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HeyMulegeScott
Senior Nomad
Posts: 699
Registered: 8-25-2009
Location: Orygone/Mulege
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USD - Peso hits 18.3
Whoo hoo. Great exchange rate today. I use Wise to get the best rate and send to my Intercam account from our US account. Get a free transfer up to
14,000 pesos with my affiliate link https://wise.com/invite/dtsc/scottdaniels2
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JDCanuck
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Posts: 1676
Registered: 2-22-2020
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Yes, suddenly the USD is climbing again after a prolonged period in decline. Same with CAD/MXN rates. We must use XeTransfer as Wise wont do the
CAD/MXN exchange for us. We are almost back to pre pandemic exchange rates now
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mtgoat666
Select Nomad
Posts: 18416
Registered: 9-16-2006
Location: San Diego
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Mood: Hot n spicy
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Peso fell earlier this week on news that there would be single-party majority in Mex govt., the market likes opposition to balance the excessive
tendencies of majorities.
Today the dollar jumped in value due to great numbers on nonfarm pay roll (thanks to bidenomics  ).
I wish you all good fortune in currency trading, hope you all succeed like george soros, eh!
How will you plan your currency trading between now and Nov 6?
[Edited on 6-7-2024 by mtgoat666]
Woke!
“...ask not what your country can do for you – ask what you can do for your country.” “My fellow citizens of the world: ask not what America
will do for you, but what together we can do for the freedom of man.”
Prefered gender pronoun: the royal we
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RFClark
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Posts: 2462
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Mood: Delighted with 2024 and looking forward to 2025
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goat,
Who knew! Too much government isn’t a “good thing” unless you keep score in $$$US! That’s 2 more Pesos to the dollar in just a few days BTW!
Until they bring that gold astroid back Gold is an excellent choice $2300ish going down so buy the bottom.
[Edited on 6-7-2024 by RFClark]
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HeyMulegeScott
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Location: Orygone/Mulege
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The US political arguments are stupid although in the good news equals bad news department today's strong job reports and continued low unemployment
spooked the stock market a little with concerns the Fed won't lower rates soon.
As for why the peso is falling there's the Mexico election results and according to this article unwinding of a carry trade where investors were
borrowing low interest yen or Swiss Franc and investing it in the peso where you can 11%. https://www.reuters.com/markets/currencies/unwinding-hugely-...
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AKgringo
Elite Nomad
Posts: 6032
Registered: 9-20-2014
Location: Anchorage, AK (no mas!)
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Mood: Retireded
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If this exchange rate had occurred mid-April, my La Paz dental work would have been $250 US dollars less than what I paid.
[Edited on 6-7-2024 by AKgringo]
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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surabi
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Well, it's always going to be like that when one is using a different currency from the currency of the country you're in. A Mexican visiting the US
right now has just seen the cost of everything go up for them if they are converting their pesos to US dollars.
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shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
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Mood: there is no reality except the one contained within us "Herman Hesse"
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I got 17.1 at Bancomer today...sigh
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surabi
Ultra Nomad
Posts: 4991
Registered: 5-6-2016
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The Mexican banks buy/sell rates are never good compared to other methods of exchange.
I live and work in Mexico. My clients, most of whom are American or Canadian, pay me in pesos. Let them be subject to whatever the exchange rate
happens to be- I have no use for their US dollars.
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AKgringo
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I did not use pesos or dollars, at least not in cash! I used a visa card linked to a US money market fund. I am sure there is a small service fee
involved, but the exchange is much better than using a bank or cabio.
Neither may dentist or myself have to deal with handling cash.
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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JDCanuck
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Quote: Originally posted by AKgringo  | If this exchange rate had occurred mid-April, my La Paz dental work would have been $250 US dollars less than what I paid.
[Edited on 6-7-2024 by AKgringo] |
I assume it was still a great bargain. I will be taking advantage of the great La Paz dental services this month too. Got tired of paying extremely
high rates for mediocre service up here.
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JDCanuck
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Once again if you missed the OP post and mine. The very best way to move foreign money to Mexico accounts so far is using a tiny fee and minimal
offset from midpoint transfer agent. Wise in the US or XeTransfer in Canada both facilitate conversions at great rates. Just going to the bank ATM or
worse yet a retailer will give them a larger margin so they can profit additionally by your transactions. If you love your retailer you may be happy
to support him in this extra way, if you are stingy like me...find the cheapest way to transfer funds and give away the savings to some other more
needy person.
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Timinator
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Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can
use at Mexican ATM's ?
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Ateo
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| Quote: Originally posted by Timinator | | Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can
use at Mexican ATM's ? |
x2
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HeyMulegeScott
Senior Nomad
Posts: 699
Registered: 8-25-2009
Location: Orygone/Mulege
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| Quote: Originally posted by Timinator | | Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can
use at Mexican ATM's ? |
Yes. Haven't used it myself but they have a Visa debit card option.
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AKgringo
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This thread is almost a month old, but the rate today is again at 18.33(+/-) to the US dollar.
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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ftrphb
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Registered: 10-6-2023
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17.8 in San Ysidro
17.5 in TJ
On 7-3-2024
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BooJumMan
Senior Nomad
Posts: 898
Registered: 8-11-2007
Location: San Diego
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| Quote: Originally posted by Timinator | | Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can
use at Mexican ATM's ? |
I just signed up the other day, using Scott's referral link and got to load up on pesos for free. You get to buy pesos at the current exchange rate,
which is nice. I've opted to get a physical card for use in Mexico. You pay in pesos and avoid any exchange rate mishaps. Also, they don't charge
foreign transaction fees. The only fee that will get you is the 2% for withdrawals at ATMs.
Thought this was a good article to read on what the differences are between a Wise account and a non foreign transaction fee credit card:
https://wise.com/us/blog/wise-card-vs-no-ftf-card
In that pre-Google Earth and social media epoch, The Code was adhered to. It was based on a simple verity: if a locale had been transformational for
you, and you had put the hard yards in to get there and to learn it, to know it, why in god�s name would you broadcast the news, thus ruining the
future experience not only for yourself, but for future adventurers?
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HeyMulegeScott
Senior Nomad
Posts: 699
Registered: 8-25-2009
Location: Orygone/Mulege
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| Quote: Originally posted by BooJumMan | | Quote: Originally posted by Timinator | | Can somebody explain Wise a bit to me? I don't have a bank in Mexico, can I open a Wise account and use/load a Wise ATM card with Peso's that I can
use at Mexican ATM's ? |
I just signed up the other day, using Scott's referral link and got to load up on pesos for free. You get to buy pesos at the current exchange rate,
which is nice. I've opted to get a physical card for use in Mexico. You pay in pesos and avoid any exchange rate mishaps. Also, they don't charge
foreign transaction fees. The only fee that will get you is the 2% for withdrawals at ATMs.
Thought this was a good article to read on what the differences are between a Wise account and a non foreign transaction fee credit card:
https://wise.com/us/blog/wise-card-vs-no-ftf-card
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Good info. Thanks for using the link. Still valid if anyone else wants to get a free transfer up to 14,000 pesos with my affiliate link https://wise.com/invite/dtsc/scottdaniels2
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HeyMulegeScott
Senior Nomad
Posts: 699
Registered: 8-25-2009
Location: Orygone/Mulege
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The peso is now at 19.3 and spiked at 19.8 briefly. The biggest driver seems to be the carry trade on the yen when the Bank of Japan had a surprise
interest rate increase. This also rocked the global markets. The carry trade is basically borrow a cheap interest yen and buy a high interest peso.
https://www.reuters.com/markets/us/global-markets-rout-posit...
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