| Pages:
1
2 |
pascuale
Nomad
Posts: 224
Registered: 2-20-2005
Location: Somewhere South
Member Is Offline
Mood: Lets fish!
|
|
Buying Pesos
I am headed to Puerto Vallarta next week for some fishing at El Banco .
With the Peso Rate being pretty good right now, should I buy some pesos before my trip and use them? Should I just use U.S. Dollars? Does anyone know
a good currency exchange in SD area/ San Ysidro/ Otay? Thanks.
Ethan
|
|
|
DavidE
Ultra Nomad
Posts: 3814
Registered: 12-1-2003
Location: Baja California México
Member Is Offline
Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
|
|
Is there something that would prevent you from using an ATM card? Tourist magnets in Vallarta love dollars because only the most expensive golden zone
(poorest value) businesses accept dollars and then nick maybe ten percent off the exchange rate.
I would use dollars only up to such time as I could take a combi to a cajero automatico and get real money. Right after I checked into a hotel. My
dollars would be one's and five's, nothing larger unless I needed cash to check into the hotel.
On 805 at San Diego, exit San Ysidro Blvd. At the traffic light, at the bottom of the ramp, turn left and go under the freeway and keep going. About a
quarter mile further on your right side you will see a couple of exchange buildings with big bright signage advertising the buy and sell rate. You
will get the lower of the two rates exchanging dollars for pesos. Ignore the small exchanges that seemingly offer a better rate. Their so-called
"commission" will eat a large hole in your exchange rate. Do business with the places on the right.
Hope This Helps
A Lot To See And A Lot To Do
|
|
|
pascuale
Nomad
Posts: 224
Registered: 2-20-2005
Location: Somewhere South
Member Is Offline
Mood: Lets fish!
|
|
Thanks David, I appreciate the help. I will post a fish report upon my return.
|
|
|
David K
Honored Nomad
Posts: 65410
Registered: 8-30-2002
Location: San Diego County
Member Is Offline
Mood: Have Baja Fever
|
|
Costco in Chula Vista (near I-5) offers exchange to members.
|
|
|
chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
|
|
ATM is the way to go, BUT I got fewer pesos yesterday than I did a week ago....
|
|
|
thebajarunner
Ultra Nomad
Posts: 3754
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
Member Is Offline
Mood: muy amable
|
|
Costco in SY is where we change when we have a big group and a couple thousand dollars to swap- as per DK advice
For my personal needs I always use the ATM- best exchange rate in my opinion
But the ATM has a limit and if you are swapping major bucks then either a bank or the Costco works
|
|
|
Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
Member Is Offline
|
|
I exchanged pesos at Costco last week and the exchange rate was not favorable. But I was not going to shop around to save a few dollars. Normally I
go with ATM but needed to exchange more than normal.
|
|
|
pascuale
Nomad
Posts: 224
Registered: 2-20-2005
Location: Somewhere South
Member Is Offline
Mood: Lets fish!
|
|
Grassy mass amigos!!
[Edited on 6-9-2012 by pascuale]
|
|
|
Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
|
|
you really dont get the best rate at an atm
there are bank fees involved
best rate is at a cambio near the border
figure you NEVEAR get the internet rate
i wouldnt take dollars but a mixture
you can sell the pesos back when you return
|
|
|
DavidE
Ultra Nomad
Posts: 3814
Registered: 12-1-2003
Location: Baja California México
Member Is Offline
Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
|
|
Did the math coming down with both casa de cambio at San Ysidro, and a Bancomer ATM in Lazaro Card##as BC. Five dollars Wells Fargo transaction fee,
plus twenty two BBVC peso ATM fee. ATM beat out the best exchange rate in San Ysidro by .7%. Both were used on a Saturday around five hours apart.
Your mileage may vary.
A Lot To See And A Lot To Do
|
|
|
chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
|
|
Thats what I have found...
|
|
|
Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
|
|
can we see the math?
|
|
|
Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
Member Is Offline
|
|
| Quote: | Originally posted by DavidE
Did the math coming down with both casa de cambio at San Ysidro, and a Bancomer ATM in Lazaro Card##as BC. Five dollars Wells Fargo transaction fee,
plus twenty two BBVC peso ATM fee. ATM beat out the best exchange rate in San Ysidro by .7%. Both were used on a Saturday around five hours apart.
Your mileage may vary. |
It really depends on the size of the transaction with a flat fee of $5. The main convenience of using the ATM is not having to obtain USD first.
|
|
|
DianaT
Select Nomad
Posts: 10020
Registered: 12-17-2004
Member Is Offline
|
|
| Quote: | Originally posted by Bajaboy
I exchanged pesos at Costco last week and the exchange rate was not favorable. But I was not going to shop around to save a few dollars. Normally I
go with ATM but needed to exchange more than normal. |
We use the Costco exchange all the time and not too long ago we had a strange experience. We needed to exchange $1000.00 USD and we did not have our
passports with us and we don't like the paper work. Thus we did what we have done many times before. Away from the window we divided the money, I
exchanged $500.00, no problem.
John walks up and hands the lady $500.00 and she asked for his passport. He said I am only exchanging $500.00 so you don't need it. The lady pointed
at me and said, but you are with her and together you are over the limit. A bit sarcastically, John said he had no idea who I am. The lady finally
made the exchange. 
Costco is often not the very best rate, but it is fair enough and convenient for us.
|
|
|
DavidE
Ultra Nomad
Posts: 3814
Registered: 12-1-2003
Location: Baja California México
Member Is Offline
Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
|
|
Bob & Susan,
That transaction was performed in early March, for the sum of $500 US + 5.00 ATM fee + 22.40 BBVA fee incl. IVA. My destination was a place 120 KM
from the nearest ATM so I "loaded up". Wells placed a conversion fee atop subsequent transactions then stopped and re-credited my account. I am
fortunate enough to have online access to my VISA account, so at Baja Cactus I wi-fi'd it and then spent a half hour triple checking my figures, which
included the printed receipt from San Ysidro, and cross checking the ATM talon given to me by the machine in Lazaro Card##as.
ADDING the five dollar non-wells ATM transaction fee, PLUS the 22.40 BBVA fee to the TOTAL shown by Wells Fargo from my account, arrives at a gross
amount of monies withdrawn. Divide that by the amount of pesos given by the machine and presto: Real Life Tipo de Cambio.
I stopped in San Ysidro solely to get enough pesos to last until encountering the first convenient ATM machine. For me, convenient means ability to
access while hobbling with a cane. Ensenada banks were plugged with cars and ATM customers.
Keeping close track of my account is what lead me to determine accurately that BANAMEX /ATM machines are stingy compared to Bancomer BBVA machines. At
home I use wither Hongkong Shanhai Bank Corp., machines or ScotiaBank machines.
Try exchanging a very large amount of Dollars at a casa de cambio sometime. In 1988, I had to jump through hoops in San Ysidro exchanging 55,000,000
(that's fifty five million) pesos for dollars from a bank transfer from a cooperativa in Guaymas to the caracol branch of BanaMex in Ensenada. Today,
the way I understand it, things are far more strict, no comparison. Without the letter from Juan Lopez Ventura, with five signatures and seals on it,
and the Banamex transfer paperwork no one in San Ysidro would have touched that stack of 50,000 peso notes.
A Lot To See And A Lot To Do
|
|
|
Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
|
|
the reason i asked is because i did the same exercise the other day
the walk-in rate to exchange dollars in mulege was 13.9
the cambio at the border in san diego was 13.6
i got 1500 pesos out of the ATM from my usa bank account
USA fee $3.16 usa
Mexican bank fee $1.58
Total taken out of my bank account $110.88
actual in-the-pocket ATM rate turned out to be 13.52
if i took 110.88 to the cambio in san diego i would have received 1508 pesos
so in this case the cambio in san diego is a better deal
|
|
|
absinvestor
Senior Nomad
Posts: 725
Registered: 11-28-2009
Member Is Offline
|
|
The key seems to be the amount withdrawn. I get 6000 pesos at a time at the Mulege ATM. I get a $5 fee at Wells Fargo and another 22 pesos from the
ATM. I haven't been to the border for 6 months so can't compare that but the sign at Bancomer Mulege said they would have given me 13.42 pesos to the
dollar and on the same day I got a net 14.14 from Wells. (I took the net $ that Wells took from my account and subtracted the $5 fee that won't show
for a day or so to figure my actual rate of exchange. The 22 pesos doesn't show but is somehow figured into the amount that Wells takes from my
account) I can consistently get nearly 5% more at the ATM than the bank at Mulege.The same is true at Santa Rosalia.
|
|
|
DavidE
Ultra Nomad
Posts: 3814
Registered: 12-1-2003
Location: Baja California México
Member Is Offline
Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
|
|
Hi, I'm a little confused. Is there a bank in Mulegé now? Or a casa de cambio? "The Other Day" I got 14.25 pesos per dollar at a BanComer BBVA ATM.
For the last three days the rate has sagged to around 13.90 +1%, but I do not remember it being below that for the last week to ten days. I complained
when BanComer gave me 14.25 pesos (gross) versus Banamex 13.95. This was on the second of the month, eight days ago.
A Lot To See And A Lot To Do
|
|
|
absinvestor
Senior Nomad
Posts: 725
Registered: 11-28-2009
Member Is Offline
|
|
Yep there is a bancomer in Mulege. Just down the street from the laundramat and the ATM is next door.
|
|
|
Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
|
|
david...there has been a bank in mulege for a few years...
abinvestor
the posted rate is not the rate
the girl at the window gives you
the rate changes almost hourly
the posted rate is just a guide
since abinvestor doesnt know what the san diego cambio rate is then how can he compare or know if hes even getting the best rate
you do get a better rate if you walk in with dollars and exchange them but there is a monthly limit you can exchange without a tax
|
|
|
| Pages:
1
2 |
![[*]](images/xmbforum/default_icon.gif){kind=icon}
