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Phil S
Super Nomad
Posts: 1205
Registered: 10-28-2003
Member Is Offline
Mood: After 34 years. Still in love w/ my wife
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Exchanging dollars for pesos
Other than using ATM machines, as discussed earlier. Has anyone noticed a slacking off of this recent rule? I used to go to my bank in Oregon and
collect a few thousand dollars woth of peso's before heading south. It would take a phone call to Portland's main branch, and I'd have the money the
next day. This worked for years. Then one year when the money showed up, a bill of several hundred dollars was attached. I had the bank send the
money back, and they had to eat the bill. They weren't too happy over that, either. Oh well. I had no advance notice. Seems all the banks no longer
do that. The peso's are purchased from money brokers for a fee. And I might add a fairly sizeable fee at that. I tried a credit union I also use,
and found the same thing with them?????? Anyone have a source where they still get peso's from their bank/credit union for a small fee??????
I would still prefer to carry peso's with me, rather than stop at an ATM machine that might be 'watched'!!!!! Or a bank that might have someone
outside watching for a transaction of cash. Has anyone stopped at a "resort" or large department store and inquire for dollars for peso's
exchange.?????? Like maybe in Ensenada at the WalMart store for an example. Where would this work in Ensenada?
[Edited on 9-27-2010 by Phil S]
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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I must question the wisdom of "sending the money back" and still paying the service charge.
Since I don't know where you travel in Baja, I cannot recommend any specific location. However, since a number of folks on this board have raved about
the money exchange in Costco, Chula Vista, if your are Costco member, you might consider going there.
That said, we've used ATMs up and down Baja for years. Most of them are located in, or adjacent to banks. And we go there during daylight. Except for
a few reports of scoundrels using external card readers to clone cards, I really am unaware of any posts on here by people who have been robbed/
mugged at ATMs in Baja.
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
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Mood: Everchangin'
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although you have to admit, a gringo pulls up to the bank and walks to the atm......
easy money.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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Phil
Just use the ATM in the Commercial Mexicana in Ensenada.....get your cash, wander around and get some pastry and water or beer then be on your
way.....no problems
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Udo
Elite Nomad
Posts: 6364
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
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Phil:
I have tried to exchange Dollares into Pesos for the last few months. It is getting to be increasingly difficult to exchange at a supermarket
(Walmart, Sorianas, Calimax). They all insist that US Dollars are the defacto currency in most of Baja...go figger!
Don't count on the banks either!
The only places that exchange freely is at the Costco in San Diego, and a few exchange houses that are attached to gas stations as you drive toward
Otay Mesa (I never cross at San Ysidro). But their exchange rate seems to be about 1/2 peso less than the current daily exchage posts. (even though
their signs say no commissions...my a$$).If you exchange $500.00 U.S. you end up losing about $5.00. If taking the local businesses exchanges, rates
are anywhere from 10-12 pesos per Dollar.
You get it in the shorts no matter what.
Udo
Youth is wasted on the young!
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bajamigo
Super Nomad
Posts: 1218
Registered: 6-17-2006
Location: Punta Banda, BC
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Mood: hubimos llegado
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No commission=big spread.
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Santiago
Ultra Nomad
Posts: 3531
Registered: 8-27-2003
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I quit using USA banks long ago, outrageous fees. If you have 'merican then do the Costco in Chula Vista just east of I-5 (they close the cambino
window at 3:00pm). You do not need to be a member - just walk in the exit door and the window is straight ahead to your left.
But really, ATM is the way to go - Baja Guy knows whereof he speaks.
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lizard lips
Super Nomad
Posts: 1469
Registered: 8-30-2002
Location: EARTH
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Open an account at Bank of America and when you come down take it out at the Santander bank for NO FEE. We have been doing this for years and it works
every time. I live here and if I was to exchange at the Casa de Cambio or get the large attached fee at other ATM's I would be just throwing my money
away.
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lizard lips
Super Nomad
Posts: 1469
Registered: 8-30-2002
Location: EARTH
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You also get the current exchange rate for that day at Banco Santander which is always good.
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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That's a great idea, if you are traveling anywhere that has a Santander. They are not ubiquitous in Baja.
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lizard lips
Super Nomad
Posts: 1469
Registered: 8-30-2002
Location: EARTH
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There are only 9400 branches in Mexico and everywhere in all of Baja
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oxxo
Banned
Posts: 2347
Registered: 5-17-2006
Location: Wherever I am, I'm there
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Mood: If I was feeling any better, I'd be twins!
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We use Santander up and down Baja. They are available in most larger towns along Hwy 1.
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Phil S
Super Nomad
Posts: 1205
Registered: 10-28-2003
Member Is Offline
Mood: After 34 years. Still in love w/ my wife
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Thanks to all who resonded. Great ideas. Looks like I'll give Costco a visit in Ensenada. viva la Nomads!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Lee
Ultra Nomad
Posts: 3597
Registered: 10-2-2006
Location: High in the Colorado Rockies
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| Quote: | Originally posted by lizard lips
Open an account at Bank of America and when you come down take it out at the Santander bank for NO FEE. We have been doing this for years and it works
every time. I live here and if I was to exchange at the Casa de Cambio or get the large attached fee at other ATM's I would be just throwing my money
away. |
BofA has a program called Global Alliance ATM with a reciprocating bank in Mexico: Santander.
This is from that program:
''In addition, an International Transaction Fee will be charged for ATM Card and Check Card transactions made for foreign purchases or ATM cash
withdrawals in currency other than U.S. Dollars, regardless of whether or not the transaction occurred at an ATM in a country covered in the ATM
Global Alliance. The International Transaction Fee will be 3% of the U.S. Dollar amount for each converted purchase or 1% of the U.S. Dollar amount
for each converted ATM cash withdrawal. This International Transaction Fee will appear as a separate item on your banking statement for each
international transaction.''
This looks like there is NO FEE if the transaction is done in USD's. If the withdrawal is made in Pesos, then the International Transaction Fee
applies.
Is that right?
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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I've been using a BofA ATM card at Santander for years to get pesos. No charge...................yet. The withdrawal process was modified several
months ago to include a new screen that shows the withdrawal fee that will be applied. It always shows $0.00. But something is at hand, maybe. 
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irenemm
Senior Nomad
Posts: 623
Registered: 7-16-2009
Location: vicente guerrero, baja
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Mood: relaxed
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Costco in Ensenada will only let you spend 100.00 dollars. No exchange.
they have signs at the register.
the same at Smart and Final they will ask you before your order is rang up.
I did not ask at walmart. but this is the new law as of Sept 13th. NO more than 100. per transaction.
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krafty
Super Nomad
Posts: 1052
Registered: 8-23-2010
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We have a b of a acct. and an acct. @ Santander-never a fee
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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Look. Use Santander's ATM and withdraw pesos from your B of A checking account. It is the cheapest way to go. I monitor the internet exchange rate
and the actual exchange rate that I experience by getting pesos from Santander's ATM .. religiously. The bottom line exchange rate that you get using
this method is the best. To do anything else, generally speaking, is irrational.
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La_Diva
Newbie
Posts: 3
Registered: 8-31-2010
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You can open an account at Santander with pesos, it used to be $500.00 not sure what it is now, open account at B. Of A. you can pick up your cash
here in Baja in pesos, I had an account there for yrs. never had any problems, ask the Executive (nicely) to waive the fee. and if you see it there,
just call them or go to the one that open your account and he will take care of it. or just let me know.
Don't be so afraid of everything and everybody, I don't think we are so bad, there is a reason we move here, we just have to be careful the same way
has we do everywhere else. We really are nice
people.http://forums.bajanomad.com/images/smilies/spin.gif
You can not be happy if you are afraid, we just have to be careful.  
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cftlet
Nomad
Posts: 119
Registered: 11-13-2008
Location: Grants Pass,OR.
Member Is Offline
Mood: Modelo Negro on my mind
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When did cosco change their max to $100 I used it this spring and we were allowed to exchange $1000 each? What is the exchange rate now? Three more
weeks and then our Baja winter start.
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