BajaNomad - Found New Non-ATM Source For Pesos

Found New Non-ATM Source For Pesos

AlanDow - 2-8-2018 at 08:12 AM

Living in Bahia Asuncion has been a challenge when it comes to getting pesos as there is no bank or ATM in town, and the nearest one is in Vizcaino which is a 140 miles round trip (or 3 hours and 10 gallons of gas away). On top of that inconvenience, Bancomer (the only bank in Vizcaino) charges double the ATM fees of other banks (over 80 pesos). Which wasn’t so bad when I could get 15,000 pesos or more per transaction, however as many have experienced recently the banks have been lowering their ATM withdraw limits as a means to generate even more ATM fees (most recently the Vizcaino Bancomer’s per ATM transaction limit was 7000 pesos and the Banamex in Loreto was only 4000 pesos).

There is a Telecom office in Bahia Asuncion where I have been aware that those with Mexican bank accounts can withdraw up to 5000 pesos per day, however it is my understanding that I would need to obtain residence status to be able to open a Mexican bank account, and while I think I may seek permanent resident status someday, it is not something I want to pursue now - so I have been very frustrated with no easy and close access to cash here until my recent discovery of Remitly (remitly.com).

They offer a similar service to Xoom which I have used to transfer money to from my US bank account to the Mexican bank account of people I wanted to pay for services, etc. However in addition to being able to transfer money to a Mexican bank account I discovered that Remitly will also allow you to pick up the cash in person at Mexican Telecom offices (including the one here in Bahia Asuncion). I have since discovered that Xoom also allows for cash pick up at Telecomm offices, however Xoom charges a $5.00 fee versus Remitly’s transfers are free for amounts over $500, and Remitly has better exchange rates than Xoom - a check today found that Xoom is offering 18.10 pesos to the dollar, versus Remitly is offering either 18.13 or 18.32 (Remitly offers a dual rate structure - if you allow them to do an ACH transfer from your US bank and you can wait the 3 day hold period, you get the better rate, versus if you fund via a debit card for instant access to cash, you get the lower rate).

And I was pleased to find that for transfers of this type the local Telecom office will allow up to 30,000 pesos per transaction (versus the 5,000 limit for withdraws from local bank accounts) so no problem transferring enough to take advantage of the “no fee” transfer (any amount over 10,000 pesos). I have done this successfully three times and paid no fee to Remitly, my US bank, or the Telecomm office here in Bahia Asuncion. The first time took a little longer as I had to register as a Telecomm client (just needed to provide my passport with home country address - also you need to show your passport each time you pick up the cash). So I am happy to share this option with others who might benefit from it.

Udo - 2-8-2018 at 08:33 AM

Does the local Telecom office actually have $30,000 Pesos available to fund on a regular basis?

They may do as the regular Mexican banks do when the ATMs get low on money...issue limited amounts of cash.

AlanDow - 2-8-2018 at 09:05 AM

When I registered with the Telecom office I was told for amounts over 20,000 pesos to expect that they would likely need a day or two notice in advance of me picking up the cash. So far I have had no trouble getting up to 12,000 pesos, although one time when I showed up near closing time they barely had enough cash, so I would not be surprised if sometimes they would not have the money on hand (just like I am not surprised when sometimes the ATM does not work).

chavycha - 2-8-2018 at 09:09 AM

Thanks for the find and info, Alan.

Certainly will beat having to drive to Guerrero Negro or Santa Rosalia when the Vizcaino ATMs are pitching a fit.

Hook - 2-8-2018 at 09:17 AM

This sounds like something you may regret sharing. I cant imagine a telecom office keeping enough pesos for every gringo in need in Asuncion.

motoged - 2-8-2018 at 10:40 AM

Not sure where the regrets would come from.....unless Alan cleans out the peso stash in Asuncion leaving others to make the trek to Viz or GN

... or if folks start asking Alan to become an interim banker ....

Alan....5% service charge could cover Saturday tacos :light:

woody with a view - 2-8-2018 at 11:14 AM

Look into Stellar Lumens. Probably too much trouble at this point but it is the future of person to person cash transfers. Costs a fraction of a penny and settles in seconds.

elfbrewery - 2-8-2018 at 02:17 PM

How does remitly make money on this transaction?

Hook - 2-8-2018 at 03:13 PM

Quote: Originally posted by motoged

Not sure where the regrets would come from.....unless Alan cleans out the peso stash in Asuncion leaving others to make the trek to Viz or GN

Actually, if many started using the same method, Alan could be the one left out and feeling regret.

Is this office something akin to a Western Union office?

BajaBlanca - 2-8-2018 at 04:18 PM

Cash is an issue in our small towns...but the cooperatives support the telecoms so that their workers don't have to drive to Vizcaino or G Negro for money. Our cooperativa in La Bocana regularly makes huge deposits, especially right before the 1st of the month so that pensioners have access to cash.

Thanks so much for sharing this new system! Les is gonna like this news a lot.

On a similar note - we transferred money to the telcomm via wells fargo which charges $5 for any amount up to $1500 dollars. Surprised to find that here in La Paz, the offices are open until 6 pm and open on Saturdays. As long as you transfer less than $30,000 pesos, all you need is your passport to pick cash up. And for amounts over that, you simply need to bring proof of address along with passport.

Every day something new!

[Edited on 2-9-2018 by BajaBlanca]

chavycha - 2-8-2018 at 09:30 PM

Quote: Originally posted by BajaBlanca

Cash is never an issue inour small towns...

Ever tried to buy things (other than gas) when all you have are 500p notes?

msteve1014 - 2-8-2018 at 10:09 PM

Quote: Originally posted by chavycha

Quote: Originally posted by BajaBlanca

Cash is never an issue inour small towns...

Ever tried to buy things (other than gas) when all you have are 500p notes?

At the co-op "supermarket" it is no problem. I still find myself hoarding 20s and 50s for the "normal markets".

SunDevil - 2-9-2018 at 07:01 AM

Looking at https://www.remitly.com/us/en/home/partners#Mexico, they say ...

"Recipients can have money deposited directly into most major banks or pick-up cash at thousands of locations across Mexico such as: Bancomer, Elektra, BanCoppel, Bansefi and many more!"

I addition to telecom De Mexico, stores like Walmart and Soriana are in the list.

If anyone is able to pick up cash at a location other than Telecom De Mexico that would be good to know.

Rossman - 2-9-2018 at 07:09 AM

I just signed up with Remitly this morning and nice little bonus is that they are offering 20 pesos per dollar US for my first $500 transfer. 20 per dollar with no fees is a great deal.

BajaBlanca - 2-9-2018 at 07:12 AM

Here in La Paz my students tell me that they transfer monies at any oxxo from one bank account to another.

rts551 - 2-9-2018 at 07:20 AM

Quote: Originally posted by BajaBlanca

Cash is an issue in our small towns...but the cooperatives support the telecoms so that their workers don't have to drive to Vizcaino or G Negro for money. Our cooperativa in La Bocana regularly makes huge deposits, especially right before the 1st of the month so that pensioners have access to cash.

Thanks so much for sharing this new system! Les is gonna like this news a lot.

On a similar note - we transferred money to the telcomm via wells fargo which charges $5 for any amount up to $1500 dollars. Surprised to find that here in La Paz, the offices are open until 6 pm and open on Saturdays. As long as you transfer less than $30,000 pesos, all you need is your passport to pick cash up. And for amounts over that, you simply need to bring proof of address along with passport.

Every day something new!

[Edited on 2-9-2018 by BajaBlanca]

You can always come use our Banamex ATM, Blanca.

shari - 2-9-2018 at 07:51 AM

Did you find out about Remitly from the link I sent all my friends when someone told me about it? I am very happy with the service although it is not available from Canada...but I didnt know you could pick it up at the telegraph office....kewl!

The issue will definitely be you guys cleaning out the Telegraph office of money. Much of the time they have so little cash they limit transactions to a few thousand pesos...often as little as 2-3,000,so dont count on it that's for sure but it is a great alternative....and a fantastic exchange rate.

Rossman - 2-9-2018 at 08:38 AM

Quote: Originally posted by shari

Did you find out about Remitly from the link I sent all my friends when someone told me about it? I am very happy with the service although it is not available from Canada...but I didnt know you could pick it up at the telegraph office....kewl!

The issue will definitely be you guys cleaning out the Telegraph office of money. Much of the time they have so little cash they limit transactions to a few thousand pesos...often as little as 2-3,000,so dont count on it that's for sure but it is a great alternative....and a fantastic exchange rate.

Driving a half mile and being told I may have to wait a couple days is better than driving 250 miles and have my expectations violated at the ATM.

caj13 - 2-9-2018 at 09:16 AM

for dumb gringos like me: can someone confirm or set me straight

I open an account with remitly, and put in 500 bucks US - get 19.8 peso per $ (that seems to be the rate) , and load an ap on my phone.

then when i go to Mexico, i use my cell phone to transfer money from the account to myself - and then go pick up the pesos at one of the partners - walmart - etc all of those entities listed. and to pick up the pesos, I show my passport? and no fees charged by the dispensing company ?

am I understanding this correctly?

[Edited on 2-9-2018 by caj13]

AlanDow - 2-9-2018 at 11:53 AM

Interesting comments about I might be sorry for sharing due to us gringos overwhelming the local Telecom office? Maybe, however in addition to not being my style to hoard useful info, upon reflection I figure at any one time there are no more than a dozen or so gringo households hanging their hat in Asuncion, and assuming they get out 10,000 pesos at a time (to take advantage of the no fee transfer) and assuming that amount would last a minimum of two weeks before needing another transfer, that equates to an average of only one gringo household withdraw from the local Telecom office per day - doubt much of a problem. And as Ross said no big deal to be turned down and have to try again tomorrow in our own town - versus that happening after driving 250 miles (to Guerrero or 140 miles to Vizcaino).

Shari, I found Remitly on my own via an advertisement by them that they offered a better deal than Xoom (which I had previously) via their better exchange rate and their no fee for transfers over $500. As I looked into them, I saw where they offered cash pickup and so I drilled down to see if by chance Telecom was an option - to my surprise it was listed by Remitly as pickup location. However my hopes were temporarily dimmed when I asked a fluent Spanish speaker to stop by the Telcom office to verify this with them, and they said they had never heard of Remitly. So I decided to just try an initial small transfer to see what would happen when I walked in with a receipt and asked for the money. After some head scratching by them and searching online, they were able to confirm the transfer and give me the money. Things went smoother each time after that.

Caj13, as long as you have access to the internet while in Baja, you do not need to transfer the money before you cross the border. You just go to the remitly website and sign up and choose your funding source - either via giving them your bank routing number and account number so they can do an ACH electronic withdraw, or with a debit or credit card (caution if you use a credit card you will likely pay both a cash advance fee and or a foreign transaction fee to the credit card issuer). You get the better exchange rate if you fund by letting them do the ACH electronic transfer, however you have to set up the transfer 3 days before you need the money as there is a 3 day hold with that option. Also you have to declare at the time you set up the transfer which entity you will pick up the money (versus decide to stop by a walmart or telecom office afterwards) you do not have to pick the specific location just the specific entity - walmart or Telecom, etc. I have only picked up at our local Telecom so cannot speak to how this works at walmart or any of the other listed pickup locations.

4x4abc - 3-19-2018 at 09:47 AM

after a 6 hour on the phone/online exchange with remitly.com I can only say "I am peeed - very peeed"
They won't transfer money because I am in Mexico at the time of the proposed transaction.
"You can only transfer money from the US to Mexico when you call from a US phone for verification" (everything else is handled online) a customer rep tells me.

Similar experience with xoom.com a few days ago.

Only transferwise.com offered a smooth transaction

I am testing alternatives to paypal or bank wire at the moment

ncampion - 3-19-2018 at 10:00 AM

Another possibility is using Western Union. I regularly send pesos to one of my workers using the WU app on my phone. It's instant and he can pick up the cash at the Ley Market in Loreto. It does cost me $5 but no other fees. I haven't tried it yet, but I'm sure I can send money to myself just as easily. You just need ID and the "code" that WU provides the sender. There's a whole list of places in Baja that WU money can be picked up.

pacsur - 3-19-2018 at 10:50 AM

Get a magicjack number, download app on smart phone, you can text also.

Quote: Originally posted by 4x4abc

after a 6 hour on the phone/online exchange with remitly.com I can only say "I am peeed - very peeed"
They won't transfer money because I am in Mexico at the time of the proposed transaction.
"You can only transfer money from the US to Mexico when you call from a US phone for verification" (everything else is handled online) a customer rep tells me.

Similar experience with xoom.com a few days ago.

Only transferwise.com offered a smooth transaction

I am testing alternatives to paypal or bank wire at the moment

SunDevil - 3-19-2018 at 10:57 AM

I wonder if using a google voice number would satisfy the remitly requirement of having a US phone for verification.

Google Voice is a free service that allows people to choose a local number for voice mail and calling purposes.

You can link your Google Voice number with your cell phone number and/or land line, so that you receive a call on all your phones and easily forward calls to transcribed voice mail when you are unavailable.

Follow these directions to get a Google Voice phone number and start to use your account.

https://www.wikihow.com/Get-a-Google-Voice-Phone-Number

aguachico - 3-19-2018 at 12:02 PM

Quote: Originally posted by Rossman

I just signed up with Remitly this morning and nice little bonus is that they are offering 20 pesos per dollar US for my first $500 transfer. 20 per dollar with no fees is a great deal.

Hey Ross;

thanks for the heads up. I'm signed in and today the rate is 19.75. Going to move a block into my bancomer to test the inbound fees.

4x4abc - 3-19-2018 at 12:44 PM

yes, I could use all kinds of tricks and workarounds to get those money transfer guys to do what they are promising they might do.

I like straight forwardness and honesty. I am already surrounded by thieves and cheaters - but I refuse to become one of them. If needed, I'll use pigeons to fly in my money

PaulW - 3-19-2018 at 01:16 PM

Bancomer in San Felipe now works with my Well Fargo card.
Last count I see 5 different bank ATMs here.

4x4abc - 3-20-2018 at 12:53 PM

for all of you considering remitly.com to transfer money - don't!

https://tinyurl.com/yd5bhdq2

[Edited on 3-20-2018 by 4x4abc]

caj13 - 3-20-2018 at 08:25 PM

Quote: Originally posted by 4x4abc

for all of you considering remitly.com to transfer money - don't!

https://tinyurl.com/yd5bhdq2

[Edited on 3-20-2018 by 4x4abc]

Thanks,just crossed em off the list!

aguachico - 3-21-2018 at 08:19 AM

All the complaints seem to indicate the company has to be diligent about transfer amounts. Maybe to avoid being a drug runners bank?

There are other online exchange houses.

I plan to try it soon.

Paco Facullo - 3-21-2018 at 09:34 AM

Quote: Originally posted by aguachico

All the complaints seem to indicate the company has to be diligent about transfer amounts. Maybe to avoid being a drug runners bank?

Ya, that's what they say BUT once a person has been properly vetted there shouldn't be ANY more problems.

I believe that they simply want to "hold" onto as much money for as long as possible to use it to their advantage.

MulegeClavo - 3-21-2018 at 02:43 PM

I recently used Remitly as I was having trouble getting pesos out of the ATM. I did have a problem at the Bancomer. Bancomer has a $500 dollar limit and I submitted my transaction number and passport to the teller. My passport has my middle name and the transaction omitted it, so the teller would not release the funds. I e-mailed Remitly and ended up in a phone conversation with them. They added my middle name and I was then able to get my pesos.

I have not used them again as my ATM problem has been solved. They did offer a first time user bonus of 19.75 pesos per dollar and seem to offer a slightly better rate than the ATM. You can find many happy reviews also if you Google Remitly happy. Just saying.

aguachico - 3-23-2018 at 07:40 AM

Quote: Originally posted by MulegeClavo

I recently used Remitly as I was having trouble getting pesos out of the ATM. I did have a problem at the Bancomer. Bancomer has a $500 dollar limit and I submitted my transaction number and passport to the teller. My passport has my middle name and the transaction omitted it, so the teller would not release the funds. I e-mailed Remitly and ended up in a phone conversation with them. They added my middle name and I was then able to get my pesos.

I have not used them again as my ATM problem has been solved. They did offer a first time user bonus of 19.75 pesos per dollar and seem to offer a slightly better rate than the ATM. You can find many happy reviews also if you Google Remitly happy. Just saying.

Thanks for the info. I will update my middle name. How much did Bancomer charge to receive the the transfer?

MulegeClavo - 3-23-2018 at 08:33 PM

There was no charge from Bancomer. I guess they get a piece of the action from Remitly.

aguachico - 3-23-2018 at 10:42 PM

Thanks. Hitting bancomer manana. I have an account, It's locked for online usage, soooo I gotta fix that. confirm I can transfer and move $500 @19.75. That's a good profit. My bancomer account is an emergency account only.

4x4abc - 3-24-2018 at 11:46 AM

am still in the process of testing the major 3 online money transfer companies.
So far only Xoom.com has been able to send money to where I wanted it.
Not fast and with a lot of frustrating customer service interactions.
It kinda worked, but I would not recommend it.

Remitly.com flocked up really bad - stay away!

Transferwise.com is still trying to deliver my money.
got a message week after I initiated the transfer - they claim, the money was sent back
no explanation why
customer service takes 3 days to respond per email
no online tracking where your money is
maybe next week sometime, they say
so, even if the transaction works out - I will not use their "service" in the future

bottom line - online money transfers could be a brilliant service for people away from home needing money. Filling in where the old crusted banks have no idea what to do. But at the moment none of the providers can deliver what they promise. Sometime creating more nightmares that you are already in.

Most reliable solution: ask a friend at home to wire you some money from their account - because transferring money from your US account to their US account can be done online no matter where you are on the planet.

aguachico - 3-24-2018 at 05:04 PM

I hope this works.
Lost out on a better rate dicking around with bancomer. Bancomer will not allow me to use their website nor phone app because I do not have a mexican phone number. For having such a large economy the country is a joke at times

4x4abc - 3-24-2018 at 09:08 PM

the same is true for those transfer services sending money from the US - if you want to activate a transfer and use a MEX phone, they will cancel the transaction

aguachico - 3-25-2018 at 08:37 AM

Quote: Originally posted by 4x4abc

the same is true for those transfer services sending money from the US - if you want to activate a transfer and use a MEX phone, they will cancel the transaction

Is that what happened to you and remitly? They wouldn't transfer money for you because you live in Mex, have a Mex phone #? Have you setup a google phone?

I may try setting up a google phone with a Mex number and run the Bancomer App thru that number.

Apparently the money is deposited in my account. I cannot check it because of Bancomer online restrictions. If the transfer was free, I took advantage of the one time offer. Now the rate is 18.23 for a slow transfer and 10.0 for a fast transfer.

The advantages to going online is many. Not carrying dollars to exchange for pesos. Not carrying a lot of pesos. I can pay for services for vendors like Shari easily. I can, in the case of an emergency, get a hold of more cash than I like to carry while camping.

Alm - 3-26-2018 at 04:38 PM

When it requires a phone verification - with local number, at that - this is not quite an online service.
Google phone is on the way out, I've heard.

Except for Xoom, is there anything else available in Canada?

micah202 - 3-27-2018 at 01:01 PM

Quote: Originally posted by aguachico

The advantages to going online is many. Not carrying dollars to exchange for pesos. Not carrying a lot of pesos. I can pay for services for vendors like Shari easily. I can, in the case of an emergency, get a hold of more cash than I like to carry while camping.

....if that's all you need,, try using a debit card at banks.

You can keep funds low in your debit account, Etransfer from another account when needed. I kept 2 debit cards,, one or the other always seems to work in Mex.

aguachico - 3-27-2018 at 05:07 PM

Quote: Originally posted by micah202

Quote: Originally posted by aguachico

That works, but US ATM's are not free, do not always work.

The word 'emergency' is the key. After 20 years of hauling pesos, this is a good option to have.

Current exchange rate is 18:1. Haven't hit the Bancomer ATM, maybe Thurday.

aguachico - 3-30-2018 at 07:37 AM

Hit the ATM bancomer. All of the funds were deposited into my accoung.
No fees. 19.5 intro rate. Yesterdays street price was 17.2

Thanks Ross