot, and be on your way............

J.P. - 4-1-2013 at 09:47 AM

Quote:
Originally posted by durrelllrobert
Quote:
Originally posted by bajaguy

also plenty of bank ATM's available, and I think there is still a bank ATM at the Ensenada toll plaza.

Yep and it's an HSBC which charges the least transaction fee.





That ATM used to have a 50dlr max.on it

mrfatboy - 4-1-2013 at 10:40 AM

Quote:
Originally posted by Terry28
Or you can do like we do, exchange $$ for peso's once, get a lot, and be on your way............


This is actually what I wanted to do after I posted this thread. I have Cancun, Puerta Vallarta, San Felipe trips coming up. I was wondering why everybody was giving me grief about the peso price. Not a gazillion but enough to make a significant difference. :lol: