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o3dave
Junior Nomad
Posts: 90
Registered: 10-20-2013
Location: Oregon
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Where are you buying pesos NOB?
I keep expecting the peso to drop anytime. I always buy from a an ATM after crossing the border. All the banks I have spoke to here in Oregon use some
service that charges a horrific rate. Once all the fees are paid I would get like 13.8 pesos per dollar.
I just cant justify ever needing to get a haircut like that.
If anyone has a super deal NOB, I sure would like to hear of it.
** I have been expecting the peso to drop since it hit 15. So PLEASE don't ever take financial advice from me***
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
Member Is Offline
Mood: Everchangin'
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Costco in Chula Vista or just use an ATM, but 6000 pesos is my daily limit and that don't go far.
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Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
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if you are a tourist...and driving...
just bring cash...
change it back to dollars when you return
they sell insurance too...
if you forget to buy online...
I like bajabound myself but I've used them to cover myself in a car that isn't mine...just in case
at Costco you'll spend $200 on stuff : )
not a "deal" then
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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IF you are planning on doing your initial shopping for foodstuffs IN MEXICO, also consider shopping at one of the large supermarkets like Comercial
Mexicana, Walmart, Ley, Sorianas, Mega, etc. They often give you a great rate on using your dollars. I wouldnt be surprised if they are close to (or
over) 16/1.
If you have a US credit/debit card like from Cap One or Schwab, etc., that doesnt charge any fees, Walmart and Leys also allows you to get up to 2000
pesos, cash back, at the checkout stand, above and beyond your purchase. So, you are getting that same exchange rate they are offering on purchases.
You obviously cant rely on this for your whole trip as there are great distances in Baja between these establishments. And 2000 isnt going to go far.
But at least you are not using up some of the pesos you just got at an ATM, on the way down.
Take the example of Woody's daily peso limit, which is a pretty common one, 6000/day. You could pull that out of an ATM, take care of the bulk of your
shopping, get the 2000 on top of that, and head south with 8000 pesos and no need for food for several days. The whole transaction is treated as a
purchase, so it doesnt involve your daily withdrawal limit.
I've noticed that Home Depot down here is also offering 2000 cash back at the checkout stand, if you need stuff from a hardware store.
Be sure and let your credit card company know you are going to Mexico BEFORE you leave. Tell them your expected return date and add a week to that, in
case you decide to stay later. Banks dont like to leave an open-ended ability to use their cards in a foreign country and you can still get cut off,
in this case. They sometimes try to call you on your cell to verify a card use, cant get through to you (probably because you arent near a cell tower)
and they freeze it. They are less likely to do this IF they see a reasonable cut-off date to the usage in a foreign country.
[Edited on 8-6-2015 by Hook]
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soylent_green
Junior Nomad
Posts: 90
Registered: 9-4-2014
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I cross a lot in Otay and my casa de cambio of choice is
Baja-Mex
8299 Otay Mesa Road - get off on Britannia and go west less than a mile on Otay Mesa Road.
I like it because parking is easy, there are 3 gas stations on the corner to fill up before you head southbound, and best of all: right next to the
Starbucks.
Even if you cross at SY, it is a pretty convenient option since its only 10 minutes to the SY border and you don't have the BS SY street traffic.
---
2 others in Otay are good options:
the one inside the 7/11 and next to the Jack In The Box off of Siempre Viva Road and Otay Center Drive
AND
the one between Subway and the new marajuana dispensary and across the parking lot from the Carls JR at Siempre Viva RD and Roll Road.
[Edited on 8-6-2015 by soylent_green]
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bledito
Nomad
Posts: 420
Registered: 7-6-2013
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I think NOB means North of the border not in Mexico but in the States. all replies so far are SOB not meaning son of ***** but South of border in
Mexico
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bledito
Nomad
Posts: 420
Registered: 7-6-2013
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my mistake all posted are at or before the border. how about where to get pesos away from the border in say like if you are in Boston.
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tjsue
Senior Nomad
Posts: 520
Registered: 4-12-2013
Location: San Diego
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I think your bank can order them for you, or try an American Express office.
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pauldavidmena
Super Nomad
Posts: 1715
Registered: 5-23-2013
Location: Centerville, MA, USA
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I live in the Boston area, and I've never exchanged dollars to pesos ahead of time. Instead, I use a credit card to pay for big ticket items for
things like lodging and meals, and I usually rent a car from Dominic's Los Cabos, where the terms are always U.S. cash. What's left are incidentals
such as drinks, groceries and the like, all of which I buy with cash withdrawn from a local ATM.
Is there some advantage to getting a large amount of pesos here in the U.S. ahead of time?
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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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FYI it is illegal in mexico to post fees in dollars only and there is a crackdown and suspension of business who do this.
Use a CC for charges or ATM at the airport or another location with a us bank that refunds transaction fees like schwab and you'll get the best rate
everytime. Anyone wasting time at a case de cambio is losing a fair portion of the hard earned money and time.
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durrelllrobert
Elite Nomad
Posts: 7393
Registered: 11-22-2007
Location: Punta Banda BC
Member Is Offline
Mood: thriving in Baja
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Quote: Originally posted by gnukid  | FYI it is illegal in mexico to post fees in dollars only and there is a crackdown and suspension of business who do this.
Use a CC for charges or ATM at the airport or another location with a us bank that refunds transaction fees like schwab and you'll get the best rate
everytime. Anyone wasting time at a case de cambio is losing a fair portion of the hard earned money and time. |
As I understand it all posted prices MUST include the 16% IVA tax but I've noticed that some stores are adding it at checkout.
Bob Durrell
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
Member Is Offline
Mood: Everchangin'
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I asked my local credit onion to sell me some pesos today. No problemo how many Chu like? "A metric butt ton" was the answer! $4.00 transaction fee
and you can pick them up on Monday. Okay what is the exchange rate please?
13.37 to 1
Atm it is!
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David K
Honored Nomad
Posts: 64835
Registered: 8-30-2002
Location: San Diego County
Member Is Offline
Mood: Have Baja Fever
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It was 13.4:1 at the money exchange place in the mall and 15:1 at the Pemex station in San Felipe a day later, if you used dollars.
If it was on the way or not so far from home, I would have gone to Costco, Chula Vista on our way south, as I had done before. They have a peso
exchange inside for members, usually good rates.
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Lee
Ultra Nomad
Posts: 3504
Registered: 10-2-2006
Location: High in the Colorado Rockies
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Wells Fargo today: $1.00 = 15.33 pesos.
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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SlyOnce
Nomad
Posts: 262
Registered: 12-26-2013
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Going long on Pesos?
Bank rate today (8/7/15) is 16.1 It was 16.45 earlier this week.
Long term, over the last year, the peso has been very steadily declining. Nothing looks like it is going to turn around, there are occasional
corrections.
I live in MX and I pick up about $MX 1500 pesos every weekend from my ATM (about US $90) for my living expenses.
I was thinking of getting $US 1000 or more in pesos now as a bit of an investment thinking that the peso is at the bottom but after looking at the
charts I'm not so sure.
My MX neighbors think 20 to 1 is just around the corner.
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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Geez. Why buy pesos NOB? It's all about whether you are a tourist or a resident. If you are tourist, you can obtain Pesos at any ATM SOB.
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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Yeah, there are really very few good options for getting pesos, NOB. Even your credit union is not a good choice. They have to pay someone to
literally bring the pesos to the branch. The mall outlets like Thomas Cook are one of the worst.
There is a firm that AAA has some affiliation with that produces debit cards that you buy with dollars and are good for about five currencies. The
rate is fixed, at the time you buy and remains at that rate for the remainder on the card. A one dollar fee per transaction with the card. This could
work in areas with plentiful ATMs.........which doesnt sound much like Baja, really. But in a more developed area like Europe, it could work.
The stickler is the very poor exchange rate you get (about 10-13% below the internet rates). And then, of course, if you have money left on the card,
they will buy it back at some unrevealed rate. They dont post THAT rate on their website.
[Edited on 8-8-2015 by Hook]
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o3dave
Junior Nomad
Posts: 90
Registered: 10-20-2013
Location: Oregon
Member Is Offline
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| Quote: Originally posted by Bajahowodd | | Geez. Why buy pesos NOB? It's all about whether you are a tourist or a resident. If you are tourist, you can obtain Pesos at any ATM SOB.
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I want to get in on the great current peso rate but will not be in baja for 2 more months. If I could find a place that won't take a large cut so i
could make a purchase here in the NW U.S.
Bang for the buck, I'm sure you have heard of it.
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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Just stay the course, 03dave. The chances of the dollar strengthening further, in relation to the peso, are probably greater than it declining over
the next two months. Oil has probably not hit a bottom yet. That's generally bad for the peso.
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Lee
Ultra Nomad
Posts: 3504
Registered: 10-2-2006
Location: High in the Colorado Rockies
Member Is Offline
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| Quote: Originally posted by Bajahowodd | | Geez. Why buy pesos NOB? It's all about whether you are a tourist or a resident. If you are tourist, you can obtain Pesos at any ATM SOB.
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Why? Because ATMs (in Baja) are limited in the amount you can withdraw? I can change $2,000 USD at Wells Fargo NOB and they waive the fees.
Can't do that amount at an ATM.
| Quote: Originally posted by Hook | | Yeah, there are really very few good options for getting pesos, NOB. Even your credit union is not a good choice. They have to pay someone to
literally bring the pesos to the branch. The mall outlets like Thomas Cook are one of the worst. |
Bad options would be paying fees to a bank or credit union. Is that what you mean? It's possible to use ATMs SOB and banks NOB without paying
fees.
These are good options.
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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