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flyfishinPam
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Loreto/BBVA Bancomer no cash currency exchanges
I went into the highway branch this morning of Bancomer in Loreto and noticed a sign stating that as of April 1st, they will no longer exchange cash
foreign currency for pesos. US dollars are for deposit only. They then list documents required to open an account.
I asked if it was possible to exchange dollars if you're a tourist and was told no.
This sign was not posted in the downtown branch as I also had to use the teller in there today too. I did ask about tourists exchanging money they
said traveler's checks are OK, cash only for deposit.
Don't know what Banamex is doing but usually they're looser with their policies but tent to catch up to Bancomer's eventually.
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CaboRon
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This is just a scam by Bancomer to get the service fees for a new account.
[Edited on 4-17-2009 by CaboRon]
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flyfishinPam
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but this also applies to tourists who couldn't meet the requirements of opening an account. I think, well... I'll keep that to myself.
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CaboRon
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Bancomer will open an account for anyone who is stupid enough to pay their outrageous fees ....
It is interesting that the Bancommer ATM only dispenses pesos for the dollars in your state side account ....
[Edited on 4-17-2009 by CaboRon]
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DianaT
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Another thread about the same thing
http://forums.bajanomad.com/viewthread.php?tid=38237
However, my question was not answered. What about the ATMs ----will they still give out pesos when drawing on a US Bank account??
| Quote: | Originally posted by CaboRon
It is interesting that the Bancommer ATM only dispenses pesos for the dollars in your state side account ....
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That is what I hope they are still doing???
Diane
[Edited on 4-17-2009 by jdtrotter]
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bajalou
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| Quote: | Originally posted by CaboRon
Bancomer will open an account for anyone who is stupid enough to pay their outrageous fees ....
It is interesting that the Bancommer ATM only dispenses pesos for the dollars in your state side account ....
[Edited on 4-17-2009 by CaboRon] |
Wells Fargo and Citi bank won't give me pesos at their ATMs in the US.
What do you expect?
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And in the San Felipe area - check out Valle Chico area |
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flyfishinPam
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I think the ATM question depends on the bank. I would guess if the bank had an ATM that could dispense dollars or pesos you would have a choice. So
far in Loreto they all dispense pesos only. So of course if you draw out of a US account you will receive pesos in exchange for the amount of dollars
coming from that account.
Sorry about my posting this duplicate, I didn't realize it had already been addressed. I only go inside the bank once a month to pay seguro social
everything else I do electronically, but I wanted to give a heads up to tourists.
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DianaT
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| Quote: | Originally posted by flyfishinPam
I think the ATM question depends on the bank. I would guess if the bank had an ATM that could dispense dollars or pesos you would have a choice. So
far in Loreto they all dispense pesos only. So of course if you draw out of a US account you will receive pesos in exchange for the amount of dollars
coming from that account.
Sorry about my posting this duplicate, I didn't realize it had already been addressed. I only go inside the bank once a month to pay seguro social
everything else I do electronically, but I wanted to give a heads up to tourists. |
We depend on the ATM at the Bancomer for our pesos so we hope that does not changes.
Thanks and thanks for bringing the subject up again.
Diane
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EnseNADAslim
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It's been my understanding for a long time that you can only exchange money at Casa de Cambios, and yes, usually you need to have an account to
exchange money at any bank. If you notice the banks usually have a better exchange rate, thus I think they're providing a service for their customers
by exchanging their dollars for pesos.
I would not expect any ATM in Mexico to give me dollars,,,,,I mean come on folks,,,,uhhhh,,,we're in a foreign country. Next thing ya know we'll all
want Big Mac's----Dohh!!!! wait, that's right we can get those down here,,,,,,,,but what normal human would want a Big Mac.
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DianaT
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| Quote: | Originally posted by morgaine7
| Quote: | Originally posted by jdtrotter
What about the ATMs ----will they still give out pesos when drawing on a US Bank account?? |
If you mean what I think you mean ... using a US bank cash/debit card in a Bancomer ATM to get pesos ... I just did it two days ago for the first time
with no problem.
Kate |
Yes, exactly. It is the way we get pesos when we are down there, even though we have to drive almost 70 miles to get to the ATM. 
We were just concerned with this new twist in exchange inside, there might be a change in being able to access our US account.
Diane
[Edited on 4-17-2009 by jdtrotter]
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Don Alley
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I got pesos late this afternoon from the Loreto Bancomer ATM by the hwy, using a cash card from a small independent US bank. Nothing has changed.
I do know that a previous local Bancomer manager expressed some frustration existing at the bank over the amount of business they do with people
seeking free services, such as check cashing and money exchange. According to him, the long lines at the bank we had to wait in were mainly people
with no accounts, who provided no source of revenue for the bank. So maybe what they are saying here is to go to the currency exchange places that
make a profit exchanging currencies. Or use the ATMs, they charge a fee and make money.
Meanwhile, our local businesses will gladly accept your dollars at a convenient, easy to compute 10% rate!
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CaboRon
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| Quote: | Originally posted by flyfishinPam
I think the ATM question depends on the bank. I would guess if the bank had an ATM that could dispense dollars or pesos you would have a choice. So
far in Loreto they all dispense pesos only. So of course if you draw out of a US account you will receive pesos in exchange for the amount of dollars
coming from that account.
Sorry about my posting this duplicate, I didn't realize it had already been addressed. I only go inside the bank once a month to pay seguro social
everything else I do electronically, but I wanted to give a heads up to tourists. |
Banorte will dispense dollars if you have a dollar account in their bank ..... otherwise you get pesos for your dollars at the ATM
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flyfishinPam
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Thats nice but every bank is different.
In Cabo San Lucas right next to the American consulate that HSBC ATM dispenses pesos or dollars. I used it to draw off my B of A account and got
dollars. Never expected that.
Like it or not ensenada slim, our tourist driven economies depend on dollars and if getting dollars is convienent then guess what? spending them will
also be convenient. that's what we depend on here.
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MitchMan
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I am sorry, I apologize in advance for my blatant ignorance.
After reading all of the above replies, can I conclude that I can use my USA Bank of America USD checking account’s ATM Visa debit card at a Loreto or
La Paz Bancomer ATM machine to withdraw funds from said USD BofA checking account and get the withdrawal in Pesos from that Bancomer ATM at the
available Bancomer exchange rate at that moment in time?
If so, does the Bancomer ATM charge/deduct a fee for the withdrawal transaction? If so, How much is that fee?
I consider myself a smart guy, but in my life’s experience, every once in a while, something that is common knowledge to everyone completely escapes
me. Is this one of those times?
[Edited on 4-19-2009 by MitchMan]
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Bajahowodd
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It's almost a given that each bank will charge a withdrawal fee. Last time I used an ATM to get Pesos, it coast me a total of $5. Then, my U.S. bank
also charges a currency conversion fee. Moral of the story is make larger, less frequent withdrawals.
On another note, it was mentioned that some ATMs offer choice of Pesos or Dollars. Kinda have to decide whether purchasing in dollars is gonna work,
based upon individual merchant's rate of exchange. For my part, I think working in Pesos works best.
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comitan
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Last week all the Banamex ATM's were out of order? had to use Bancomer the service charge was $2.29. Shown on my online statement.
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Packoderm
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That is very interesting about traveler's checks being ok. I always bring them, but now I may bring a bigger ratio of my funds as traveler's checks. B
of A has my picture on file. It would be extremely helpful if they could print my picture on each traveler's check just as it appears on my ATM card.
That would go a long way towards making them more solvent in hotels, restaurants, and gas stations - though I have never really had much of a problem
in the hotels and bigger restaurants. I sometimes suspect that the more sinister forces in Mexico wish exclude traveler's checks as an accepted form
of funds. After all, it does offer great protection from loss, theft, and graft.
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rpleger
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I think what were talking about is walking into a bank with dollar bills and exchanging them for pesos. I don't know any bank that will do that
without having an account...Here in México or in the US...
Most people use an ATM card or a credit card to get cash anymore... Tourist use Travelers Checks.
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Mariz
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I have a Bof A debit card and it works in the ATM at Bancomer, that's how we get pesos also. They have a limit on the withdrawl(?), of $5000.00 pesos
per day, which is about $400-$500 usd, depending on the exchange rate.
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DianaT
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| Quote: | Originally posted by Mariz
I have a Bof A debit card and it works in the ATM at Bancomer, that's how we get pesos also. They have a limit on the withdrawl(?), of $5000.00 pesos
per day, which is about $400-$500 usd, depending on the exchange rate. |
I am glad the ATM is still spitting out pesos---however, I think the limit is put on by the US bank because we have drawn out a lot more that 5000.00
at one time at the Bancomer in Vizcaino.
We like to take more out at one time because the fee is the same.
Diane
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