BAJA.DESERT.RAT
Senior Nomad
Posts: 980
Registered: 11-5-2009
Location: BAJA SUR
Member Is Offline
|
|
DOLLARS TO PESOS
I just received this email from a knowledgeable friend. bancomer had this dollar to peso policy in effect for some time now. if you have an account,
you are allowed to deposit dollars and can only withdraw pesos from their atm !
BIEN SALUD, DA RAT
EFFECTIVE TODAY the Mexican Govt. has instructed ALL BANKS IN MEXICO not to exchange ANY cash US dollars into pesos regardless of whether you have an
FM2/3 or passport.
Dollars may be deposited into dollar accounts (in Mexican banks) and exchanged into pesos
Travelers checks can be cashed and exchanged into pesos
ATM cards can be used to get pesos
I confirmed this with the manager of Banamex who said it applies to ALL BANKS.
I don't know if this effects Canadian dollars.
Not sure if this applies to money exchange places.
It will no longer be possible to pay Mexican Nationals in dollars as they will not be able to exchange them.
This could effect people driving who plan to pay for gas/food, etc with dollars???
|
|
|
Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
|
|
Perhaps. And if it is true. On the other hand, except for the toll road to Ensenada, where I tend to try and get rid of my pocket change, I use Pesos.
Given the fluctuating exchange rate and the whims of whatever merchant you are dealing with as to their personal exchange rate, outside of the
immediate border regions and perhaps in Los Cabos, people shouldn't expect to be paying in US dollars.
|
|
|
Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
Member Is Offline
Mood: TEQUILA!
|
|
After being declined twice at Mexican banks for exchanging USD into Pesos, I now exchange my USD at money exchange stands near the border on the US
side.
Besides...they give a better exchange rate than the exchange stands in Baja.
Thanks for the heads-up, Rat
Udo
Youth is wasted on the young!
|
|
|
DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
|
|
| Quote: | Originally posted by BAJA.DESERT.RAT
It will no longer be possible to pay Mexican Nationals in dollars as they will not be able to exchange them.
|
They don't exchange them. They just spend them. Merchants will still take them. I'm not sure what's happening, but the Tipo de Cambio, rate of
exchange, in the stores and gas stations is what will have to be watched.
[Edited on 4-15-2010 by DENNIS]
|
|
|
irenemm
Senior Nomad
Posts: 623
Registered: 7-16-2009
Location: vicente guerrero, baja
Member Is Offline
Mood: relaxed
|
|
Business will still take dollars. As some items are billed in dollars. U.S. products can be changed in dollars and if you pay in pesos they charge the
buy back rate. the higher of the two rates.
we take dollars at the Posada Don Diego as do most of the stores and gas station here. Business can still deposit dollars and need pesos for
government payment things.
the casa de cambios will take dollars.
|
|
|
Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
|
|
yesterdays rate was 11.95 pesos to the dollar
at the border
the dollar is falling
|
|
|
The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
Member Is Offline
Mood: High
|
|
Falling
Businesses I have seen are actually lowering the exchange rate on the dollar, faster than the exchange houses are doing.
Must be a good time to buy dollars with your pesos.
Anyone for a little arbitrage?
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
|
|
|
DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
|
|
| Quote: | Originally posted by Bob and Susan
yesterdays rate was 11.95 pesos to the dollar
at the border
the dollar is falling |
Bank rate at this moment - 6AM ...12.204
Your rate at the cambio pretty much reflects the 2% margin they work with.
|
|
|
ncampion
Super Nomad
Posts: 1238
Registered: 4-15-2006
Location: Loreto
Member Is Offline
Mood: Retired and Loving it
|
|
Not sure if this is related or not. We are in the process of building a home in Loreto and I have always transferred money down here by writing a
check from my US bank to deposit in my Bancomer peso account. The other day I was told that I had to limit my deposit to $10,000USD otherwise my
check would have to be sent to La Paz for approval before it could be deposited. I used to deposit, $20 - 40K without any problems. I guess the US
dollar just ain't what it used to be.
|
|
|
shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
|
|
At Bancomer we can deposit dollars converted into pesos into our peso account...hope this is still true....I'll check today.
|
|
|
DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
|
|
| Quote: | Originally posted by ncampion
The other day I was told that I had to limit my deposit to $10,000USD otherwise my check would have to be sent to La Paz for approval before it could
be deposited. I used to deposit, $20 - 40K without any problems. I guess the US dollar just ain't what it used to be. |
Sounds like a Homeland Security inspired regulation. I would imagine the Merida Initiative will carry all sorts of conditions that must be met by
Mexico.
|
|
|
Nan&D
Nomad
Posts: 137
Registered: 2-28-2010
Location: Bahia Asuncion
Member Is Offline
|
|
Western Union is a good alternative choice. We've found the transfer fees to be less than our Canadian bank's, and the exchange rate better. We'd keep
transfers to less than $3000 Can. though, using WU in places like Viscaino and San Ignacio.
Today's exchange: 1 Cad $=12.05 Peso, and .9877 US
|
|
|
durrelllrobert
Elite Nomad
Posts: 7393
Registered: 11-22-2007
Location: Punta Banda BC
Member Is Offline
Mood: thriving in Baja
|
|
I opened my peso account with Scotia because they said I could deposit US checks (after I had account for 6 months) but now they no longer allow
this.
Bob Durrell
|
|
|
BCSTech
Senior Nomad
Posts: 584
Registered: 4-16-2006
Location: Todos Santos, BCS / Placerville, CA.
Member Is Offline
Mood: Carpe Manana
|
|
Per our local Banorte in Todos Santos, anyone who has an account with Banorte can still change dollars to pesos at the window, up to $1,000
dollars/day. The daily limit used to be $480.
|
|
|
vandenberg
Elite Nomad
Posts: 5118
Registered: 6-21-2005
Location: Nopolo
Member Is Offline
Mood: mellow
|
|
We're here in San Miguel de Allende and Bancomer, which whom we have a dollar account, refused to give us pesos. Gave us dollars and referred us to a
exchange place, where, of course, the rate is a bit lower. Banamex and Banorte also refused to exchange dollars to pesos.
However, in Guadalajara no problem getting pesos at Bancomer, but they refused to deposit our dollars into our dollar account. Go figure !! Okay,
that's right, This is Mexico !!! 
Wouldn't have it any other way !!
|
|
|
Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
Member Is Offline
|
|
When you get the news "Mexico Announces", all you people who live along the border say "Not for us, Whew, just missed us, like always, we're
different". When will you figure out who gets subject to what? Maybe this time when you try to buy something, pay someone, like you always did, with
dollars and they won't take it. Maybe not. Maybe never. Have you any idea how many people are affected by this move? It's big country amigos. Shrug
this off too.
|
|
|
![[*]](images/xmbforum/default_icon.gif){kind=icon}
