Jump to content


Photo

Peso Exchange Rate


  • Please log in to reply
28 replies to this topic

#1 Steve

Steve

    Advanced Member

  • Members
  • PipPipPip
  • 1,167 posts
  • Gender:Not Telling

Posted 16 December 2014 - 02:22 PM

Time to stock up on those pesos. The exchange rate is up to 14.7. A few years back the rate went up to almost 16 to one and I bought $1000 worth to bring home for my next trip.


  • 0

#2 Coz2wonder

Coz2wonder

    Guru

  • Members
  • 5,617 posts
  • Gender:Female

Posted 16 December 2014 - 04:13 PM

it has been a great exchange rate, that's for sure.


  • 0

The most important thing in life is not knowing everything, it's having the phone number of somebody who does!

Anonymous


#3 GDSmith

GDSmith

    Member

  • Members
  • PipPip
  • 43 posts
  • Gender:Not Telling

Posted 16 December 2014 - 05:09 PM

How close to that rate can you get at a CZM bank?
Checking with my bank here in MI, after fees etc, the actual rate is about
12.455 😡
  • 0

#4 Steve

Steve

    Advanced Member

  • Members
  • PipPipPip
  • 1,167 posts
  • Gender:Not Telling

Posted 16 December 2014 - 06:23 PM

A couldn't tell you. I know that in the past when taking pesos out on Cozumel I have received rates fairly close to the exchange rate. I would assume if I was down there now I would get a rate around 14.3 or 14.5. I don't pay any ATM fees or foreign transaction fees. I would receive around 20% more now than last year. Hopefully the rates will continue to increase at least until February when I arrive.

 

By buying peso now it won't help that much as most places raise their prices to account for the change but if I purchase enough pesos to take home they should help next year if the exchange rate goes down. It's a gamble but has worked out before.


  • 0

#5 2cozlovers

2cozlovers

    Member

  • Members
  • PipPip
  • 37 posts
  • Gender:Male
  • Location:Oklahoma
  • Interests:Diving, living the good life!

Posted 16 December 2014 - 06:33 PM

What is your bank arrangements? No fees makes a lot of difference.
  • 0

#6 Steve

Steve

    Advanced Member

  • Members
  • PipPipPip
  • 1,167 posts
  • Gender:Not Telling

Posted 17 December 2014 - 09:32 AM

Capital One debit card used only for Mexico.


  • 0

#7 GDSmith

GDSmith

    Member

  • Members
  • PipPip
  • 43 posts
  • Gender:Not Telling

Posted 17 December 2014 - 12:29 PM

If just exchanging USD will there be a fee?
  • 0

#8 DJDiverDan

DJDiverDan

    Member

  • Members
  • PipPip
  • 263 posts
  • Gender:Male
  • Location:Sunnyvale, Texas
  • Interests:Scuba Diving, economics, Politics, Libertarian. And eating great food (usually to excess!)

Posted 17 December 2014 - 12:37 PM

If you buy Pesos at a Mexican Bank in Mexico, you'll get a pretty decent rate. I was in Cozumel from December 3 to December 10, and I exchanged twice at Scotia Bank, north end of the Pedestrian Walkway from the back of the Plaza (just down from Wet Wendy's. On Thursday, December 4, when the spot rate was about 14.32, I got 13.80 Pesos to the Dollar. On Monday the 8th, when Spot was about 14.46, I got 13.95 Pesos to the Dollar. My experience buying Pesos in the States has been bad - TERRIBLE exchange rate. I get my best rate in the US by going to a local Mercado (I'm in Dallas, plenty of Mercados here) and asking around; I can usually find some Mexicans (I don't ask how they got here; I really don't care) wanting or willing to sell Pesos.
  • 0

#9 marlinfishing

marlinfishing

    Member

  • Members
  • PipPip
  • 182 posts
  • Gender:Male
  • Location:Plano, TX
  • Interests:Deep sea fishing, college football, NFL & relaxing...

Posted 17 December 2014 - 05:34 PM

If I bring US$ which bank will give the best rate for conversion?  Is a debit card needed or do the banks charge more in Cozumel to exchange than the ATM's?


  • 0

"We live in a culture of simulation, in which nothing is what it seems and the image that reigns has no reference to the real world."  (The Art Of War, Sun Tzu)  It is what it is...  THAT never changes.


#10 DJDiverDan

DJDiverDan

    Member

  • Members
  • PipPip
  • 263 posts
  • Gender:Male
  • Location:Sunnyvale, Texas
  • Interests:Scuba Diving, economics, Politics, Libertarian. And eating great food (usually to excess!)

Posted 19 December 2014 - 10:21 AM

I can't answer your questions about Credit Cards or ATM exchange rates, since I have never used an ATM in Cozumel (never, in over 24 years of at least annual trips), and I only very rarely use Credit Cards there. I always bring cash to Cozumel; in the early years, when Dollars were king in Mexico, I just used Dollars for everything. But when vendor exchange rates, like the 10-1 rate still common with taxis, and the 11-1 or 12-1 rate common at restaurants and hotels, made it much more favorable to exchange, I made it a point to check exchange rates at Banks and Cambios and buy a lot of Pesos early in every trip. The last few trips, I've found the very best rates at Scotia Bank. But the other Downtown Banks, Santander and BanaMex, were pretty close, so if they are more convenient, I'd go ahead and use them. NOTE that the Banks will not exchange Dollars for Pesos without your Passport, which I usually leave in the Room Safe at my hotel, so if you don't have your Passport with you, just go to a Cambio - you won't get as good a rate, but the convenience is worth giving up a few Pesos.

For those who have asked about fees, NO, the Banks do not charge a separate fee to exchange Pesos for U.S. Currency - their profit is built into the rate they quote you. On December 8, when I exchanged at Scotia Bank, the quoted Sell Rate was 13.95, so $100.00 U.S. got you 1,395 Pesos.
  • 0

#11 marlinfishing

marlinfishing

    Member

  • Members
  • PipPip
  • 182 posts
  • Gender:Male
  • Location:Plano, TX
  • Interests:Deep sea fishing, college football, NFL & relaxing...

Posted 19 December 2014 - 06:26 PM

Thanks for the info.  About (6) years back I used my BOA debit card at a ATM as I over spent my cash budget on deep sea fishing ( I knew I could catch that marlin the next day, and the next).  Ouch!  The fees were very high, but we had several more days there and I needed cash.  I do take more cash now than I need after that.  The hotel conversion rates are bad and I don't mind going to the bank w/my passport to get a better rate.  I take a couple of my major credit cards when we visit, but they are just for emergencies.  I like cash whether it's pesos/dollars doesn't matter.  I think I misread some comments and thought I needed a certain type of debit card to get good conversion rates.  Thanks again!

 

David


  • 0

"We live in a culture of simulation, in which nothing is what it seems and the image that reigns has no reference to the real world."  (The Art Of War, Sun Tzu)  It is what it is...  THAT never changes.


#12 VideoVern

VideoVern

    Member

  • Members
  • PipPip
  • 107 posts
  • Gender:Not Telling

Posted 20 December 2014 - 06:06 AM

I have been using the "Lectra" (sp) by Mega. Their exchange rate always looked good and easy to get to.


  • 0

VideoVern (aka: Skip)

 

"Optimism is going after Moby Dick in a rowboat and taking the tartar sauce with you!"

 


#13 Coz2wonder

Coz2wonder

    Guru

  • Members
  • 5,617 posts
  • Gender:Female

Posted 22 December 2014 - 03:18 PM

Elektra has pretty good exchange rates.  We use Xoom to send money out of our US acct, and today it was 14.3.

 

Can you get a better exchange rate maybe.  It only costs me $5 usd's to send it down.

 

To share with you how popular Xoom is with the Mexican population, they sent down $22 billon dollars from the US. Those are the stat's from 2 years ago.


  • 0

The most important thing in life is not knowing everything, it's having the phone number of somebody who does!

Anonymous


#14 VideoVern

VideoVern

    Member

  • Members
  • PipPip
  • 107 posts
  • Gender:Not Telling

Posted 23 December 2014 - 07:47 AM

When we are visiting, I am not using Elektra to transfer funds.  I walk in with US cash and walk out with Mexican cash.  They gave me an ID card a few years ago and told me that was all I would need going forward.  Last year they needed my passport again.


  • 0

VideoVern (aka: Skip)

 

"Optimism is going after Moby Dick in a rowboat and taking the tartar sauce with you!"

 


#15 GDSmith

GDSmith

    Member

  • Members
  • PipPip
  • 43 posts
  • Gender:Not Telling

Posted 29 December 2014 - 11:16 AM

When exchanging USD for MXD at the banks, do they have an issue with large or small denomination?

 

Thanks for your input.


  • 0

#16 DJDiverDan

DJDiverDan

    Member

  • Members
  • PipPip
  • 263 posts
  • Gender:Male
  • Location:Sunnyvale, Texas
  • Interests:Scuba Diving, economics, Politics, Libertarian. And eating great food (usually to excess!)

Posted 29 December 2014 - 11:29 AM

When exchanging USD for MXD at the banks, do they have an issue with large or small denomination?
 
Thanks for your input.


Cash is cash. I wouldn't think about walking in with 500 ones, but short of that, Fives spend the same as C Notes.
  • 0

#17 VideoVern

VideoVern

    Member

  • Members
  • PipPip
  • 107 posts
  • Gender:Not Telling

Posted 29 December 2014 - 04:49 PM

They have taken $50 bills from me with no problem.

 

VideoVern (aka: Skip)


  • 0

VideoVern (aka: Skip)

 

"Optimism is going after Moby Dick in a rowboat and taking the tartar sauce with you!"

 


#18 mfrez

mfrez

    Newbie

  • Members
  • Pip
  • 5 posts

Posted 05 January 2015 - 12:06 PM

I set up a Charles Schwab investor checking account about a year ago.  They give you a debit card, and I used it for a 2 month trip to get cash at bank ATM's in Cozumel.  No ATM fees, no foreign exchange fees, and I got a 13.5 exchange rate in October BEFORE the rate went up.  I'm sure the rate is over 14 now.  Saved me a bundle.


  • 0

#19 ccannon707

ccannon707

    Member

  • Members
  • PipPip
  • 388 posts
  • Gender:Female
  • Location:Sonoma County, CA

Posted 05 January 2015 - 11:36 PM

Nice to hear from a Schwab ATM card holder. As a BofA ATM card holder (using Santander Bank to pull pesos) I have investigated CS but haven't jumped. For a shortish time on the island it wasn't worth it for me to change my vast holdings (ha!) around. My understanding is the FE fees are charged and Schwab refunds them. No fees from Schwab, but they are hoping to get your investment business. Foot in the door so to speak... not a bad strategy. If I lived there or spent mucho months on the island I would jump in a second. Thanks for posting.


  • 0

...Christine

 

I drink to forget, but I eat to remember.... so it all balances out

.· `·. ><((((º> .· `·. <º))))>< ,·. ..· `·. .· `·. <º))))>< .· `·.


#20 diverN2H2O

diverN2H2O

    Member

  • Members
  • PipPip
  • 18 posts

Posted 10 January 2015 - 07:46 AM

I've had a few issues using $100 bills at some places.

Will I have a problem at Elektra or a bank with the new style crisp $100 bills.

Thanks


  • 0




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users