BajaNomad
Not logged in [Login - Register]

Go To Bottom
Printable Version  
 Pages:  1    3
Author: Subject: Loreto/BBVA Bancomer no cash currency exchanges
flyfishinPam
Super Nomad
****


Avatar


Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline

Mood: gone fishin'

[*] posted on 4-16-2009 at 04:57 PM
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.
View user's profile Visit user's homepage
CaboRon
Ultra Nomad
*****




Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline

Mood: Peacefull

[*] posted on 4-16-2009 at 04:59 PM


This is just a scam by Bancomer to get the service fees for a new account.






[Edited on 4-17-2009 by CaboRon]




View user's profile
flyfishinPam
Super Nomad
****


Avatar


Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline

Mood: gone fishin'

[*] posted on 4-16-2009 at 05:02 PM


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.



View user's profile Visit user's homepage
CaboRon
Ultra Nomad
*****




Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline

Mood: Peacefull

[*] posted on 4-16-2009 at 05:03 PM


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]




View user's profile
DianaT
Select Nomad
*******




Posts: 10020
Registered: 12-17-2004
Member Is Offline


[*] posted on 4-16-2009 at 05:06 PM


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 ....




That is what I hope they are still doing???

Diane

[Edited on 4-17-2009 by jdtrotter]




View user's profile
bajalou
Ultra Nomad
*****


Avatar


Posts: 4459
Registered: 3-11-2004
Location: South of the broder
Member Is Offline


[*] posted on 4-16-2009 at 05:17 PM


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?




No Bad Days

\"Never argue with an idiot. People watching may not be able to tell the difference\"

\"The trouble with doing nothing is - how do I know when I\'m done?\"

Nomad Baja Interactive map

And in the San Felipe area - check out Valle Chico area
View user's profile
flyfishinPam
Super Nomad
****


Avatar


Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline

Mood: gone fishin'

[*] posted on 4-16-2009 at 05:18 PM


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.




View user's profile Visit user's homepage
DianaT
Select Nomad
*******




Posts: 10020
Registered: 12-17-2004
Member Is Offline


[*] posted on 4-16-2009 at 05:22 PM


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




View user's profile
EnseNADAslim
Nomad
**


Avatar


Posts: 138
Registered: 1-15-2009
Location: Baja CA
Member Is Offline


[*] posted on 4-16-2009 at 05:28 PM


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.
View user's profile Visit user's homepage
DianaT
Select Nomad
*******




Posts: 10020
Registered: 12-17-2004
Member Is Offline


[*] posted on 4-16-2009 at 05:40 PM


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. :lol:

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]




View user's profile
Don Alley
Super Nomad
****


Avatar


Posts: 1997
Registered: 12-4-2003
Location: Loreto
Member Is Offline


[*] posted on 4-16-2009 at 06:15 PM


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!:biggrin:




View user's profile
CaboRon
Ultra Nomad
*****




Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline

Mood: Peacefull

[*] posted on 4-16-2009 at 06:48 PM


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




View user's profile
flyfishinPam
Super Nomad
****


Avatar


Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline

Mood: gone fishin'

[*] posted on 4-16-2009 at 06:56 PM


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.




View user's profile Visit user's homepage
MitchMan
Super Nomad
****




Posts: 1856
Registered: 3-9-2009
Member Is Offline


[*] posted on 4-19-2009 at 11:02 AM


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]
View user's profile Visit user's homepage
Bajahowodd
Elite Nomad
******




Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline


[*] posted on 4-19-2009 at 11:34 AM


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.
View user's profile
comitan
Ultra Nomad
*****


Avatar


Posts: 4177
Registered: 3-27-2004
Location: La Paz
Member Is Offline

Mood: mellow

[*] posted on 4-19-2009 at 11:49 AM


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.



Strive For The Ideal, But Deal With What\'s Real.

Every day is a new day, better than the day before.(from some song)

Lord, Keep your arm around my shoulder and your hand over my mouth.

“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
View user's profile
Packoderm
Super Nomad
****


Avatar


Posts: 2116
Registered: 11-7-2002
Member Is Offline


[*] posted on 4-19-2009 at 11:50 AM


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.
View user's profile
rpleger
Super Nomad
****


Avatar


Posts: 1087
Registered: 3-12-2005
Location: H. Mulegé, BCS
Member Is Offline

Mood: Was good.

[*] posted on 4-19-2009 at 12:08 PM


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.




Richard on the Hill

*ABROAD*, adj. At war with savages and idiots. To be a Frenchman abroad is to
be miserable; to be an American abroad is to make others miserable.
-- Ambrose Bierce, _The Enlarged Devil\'s Dictionary_
View user's profile
Mariz
Nomad
**




Posts: 219
Registered: 9-21-2008
Member Is Offline


[*] posted on 4-19-2009 at 02:17 PM


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.
View user's profile Visit user's homepage
DianaT
Select Nomad
*******




Posts: 10020
Registered: 12-17-2004
Member Is Offline


[*] posted on 4-19-2009 at 02:22 PM


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




View user's profile
 Pages:  1    3

  Go To Top

 






All Content Copyright 1997- Q87 International; All Rights Reserved.
Powered by XMB; XMB Forum Software © 2001-2014 The XMB Group






"If it were lush and rich, one could understand the pull, but it is fierce and hostile and sullen. The stone mountains pile up to the sky and there is little fresh water. But we know we must go back if we live, and we don't know why." - Steinbeck, Log from the Sea of Cortez

 

"People don't care how much you know, until they know how much you care." - Theodore Roosevelt

 

"You can easily judge the character of others by how they treat those who they think can do nothing for them or to them." - Malcolm Forbes

 

"Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else's hands, but not you." - Jim Rohn

 

"The best way to get the right answer on the internet is not to ask a question; it's to post the wrong answer." - Cunningham's Law







Thank you to Baja Bound Mexico Insurance Services for your long-term support of the BajaNomad.com Forums site.







Emergency Baja Contacts Include:

Desert Hawks; El Rosario-based ambulance transport; Emergency #: (616) 103-0262