BajaNomad

Transfer USD to USD

pacside - 1-28-2016 at 02:27 PM

Need to send some USD from my US bank account to my Bancomer USD account. Then I will txfr from my Bancomer USD account to my Bancomer Peso account. The transfer companies like USForex and Zoom only allow USD to MXN transfer.

I'm assuming the USD to USD transfer, than USD to MXN transfer is better for exchange rate and fees vs transfering USD from US account directly into my Bancomer peso account.

Any advice on how best to get maximum pesos and what online service to use?

Thanks a bunch.

pacside

BajaUtah - 1-28-2016 at 02:39 PM

I write a USD check and deposit in my Bancomer Peso account. 0 fees, 0 issues. Takes about 5 days to clear and have funds available. Easy Peasy

pacside - 1-28-2016 at 02:44 PM

I do that too BajaUtah when I'm in Baja. Currently owe someone and need to get dinero into my accounts but I'm in Northern California. :o

pacside

pacsur - 1-28-2016 at 03:00 PM

I believe you are better off wiring usd directly into your Mexican usd account and then transfer when the rate is acceptable to you.
There are a couple of banks that are not allowed to deal in dollars anymore after being caught up in money laundering, you can only deposit but not withdraw usd, and you get stuck with whatever rate they want to give, hsbc used to be one, might still?
You can also ask your bank manager to call DF and ask for a special rate to exchange at that moment, you just need to ask them what amount is sufficient to make the call, my minimum is usually $1000.00 usd.
I generally get really good rates online with Santander.

pacside - 1-28-2016 at 03:17 PM

Thanks pacsur. Do you know of any other less expensive way to get usd from usa to mx besides wiring?

My bank charges ridiculous wire fees...all in $60 bucks.

Thanks,

pacside

BigBearRider - 1-28-2016 at 03:32 PM

Have you considered paypal?

pacsur - 1-28-2016 at 04:12 PM

I know of no cheaper way to send money down, but when I wire money up for materials to my US suppliers I get charged $100-$125 usd between both banks.
My best way is to have usd cash and deposit as needed into dollar account and transfer when the rates seem best to me, but you need to plan ahead due to limits on cash deposits.

msteve1014 - 1-28-2016 at 04:38 PM

Wells Fargo has a system to send money to people in other countries. It cost me $4 usd to send up to $2000 I think. The exchange rate is not as good as ATMs, but close enough for the price. You may be able to send the money to your account.

BigBearRider - 1-28-2016 at 04:51 PM

I believe I just looked at the Wells Fargo system you reference when I made a wire transfer to BCS this week. The money is being transferred in pesos under that system.

Bob and Susan - 1-28-2016 at 05:13 PM

have you ever looked into DineroSeguro at your local post office in the usa

$1500usa a day costs 11bucks

https://www.usps.com/international/money-transfers.htm

Mexican workers in the usa use this all the time to send the "paycheck" home



msteve1014 - 1-28-2016 at 06:03 PM

Quote: Originally posted by Bob and Susan  
have you ever looked into DineroSeguro at your local post office in the usa

$1500usa a day costs 11bucks

https://www.usps.com/international/money-transfers.htm

Mexican workers in the usa use this all the time to send the "paycheck" home





I'm sure that is the thinking with Wells Fargo also.

Lots of workers in the U.S. sending money "back home".

Bob and Susan - 1-28-2016 at 06:30 PM

I think "workers" now days get paid by auto-bank-deposit...
no cash payments by employers normally in the usa these days

the "wife" at "home" just goes to the ATM and withdraws cash...
just like we do...pesos come out

the "worker" uses a debit card too for "stuff"

danaeb - 1-28-2016 at 06:39 PM

If you're paying the person in pesos, you can use xoom.com or western union. They do charge fees, but much less than wire transfer charges. You can do it with your credit card or through your bank account.

Sweetwater - 1-28-2016 at 06:55 PM

Quote: Originally posted by BigBearRider  
Have you considered paypal?


I've used PayPal to transfer funds and pay people within the US but not internationally. It's a very clean transfer and can come in and out of bank accounts or credit card accounts. Interested to hear if this works internationally.

micah202 - 1-28-2016 at 11:59 PM

Quote: Originally posted by Sweetwater  
Quote: Originally posted by BigBearRider  
Have you considered paypal?


I've used PayPal to transfer funds and pay people within the US but not internationally. It's a very clean transfer and can come in and out of bank accounts or credit card accounts. Interested to hear if this works internationally.


Yup, Paypal works worldwide.

karenintx - 1-29-2016 at 07:17 AM


I have never used this but maybe Wal-Mart is the answer...if there is one close to the party you need to send $$ to.

https://walmart.moneygram.com/MGOWap/flows/home?execution=e1...

Good Luck

pacside - 1-29-2016 at 02:51 PM

Thanks everyone for your suggestions.

Did a little research and decided to go with TransferWise. Here is what I got:

Amount sent: $2,995.00 USD
Converts to: Mex $54,336 MXN
Fee: FREE
Exchange rate: 18.1423
Savings: $116.41 USD

Pro:

Least expensive I could find. Uses the mid-market exchange rate with a fee of .05%. My first transaction was free. Better rate than XE.com or USForex.com at the time of transferring.

Very easy to register and use. No verification of drivers license or passport.

Founded by one of the Skype founders. Backed by Richard Branson and PayPal founders.

Con:

Takes 6 days. Says to expect money on Monday, Feb 8.

I did find a place that will send USD to USD Bank Account in MX for a flat fee of $15USD. It's called Align Commerce and they do currency transfers using bitcoin. I will try that next.

If you want to try TransferWise and get your first transfer free click link:

https://transferwise.com/u/0bd84a

Regards,
pacside