Stop Guesswork Different Banks Different Tipos de Cambios

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MEXICOWANDERER wrote:
Yes, and the HSBC rate yesterday was 19.49

But not in ATM machines. It's a hoot. One day at a Banorte branch on Reforma it was handy for me to pay my bi-mestral CFE bill. The teller said (of course) he could only accept pesos as payment. This is fact everywhere...

So I whipped out my wallet and fished out 5 US twenties. "We don't do currency exchanges here" I asked what the stickerboard was advertising at 18.25 to one "Oh that's the bank exchange rate" he explained.

I went out to the ATM and proceeded to get 17.18 pesos to the dollar excluding the 38 peso ATM fee and excluding of course my bank foreign ATM fee. 1.07 pesos per dollar less than the lobby board. The lobbyboard was for BUSINESS accounts who deposited US Dollars in a special dollar account.

I drove 3-blocks to a BanaMex paid 31.90 pesos fee and got pesos for 18.45 to the dollar. This was more than a month ago.

When Banorte stickers hit 20.00 to the dollar, stick an extraneous card in their ATM machine, and pucker up. Your 19.39 was the peso rate to purchase dollars.

Check the same day BANXICO rate today's rate at the following address. Yes, Banorte was giving away money..heh...heh... Banxico is Mexico's treasury the same as the old Banco de Mexico.

http://www.banxico.org.mx/portal-mercado-cambiario/index.html

Of course, their website could be lying...

I think you're living in another country.

Yes, and the HSBC rate yesterday was 19.49

But not in ATM machines. It's a hoot. One day at a Banorte branch on Reforma it was handy for me to pay my bi-mestral CFE bill. The teller said (of course) he could only accept pesos as payment. This is fact everywhere...

So I whipped out my wallet and fished out 5 US twenties. "We don't do currency exchanges here" I asked what the stickerboard was advertising at 18.25 to one "Oh that's the bank exchange rate" he explained.

I went out to the ATM and proceeded to get 17.18 pesos to the dollar excluding the 38 peso ATM fee and excluding of course my bank foreign ATM fee. 1.07 pesos per dollar less than the lobby board. The lobbyboard was for BUSINESS accounts who deposited US Dollars in a special dollar account.

I drove 3-blocks to a BanaMex paid 31.90 pesos fee and got pesos for 18.45 to the dollar. This was more than a month ago.

When Banorte stickers hit 20.00 to the dollar, stick an extraneous card in their ATM machine, and pucker up. Your 19.39 was the peso rate to purchase dollars.

Check the same day BANXICO rate today's rate at the following address. Yes, Banorte was giving away money..heh...heh... Banxico is Mexico's treasury the same as the old Banco de Mexico.

http://www.banxico.org.mx/portal-mercado-cambiario/index.html

Of course, their website could be lying...

MEXICOWANDERER wrote:

Banorte is playing the game with one peso + LESS for a dollar exchange rate. You lose roughly five dollars per hundred extraction.

Could you explain this. The Banorte rate was 19.36 today.

Scuuze me, I thought you had moved TH69.

I have better things to do than blow twenty dollars in bank fees for nothing.


This is the NEW game

Pay multiple ATM (plus your bank) fees for a decent tipo de cambio extraction

Or

Get a suckass tipo de cambio and walk away with a month's worth of cash.

Banorte is playing the game with one peso + LESS for a dollar exchange rate. You lose roughly five dollars per hundred extraction.

BanComer has become so sh###y with account charges and fees, friends are cancelling their business and private accounts. Brenda and Jesus have their account with AZTECA. HSBC starting PENALIZING accounts and I lost $440 DOLLARS worth of pesos in 17 months due to fines and fees for inactivity. I paid 700 pesos for an abogado to tell me in ten minutes or less "You can't fight this".

At the moment the least offensive bank seems to be BanaMex even with it's 6,000 peso withdrawal limit. The same day you got 18.99 I got 19.06 The others change fees, and policy structure at ATMs with zero notification at the drop of a sombrero.

To me, this is Mexican classic hotel and restaurant "When things go downhill raise prices". Been that way in my 53 years down here.

Pemex and Secgob decided to not implement "Gasolinaza Phase 2" on 1 November. National elections are a bare seven months away. Why risk a major public uproar and unrest when it can be deferred to the administration that follows?

What does this all mean to the nuts and bolts RV'er? Unless The Object Is No Money and verse-visa simply ask neighbors in an RV park their experience with local machines. Extract a bunch of pesos and for the really paranoid, they can buy a phony shaving cream can online that opens up to store a wad of banknotes. Seventy or eighty one thousand peso notes will travel a long way.

My own personal private opinion is that the peso is going to undergo an eyebrow raising "correction" between June and January following.

But in reality all this may or may not be an insignificant wart as far as an affluent RV'er goes. The BanComer ban would be the only item of interest. In perspective a blowout would rate as a bigger issue. For those of us who have to count our pesos twice daily it's a different colored horsee.

David, I personally took 15,000p from an HSBC ATM last week. The rate sucked.

Going to Ixtapa requires a bus ride, there and back, blowing half a day, and I have no need to do that to check a bank rate when I got 18.99 at Santander yesterday including the fee.

Went to Santander today to see exactly how much I could get per transaction. The answer is 7,000p per transaction, and today's rate, including the fee was 18.96.

Rumors Rumors Rumors. Take a drive to Ixtapa. Check the BanaMex at the branch. The person who claimed 13 thousand pesos day before yesterday is unknown to me. Where the US consulate used to be, but across the 4 lane boulevard 100 meters to the north is one of my favorite Z/I area restaurants. Nice breezy airy place with a lunch special (comida corrida). Jesus and Brenda love the place. Being a restaurant chefess she is very picky about her food.

6,000 pesos at Santander today, including the fee, 18.99 exchange rate.
HSBC 15,000 at a time is nice, but not at the rates they are currently offering. At least they have a screen that shows the rate before you take money out!

Good tips, thanks.
We did this mid-day, both of us checking, like we do everywhere.
We also check our activity with the bank, using a VPN, after each transaction, in ANY country!
It's so nice to be home in Zihuatanejo.

Be very carefull pulling large quantities from the ATM's, try not to do it at night or machines that are to exposed, before you insert the card wigle the card holder, if it moves do not use, it has a fraudulent card scanner, go to another bank, it is also a good idea to have two people to shield the sceen, they have found a few hiden small tv cameras aimed at the key board with the bougus readers same as what they do in the USA, crooks are crooks any were.

navegator