# Best places to exchange Dollars for Pesos?



## flyboynm

What is the best place to exchange Dollars for Pesos? I know of places that are trying to pay you 15.25 Peso to the dollar. Is that normal?


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## WintheWin

Yup. Right not it's varied between 15.50 - 15.90. Some places adjust differently.
Easiest for me… I just leave my money in the bank, in USD, and withdraw from an ATM, my bank gives me a very competitive rate and charges a very minimal transaction fee.

Last withdrawal was 2000 pesos about a week and a half ago. Cost me 129$ including international transaction fees. Banks seem to give the best price per USD, but it only goes one way. (Pesos to USD at banks SUPER SUCK.)


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## flyboynm

My bank in the US doesn't give us a good rate nor does it allow us to convert Peso back to USD. We need to convert our first month's rent from dollars to Peso.


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## WintheWin

Most places won't convert Peso to USD at a good rate, you're 100% going to lose on Peso-to-USD.
I've noticed if I use the Santander ATM's, they have an option to give you money in USD, but I've never tried it. Don't know if there's any added fee's or some such. 

Regardless, Dollar is trading at 15.50 on average about now. Some days it's a little bit lower, somedays higher, as long as it's on the 15's, it's a fair deal.


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## flyboynm

Thank you for the fast reply. I am going over the border at Juarez today and need to get pesos for the toll roads. I guess I will try to get Peso at the crossing. I was told some of the roads take debit/credit cards but not all. I also need to exchange dollars for Peso to pay my first month's rent but that can wait until I get to Cuernavaca on Monday.


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## TundraGreen

flyboynm said:


> Thank you for the fast reply. I am going over the border at Juarez today and need to get pesos for the toll roads. I guess I will try to get Peso at the crossing. I was told some of the roads take debit/credit cards but not all. I also need to exchange dollars for Peso to pay my first month's rent but that can wait until I get to Cuernavaca on Monday.


As others have said, stop at an ATM after you cross the border and get pesos with a debit card.


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## coondawg

And, use that ATM at a bank location, less likely that it has been tampered with. And, cover with your hand, as you enter your NIP. 
I took out 9600 pesos last week, got 16.15, and was charges $2.85 for the transaction. Banorte.


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## flyboynm

Only problem is I have USD in hand that I need to use and limited funds in the ATM.


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## chicois8

coondawg said:


> And, use that ATM at a bank location, less likely that it has been tampered with. And, cover with your hand, as you enter your NIP.
> I took out 9600 pesos last week, got 16.15, and was charges $2.85 for the transaction. Banorte.



Is NIP the same as PIN? or do you just automatically cover your NIP while in an ATM,LOL.


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## sparks

Put the USD back in the bank and use an ATM. 8000 pesos = $500us +/-


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## TundraGreen

sparks said:


> Put the USD back in the bank and use an ATM. 8000 pesos = $500us +/-


Agreed. It will be far easier and a far better exchange rate from an ATM than trying to find someone to give you pesos for dollars.

(NIP = Numero identificación privada)


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## mes1952

I have used Santander in TJ, Rosarito & Ensenada for several years and never been offered the option for dollars; not that I want them anyway as I'm comfortable with using pesos to buy everything. I rarely use dollars anymore; hey I'm in Mexico so I need to wean myself off as much of the U.S. as possible. Never paid a transaction fee with Bank of America when using Santander and the int'l fee is very low. I always cover the pin pad when entering my info as you never know where those skimmers have been placed; usually the banks and stores are safer but who knows.


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## coondawg

flyboynm said:


> Only problem is I have USD in hand that I need to use and limited funds in the ATM.


You may have problems changing them to pesos in the interior of Mexico. Best to use ATM.


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## sixcats

coondawg said:


> You may have problems changing them to pesos in the interior of Mexico. Best to use ATM.


That seems to be changing. My wife traveled to Mexico City on business for like 20 years. As part of all the 'money-laundering' thing it was very hard to exchange dollars but on a recent visit (maybe June) the hotel we frequent once again posted exchange rates at the desk.


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## Isla Verde

A couple of days ago I went to my local Santander branch in Mexico City, where I've had an account for quite a few years. I wanted to exchange $200US for pesos, and they couldn't do it for me. Of course, it took them over an hour to figure out why the "system" wouldn't allow it. Apparently, you need to have a business account with them, which I don't have.


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## Isla Verde

sixcats said:


> That seems to be changing. My wife traveled to Mexico City on business for like 20 years. As part of all the 'money-laundering' thing it was very hard to exchange dollars but on a recent visit (maybe June) the hotel we frequent once again posted exchange rates at the desk.


What sort of rate did they give you?


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## sixcats

Isla Verde said:


> What sort of rate did they give you?


I'm afraid you missed my point - which was - what for a long time was not possible now is. 

Personally I would never hope to get a favorable currency exchange at a hotel - but lately you can exchange dollars for pesos - if you so choose.

Edit : at least at the hotel we frequent in Zona Rosa.


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## sixcats

Isla Verde said:


> A couple of days ago I went to my local Santander branch in Mexico City, where I've had an account for quite a few years. I wanted to exchange $200US for pesos, and they couldn't do it for me. Of course, it took them over an hour to figure out why the "system" wouldn't allow it. Apparently, you need to have a business account with them, which I don't have.


Ok - so we have only been here for a few years - but in that period we had the misfortune of having a Santander (Select was it ?) account. We are just very grateful we came to realize the error of our ways early enough on...

We have never (ever) spent that much time in a bank to get something done.


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## Isla Verde

sixcats said:


> Ok - so we have only been here for a few years - but in that period we had the misfortune of having a Santander (Select was it ?) account. We are just very grateful we came to realize the error of our ways early enough on...
> 
> We have never (ever) spent that much time in a bank to get something done.


I've never had problems before with Santander. (My account is called a Super-Cuenta Débito.) More annoying than not being able to exchange my dollars for pesos was the fact that that it took them so long to find the information online that explained this fairly new Santander policy. Now I have to look for a casa de cambio that offers a decent exchange rate, once where I won't find myself in the middle of a stick-up!

Frustran robo a casa de cambio en Zona Rosa; detienen a 2 | El Universal


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## Playaboy

flyboynm said:


> What is the best place to exchange Dollars for Pesos? I know of places that are trying to pay you 15.25 Peso to the dollar. Is that normal?


Since you have $$$ in hand just go to one of the casa de cambio's on the USA side, close to the border. You might not get the ATM rate but you will get pesos. They do have limits on the amount you can change and anything over $1000 requires ID and SS#.

I crossed at Nogales a couple of days ago and they were exchanging at 16.


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## sparks

I've changed dollars for Mexican friends at both Banco Azteca and Banamex. They had a $300 a day limit, had to be before noon and have your Passport. No bank account required


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## Playaboy

I believe that Mexican federal laws state that you can change up to $1500 USD cash per month. Banks enter your ID info into a national computer system with the amount you change.

I have been told that I have reached my limit and can not change anymore cash using different banks.


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## Meritorious-MasoMenos

Playaboy said:


> I believe that Mexican federal laws state that you can change up to $1500 USD cash per month. Banks enter your ID info into a national computer system with the amount you change.
> 
> I have been told that I have reached my limit and can not change anymore cash using different banks.


What is your source on that federal law? I sure have changed more than that per month at a single bank's ATM, for example. Also, one would think that Mexico would want people to change as many dollars to pesos as possible. In fact, I know that. 

Mexicans living abroad can also send more than that amount each month to relatives in country. But anyway, what is your source?


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## RVGRINGO

Getting pesos from an ATM via your US account is not changing cash dollars into pesos. The latter is what is limited.


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## WintheWin

Rules seem to be changing. For a good while you could just go to the "casas de cambio" here and just… exchange. Now they require you to register.
However…
Some fishy stuff has been happening, and people have been getting robbed soon after withdrawing funds. They've been intercepted at/near their homes not long afterwards.

People argue, that the casas de cambia, sell your info (which includes your home address) to individuals, who KNOW you have X amount of cash.


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## Playaboy

Meritorious-MasoMenos said:


> What is your source on that federal law? I sure have changed more than that per month at a single bank's ATM, for example. Also, one would think that Mexico would want people to change as many dollars to pesos as possible. In fact, I know that.
> 
> Mexicans living abroad can also send more than that amount each month to relatives in country. But anyway, what is your source?


I don't have the exact law in Spanish but here is an explanation in English.

"Mexico Banking System Cap on Exchange of Dollars for Pesos:
In order to regulate the quantity of dollars entering the Mexican banking system, beginning September 14, 2010, the Mexican government will cap the amount of dollars foreigners can exchange for pesos in Banks & Money Exchange Establishments to no more than US$1,500 per month.

The measure WILL NOT AFFECT purchases made with credit cards or debit cards in Mexico.

The measure WILL NOT AFFECT the amount of cash (in Mexican pesos) an international tourist can withdraw from an ATM machine on a daily or monthly basis.

Exchanging Dollars for Pesos
According to the new regulations, casas de cambio (currency exchange booths), banks and hotels may exchange a maximum of $1500 USD in cash per person per month into Mexican pesos. Many financial institutions are limiting this to exchange up to $300 USD in a single transaction, and some banks are currently refusing to exchange dollars. It may also be required to present an official identification when exchanging dollars for pesos.

Purchases Goods and Services
Businesses may accept a maximum of $100 USD in cash per transaction, with no restriction on the number of transactions per customer. However, many businesses are choosing to not accept US dollars at all. Likewise, many airlines within Mexico will only accept Mexican pesos and credit cards for payment of fees (such as baggage fees). The most convenient way to pay for purchases is to use a credit card or withdraw Mexican pesos from an ATM. It is not advisable to carry large amounts of cash.

Other Currencies Not Affected
It is important to note that these new regulations regarding currency exchange do not apply to other foreign currencies such as Euros and Canadian dollars, and forms of payment other than cash, such as credit cards and travelers checks, are not affected by these measures.


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## AlanMexicali

At the "casa de cambios" in Calexico, California and San Ysidro, California if you exchanged $500.00 USD or more in one transaction they filled out a government form, took your driver´s license number and added to the form at least since 2005.


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## Meritorious-MasoMenos

Thanks, Playabory


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## wkramer

If you have US dollars in a US based bank account you can use an internet service xoom.com. You can have them send pesos at a fixed exchange rate (last time I sent money to Mexico the rate was 15.75). The cash can be sent to almost all major banks brands in Mexico for pickup at any of their branches. They charge a fee of $4.99 USD per transaction. With a basic account you can send up to $2,999 USD per transaction. I believe the monthly limit of a basic account is around $6,000 USD. Provide them with some more detailed information about yourself and you can transfer up to $29,000 USD per month.

They were just acquired by PayPal.


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## sixcats

wkramer said:


> If you have US dollars in a US based bank account you can use an internet service xoom.com. You can have them send pesos at a fixed exchange rate (last time I sent money to Mexico the rate was 15.75). The cash can be sent to almost all major banks brands in Mexico for pickup at any of their branches. They charge a fee of $4.99 USD per transaction. With a basic account you can send up to $2,999 USD per transaction. I believe the monthly limit of a basic account is around $6,000 USD. Provide them with some more detailed information about yourself and you can transfer up to $29,000 USD per month.
> 
> They were just acquired by PayPal.


But - in addition to the 4.99 transaction fee they are charging you 3% exchange rate ! It is hard to get a worse deal. Check out Schwab (or any other Visa ATM which will reimburse ATM fees).


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## wkramer

sixcats said:


> But - in addition to the 4.99 transaction fee they are charging you 3% exchange rate ! It is hard to get a worse deal. Check out Schwab (or any other Visa ATM which will reimburse ATM fees).


As I said, just last week I got 15.75 pesos (they tell you before you make the transfer what the fixed exchange rate will be) for each dollar with a $4.99 USD fee. There are no fees other than the $4.99. There is no 3% fee on top of the $4.99.

I sent $2,000, was charged $2,004.99 and my house manager picked up 31,500 pesos cash at the tellers window.


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## coondawg

sixcats said:


> But - in addition to the 4.99 transaction fee they are charging you 3% exchange rate ! It is hard to get a worse deal. Check out Schwab (or any other Visa ATM which will reimburse ATM fees).


There is no charge by Schwab, BUT, Visa charges a fee to use their debit card (different from the fee to use their credit card). Any idea what it is? 1%, 2%? I have found no one that can point me to it, nor can I, but they charge.


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## coondawg

wkramer said:


> As I said, just last week I got 15.75 pesos (they tell you before you make the transfer what the fixed exchange rate will be) for each dollar with a $4.99 USD fee. There are no fees other than the $4.99. There is no 3% fee on top of the $4.99.
> 
> I sent $2,000, was charged $2,004.99 and my house manager picked up 31,500 pesos cash at the tellers window.


And, what was the actual exchange rate that day( as the peso has not been below 16 in several weeks), to determine what it actually cost you? The house manager did not get the $2000 in pesos. They held out a fee.


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## coondawg

Last time I withdrew pesos, the exchange rate was 16.263 and I received 16.155. So, at that time, the "fee" by visa was 108 pesos, or about .66% (on 1000$). I think that was Great. Not sure it is always that low. Best time, I have found to withdraw, is about 11a.m. on Saturdays. During the week, they get a lot more.


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## wkramer

The interbank exchange rate on August 4 was 16.16. The interbank exchange rate is what banks give to each other not what they will give an individual using an ATM or a bank account. The typical exchange rate given at an ATM is 98% of the interbank rate so on August 4th the typical exchange rate at an ATM would have been 15.84 pesos to the dollar and then the bank adds their own service charge on top of that.

I have investigated alot of methods of getting cash to Mexico. Bank transfers, ATM's and cambios. Xoom has turned out to be the most reliable, best exchange rate and non government intrusive ways to get cash into Mexico. I hit the transfer button on Xoom and a text message goes to me and the person getting the money within a few minutes that the cash is ready to be picked up in Mexico.

You also don't have to have a bank account in Mexico or a brokerage account in either the US or Mexico in order to make the money transfers. All you need in Mexico is a valid Mexican ID or a US passport to pick up the cash.


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## sixcats

coondawg said:


> There is no charge by Schwab, BUT, Visa charges a fee to use their debit card (different from the fee to use their credit card). Any idea what it is? 1%, 2%? I have found no one that can point me to it, nor can I, but they charge.


Exchange Rate Calculator | Visa USA

Both my BofA US Visa credit card and my Schwab US debit card are Visa.


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## coondawg

sixcats said:


> Exchange Rate Calculator | Visa USA
> 
> Both my BofA US Visa credit card and my Schwab US debit card are Visa.


As are mine.  That calculator has never been accurate on my debit card withdraws.

I think the important thing is that a person is satisfied with what they do. Some people will be different, some the same.


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## sixcats

coondawg said:


> As are mine.
> 
> I think the important thing is that a person is satisfied with what they do. Some people will be different, some the same.


Huh ? You are agreeing with me ?

edit : fwiw - thought I had a good deal (exchange rate wise) with M/C but have since realized otherwise.


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## sixcats

coondawg said:


> As are mine.  That calculator has never been accurate on my debit card withdraws.
> 
> .


I 'believe' that Visa sets a 'daily' rate which they honor throughout that day. It is derived off of the previous day's 'spot' rate. It does not change over the day. But I do believe that if you wake up in the morning, check that website's rates, go to Costco and shop, you will find that the exchange rate is exactly as stated.

Edit : BUT - I have never used a Visa card for a debit withdrawal (other than our Mexican account).


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## coondawg

sixcats said:


> I 'believe' that Visa sets a 'daily' rate which they honor throughout that day. It is derived off of the previous day's 'spot' rate. It does not change over the day. But I do believe that if you wake up in the morning, check that website's rates, go to Costco and shop, you will find that the exchange rate is exactly as stated.
> 
> Edit : BUT - I have never used a Visa card for a debit withdrawal (other than our Mexican account).


I agree that on "purchases" the rate stated will be what you get. However, on withdrawals, there is a charge from Visa, and no one has ever been able to show me how it is determined. But, the .66% I paid last time is fine with me.


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## wkramer

I have found that when shopping at Costco in Cuernavaca Amex (US Card) gives you the interbank exchange rate but charges you 3% transaction fee if you don't have a platinum card. Having a platinum card has its advantages.


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## sixcats

wkramer said:


> I have found that when shopping at Costco in Cuernavaca Amex (US Card) gives you the interbank exchange rate but charges you 3% transaction fee if you don't have a platinum card. Having a platinum card has its advantages.


I used my BofA Blue Travel Visa at Costco yesterday. The charge in Pesos was 1064.41 and that was posted as 66.17 USD. ( 1 % exchange rate - pretty close to the calculator on the Visa site). I got 16.08 - which is a much better rate than I got for the Pesos we have sitting in the bank - so it makes sense for me to use the card everywhere at the moment. And the card is free. At Costco, when you use any card other than the Banamex Costco card you give up the lower 'cash' price at the register.


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## Playaboy

Does anybody use cash anymore?

I still use CASH US dollars in the Riviera Maya for my grocery shopping. I can get better than the interbank or ATM rate. I get pesos for change. Here the supermarkets compete with each other for the best exchange rate.


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## sixcats

Playaboy said:


> Does anybody use cash anymore?
> 
> I still use CASH US dollars in the Riviera Maya for my grocery shopping. I can get better than the interbank or ATM rate. I get pesos for change. Here the supermarkets compete with each other for the best exchange rate.


Interestingly enough we had our electrician here last weekend and he asked if we could pay him in dollars. Unfortunately we don't have any here in Mexico.

There are still a lot of places where we cannot use 'plastic' including many smaller restaurants, the ferrateria, the fumigator, etc. It will be a long time before this will be a cash-less society.


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## TundraGreen

Playaboy said:


> Does anybody use cash anymore?
> 
> I still use CASH US dollars in the Riviera Maya for my grocery shopping. I can get better than the interbank or ATM rate. I get pesos for change. Here the supermarkets compete with each other for the best exchange rate.


Out of curiosity. Then, where do you get the US Dollars? (This feels circular to me for some reason).


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## Playaboy

The Riviera Maya attracts millions of tourists a year. Those tourists want to pay for things in dollars and tip in dollars. Businesses want the money and will take different currencies. Service workers want the tips. Many tourists don't care about the exchange rate, they want convenience and ease. A peso doesn't make a difference to them.

SAT has a program allowing registered businesses to accept and deposit dollars and other currencies.

Personally, with my purchasing and taking expat cars out of Mexico, I cross the border frequently. I make sure to keep a supply of dollars for my grocery shopping.


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## sixcats

TundraGreen said:


> Out of curiosity. Then, where do you get the US Dollars? (This feels circular to me for some reason).


It has been a while but my HSBC Mexico ATM once asked me if I wanted my cash in USD or MXN. I was told that is not uncommon in 'touristy' locations. Had I asked for dollars I'm pretty sure HSBC would have taken 3% on the exchange as that is what HSBC charges to transfer money between our HSBC Mexico and US accounts.


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## wkramer

Just did another transfer of $2,000 USD with Xoom to Mexico today (8/16/2015). The Interbank rate is 16.37 (rate banks trade currency between themselves). Xoom gave me 15.97 a 2.4% discount to best possible exchange rate that only banks get. Doesn't get much better than that. 

I'll be coming down in September. Bringing dollars with me so that I can actually check what the cambios/banks are giving vs Xoom at a specific moment in time. Since Xoom has a mobile app I can either transfer money for pickup in about 15 minutes at a bank or make the exchange at a window right there. The only real difference is that with Xoom I can move much more money to Mexico than I can exchange actual cash for pesos in Mexico.


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## sixcats

wkramer said:


> Just did another transfer of $2,000 USD with Xoom to Mexico today (8/16/2015). The Interbank rate is 16.37 (rate banks trade currency between themselves). Xoom gave me 15.97 a 2.4% discount to best possible exchange rate that only banks get. Doesn't get much better than that.
> 
> I'll be coming down in September. Bringing dollars with me so that I can actually check what the cambios/banks are giving vs Xoom at a specific moment in time. Since Xoom has a mobile app I can either transfer money for pickup in about 15 minutes at a bank or make the exchange at a window right there. The only real difference is that with Xoom I can move much more money to Mexico than I can exchange actual cash for pesos in Mexico.


You can do much better than XOOM.

For example :
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Brokerage_Commissions_Fee_Schedule.pdf

"Foreign Currency Exchange
In addition to the commissions, taxes, fees, and other charges noted above,
a currency exchange fee (in the form of a markup or markdown on the
exchange rate) will be charged based on the size of the currency conversion,
pursuant to the following schedule:
<$100K 1.0% of principal
$100K–<$250K 0.75% of principal
$250K–<$500K 0.50% of principal
$500K–<$1M 0.30% of principal
$1M+ 0–0.20% of principal"

Or Schwab...

Both charge a small percentage off of what I call 'spot' and what you call 'interbank rate'.

2.4% - that is a lot of money to give away.


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## wkramer

If a person owned a bank there would be no exchange rate difference. But not all of us own a bank.

"In addition to the commissions, taxes, fees, and other charges noted above"

And what are the above noted commissions, taxes and fees that they are talking about?

What type of account, costs and balance do you need to have in an account with Fidelity and Schwab in order to do money transfers? Not everyone has a Fidelity or Schwab account. Does Fidelity or Schwab let you pickup cash at virtually any bank branch in Mexico within 15 minutes of the transfer request (my experience) or do you also have to have a Mexican bank account that the money is transferred into. Most ATM's have a limit as to how much cash you can take out at one time (sometimes a very low number), do those limits apply to Fidelity and Schwab. I happen to have a retirement account at Fidelity (with no fees of any kind) that I have not yet withdrawn any funds from and won't until I need them. 

For those with a bank account or credit card at any bank, Xoom is one of the best money transfer deals around.


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## sixcats

wkramer said:


> If a person owned a bank there would be no exchange rate difference. But not all of us own a bank.
> 
> "In addition to the commissions, taxes, fees, and other charges noted above"
> 
> And what are the above noted commissions, taxes and fees that they are talking about?
> 
> What type of account, costs and balance do you need to have in an account with Fidelity and Schwab in order to do money transfers? Not everyone has a Fidelity or Schwab account. Does Fidelity or Schwab let you pickup cash at virtually any bank branch in Mexico within 15 minutes of the transfer request (my experience) or do you also have to have a Mexican bank account that the money is transferred into. Most ATM's have a limit as to how much cash you can take out at one time (sometimes a very low number), do those limits apply to Fidelity and Schwab. I happen to have a retirement account at Fidelity (with no fees of any kind) that I have not yet withdrawn any funds from and won't until I need them.
> 
> For those with a bank account or credit card at any bank, Xoom is one of the best money transfer deals around.


I'm afraid I'll let you do your own homework. But - we hope we have a long happy life in front of us and to give 2.4% + to a zoom-like company - well that just doesn't sit well - we worked too hard for the money we saved.


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## wkramer

Not to sound disrespectful, but when you make a statement that all it costs is 1% of a transfer without being able or willing to provide any additional costs that are incurred in order to get that rate is being disingenuous.

Any and all costs incurred using Xoom in my own transfer experience were clearly outlined. The bank account I use to transfer money has no costs at all, I even get interest on any balances I have there. There were no other hidden costs such as the cost or minimum balance requirements of maintaining an account at a specific financial institution. Your example only contains a piece of the total costs.


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## sixcats

wkramer said:


> Not to sound disrespectful, but when you make a statement that all it costs is 1% of a transfer without being able or willing to provide any additional costs that are incurred in order to get that rate is being disingenuous.
> 
> Any and all costs incurred using Xoom in my own transfer experience were clearly outlined. The bank account I use to transfer money has no costs at all, I even get interest on any balances I have there. There were no other hidden costs such as the cost or minimum balance requirements of maintaining an account at a specific financial institution. Your example only contains a piece of the total costs.


For us - there were NO added costs. We purchased pesos in the US - 3 days settlement - money wired for free to our Mexican bank where it was received at no charge - in pesos. No extra taxes, fees - nothing. This is the method we used to purchase our Mexican home. The thought of giving a bank 3% on top of the cost of the home - well it was repulsive.

Schwab has the same ability but the transfers are 'immediate' - you never 'own' pesos in the US. The charges are similar. 

Sorry if I came across as disingenuous.


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## wkramer

Two last questions - Is your account at Fidelity free from any fees? Do you need to maintain a minimum balance in order to have different levels of fees?

I'm actually going to visit Fidelity on Monday to see what my actual costs would be. I'll actually be able to see what the Fidelity rate would be at that moment in time compared to Xoom.

I would also have to open a new bank account in Mexico in order to receive any transfers. Banamex is a correspondent bank for my main bank in NY - Citibank. Another consideration is the cost of a Mexican bank account since I now have a house manager (also a notario) in Mexico who holds all of my money transfers in cash and pays all my Mexican bills and gives me cash when I need it (5 years now with no problems).


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## Waller52

wkramer said:


> ...a statement that all it costs is 1% of a transfer without being able or willing to provide any additional costs that are incurred in order to get that rate...only contains a piece of the total costs.


heh

Reminds me of my MIL who will drive 50 miles to save 2.5 cents on a gallon of gas. In an Esplanade. :crazy:

It's always about Total Costs. Cost to transport you to an ATM or a bank. Cost of shoe leather. When you leave the house, you can shut off the A/C, there's a fair few pesos back in your pocket especially if you are DACed. 

Is it sweltering out? Add your shirt, socks, undies to the laundry pile. Is it worth slogging through torrential rains to save 100 pesos if you can Xoom the transaction for the cost of electricity?

What cost is one is willing to pay for convenience? What is your time worth? 

Why am I babbling on? :spit:


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## sixcats

wkramer said:


> Two last questions - Is your account at Fidelity free from any fees? Do you need to maintain a minimum balance in order to have different levels of fees?
> 
> I'm actually going to visit Fidelity on Monday to see what my actual costs would be. I'll actually be able to see what the Fidelity rate would be at that moment in time compared to Xoom.
> 
> I would also have to open a new bank account in Mexico in order to receive any transfers. Banamex is a correspondent bank for my main bank in NY - Citibank. Another consideration is the cost of a Mexican bank account since I now have a house manager (also a notario) in Mexico who holds all of my money transfers in cash and pays all my Mexican bills and gives me cash when I need it (5 years now with no problems).


Actually - we are about half way through moving ALL of our accounts (retirement, brokerage etc) from Fidelity to Schwab. We have been with Fidelity for 30+ years but the level of service is not what it once was. 

You can call Fidelity right now and ask for a quote for a currency exchange. They are there 24 x 7. You can call Schwab Mon-Fri for the same quote.

Schwab's ladder of fees/exchange rate is different from Fidelity's in that they have a different ladder.

We looked into Citibank - as we have a Banamex account - but they are no bargain. We wire into our HSBC Mexican account (no wire charges).


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## coondawg

wkramer said:


> Just did another transfer of $2,000 USD with Xoom to Mexico today (8/16/2015). The Interbank rate is 16.37 (rate banks trade currency between themselves). Xoom gave me 15.97 a 2.4% discount to best possible exchange rate that only banks get. Doesn't get much better than that.
> .


Maybe not for transfers, but with my Charles Schwab debit card I withdrew 16000 pesos yesterday at Banorte and the rate I received was 16.325, as opposed to that bank rate of 16.37. Now, THAT is what I call "don't get much better". Thanks to the person here who convinced me to get the Charles Schwab. Sorry I don't remember who it was. But, if you read this, please take a well deserved bow !


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## coondawg

Hey Kramer, I am not trying to convince you to change. If you are happy, then I am proud for you. I am just replying to the "don't get much better", as for me, it does get a lot better. No fees, no minimum balance. Banorte is 7 minutes from my house.


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## wkramer

I'm going to check out Fidelity and Schwab to see what their account requirements are here in NY. If it's a no fee and low balance account I'll get one specifically for getting cash at ATM's in Mexico since I can transfer money from Citi to domestic financial institutions for free in any amount.

For small wire transfers ($2,000usd or less) I'd rather pay extra for cash in 15 minutes to either myself or a person I'm sending cash to. Same thing if I'm sending money to someones account, 15 minutes and it's in their account. I have an HSBC account (linked to my HSBC account in the US so there are no fees in Mexico) in Mexico and it's been a real pain in the rear. Every time I've used a teller I needed to redo signature cards because they kept on having no record of the ones I signed in the past.

If Schwab turns out to have great rates I'll use them also for large transfers, like buying a car.


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## coondawg

I did all my Schwab on the Internet. No minimum balance. I do not do transfers.


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## wkramer

I guess I have found my ATM method of getting cash while in Mexico. Opened a Schwab account in about 10 minutes. I'll see how fast a transfer from my Citi account gets into the Schwab account once the Schwab account is ready for transfers.


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## Meritorious-MasoMenos

wkramer said:


> I guess I have found my ATM method of getting cash while in Mexico. Opened a Schwab account in about 10 minutes. I'll see how fast a transfer from my Citi account gets into the Schwab account once the Schwab account is ready for transfers.


I transfer into Schwab all the time from another bank. Schwab's software will tell you even before you make the transaction final when it will be available in your Schwab account, about three business days. That's the free transfer. I don't know if there is a paid transfer that's faster, as I know other banks have.


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## mes1952

*******...
What has been your experience with Chas Schwab withdrawing from ATM's in Mexico? I'm thinking about changing from BofA to avoid the int'l fee. Most here in Baja say they haven't had any problems but what about the mainland?


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## coondawg

mes1952 said:


> *******...
> What has been your experience with Chas Schwab withdrawing from ATM's in Mexico? I'm thinking about changing from BofA to avoid the int'l fee. Most here in Baja say they haven't had any problems but what about the mainland?


I just received my CS debit card the day we were returning to Mexico (July 12th), and actually have only withdrawn once, 16,000 pesos, last Saturday, about 12:30 pm. As I stated, my exchange rate was 16.325 at a Banorte. 2 weeks before, on a Saturday, I withdrew at the same Banorte with my 360 card (of course I had to eat the fee....46.82 pesos ), but my rate was like 16.155 when the bank rate was 16.234. So, the rate with my CS was better than my rate with the 360, and my fee was free. Honestly, the 360, for me, has been good (but only on Saturdays), as when I have used it during the week, I get a much lower rate (go figure). So, I have 2 cards that work much better than my BofA card, which I no longer use here. Hope that helps. 
P.S. I believe it was probably M-MasoMenos who turned me on to the CS.


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## Meritorious-MasoMenos

coondawg said:


> P.S. I believe it was probably M-MasoMenos who turned me on to the CS.


Right, I've been using it since December on Mexican mainland, DF, Oaxaca, a few Pacific beaches, and Schwab has been refunding international fees each month like clockwork (and of course, takes no ATM fees itself, and pays interest, alas paltry as all interest is these days, on funds in your checking account.

Super help desk that you can access by instant message in its software, email or telephone, and they accept collect calls from overseas customers.


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## BajaRick16

*Best Conversion Method?*

I have heard others recommend getting a Schwab account, so I decided to call them to find EXACTLY what exchange rate they use if I have a debit card from them. They run their transactions through Visa. To get their rate, they say to google "Visa Exchange Rate Calculator." I did that when the Xe.com rate was 16.40. Schwab's conversion rate was 16.325....so very little spread.

As I write this the Xe.com rate is 16.927, and Schwab's rate shows 16.718. I thought the spread would be lower, so I imagine there must be a bit of a lag, since the dollar has strengthened so much so quickly.

Plus, there are no bank fees, and Schwab reimburses any ATM fees with no limit. 

What I don't know yet is the best BANK ATM rate, and how it compares to Schwab's rate to physically get pesos.


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## BajaRick16

Update today...Aug. 22. Xe.com closed at 16.9844. The Schwab rate today is 16.9171, so the spread did narrow quite a bit.


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## Meritorious-MasoMenos

BajaRick16 said:


> Update today...Aug. 22. Xe.com closed at 16.9844. The Schwab rate today is 16.9171, so the spread did narrow quite a bit.


Wow, devaluation is picking up speed. Nothing like the abrupt drops of the 80s and 90s that some of us were around to witness. For those who weren't, the gov't assurances and promises of stability are worthless, though its finances and hard currency earnings seem in much better shape than before. I assume most expats on the board bring their funds into Mexico in hard currency in salary or pensions, so that until inflation catches up to the decline, everything's great for feriners.


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## chicois8

BajaRick16 said:


> Update today...Aug. 22. Xe.com closed at 16.9844. The Schwab rate today is 16.9171, so the spread did narrow quite a bit.


It seems xe, x, bloomberg have different rates at the exact same time and at a rate the average person will never receive....

I go by the official exchange rate posted by the Banco de Mexico, if you went to their website you would see the rate is 16.9171, exactly what Schwab is giving fee free........

Mercado cambiario, tipo de cambio, Banco de México


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## BajaRick16

chicois8 said:


> It seems xe, x, bloomberg have different rates at the exact same time and at a rate the average person will never receive....
> 
> I go by the official exchange rate posted by the Banco de Mexico, if you went to their website you would see the rate is 16.9171, exactly what Schwab is giving fee free........
> 
> Mercado cambiario, tipo de cambio, Banco de México


Very interesting. Glad to see I will be getting the same rate that Banco de Mexico posts. I'm sure it's not a coincidence.


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## chicois8

I've been getting it for years.......


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## BajaRick16

Get a Schwab account. No transaction fees with their debit card, and any ATM fees are reimbursed. Best way to go. Use bank ATM when you physically need pesos. Otherwise, their debit card is run through Visa, and the rate is typically within .08 of the peso exchange rate as published on Xe.com.


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