CaboMagic - 8-23-2015 at 06:15 PM
www.TransferWise.com
You can sign up to be advised when they begin USD - MXN
[Edited on 8-24-2015 by CaboMagic]
Hook - 8-23-2015 at 08:23 PM
For the last 4 weeks, our branch of CI Banco has been selling Euros for 18.50 pesos per Euro.
I want 200 Euros as cash I can have in me pocket, when I hit Europe. For that, CI Banco wants 3700 pesos. I am buying Euros.
Just this past week, many of us got 16.6 pesos per dollar at ATMs. 3700 divided by 16.6 yields 222.89 US dollars. This includes all fees. I am buying
pesos with dollars.
If I take that 222.89 dollars and convert it to Euros on Branson's site, I get only 191.63 Euros. I am technically buying Euros with pesos, but I am
using the prevailing dollar/peso exchange rate, because most all my holdings are in dollars. I have to do a preliminary exchange.
Maybe my math is wrong but it appears I am getting about 5% more from my local CI Banco bank than the Branson site. Or maybe it is just a function of
how favorable the exchange rate on dollars/pesos is right now and CI Banco has not corrected yet.
The dollar strengthened dramatically at the end of last week (against the peso). I am going to be very interested to see if they have changed their
peso/Euro rate UP for buying Euros. In other words, will they now want MORE than 18.50 per Euro.
BTW, you MUST use cash for this exchange. No cards are accepted. Hmmmmm.................
Lori, if there is a CI Banco in Cabo, take a drive by and see if they have a posted Euro rate in the window. I am curious if it is the same as our CI
Banco rate.
CaboMagic - 8-24-2015 at 11:00 AM
Hook - CI Banco CSL Branch tel 52 624 143 1988
20.65 pesos = 1 Euro
Hope this helps! LG
Hook - 8-24-2015 at 11:58 AM
Yeah, they finally moved off the 18.50 mark today. No surprise, given the markets. Now 19.20 at about 10am today.
I passed. I have another couple weeks to wait.
Thanks for checking. Interesting that the branch rates would be so different, though it could have mattered what time of day one checked, today. Very
volatile situation.