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Money Exchange

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jkjoking13
  1/27/2019 13:43 EST

First trip to Guadalajara coming up.
My bank in US can sell pesos. We do not have a bank yet in Mexico. Does anyone recommend exchanging in the airport or before we leave.
thanks
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YellowTail
  1/27/2019 14:23 EST

If you do not already have one - I would get a BLUE BofA travel rewards cc - there are no foreign transaction fees and you would get a decent exchange rate. (It has to be the blue flavor). I would charge everything possible to that card and pay for taxis etc with pesos. I would probably exchange a small amount (like $200 USD) or so at the airport.

https://www.bankofamerica.com/credit-cards/products/travel-rewards-credit-card/

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Welcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
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YellowTail
  1/27/2019 14:33 EST

OR - I would use my USD based Schwab debit card in a Mexican ATM and withdraw pesos at a decent exchange rate and be reimbursed by Schwab for all ATM fees...

Cozumeldeb
  1/27/2019 14:37 EST

Neither. Use bank atm to get pesos, be sure to use Schwab Bank, credit unions anything that does not charge foreign transaction fees, at/credit cards.
We've been here since 2001, our MX attorney told us never open MX bank acct after we bought our condo. We never did. Peso ups +downs, issues with medicare, social security. If you don't have family u can use as mailing address, use on of the mail services.
Many ways to transfer $$..
MX is a great place to retire and GDL, GTO, SMA + area is one of our favorites. Bring your patience with u. Good Luck

novato1953
  1/27/2019 14:50 EST

I never travel with lots of cash. I think that's a thing that speaks for itself. I use Schwab, which refunds to my account on the first of every month all ATM fees charged by any bank in the previous month. It exchanges my USD at the official Visa exchange rate out to four digits to the right of the decimal point. I can efficiently withdraw 1,000 Pesos at a time, and I can replenish the Schwab account online with an ACH transfer from any other account in a couple minutes. 1,000 Pesos is currently a little more than $50US, and if that doesn't last you at least a day you are either living pretty high on the hog or drinking like a fish,

YellowTail
  1/27/2019 15:02 EST

Let me point out that if the Peso goes up and down that means that the Dollar is going up and down.

The last 1 year Cete I purchased (directly from the Bank of Mexico) is earning 8.62% ! That is a Cete NOT a Cede or Pagare you would buy at a bank.

We have my wife's US social security direct deposited into our Mexican bank account. The US Treasury gives the money to the Bank of Mexico who makes the deposit. The US Embassy in Mexico City helped set up the arrangement. There are no fees anywhere and the exchange rate (from Banixco) is better than you can find at any normal bank.

But we are now dual citizens and live here 12 months a year. We have about half our money here and half in the US.

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RVGRINGO
  1/27/2019 15:58 EST

Most of your transactions in Mexico will be in cash. The airport ATMs will give you the best exchange rate in most instances. Use your bank debit card to use ATMs, and get your maximum daily limit at each transaction, if possible. It will reduce the cost of fees, if your bank does not reimburse them, as many do.

cedelune
  1/27/2019 16:31 EST

Get your bank to give you maybe 1,000-2,000 pesos. That'll cover your taxi to your destination and meal out. Then, with a full tummy, find an ATM at a bank and withdraw more pesos. Been on Mexico over a year and still use ATMs. You don't need a bank account unless you're planning on buying property or workimg for a Mexican employer. Keep an eye on your debit/credit card balance online, but you should be fine. Join a Facebook group for your destination and find out about ATM locations, fees, etc.

YellowTail
  1/27/2019 16:32 EST

When you use a dollar based credit/debit card in Mexico for a peso based transaction you are generally faced with 3 possible expenses. ATM fees (if you are using an ATM), exchange rate and foreign transaction fees.

I only use my Schwab debit card in a bank ATM (and I emphasize 'bank' - one I recognize). I, personally, would not withdraw 'my' maximum daily amount - but I might pull out something like 7000 pesos - (but I would not walk around with that much normally). I would look over my shoulder before using the machine. (Where we live, we would never, ever go to a bank teller window and withdraw funds - by any means/method).

The foreign transaction fee, if charged, would come from the US institution. Some charge it, some not.

The exchange rate is dictated by the 'logo' on the physical card itself. Visa is very straight forward and you can find their daily exchange rates published on the internet (they are good for the day). MasterCard is a little less open and I believe they do not (or did not when I last looked) publish their exchange rate. Visa is going to give you the same exchange rate if you use one of their cards at the airport or anywhere else in Mexico.

(fwiw - I have adopted the practice of carrying my wallet in a front pocket).

YellowTail
  1/27/2019 17:27 EST

@novato1953 - I find that your posts are often inserted above others made before yours - and to be honest - are sometimes 'lost'. Do you understand what I am trying to say ? It must be a timezone thing...

If you can get by on 1000 pesos a day more power to you, but our gardener only takes cash (500 pesos) and the gas stations only want cash (500-1000 pesos). It costs us about 700 pesos/month to top off the gas tank on the roof. I try to pay the groceries (sin Costco) with cash. We generally pay for meals out with cash.

Our account with Schwab is the 'international' flavor since we do not have a US address. That has its downside at times BUT - our ATM fees are reimbursed immediately - no waiting for the next month.

novato1953
  1/27/2019 17:44 EST

It's a mystery to me, too, yellowtail, and I've been meaning to collude with some foreign nation's security establishment to get to the bottom of it, as that tactic seems to have worked out well for others. But, I haven't got around to it yet, and anyway, it may well be just one more indicator that I'm special. Anyway, I make larger withdrawals when there bills to pay, like rent, and I use credit cards whenever they're accepted, but I find my default 1,000 Peso withdrawal typically gives me walking around money for nearly a week.

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Welcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.

Click connect to have our partner contact you via e-mail and/or phone.

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Welcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
Connect

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bigrio
  1/27/2019 23:29 EST

Beware of US banks exchanging pesos for dollars as many charge a service fee. Keep it simple; use your debit card at ATMs.

longtimelurker
  1/28/2019 08:03 EST

Come on everyone, the OP is on his vacation trip. Most advise given here applies to long time visitors or residents.

Just use your ATM card for cash. Let your bank know you are traveling to Mexico. There will be fee's. Check the machine for skimmers before inserting your card.

RVG, more and more people are using plastic. I see people using cards at Pemex, supermarkets, Oxxo's, and movie houses. Even small mom and pops are taking cards. Mexico has changed tremendously since you lived here 5 years ago, even Chapala.

grapenut
  1/28/2019 10:57 EST

depending on where u r planning to visit, i find that the best and safest way to get pesos is through your bank debit card. all grocery stores have atm machines in the stores so u can use the atms. safest. BANCOMER ATM has the lowest charge, about 45 pesos. HCBC, next about 65. stay away from SCOTIA 100 peses charge. there r also small cambio houses that tell u on the outside how much they will sell pesos for dollars. rate is 19.25 pesos to 1 dollar. b4 u come u can check out exchange rate on line .

grapenut
  1/28/2019 10:57 EST

depending on where u r planning to visit, i find that the best and safest way to get pesos is through your bank debit card. all grocery stores have atm machines in the stores so u can use the atms. safest. BANCOMER ATM has the lowest charge, about 45 pesos. HCBC, next about 65. stay away from SCOTIA 100 peses charge. there r also small cambio houses that tell u on the outside how much they will sell pesos for dollars. rate is 19.25 pesos to 1 dollar. b4 u come u can check out exchange rate on line .

peabody
  1/29/2019 14:46 EST

OK, I give up on the private message to longtimelurker about how to identify a skimmer on an ATM...He invited me to ask publicly so that he could post the answer so that the other 2 private messagers could also be answered at the same time. Thanks. I'm glad that I was the third private messenger and that I now have the dubious distinction for that. You're welcome whoever you are.

YellowTail
  1/29/2019 17:37 EST

I only ever use HSBC ATMs, either at an HSBC branch or inside the local Mega (Soriana). For perhaps the last year the first screen that comes up says something like 'Never accept anyone's help in using this machine'. So I guess they have had a problem with that.

I have never had any issues at an ATM, except once when there must have been a communications issue and after I inserted my card and entered my PIN the machine did nothing for long minutes. I was at an HSBC branch and just about the time I tracked down an employee the machine spit out my card and said - Try again later. I was sure I was not going to get my card back - and at the same time I was fortunate that I waited for the card to be ejected !! Had I simply walked away...

longtimelurker
  1/30/2019 06:33 EST

Peabody, Look here,lots of examples

https://www.youtube.com/results?search_query=atm+skimmer+

https://www.youtube.com/results?search_query=atm+machine+scams

https://www.google.com/search?client=firefox-b-1&q=atm+skimmer


I get PM's all the time. How do I move my stuff to Mexico? How do I import a car? I don't want to answer each one individually, especially when other lurkers have the same questions

peabody
  1/30/2019 12:57 EST

Perdon, Lurker: It was my fault and I meant no insult or slight to your attention in the matter. I did learn something, as I usually do by listening to you more experienced people. Thanks

priceclan
  1/30/2019 13:16 EST

Hi there, if I don;t have family with a permanent address (traveling) in my home country, how do you maintain the home country bank account and credit cards. I find my credit card company is always re-branding its cards and they send new ones sometimes years before the old ones are set to expire. If I don;t have a place for them to send then, then the old card would have simply expired in 45 days and I would have never known. Planning on staying in MX full 12 months a year and I know I can;t count on the mail service. Other ideas?? Thx

RVGRINGO
  1/30/2019 14:50 EST

You will need a US mail drop address with a forwarding company; perhaps one which will scan your mail and transmit it to your computer, eliminating the need for forwarding physical mail. Evidently, you have qualified for a residence visa for Mexico. True?

YellowTail
  1/30/2019 14:59 EST

Our US based financial institutions have our Mexican address. Schwab is encouraging foreign investment, so that was no problem there (although we have an international account with them). We have had our account with our US bank for decades and they seem to have no problem with our living in Mexico. I think you really only have a problem if you attempt to open a NEW account with a foreign address, and the bank has no history with you,

We have no issues at all with Mexpost. We have a PO box (300 pesos/year) where most of our mail goes (we don't get much to be honest) and we also have stuff sent to the house (mostly from within Mexico). The credit card for my US bank was set to expire this March. I called them and said I sure would appreciate it if we could initiate the new card. They sent it next day DHL to the house here in Mexico.

priceclan
  1/30/2019 15:07 EST

Thank-you Yellow Tail and RV Gringo. I think I'm worrying too much about little details and just need to get down there and figure it out.

Cozumeldeb
  1/30/2019 19:15 EST

100,000's++++ rely on mail services in MX. What's your beef? If u have no family/friends to use for mail.
Online bill paying covers us world wide.

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