BajaNomad - Peso crashing???

Peso crashing???

David K - 7-17-2015 at 11:15 AM

Trading at 15.9 to the dollar... Has it ever been that weak in recent years?

Hope it brings more tourists to help the local economies!

Bob and Susan - 7-17-2015 at 11:28 AM

actually that NOT the "real" number...

you can get 15.3 pesos for the dollar at the border

last couple years it was steady at 11.5 to 12.5
so the difference from then and now is...

for every 100 bucks you exchange you get an extra 300 pesos...
that is a free dinner

Peso Crash

J.P. - 7-17-2015 at 11:40 AM

I had a Mexican Business person explain his version of how it affected him. He said business would raise their prices to compensate so no gain for tourist . he remarked than when the peso Stabilized the business rarely lowered the prices back to pre crash levels. so still no gain for tourist. :?:

Udo - 7-17-2015 at 11:57 AM

I did a wire transfer today to Mexico and Citibank only gave me 15.3 Pesos for my dollar.

DENNIS - 7-17-2015 at 12:07 PM

USD/MXN (USDMXN=X) -CCY 

15.9110 Up 0.0714(0.45%) 3:07PM EDT

Hook - 7-17-2015 at 12:12 PM

It hasnt been below 13.0 in almost exactly a year.

It hasnt been as low as 11.5 since April, 2011.

It's been at 15.80-.85 a few times in the last month. This is a little bit higher. I believe it is the highest level ever.

These are all large customer rates, not the rates we consumers pay. But you get a relative sense of movement, at least.

I'm still shorting the Euro (through an ETF), but it hasnt been the easy money I was expecting 4-6 months ago. Many "analysts" were predicting the dollar at par by the second half of 2015. Naturally, I'd like to see it get there in September.........right when we are in Europe!

I believe the dollar is at a two month high, in relation to the Euro, anyway. Most all currencies seem to move down when the dollar strengthens. The peso has actually been a bit more stable than the Euro this year.

StuckSucks - 7-17-2015 at 12:18 PM

motoged - 7-17-2015 at 12:55 PM

I have been told by banks that internet currency exchange rates are NOT what banks use as their conversion rate to customer....it is just the base rate level from which they work.....and take their commission when giving exchange to customers.

I learned that after a heated exchange with a few banks.... :rolleyes:

David K - 7-17-2015 at 01:25 PM

Indeed... I wanted to get some pesos before leaving on our next Baja trip without driving to Costco Chula Vista or a San Ysidro casa de cambios... and so I went to one of those mall exchange places, 'Travelex'. It was about 10% for the service they provide. Compared to 15:1 (close to what Udo got)... it was about 13.5:1 (pesos per dollar). Not a lot was exchanged, but just in case I couldn't stop on our trip or didn't want to, to keep things stress-free for my bride of 7 years. SHE is the one who deserves a vacation!

cliffh - 7-17-2015 at 03:55 PM

Santander with ATM 15.66 net tues.

DENNIS - 7-17-2015 at 04:12 PM

This is money market rate at the moment.....not ATM....not cambios.....not banks.

USD/MXN (USDMXN=X) -CCY 

15.9280 0.0000(0.00%) 7:09PM EDT

[Edited on 7-17-2015 by DENNIS]

Bajahowodd - 7-17-2015 at 04:17 PM

Quote: Originally posted by Hook

It hasnt been below 13.0 in almost exactly a year.

It hasnt been as low as 11.5 since April, 2011.

It's been at 15.80-.85 a few times in the last month. This is a little bit higher. I believe it is the highest level ever.

These are all large customer rates, not the rates we consumers pay. But you get a relative sense of movement, at least.

I'm still shorting the Euro (through an ETF), but it hasnt been the easy money I was expecting 4-6 months ago. Many "analysts" were predicting the dollar at par by the second half of 2015. Naturally, I'd like to see it get there in September.........right when we are in Europe!

I believe the dollar is at a two month high, in relation to the Euro, anyway. Most all currencies seem to move down when the dollar strengthens. The peso has actually been a bit more stable than the Euro this year.

The weakness in the Euro is all about the Greece thing. Personally, I have never understood the Euro's strength vs. the dollar. But I can say the same about the Pound.

The actual fact of the matter

Howard - 7-17-2015 at 04:22 PM

On Wednesday at Bancomers ATM in Loreto = 15.69

chuckie - 7-17-2015 at 04:42 PM

In Your Pocket????

Howard - 7-17-2015 at 05:05 PM

Yes, that was the net.
My bank reimburses me for any fees.

Hook - 7-17-2015 at 06:06 PM

Quote: Originally posted by David K

Indeed... I wanted to get some pesos before leaving on our next Baja trip without driving to Costco Chula Vista or a San Ysidro casa de cambios... and so I went to one of those mall exchange places, 'Travelex'. It was about 10% for the service they provide. Compared to 15:1 (close to what Udo got)... it was about 13.5:1 (pesos per dollar). Not a lot was exchanged, but just in case I couldn't stop on our trip or didn't want to, to keep things stress-free for my bride of 7 years. SHE is the one who deserves a vacation!

David, that's a lot to pay for convenience..........if entering a mall is EVER convenient. Or cheap.

Surely, there must be ATMs in Mexico that you can hit, regardless of your destination. Unless your bank is Chase and you keep a low balance, you will beat the pants off that rate.

monoloco - 7-17-2015 at 06:45 PM

The peso is not really falling, the dollar is rising relative to just about every currency. It's great for travelers but bad for US products that are sold abroad.

David K - 7-17-2015 at 08:41 PM

Quote: Originally posted by Hook

Quote: Originally posted by David K

I don't think I will ever put a card into an ATM in Mexico, unless it is an emergency. Sorry, but my debit card is used so much in my daily life (what's cash?) that to risk it being swallowed at a bank machine while on a trip would ruin the trip. I need this vacation to be stress free. Anyway, it was Baja Angel's idea and she was okay with the cost... that's good enough for me!

I remember ('name withheld') on a past trip report not having any trip money going across the border, planning on getting it all in Mexico at an ATM, and his card didn't work or was lost! No thank you.

Bob and Susan - 7-18-2015 at 10:36 AM

the best spot for a tourist to get pesos just before you cross the border

they have a drive-up...no need to get out of the car

they also sell Mexican insurance if you forgot to buy it from "bajabound insurance" online

last usa exit
buy pesos
hop back on the freeway and enter mexico

they have the best rate and no commission
they open at 7am

pesosins.jpg - 191kB

[Edited on 7-18-2015 by Bob and Susan]

David K - 7-18-2015 at 10:48 AM

Thanks Bob... need that in Calexico!
How is the weather this morning at your place?

Hook - 7-18-2015 at 12:16 PM

One of the more reliable personal weather stations on the Sea of Cortez. Just a few miles, as the crow flies, from B and S.

Generally, expect a few more breezes at B and S. That's a good thing, this time of year.

http://www.wunderground.com/cgi-bin/findweather/getForecast?...

Click on the satellite tab above the small map on the right. It will give you an idea if there are t-storms around.

[Edited on 7-18-2015 by Hook]

Alm - 7-19-2015 at 01:30 PM

Quote: Originally posted by monoloco

The peso is not really falling, the dollar is rising relative to just about every currency.

Yes.

From my Canadian prospective, this is exactly what happens. Pesos didn't change much in $CAD, but $US is more expensive to buy. Even before the last week interest rate drop in Canada, $US cost 10-15% more than a year ago.

I doubt tourists will gain much - most anything goes up, when $US goes up relatively to peso.

CortezBlue - 7-20-2015 at 01:59 AM

As a wells fargo banker, I use my local branch in Fenix and get a really good rate.

I prepay my cfe bill when it is this low

Also for all of you who are affraid to use an ATM, I created a travel account. I transfer, lets say, $199 to the account and then go to the atm and withdraw $100

even if I get Skimmed, my day to day account is immune and very little cash is at risk

Hook - 7-20-2015 at 09:35 AM

The dollar topped 16/1 briefly, this AM. Still above 15.9.

durrelllrobert - 7-20-2015 at 11:24 AM

Quote: Originally posted by Bob and Susan

the best spot for a tourist to get pesos just before you cross the border

they have a drive-up...no need to get out of the car

they also sell Mexican insurance if you forgot to buy it from "bajabound insurance" online

last usa exit
buy pesos
hop back on the freeway and enter mexico

they have the best rate and no commission
they open at 7am

[Edited on 7-18-2015 by Bob and Susan]

..but after you get the pesos it's usually hard to turn right onto Camino de la Plaza because all the trafic coming from the outlet malls is backed up from the last signal light and won't let you in (my experience anyway).

Hook - 7-20-2015 at 11:29 AM

Holding above 16.0, as commodities are crashing.

If gold and oil continue down, it cant be good for the Looney. CAD now worth less than .77 to the USD.

durrelllrobert - 7-20-2015 at 02:55 PM

Quote: Originally posted by Hook

Holding above 16.0, as commodities are crashing.

If gold and oil continue down, it cant be good for the Looney. CAD now worth less than .77 to the USD.

My wife just paid for her month long car rental fro Hertz in Edmonton and they wouldn't accept CAD since reservation was quoted in USD over the internet.

LaTijereta - 7-20-2015 at 03:14 PM

Quote: Originally posted by durrelllrobert

[

My wife just paid for her month long car rental fro Hertz in Edmonton and they wouldn't accept CAD since reservation was quoted in USD over the internet.

Time to ask for an "upgrade"... :biggrin:

Fatboy - 7-20-2015 at 03:41 PM

So it has been said here and before that local business raise their prices when this happens with peso.... what about Pemex stations does it stay at X peso/liter?

It seems my biggest expense is fuel and it would certainly help to have it stay around 16 to 1.

Any thoughts?

Bob and Susan - 7-20-2015 at 04:10 PM

Quote: Originally posted by Fatboy

...It seems my biggest expense is fuel and it would certainly help to have it stay around 16 to 1.

Any thoughts?

you can't get 16 to one...yet

figure today 15.5 at the border...still good...really good...
buy pesos spend pesos...change them back when you return

ignatz - 7-20-2015 at 05:55 PM

What's getting funny is all the businesses in San Lucas and San Jose which write all their prices in USD... you get the credit card print out and it's in Pesos and if you do the math you just saved 10% to 15% off the USD price because their USD price was calculated when it was 14 Pesos to a dollar.

Bruce R Leech - 7-20-2015 at 06:04 PM

15.85 at Banorte today ATM

Hook - 7-20-2015 at 08:05 PM

Walmart has a sign out front today stating:

Casas de cambios 15.10

Walmart 15.66

Hook - 7-23-2015 at 01:59 PM

It has topped 16.2 today.

Oil is now below 49/barrel for WTI futures. That is probably the reason.

Looney now at .767/USD. Commodity based currencies not fairing well.

Hook - 7-23-2015 at 04:28 PM

Quote: Originally posted by Bruce R Leech

15.85 at Banorte today ATM

The ATM in Mexico you use is probably immaterial, unless they have really high ATM fees.

What bank card did you use? For that day, that was a very good rate.

pangajohn - 7-23-2015 at 07:34 PM

All OXXO'S and pemex's are at 15.7 near and around La Paz! Time to build?

SFandH - 7-30-2015 at 11:23 AM

"The peso slid 1.1 percent to 16.4708 per U.S. dollar as of 1:13 p.m. in Mexico City, sinking the most since June 5. Mexico’s currency has lost 10 percent this year."

http://www.bloomberg.com/news/articles/2015-07-30/mexico-pes...

100 pesos = 100/16.47 = $6.07

StuckSucks - 7-30-2015 at 11:46 AM

Bob and Susan - 7-30-2015 at 12:37 PM

"real" rate for a tourist yesterday at the border

15.6 pesos to the dollar

chuckie - 7-30-2015 at 01:01 PM

How did you determine that was the "real" rate??

SFandH - 7-30-2015 at 01:10 PM

The 16.47 rate in my post was what happened today in Mexico City at a government auction of 200 million dollars. It will take a while to trickle down, interesting to see how long.

Here's another snippet from the Bloomberg article about what traders are betting is the future for the peso.

"In the market for forwards, a type of contract that allows users to lock in future currency prices, traders are pricing in even lower exchange rates in the months to come: 16.65 per dollar at the end of this year and 17.16 at the end of 2016."

David K - 7-30-2015 at 03:02 PM

Mexicali Oxxo, 3 days ago was giving 15.8

We saw 15.0-14.0 offered at Pemex stations on our trip last week to this week. The Pemex price was universal except for Gonzaga Bay... the border region pumps are now the same as the rest... 13.57/ liter (Gonzaga at 14.08/ liter).

Bob and Susan - 7-30-2015 at 03:05 PM

Quote: Originally posted by chuckie

How did you determine that was the "real" rate??

susan was at the border on the morning of july 29

the best cambio rate with no commission 15.6

chuckie - 7-30-2015 at 03:16 PM

OK, I was curious. So the "real" rate is actually the best rate YOU got....Someone else could get another "real" rate....

DENNIS - 7-30-2015 at 04:14 PM

Competitive Cambios charge 2%.

chuckie - 7-30-2015 at 04:36 PM

Si....

Bob and Susan - 7-30-2015 at 04:59 PM

that's the "real" rate a tourist will get...but

you can get a higher rate at a near-the-border Pemex
but ONLY for the price of the fuel and
maybe an oxxo when you get a cup of coffee and a snack

chuckie - 7-30-2015 at 11:54 PM

:biggrin:

mojo_norte - 7-31-2015 at 06:29 AM

Quote: Originally posted by soulpatch

I can't even imagine why a resident of Mexico would use a cambio... ATM's are way better.
I am getting really great rates on my Capitol One 360 checking and very close to that with the Citibank/Banamex combo.
To me it is crazy to just not use an ATM if you are changing dollars.
However, that being said, I have only traveled Mexico and used ATM's since 1990 so maybe I don't have enough experience.

\

Does Capitol One 360 charge an ATM fee in Baja ?

chuckie - 7-31-2015 at 06:41 AM

ATM fees are chump change......Get a LOT of money when you get it, then spend it as fast as you can and go back for more.....Spend it on beer, Tequila, women...don't waste it.....

DENNIS - 7-31-2015 at 06:47 AM

That ol' Chuckie. He's pretty smart, ain'tee. Listen to him. :bounce:

rts551 - 7-31-2015 at 09:05 AM

http://finance.yahoo.com/news/mexico-vows-sell-dollars-halt-...

SFandH - 7-31-2015 at 09:14 AM

FYI, article dated December 9, 2014

rts551 - 7-31-2015 at 10:55 AM

darn there was an other this morning. now I have to find it again. The raised the amount sold to $200 million. Here this article from today.

http://www.usnews.com/news/business/articles/2015/07/30/mexi...

mjs - 7-31-2015 at 11:11 AM

Quote: Originally posted by mojo_norte

Does Capitol One 360 charge an ATM fee in Baja ?

No fee from capitol one however the bank does charge a fee which varies by bank.

wessongroup - 7-31-2015 at 08:41 PM

I'm with Chuck ...

bajajudy - 8-1-2015 at 06:05 PM

Stopped
http://mexiconewsdaily.com/news/peso-does-about-turn-after-b...