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elfbrewery
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bank rate for deposit of USD into peso account
Has anyone within the last week deposited USD into a peso account? I would like to know what exchange rate you got so that I can fix a rate for a
fundraiser. Thanks!
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JDCanuck
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Right now the Peso MXN/USD rate on Forex is 20.5197 Bank buy/sell rates will be offset from that depending on how much they charge.
[Edited on 1-14-2025 by JDCanuck]
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bajatrailrider
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Most banks in Mex dont give good rate Today Ensenada ex house 19.95 to 20.00
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elfbrewery
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bajatrailrider - thank you.
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elfbrewery
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JDCanuck -
I know what you can find out on the internet, etc. My experience has been that when you actually walk into the bank and make the deposit, it's about
10% less than the international bank rate. It's a real wake up call, so that's why I'm asking what people are actually seeing. BBVA is the bank I've
had this experience with. Hope you understand what I'm asking for.
Thanks for your reply.
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JDCanuck
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Quote: Originally posted by elfbrewery  | JDCanuck -
I know what you can find out on the internet, etc. My experience has been that when you actually walk into the bank and make the deposit, it's about
10% less than the international bank rate. It's a real wake up call, so that's why I'm asking what people are actually seeing. BBVA is the bank I've
had this experience with. Hope you understand what I'm asking for.
Thanks for your reply. |
Yes, thats very true. There are transfer agents you can transfer the money with that charge a very small fee and give you very close to the forex mid
rates if you are actually transferring funds Wise in the US or XETransfer in Canada have the lowest fees I have seen.
[Edited on 1-16-2025 by JDCanuck]
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JDCanuck
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And 10 percent is very extreme. Are you wanting the average buy or sell rate? We found CitiBanamex about the best on average in La Paz. Looks like
Bajatrailrider had an offset about 3 % for today and that looks about as good as it gets and 20.00 is a nice round figure.
[Edited on 1-15-2025 by JDCanuck]
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surabi
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You can look online to see any bank's current buy and sell rates. But I have never seen rates that amounted to a 10% loss. As JDCanuck said, that's
extreme. Are you sure about that 10%?
[Edited on 1-15-2025 by surabi]
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elfbrewery
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Yes, I have seen deposit slips showing 9 or 10% off the OANDA rates. I look at eldolar.info as well. It's just that actually depositing USD into a
peso account (at BBVA) hurts. Our charity gets this hit everytime we do this. That's why I'm asking what other people experience when they go into the
bank and deposit money or at least ask what the exchange rate is for depositing USD.
Thanks for all your helpful advice.
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surabi
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| Quote: Originally posted by elfbrewery | | It's just that actually depositing USD into a peso account (at BBVA) hurts. Our charity gets this hit everytime we do this. |
I don't really understand your thinking. Any time you exchange currencies, the entity that exchanges it takes their cut. You aren't really "losing"
anything- you just have to figure that xx US $ equals yy MX. pesos, regardless of what the mid-market rate is, which no one gets when exchanging
currencies.
Of course, you can shop around and figure out which entity will give you the best exchange rate.
When you deposit US$ in a Mexican bank, the bank usually charges you a currency conversion fee on top of whatever their exchange rate is. Someone once
wired US$ to my BBVA account and BBVA charged a 200 peso conversion fee. Maybe that accounted for what you saw as 9 or 10% loss?
It is better to use an online currency exchange like XE trade or Wise because they are actually doing the conversion and transfer the $ in pesos, not
dollars.
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cupcake
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Last week, I wanted to deposit pesos into my US (US dollar) bank account. The conversion rate I would have received from my bank was 22.6 pesos to buy
one US dollar (plus a $10 transaction fee). Since I had 39,000 pesos to change, and I can drive to the San Ysidro border from where I live in two
hours, I did that and down there received an exchange rate of 20.6 pesos to buy one US dollar. This was on the US side of the border, had I gone into
Mexico I would have done slightly better, but then I would have had a long wait in line to cross the border back into the States. It was worth the
drive for me on that amount, because it meant 180 more dollars in my pocket and I made a visit to the old Spanish Mission San Diego while I was down
there.
[Edited on 1-15-2025 by cupcake]
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David K
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| Quote: Originally posted by cupcake | Last week, I wanted to deposit pesos into my US (US dollar) bank account. The conversion rate I would have received from my bank was 22.6 pesos to buy
one US dollar (plus a $10 transaction fee). Since I had 39,000 pesos to change, and I can drive to the San Ysidro border from where I live in two
hours, I did that and down there received an exchange rate of 20.6 pesos to buy one US dollar. This was on the US side of the border, had I gone into
Mexico I would have done slightly better, but then I would have had a long wait in line to cross the border back into the States. It was worth the
drive for me on that amount, because it meant 180 more dollars in my pocket and I made a visit to the old Spanish Mission San Diego while I was down
there.
[Edited on 1-15-2025 by cupcake] |
Because I am on pain meds, can you clear up the comment that "your bank... 22+ pesos per dollar" but you drove 2 hrs to San Ysidro and got 20+ pesos
per dollar...? Why not exchange at your bank? Thanks amigo!
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JDCanuck
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I just did a currency transfer last week using XETransfer from Canada to my Mexican account in La Paz. I got the mid range currency as shown on Forex
and paid a 5 dollar fee to do it(thats how they make their money and they do a lot of volume globally). Last time I did a USD to MXN transfer the fee
was 2.99 US. In the US, there was a similar company called Wise that also uses the low fee transfer cost and uses the midrange exchange rate at the
time of transfer. My bank typically charges around 4% to physically convert CAD to MXN.
Here's the link if you are interested:
https://wise.com/
[Edited on 1-15-2025 by JDCanuck]
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surabi
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| Quote: Originally posted by JDCanuck | I just did a currency transfer last week using XETransfer from Canada to my Mexican account in La Paz. I got the mid range currency as shown on Forex
and paid a 5 dollar fee to do it(thats how they make their money and they do a lot of volume globally).
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??? I also have used XE to transfer money from Canada to Mexico, but they haven't used the mid-market rate and don't charge me any transfer fee. They
have used their own exchange rate and transferred by EFT, with no fee for that.
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JDCanuck
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| Quote: Originally posted by surabi | | Quote: Originally posted by JDCanuck | I just did a currency transfer last week using XETransfer from Canada to my Mexican account in La Paz. I got the mid range currency as shown on Forex
and paid a 5 dollar fee to do it(thats how they make their money and they do a lot of volume globally).
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??? I also have used XE to transfer money from Canada to Mexico, but they haven't used the mid-market rate and don't charge me any transfer fee. They
have used their own exchange rate and transferred by EFT, with no fee for that. |
That was their old method. April 2024 they went to midrange and fee similar to what Wise uses.
[Edited on 1-15-2025 by JDCanuck]
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JDCanuck
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This is for Surabi: If you have both USD and CAD accounts domiciled in Canada you can use them to transfer from one to the other and avoid the bank
exchange costs as well. We use both accounts to send money globally (130 different currencies). They also just changed their Corporate name, so you
may have to check to see if your bank automatically changed it on your bill payees or give them a call to do so. Website for XE Transfer:
https://www.xe.com
[Edited on 1-15-2025 by JDCanuck]
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cupcake
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| Quote: Originally posted by David K | | Quote: Originally posted by cupcake | Last week, I wanted to deposit pesos into my US (US dollar) bank account. The conversion rate I would have received from my bank was 22.6 pesos to buy
one US dollar (plus a $10 transaction fee). Since I had 39,000 pesos to change, and I can drive to the San Ysidro border from where I live in two
hours, I did that and down there received an exchange rate of 20.6 pesos to buy one US dollar. This was on the US side of the border, had I gone into
Mexico I would have done slightly better, but then I would have had a long wait in line to cross the border back into the States. It was worth the
drive for me on that amount, because it meant 180 more dollars in my pocket and I made a visit to the old Spanish Mission San Diego while I was down
there.
[Edited on 1-15-2025 by cupcake] |
Because I am on pain meds, can you clear up the comment that "your bank... 22+ pesos per dollar" but you drove 2 hrs to San Ysidro and got 20+ pesos
per dollar...? Why not exchange at your bank? Thanks amigo! |
I know it sounds strange, as it is different from the normal changing of dollars into pesos, where you want to find the highest peso number. In the
case of buying dollars with pesos, you want to find the lowest peso number.
[Edited on 1-17-2025 by cupcake]
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David K
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Ah ha, so you get more dollars at a lower rate. The brain automatically thinks a higher number is better.
As mentioned before, I am a bit foggy, awaiting surgery, in pain. Getting old really sucks! At least I lost 30 pounds! Too long since I was in Baja
enjoying beer and burritos, which I blame for my weight gain, twenty and more years ago!
Thanks for helping get my head around the concept of less is best (for more dollars). When buying pesos, southbound, more is π best!
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mtgoat666
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Anyone looked at cryptocurrency to transfer money between usa and mexico?
Worth looking into with your fun money - TRump says he is going to be the crypto prezβ¦
Woke!
β...ask not what your country can do for you β ask what you can do for your country.β βMy fellow citizens of the world: ask not what America
will do for you, but what together we can do for the freedom of man.β
Prefered gender pronoun: the royal we
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elfbrewery
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Back to the original question... I just want to know if anyone has deposited USD into a peso account in Mexico recently. I need to set a rate of
exchange for our fundraiser, so that if we get USD instead of pesos from our customers, we can exchange the USD at a rate that will match what we'll
get when we take the USD to the bank. That's all.
Thanks for all your thoughts.
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