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Author: Subject: Peso prices pegged to the Dollar or ???
Hook
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[*] posted on 1-21-2017 at 09:08 PM


Quote: Originally posted by vandenberg  
Get pesos before you cross and use credit card where ever possible They get you the best exchange rate. Tell your bank you're in Mexico.t


This is more than semantics. Don't use a CREDIT CARD, use a DEBIT CARD.

Many ATMs will take a CREDIT CARD, but that is basically a cash advance with big fees from your own bank. Then, the intl transaction fees, the Mexican bank ATM fees are added on top of that. There might not be a worse way to obtain pesos, except maybe a Thomas Cook at a mall or something.

My MIL foolishly had her local Chase branch obtain pesos for her in Colorado, before she came down. I remember the exchange rate, when it was all said and done, was about 15-20% less than the going rate at an ATM. It was highway robbery.

As I've mentioned before, many of the big supermarkets like Walmart, Sorianas, Ley, Mega give really fair exchange rates for using dollars. They can process them easily and it encourages gringos to shop there. It is often right at the best exchange rate I can get at an ATM. They change it daily, to keep it close.

Ged, the dollar is like no other currency in the world. It is accepted in many other countries; actually welcomed by many Mexican businesses, because it holds it's value so well. Not so with the peso or the loonie.

We have tourist shops, marinas, etc. that post prices in dollars only. Supposedly, that's illegal, but they have done it for YEARS, with no repercussions. If they priced in pesos, they would have to be changing prices all the time, to cover the goods they originally obtained in dollars, anyway.
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vandenberg
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[*] posted on 1-22-2017 at 07:51 AM


Hook, I'm not talking about using credit card for ATM use, but for restaurants and store purchases. The exchange rate is the same as stated daily by exchange houses and you get the rate of the previous day. And you get your 11/2% for using your card. Usually even better than paying in pesos.



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Hook
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[*] posted on 1-22-2017 at 08:42 AM


True. I misunderstood.
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