BajaNomad

Where are you buying pesos NOB?

o3dave - 8-5-2015 at 07:40 PM

I keep expecting the peso to drop anytime. I always buy from a an ATM after crossing the border. All the banks I have spoke to here in Oregon use some service that charges a horrific rate. Once all the fees are paid I would get like 13.8 pesos per dollar.

I just cant justify ever needing to get a haircut like that.

If anyone has a super deal NOB, I sure would like to hear of it.

** I have been expecting the peso to drop since it hit 15. So PLEASE don't ever take financial advice from me***

woody with a view - 8-5-2015 at 08:24 PM

Costco in Chula Vista or just use an ATM, but 6000 pesos is my daily limit and that don't go far.

Bob and Susan - 8-6-2015 at 05:23 AM

if you are a tourist...and driving...
just bring cash...
change it back to dollars when you return

they sell insurance too...
if you forget to buy online...
I like bajabound myself but I've used them to cover myself in a car that isn't mine...just in case

at Costco you'll spend $200 on stuff : )
not a "deal" then

pesosins.jpg - 191kB

Hook - 8-6-2015 at 06:45 AM

IF you are planning on doing your initial shopping for foodstuffs IN MEXICO, also consider shopping at one of the large supermarkets like Comercial Mexicana, Walmart, Ley, Sorianas, Mega, etc. They often give you a great rate on using your dollars. I wouldnt be surprised if they are close to (or over) 16/1.

If you have a US credit/debit card like from Cap One or Schwab, etc., that doesnt charge any fees, Walmart and Leys also allows you to get up to 2000 pesos, cash back, at the checkout stand, above and beyond your purchase. So, you are getting that same exchange rate they are offering on purchases.

You obviously cant rely on this for your whole trip as there are great distances in Baja between these establishments. And 2000 isnt going to go far. But at least you are not using up some of the pesos you just got at an ATM, on the way down.

Take the example of Woody's daily peso limit, which is a pretty common one, 6000/day. You could pull that out of an ATM, take care of the bulk of your shopping, get the 2000 on top of that, and head south with 8000 pesos and no need for food for several days. The whole transaction is treated as a purchase, so it doesnt involve your daily withdrawal limit.

I've noticed that Home Depot down here is also offering 2000 cash back at the checkout stand, if you need stuff from a hardware store.

Be sure and let your credit card company know you are going to Mexico BEFORE you leave. Tell them your expected return date and add a week to that, in case you decide to stay later. Banks dont like to leave an open-ended ability to use their cards in a foreign country and you can still get cut off, in this case. They sometimes try to call you on your cell to verify a card use, cant get through to you (probably because you arent near a cell tower) and they freeze it. They are less likely to do this IF they see a reasonable cut-off date to the usage in a foreign country.

[Edited on 8-6-2015 by Hook]

soylent_green - 8-6-2015 at 08:18 AM

I cross a lot in Otay and my casa de cambio of choice is
Baja-Mex
8299 Otay Mesa Road - get off on Britannia and go west less than a mile on Otay Mesa Road.

I like it because parking is easy, there are 3 gas stations on the corner to fill up before you head southbound, and best of all: right next to the Starbucks.

Even if you cross at SY, it is a pretty convenient option since its only 10 minutes to the SY border and you don't have the BS SY street traffic.


---
2 others in Otay are good options:

the one inside the 7/11 and next to the Jack In The Box off of Siempre Viva Road and Otay Center Drive

AND

the one between Subway and the new marajuana dispensary and across the parking lot from the Carls JR at Siempre Viva RD and Roll Road.

[Edited on 8-6-2015 by soylent_green]

bledito - 8-6-2015 at 09:27 AM

I think NOB means North of the border not in Mexico but in the States. all replies so far are SOB not meaning son of ***** but South of border in Mexico

bledito - 8-6-2015 at 09:37 AM

my mistake all posted are at or before the border. how about where to get pesos away from the border in say like if you are in Boston.

tjsue - 8-6-2015 at 10:16 AM

I think your bank can order them for you, or try an American Express office.

pauldavidmena - 8-6-2015 at 02:10 PM

I live in the Boston area, and I've never exchanged dollars to pesos ahead of time. Instead, I use a credit card to pay for big ticket items for things like lodging and meals, and I usually rent a car from Dominic's Los Cabos, where the terms are always U.S. cash. What's left are incidentals such as drinks, groceries and the like, all of which I buy with cash withdrawn from a local ATM.

Is there some advantage to getting a large amount of pesos here in the U.S. ahead of time?

gnukid - 8-6-2015 at 02:18 PM

FYI it is illegal in mexico to post fees in dollars only and there is a crackdown and suspension of business who do this.

Use a CC for charges or ATM at the airport or another location with a us bank that refunds transaction fees like schwab and you'll get the best rate everytime. Anyone wasting time at a case de cambio is losing a fair portion of the hard earned money and time.

durrelllrobert - 8-6-2015 at 03:23 PM

Quote: Originally posted by gnukid  
FYI it is illegal in mexico to post fees in dollars only and there is a crackdown and suspension of business who do this.

Use a CC for charges or ATM at the airport or another location with a us bank that refunds transaction fees like schwab and you'll get the best rate everytime. Anyone wasting time at a case de cambio is losing a fair portion of the hard earned money and time.


As I understand it all posted prices MUST include the 16% IVA tax but I've noticed that some stores are adding it at checkout.

woody with a view - 8-7-2015 at 02:06 PM

I asked my local credit onion to sell me some pesos today. No problemo how many Chu like? "A metric butt ton" was the answer! $4.00 transaction fee and you can pick them up on Monday. Okay what is the exchange rate please?

13.37 to 1

Atm it is!

David K - 8-7-2015 at 02:13 PM

It was 13.4:1 at the money exchange place in the mall and 15:1 at the Pemex station in San Felipe a day later, if you used dollars.

If it was on the way or not so far from home, I would have gone to Costco, Chula Vista on our way south, as I had done before. They have a peso exchange inside for members, usually good rates.

Lee - 8-7-2015 at 02:28 PM

Wells Fargo today: $1.00 = 15.33 pesos.

SlyOnce - 8-7-2015 at 02:40 PM

Going long on Pesos?

Bank rate today (8/7/15) is 16.1 It was 16.45 earlier this week.

Long term, over the last year, the peso has been very steadily declining. Nothing looks like it is going to turn around, there are occasional corrections.

I live in MX and I pick up about $MX 1500 pesos every weekend from my ATM (about US $90) for my living expenses.

I was thinking of getting $US 1000 or more in pesos now as a bit of an investment thinking that the peso is at the bottom but after looking at the charts I'm not so sure.

My MX neighbors think 20 to 1 is just around the corner.

Bajahowodd - 8-7-2015 at 04:21 PM

Geez. Why buy pesos NOB? It's all about whether you are a tourist or a resident. If you are tourist, you can obtain Pesos at any ATM SOB.

Hook - 8-8-2015 at 08:23 AM

Yeah, there are really very few good options for getting pesos, NOB. Even your credit union is not a good choice. They have to pay someone to literally bring the pesos to the branch. The mall outlets like Thomas Cook are one of the worst.

There is a firm that AAA has some affiliation with that produces debit cards that you buy with dollars and are good for about five currencies. The rate is fixed, at the time you buy and remains at that rate for the remainder on the card. A one dollar fee per transaction with the card. This could work in areas with plentiful ATMs.........which doesnt sound much like Baja, really. But in a more developed area like Europe, it could work.

The stickler is the very poor exchange rate you get (about 10-13% below the internet rates). And then, of course, if you have money left on the card, they will buy it back at some unrevealed rate. They dont post THAT rate on their website.

[Edited on 8-8-2015 by Hook]

o3dave - 8-8-2015 at 09:42 AM

Quote: Originally posted by Bajahowodd  
Geez. Why buy pesos NOB? It's all about whether you are a tourist or a resident. If you are tourist, you can obtain Pesos at any ATM SOB.


I want to get in on the great current peso rate but will not be in baja for 2 more months. If I could find a place that won't take a large cut so i could make a purchase here in the NW U.S.
Bang for the buck, I'm sure you have heard of it.

Hook - 8-8-2015 at 02:06 PM

Just stay the course, 03dave. The chances of the dollar strengthening further, in relation to the peso, are probably greater than it declining over the next two months. Oil has probably not hit a bottom yet. That's generally bad for the peso.

Lee - 8-8-2015 at 02:12 PM

Quote: Originally posted by Bajahowodd  
Geez. Why buy pesos NOB? It's all about whether you are a tourist or a resident. If you are tourist, you can obtain Pesos at any ATM SOB.


Why? Because ATMs (in Baja) are limited in the amount you can withdraw? I can change $2,000 USD at Wells Fargo NOB and they waive the fees. Can't do that amount at an ATM.
Quote: Originally posted by Hook  
Yeah, there are really very few good options for getting pesos, NOB. Even your credit union is not a good choice. They have to pay someone to literally bring the pesos to the branch. The mall outlets like Thomas Cook are one of the worst.


Bad options would be paying fees to a bank or credit union. Is that what you mean? It's possible to use ATMs SOB and banks NOB without paying fees.

These are good options.

msteve1014 - 8-8-2015 at 02:20 PM

You pay a fee to Wells Fargo, it's just built in to the crappy exchange rate you got. Been there, done that.

Lee - 8-8-2015 at 02:48 PM

Quote: Originally posted by msteve1014  
You pay a fee to Wells Fargo, it's just built in to the crappy exchange rate you got. Been there, done that.


Yes built in fees. I'm missing something. How is 16.6 pesos yesterday at WF not a GREAT rate?

Since much is relative, I have no problem with the bank making profit on money when I'm getting 16.6 pesos.

Hook - 8-8-2015 at 03:00 PM

I would go over your math again, Lee. Even the posted internet has only been about 16.45 this week.

If you're math is good, then WFC is paying above the bank-to-bank rate to it's retail customers. Unheard of.

Lee - 8-8-2015 at 04:21 PM

15.33 pesos per $1.00 USD today at WF. Still a great deal to me.

msteve1014 - 8-9-2015 at 07:06 AM

I bank with WF. I have a transfer set up so I can send pesos to my self at the telegraph office in La Bocana because the nearest atm is 100 miles away.
I could have got 16.02 on the day you got 15.33, and I know that the atm would have been .2 to .4 pesos better. They always are.

If you changed $2000 at that rate, you paid 1380 pesos extra.

Not chump change.

Hook - 8-9-2015 at 07:41 AM

WOW, a telegraph office carries enough cash on hand to do that? What is the max they will allow you to get? Is it Western Union?

msteve1014 - 8-9-2015 at 08:23 AM

It is the telecomm/ telegraphos office. I have never asked about a maximum. I have sent 20000 pesos back when the rate was 13 or 14 to one. It took a few days to get. 5 or 10000 have been no problem.

Much better than driving to Vizcaino.

Lee - 8-9-2015 at 09:24 AM

Quote: Originally posted by msteve1014  
I bank with WF. I have a transfer set up so I can send pesos to my self at the telegraph office in La Bocana because the nearest atm is 100 miles away.
I could have got 16.02 on the day you got 15.33, and I know that the atm would have been .2 to .4 pesos better. They always are.

If you changed $2000 at that rate, you paid 1380 pesos extra.

Not chump change.


Yesterday, WF was selling pesos for 15.3. Day before it was 16.3. I doubt you will get a better rate than me at WF NOB. And my comments are only about NOB conversion.

Maybe you got in under the wire before the rates dropped? I think pesos peaked at 16+ and will slowly drop.

msteve1014 - 8-9-2015 at 09:45 AM

My account shows the rate as 16.02, right now, and since I started checking, after your 15.33 post.

Buying pesos at a WF branch in the States in NOT a good deal.

Marc - 8-9-2015 at 10:36 AM

My Wells Fargo branch has a foreign exchange department.

Lee - 8-9-2015 at 01:46 PM

Quote: Originally posted by msteve1014  
My account shows the rate as 16.02, right now, and since I started checking, after your 15.33 post.

Buying pesos at a WF branch in the States in NOT a good deal.


Agreed. 16.3 is a better rate than 15.3.

I don't believe WF has 2 rates. How about posting your rate?

msteve1014 - 8-9-2015 at 06:34 PM

16.3 ? who said that ?

Really, you need proof ? Get a warrant.

I only posted because 15.3 is NOT a good rate right now, and the OP was looking for GOOD exchange rates.

ncampion - 8-9-2015 at 06:54 PM

Changed pesos today at the Banamex ATM at the Ley market in Loreto. Got 10,000 pesos, BoA debit to my account was $622.90 including their fee. Also paid 30 pesos fee at the ATM. That's about 16.05 rate give or take.

Lee - 8-9-2015 at 10:40 PM

Quote: Originally posted by o3dave  

If anyone has a super deal NOB, I sure would like to hear of it.


WF has a good deal at 15.3. It's not a GREAT deal but when rates drop in the next few days, you'll wish you had bought. Anyone claiming higher rates, NOB, without proof, is trying to get attention.

Chupacabra - 8-10-2015 at 04:14 PM

The Costco in Chula Vista today (8/10) was 15.625, whereas the official rate is 16.16. Not bad I suppose.

However, it's kind of a pain going there, always crowded and the surface street traffic in that area is bad. Probably not worth the hassle for most folks when there's an ATM right there at the border crossing.

CortezBlue - 8-10-2015 at 04:18 PM

I am a wells fargo customer and they sell pesos at several of the locations here in Fenix and also I have bought them in Calexico, CA on 4th Street near the border

woody with a view - 8-10-2015 at 06:40 PM

the problem with atm's is the daily limit. if I need to pay a worker I guess he'll be happy with dollars. I can use my daily limit for fuel and whatever.

msteve1014 - 8-10-2015 at 09:23 PM

You can raise your limits. I can get $1000 from Fidelity, and $700 from WF. That is more than I need in one day.

Good plan to have more than one card

woody with a view - 8-11-2015 at 06:21 AM

Understood on the limit raising but I only pass ATMs once per trip each direction so that is problematic.

msteve1014 - 8-11-2015 at 07:54 AM

Quote: Originally posted by woody with a view  
Understood on the limit raising but I only pass ATMs once per trip each direction so that is problematic.


I'm in the same boat. Does BOLA have a telegraph office ? The transfer setup has saved me a lot of trips to an ATM.