# selling pesos



## chulor (Aug 19, 2013)

is it better to sell my pesos for USD here or back in the states?

thanks


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## perropedorro (Mar 19, 2016)

chulor said:


> is it better to sell my pesos for USD here or back in the states?
> 
> thanks


It depends on how much you have and when you plan to return. If it's only a few hundred pesos, even a couple thousand, I'd just keep them for the next trip, rather than having to look for an ATM the first thing. If you've a small fortune in pesos, I suspect it's better to change to dollars in Mexico although I haven't done it in years.


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## sparks (Jun 17, 2007)

Always a better rate in Mexico. A cambio at the Pheonix airport was the worst rate I've ever seen


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## coondawg (May 1, 2014)

chulor said:


> is it better to sell my pesos for USD here or back in the states?
> 
> thanks


If you sell them to extranjeros with dollars, you will get a little better rate than a bank/CdC.


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## chuck846 (Jan 15, 2016)

coondawg said:


> If you sell them to extranjeros with dollars, you will get a little better rate than a bank/CdC.


There are so many counterfeit pesos these days, I think I would prefer to get my pesos from my Mexican bank.


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## chuck846 (Jan 15, 2016)

chulor said:


> is it better to sell my pesos for USD here or back in the states?
> 
> thanks


You really don't provide enough information to give you a decent answer. If I had a couple hundred dollars worth of pesos (or so) and I did not intend to ever return to Mexico - I might change the pesos for 1oz silver libertads and bring those back to the US. If I had a significant amount of pesos i would ask someone like Schwab if they would exchange them for me. Then again - there is always bitcoin (which I have no experience with).


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## chulor (Aug 19, 2013)

yes-returning to states in 6 weeks.

have sizable amount in pesos in bank.

where's best place to exchange in ajijic to usd?


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## chuck846 (Jan 15, 2016)

chulor said:


> yes-returning to states in 6 weeks.
> 
> have sizable amount in pesos in bank.
> 
> where's best place to exchange in ajijic to usd?


When we purchased our house I investigated the best way to move money from dollars to pesos (the reverse of what you are attempting). One of the people we spoke with was MONEX. We did not go that route - but they did seem very professional. Apparently there is a MONEX branch in Aijic (never been to Aijic I'm afraid). All depends on what you mean by 'sizable'.


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## TundraGreen (Jul 15, 2010)

chulor said:


> yes-returning to states in 6 weeks.
> 
> have sizable amount in pesos in bank.
> 
> where's best place to exchange in ajijic to usd?


Leave them in the bank and take them out in dollars from an ATM after you get to the US. That will probably be the best rate by far. If it is a lot, just live on them for a while after you get back to the US.


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## chulor (Aug 19, 2013)

but my mx bank has no atms in the us


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## tcreek (Sep 13, 2010)

chulor said:


> but my mx bank has no atms in the us


Does not matter. With the inclusion of Visa and MasterCard into ATM networks, you can take money out from just about anywhere in the world.


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## coondawg (May 1, 2014)

I think if you are in Ajijic, that you would be better off by asking about this on the Chapala Forum. Seems there would be lots of people there who could provide help.


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## chuck846 (Jan 15, 2016)

TundraGreen said:


> Leave them in the bank and take them out in dollars from an ATM after you get to the US. That will probably be the best rate by far. If it is a lot, just live on them for a while after you get back to the US.


When we are in the US we use US credit/debit cards against our US accounts. I have never tried using a Banamex (MasterCard) or HSBC Mex. (Visa) debit card in the US. I would be surprised if it didn't cost at least 3% foreign transaction fee. Gosh HSBC charges at least that to wire from HSBC US <->HSBC Mexico. 3% of 'sizable' could be a lot. I know our US debit/credit cards work very well here in Mexico and avoid those fees - but is it truly reciprocal ?


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## Hound Dog (Jan 18, 2009)

Omitted.c


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## TundraGreen (Jul 15, 2010)

chuck846 said:


> When we are in the US we use US credit/debit cards against our US accounts. I have never tried using a Banamex (MasterCard) or HSBC Mex. (Visa) debit card in the US. I would be surprised if it didn't cost at least 3% foreign transaction fee. Gosh HSBC charges at least that to wire from HSBC US <->HSBC Mexico. 3% of 'sizable' could be a lot. I know our US debit/credit cards work very well here in Mexico and avoid those fees - but is it truly reciprocal ?


I don't know but I think you get the best rate using a debit card. I alway use a US debit card when I am out of the US and it makes sense that using a Mexico debit card when out of Mexico will give the best rate.

I was at the bank the other day and they had a sign saying they sold pesos at 16.5 and bought them at 18.5. That same day I got pesos from an ATM at 17.5.

I have been moving dollars to pesos for a moderately large purchase lately. I just go to the ATM every day, take out the limit in pesos and deposit in my Mexico bank account. It seems like the same thing would be the best deal in the other direction as well.


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## TurtleToo (Aug 23, 2013)

Hound Dog said:


> Omitted.c


Sounds like a really bad day, Hound Dog! Here's hoping it gets better!

.


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## TundraGreen (Jul 15, 2010)

tcreek said:


> Does not matter. With the inclusion of Visa and MasterCard into ATM networks, you can take money out from just about anywhere in the world.


Like TCreek says. You can use a debit card at any machine in the world. My bank charges a fee if I use a credit card for cash. But a debit card is free of fees. They give an exchange rate that seems to be about 1% worse than the published rate for the day. I think that is the best you can do.


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## chulor (Aug 19, 2013)

ooooooh,

so, i can take say a Bancomer card to a Bank in the US and make w/d's?

what about fees?


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## chuck846 (Jan 15, 2016)

TundraGreen said:


> I have been moving dollars to pesos for a moderately large purchase lately. I just go to the ATM every day, take out the limit in pesos and deposit in my Mexico bank account. It seems like the same thing would be the best deal in the other direction as well.


On a recent day (last month) when the spot (mid-market) exchange rate was 18.75 I had Schwab wire enough dollars to pesos to my Mexican account so I could purchase a new car (and buy some gas). When the transaction was complete I received 18.64 - deposited in the Mexican account. No other fees. None.


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## chuck846 (Jan 15, 2016)

TundraGreen said:


> I don't know but I think you get the best rate using a debit card. I alway use a US debit card when I am out of the US and it makes sense that using a Mexico debit card when out of Mexico will give the best rate.
> 
> I was at the bank the other day and they had a sign saying they sold pesos at 16.5 and bought them at 18.5. That same day I got pesos from an ATM at 17.5.


Next time before you head out to the bank visit the google finance site and get a stock quote for USD/MXN. That is the true spot (mid-market) rate. You and I are not going to get that rate but you can use it to judge how good/bad those exchange rates are you see posted around town.

I can only speak for the US Visa debit cards we have - but they post daily an exchange rate for dollars/pesos based on the spot rate of the previous day. That rate is good for the entire day. There is a Visa Exchange Rate Calculator on the web. The exchange rate is 'identical' for _purchases_ on either a debit or credit card. I have never tried to use our US debit cards in a Mexican ATM to withdraw cash.


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