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Croft
Newbie
Posts: 11
Registered: 7-19-2015
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Currency Question
I have a question that some of you old time Baja travelers can help me with. We are Canadians planning to spend +/- five months this winter on the
Baja in our motorhome. We will be exploring the entire length of the peninsula.
We are very experienced Mexico RVers, having explored every mainland Mexican state for a total combined time of about five years.
My question concerns currency on the Baja. We would like to stash whatever US cash we have when we cross into Mexico away and work entirely on the
Peso system. We are familiar with and very comfortable with the peso system. We are in a foreign country and feel it is insulting to try using
American currency. We want to use pesos.
However, what I am seeing is that in almost every post here that mentions cost, that cost is expressed in US dollars. What is the deal? Is US currency
the currency of choice on the Baja? Among travelers? How about among locals? Is there a two currency system going on? Can I pay for supplies with
pesos? How about gas?
I have to admit I will feel much better if your answer is that you use pesos but is not, where do we get US dollars? Do Baja ATM's dispense US
dollars? Help me out here.
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BigBearRider
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Posts: 1299
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Location: Big Bear, Punta Chivato, and Cabo
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You can usually pay in dollars in Baja, but you'll almost invariably get a better deal paying in pesos. This includes gas stations. I've never tried
to pay with Loonies...
Some ATMs dispense dollars. I always use pesos, so that's what I get at the ATM.
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DENNIS
Platinum Nomad
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Location: Punta Banda
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It's not insulting at all. You can spend pesos here and there in the California border cities. It's just not a good idea because of the fluctuating
exchange rate, and the bad exchange at point of purchase. When sellers take dollars, they have to get involved in the currency exchange eventually
and it can be a pain in the butt for them too.
I think, perhaps, why you see dollar references here is because, for conversation purposes, that's what we know best.
There have in the past been ATMs here that would give dollars, but it was costly, and there are very few, if any, left that do it, due to the volatile
exchange rate.
If, when down here, you have a need for dollars, just use the ATM and go to a cambio and exchange Ps for Ds.
Worrying about all this exchange stuff would ruin a trip for me. It just ain't worth it.
"YOU CAN'T LITTER ALUMINUM"
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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Use pesos, it is better for everybody.
Don't forget to notify your bank/credit & debit card companies with the anticipated start and return dates that you will be in Mexico.
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PaulW
Ultra Nomad
Posts: 3075
Registered: 5-21-2013
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Don't know about the Canadian details, But if you have US dollars you can do what we do. That is put a bunch of dollars into a MX peso bank account.
Then withdraw from that bank or branch or use the debit card that comes with that account at any ATM and replenish your wallet. Yes, there will be a
small ATM fee each time, so make a bigger withdrawal to minimize the expense.
We use Well Fargo and do electronic transfer to the peso account at Bancomer. Yup, still another fee so we like large transfers. The fees you pay are
insignificant since you get the bank rate exchange rate which is way better than other ways to get pesos.
Another way is just use an ATM with one of your cards - A Canadian bank is unknown to me, but US cards work fine with the usual small ATM fee. And you
get the bank exchange rate.
Anyway pay with Pesos and no more ripoffs at hotels, gas stations, and restaurants due to the bad exchange rate when you use do not use Pesos.
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David K
Honored Nomad
Posts: 64855
Registered: 8-30-2002
Location: San Diego County
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Using Pesos keeps it easy to have a nice vacation and not worry if you got ripped off, if you tend to feel that way ever.
U.S. dollars are accepted everywhere, and locals use it to buy stuff in stores (it holds its value longer than pesos, lately). Baja California Sur may
be more peso oriented than Baja Norte, however.
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Croft
Newbie
Posts: 11
Registered: 7-19-2015
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So the Baja is peso friendly and that is what I will use. Thanks everyone.
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Pescador
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Because of its proximity to the border, dollars are acceptable probably all the way to Ensenada or San Quintin, but it is a really bad idea when you
get south of there. If you pay a local fisherman dollars for a few fish, he has a serious problem changing those dollars into something to use to buy
things for the family. If he goes to the store he may only get 12 to 1 exchange or worse. If he has no bank account it becomes really difficult to
exchange. I have fishermen who come to my house all the time asking to change dollars. They can not go to the bank unless they have an account and
very few individuals do. So out of necessity, the northern places like Tijuana, Rosarito, and Ensenada accommodate the use of dollars, but it is a
real imposition further down.
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BajaNomad
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Thread Moved
8-22-2015 at 05:18 PM |
rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
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Quote: Originally posted by Pescador  | Because of its proximity to the border, dollars are acceptable probably all the way to Ensenada or San Quintin, but it is a really bad idea when you
get south of there. If you pay a local fisherman dollars for a few fish, he has a serious problem changing those dollars into something to use to buy
things for the family. If he goes to the store he may only get 12 to 1 exchange or worse. If he has no bank account it becomes really difficult to
exchange. I have fishermen who come to my house all the time asking to change dollars. They can not go to the bank unless they have an account and
very few individuals do. So out of necessity, the northern places like Tijuana, Rosarito, and Ensenada accommodate the use of dollars, but it is a
real imposition further down.[/
Very true. I've had to discourage folks from tipping with dollars in Loreto, for the above reasons. On top of that, if the bill is torn, written on
or otherwise defaced, it is almost impossible to exchange.
[Edited on 8-23-2015 by rhintransit] |
reality\'s never been of much use out here...
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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The Peso has crashed, due to the stock market shenanigans. When it is something like 18 to 1 against the USD, do not use dollars.
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SFandH
Elite Nomad
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Huh? er, um, what ratio is good to "use dollars"?
'splain that willya?
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bajaguy
Elite Nomad
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Location: Carson City, NV/Ensenada - Baja Country Club
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Anytime the peso is above 10 to one us dollar, that is good enough for me
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SFandH
Elite Nomad
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Registered: 8-5-2011
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I guess I don't get it. I use pesos in Mexico and dollars in the US. The exchange rate doesn't matter to me. Of course my income and assets are in
dollars. I don't have stashes of both currencies.
Maybe this is a good time to build a peso stash, is that what you're saying? I'm of the opinion it will always be good to keep it all in dollars.
Convert to pesos only when spending in Mexico.
[Edited on 8-25-2015 by SFandH]
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Bob and Susan
Elite Nomad
Posts: 8813
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I agree..
mexico pesos
usa dollars
Canada loonies
exchange your money at the border just before you cross...
exchange it back when you return
current rate is 16 to one per dollar for the tourist
that's about a $25usa bonus over last year per hundred dollars
have a great vacation value
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Hook
Elite Nomad
Posts: 9010
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Location: Sonora
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I dont think it's ever a good idea to "build a peso stash" beyond a few thousand pesos, say 10-20k. The peso is too volatile and it's tendency is to
go down in value (with it's dependence on oil, which is crashing). Just have a stash like that and use it to buy, buy, buy goods because their cost
WILL eventually correct to the devaluation of the peso. But until it does, you are ahead of the game. Spend down, and build back up to that level at
times when the dollar strengthens.
Of course that is an impractical strategy for a traveler. This is a strategy for a resident down here.
If you are a traveler, just use your ATM card, take out the meager max you are allowed and enjoy your trip. It's what I'll be doing in Europe in a few
weeks. Any "losses" in not exchanging a "large" amount of dollars are insignificant, especially in the face of the liability of dealing with all that
cash.
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dasubergeek
Senior Nomad
Posts: 694
Registered: 8-17-2013
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You can exchange your money on either side for about the same rate. The current bank rate is 17.2 pesos to the Ameribuck, which means the cambios will
give you something like 16.6 or 16.7.
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Lee
Ultra Nomad
Posts: 3508
Registered: 10-2-2006
Location: High in the Colorado Rockies
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| Quote: Originally posted by dasubergeek | | You can exchange your money on either side for about the same rate. The current bank rate is 17.2 pesos to the Ameribuck, which means the cambios will
give you something like 16.6 or 16.7. |
Your numbers are off.
11:00 PST, Wells Fargo is at 16.12 and Bof A is probably matching them, the Cambio at Costco Chula Vista is selling for 15.80.
ATM's SOB still best bet.
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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bazinga
Junior Nomad
Posts: 25
Registered: 7-9-2013
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16.46 exchange at bancomer yesterday. I moved 1,000 from my dollar account to pesos.
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BajaRick16
Newbie
Posts: 7
Registered: 8-4-2015
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Currencies are fluctuating right now, but at this moment, the Schwab exchange rate is 16.9859. No bank fees, and Schwab reimburses any ATM fees with
no limit. Seems to be the best deal out there or at least tied for the best.
There is usually a "spread" of about 8 one-hundredths of a peso from the xe.com daily published rate...so IF things don't change, tomorrow's Schwab
exchange rate would be approx. 17.18.
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Hook
Elite Nomad
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0.08 is a great spread.
Have you found that Schwab's rates change during the day or is it one set rate for the entire day?
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