BajaNomad

US DOLLAR NO GOOD?

henshaw - 10-23-2013 at 03:54 PM

An interesting thing happened to me in Tecate today. We went to Bancomer where we have had an account for quite some time only to find out that they DO NOT accept the US dollar any longer, not even as a deposit into my existing account. As nearly as I could understand I believe he was saying that I had to go to the Banco where the account was opened to exchange USD for pesos. Now Los Barriles is a long drive with no pesos in your pocket and the dollar no longer accepted. What did I miss in the translation?

jureal - 10-23-2013 at 04:19 PM

Go to a cambio to exchange to pesos. You may have to cross to the US side.

It's all to prevent money laundering

durrelllrobert - 10-23-2013 at 04:30 PM

Quote:
Originally posted by henshaw
An interesting thing happened to me in Tecate today. We went to Bancomer where we have had an account for quite some time only to find out that they DO NOT accept the US dollar any longer, not even as a deposit into my existing account. As nearly as I could understand I believe he was saying that I had to go to the Banco where the account was opened to exchange USD for pesos. Now Los Barriles is a long drive with no pesos in your pocket and the dollar no longer accepted. What did I miss in the translation?


www.bloomberg.com/.../money-laundering-crackdown-cuts-mexica...

This was from Nov. 2010

"The restrictions that took effect two months ago limit cash dollar deposits by Mexican individuals to $4,000 a month. Foreign tourists can change as much as $1,500 monthly to personal accounts.

Chupacabra - 10-23-2013 at 05:34 PM

Quote:
Originally posted by henshaw
US DOLLAR NO GOOD?


No worries. If the dollars you have are no good, the Fed will print new ones for you.

rts551 - 10-23-2013 at 06:52 PM

I believe the problem is putting dollars into a peso account. They will no longer do that. You need to have a dollar and a peso account. deposit to the dollar account and then transfer to the peso account.

terrigreen - 10-23-2013 at 08:39 PM

Ouch! Maybe you might want to consider changing banks. We use Santander. No fees. We put dollars into peso accounts, and at times transfer money from our U.S. bank into Santander also no fees on either side. Just an idea...

larryC - 10-24-2013 at 07:31 AM

Or you can go to a ATM and get pesos out of your credit card. I find I get a better exchange rate doing that than using a casa de cambio.
Larry

MitchMan - 10-24-2013 at 08:40 AM

If you have both a peso and a USD account at Santander, is the exchange rate, at the same point in time, the same for transfers from the USD to the Peso account and for transfers from the Peso account to the USD account?

Anybody Know? If the rates are different, which direction has the higher rate and ... this is critical...how much higher?

BajaRun - 10-24-2013 at 09:00 AM

Where are the Santander locations in Baja ?

bajaguy - 10-24-2013 at 09:04 AM

Quote:
Originally posted by BajaRun
Where are the Santander locations in Baja ?





Several banks and many ATM's in Ensenada

BajaRun - 10-24-2013 at 10:00 AM

Quote:
Originally posted by bajaguy
Quote:
Originally posted by BajaRun
Where are the Santander locations in Baja ?





Several banks and many ATM's in Ensenada


Several Santander branches and ATM's in Ensenada ??

mtgoat666 - 10-24-2013 at 10:57 AM

anybody using the new US $100 bills? now that there are 3 $100 bills in circulation, how long until the oldest of the 3 is not accepted in mexico?

Hook - 10-24-2013 at 11:05 AM

Quote:
Originally posted by terrigreen
Ouch! Maybe you might want to consider changing banks. We use Santander. No fees. We put dollars into peso accounts, and at times transfer money from our U.S. bank into Santander also no fees on either side. Just an idea...


WHICH US bank charges no fees to move money from it to Santander? Are you doing an EFT or a money wire?

My credit union will NOT do an international EFT. They make it sound like there is some law against it.

[Edited on 10-24-2013 by Hook]

dasubergeek - 10-24-2013 at 11:51 AM

It used to be Bank of America, but they started charging money for it in March of this year.

EDIT: Here's a newspaper article about it. http://www.ocregister.com/articles/money-498004-program-tran...

[Edited on 10-24-2013 by dasubergeek]

bajaguy - 10-24-2013 at 11:59 AM

Quote:
Originally posted by BajaRun
Quote:
Originally posted by bajaguy
Quote:
Originally posted by BajaRun
Where are the Santander locations in Baja ?





Several banks and many ATM's in Ensenada


Several Santander branches and ATM's in Ensenada ??





Yup, sorry, I forgot to insert "Santander"

cliffh - 10-24-2013 at 03:25 PM

Mon. at Scotiabank Ensenada, ATM net 12.76 , how does that compare? thanks cliff

bacquito - 10-24-2013 at 06:10 PM

Quote:
Originally posted by terrigreen
Ouch! Maybe you might want to consider changing banks. We use Santander. No fees. We put dollars into peso accounts, and at times transfer money from our U.S. bank into Santander also no fees on either side. Just an idea...


No problem with Santander but BofA most likely will start charging for such a transfer in Dec.

bacquito - 10-24-2013 at 06:12 PM

Quote:
Originally posted by bajaguy
Quote:
Originally posted by BajaRun
Where are the Santander locations in Baja ?





Several banks and many ATM's in Ensenada


Good news-Santander is opening a branch at the Macroplaza next to Banorte

Hook - 10-25-2013 at 05:57 PM

Quote:
Originally posted by bacquito
Quote:
Originally posted by terrigreen
Ouch! Maybe you might want to consider changing banks. We use Santander. No fees. We put dollars into peso accounts, and at times transfer money from our U.S. bank into Santander also no fees on either side. Just an idea...


No problem with Santander but BofA most likely will start charging for such a transfer in Dec.


HOW do you transfer from B of A to a Santander without fees? I have a B of A account and the only fee-free way of doing this is simply using a Santander ATM to withdraw funds directly from your B of A account. But that is not a transfer.

Are you talking about wiring money from B of A to Santander. That is not free.