Skipjack Joe
Elite Nomad
Posts: 8088
Registered: 7-12-2004
Location: Bahia Asuncion
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dollars to pesos and pesos to dollars
For those who want to maximize the value of their money in Baja: I just spent a month in Baja exchanging money different ways and have made the
following observations and conclusions.
(1) When I exchanged money at the border the ads were very fair: the exchange rate seemed to be the official rate at the time - 11.4 pesos to a
dollar. After making the purchase I counted the pesos and was told that they were charging a 10% commision for the transaction. So don't change the
money at the border.
(2) Most stores in Baja will change your dollars for 10 pesos to a dollar. I think they simply round things to the nearest peso, as long as it's 10%
or higher. So currently you are being charged about 14% for that exchange.
(3) Most gas stations seemed to have really cleaned up their act. Each had a notice displayed on the pump declaring what rate they would exchange
dollars. At least you knew it was not up to the caprice of the attendant. Most notices showed 11 pesos to dollar. The lowest was 10.5. That's a 5-10%
commision.
(4) I used my visa card at the ATM machine to make the exchange. The exchange rate was the official one 11.4 pesos to a dollar. However, they charged
a $3 dollar transaction fee. In my case, that came out to be about 6%. However, if you exchange larger amounts this comission could be a smaller
percentage.
(5) At the bank I got the official rate and was not charged any commission.
(6) Finally, when I came home and attempted to redeem my pesos back to dollars I lost about 15% of the value of the peso.
Moral of the story: the banks are still the best bet with the ATM machines a close second. The disadvantage of going to the bank is that (a) you have
wait in line for half an hour and you can make the exchange only on weekdays (b) You need to carry cash with you to make the advantageous exchange,
traveler check exchanges charge a commission (I think). The ATM's are convenient and safer.
Don't exhange more dollars than you are going to use because the value of the pesos are not fully redeemable.
I hope this helps someone,
Skipjack Joe
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Bajasurf
Newbie
Posts: 22
Registered: 5-26-2004
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Pesos
I changed my dollars for Pesos when I got my tourist card. Got the correct exchange rate and was not charged a commission. I was recently told that
if you are a Bank of America customer and use the Bancomer ATM you are not chareged a $3 fee as Bancomer is owned by BOA. But then I do have my
doubts to the validity of this.
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MrBillM
Platinum Nomad
Posts: 21656
Registered: 8-20-2003
Location: Out and About
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Mood: It's a Zip-a-Dee-Doo-Dah Day
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Comision
At the border Cambios I learned the hard way many years ago
that, whenever they do not state "no comision", to ASK that
question before handing over the dollars. Never a problem
since.
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Skipjack Joe
Elite Nomad
Posts: 8088
Registered: 7-12-2004
Location: Bahia Asuncion
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MrBillM,
It was good to hear that some of the border exchange shops do not charge a comission. I searched on both sides of the freeway but could not find one
this time. I seem to remember finding one 2 years ago.
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
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Mood: gone fishin'
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BofA DOES charge $3 commission!
| Quote: | Originally posted by Bajasurf
I was recently told that if you are a Bank of America customer and use the Bancomer ATM you are not chareged a $3 fee as Bancomer is owned by BOA.
But then I do have my doubts to the validity of this. |
NOT TRUE! The only bank in Loreto is Bancomer and every single time I withdrawl money from my BofA accounts I am charged a fee of $3.
Pam
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BajaCactus
Senior Nomad
Posts: 663
Registered: 5-22-2004
Location: Km. 55, carretera transpenisular, El Rosario, B.C.
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Mood: Helpful
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Adding to it....
Just some info to enriched the info posted here:
1.- Around the border, both sides, most of the times you will get more pesos per dollar in the "casas de cambio", as long as you make sure they have
the sign posted "sin comision" or "no comision".
2.- At the gas stations, the personnel tend to hide the rate exchange sign, so if you do not see it when paying in dollars, ask for the exchange rate.
3.- In Baja, going south after Ensenada, "casas de cambio" tend to pay less pesos for the dollar.
BajaCactus
"Where Baja is so much more than a dream..."
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Tommy A
Nomad
Posts: 225
Registered: 5-19-2004
Location: Manhattan Beach, Ca
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Mood: Relaxed
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I had my bank, B of A ,get me 500.00 in peso before I left for Baja. Forgot if they charged me a transaction fee but it was real nice having it all
done before I crossed over the border.
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Natalie Ann
Ultra Nomad
Posts: 2819
Registered: 8-22-2003
Location: Berkeley
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IF you have an account at B of A, any type including credit card, they will charge no fee at a U.S. bank and will always give the exact exchange rate
for that day. If you want many of the smaller 200 peso notes it's best to tell them a few days ahead of time, as they tend to stock mostly larger
notes. They're happy to order what you want, 200 note is lowest available through B of A.
Be yourself, everyone else is already taken.
.....Oscar Wilde
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