Use US dólares if you like The convenience of not using Pesos.
Fact is you are paying ~35% surcharge for it.
Rocky point has gotten to the point that if you go more than 2 X yr it pays to go to a bank and open an account so you can have pesos at market rates, Xoom and Remitly are two easy apps that transfer money. Today Remitly was paying 17.36 pesos for your 1 dollar. They charge 1.99 for 3 days, and 3.99 for same day transfers.
Didn't know about Remitly. Xoom paid 17.25 when I sent $ this morning to Mex account.
I am still wondering why the OP used the word paso instead of peso.......
There have always been poor spellers and/or sloppy typists but "autocorrect" has made all of us look like poor spellers and/or sloppy typists at one time or another.
There have always been poor spellers and/or sloppy typists but "autocorrect" has made all of us look like poor spellers and/or sloppy typists at one time or another.
Yes, especially going in between languages, once I wrote "Hola" to someone and autocorrect changed it to "Hole" before I caught it, I had already sent! So embarrassing. Now when I say hi to people that know the story they say "hole" back LOL
I just love the term "fleeing" to dollars or euros, such a strong USA sentiment,,.....that is a term saved for money people, on the ground, we still spend pesos, if the dollar is strong its because the us is screwing someone and it will come back to haunt. we will still pay with pesos, if you come here you should also plan an the same. The strong dollar is a short lived phenom, dont get used to cheap gas either. it is all manipulated
18.80 for Buyers of Dollars. That must hurt to those that have to import US goods
It's about your "savings" and Mexicans are very familiar with Government corruption, cronyism, over promising then the destruction of how you hold savings. Mexican government has kept the masses poor by continuous destruction of their savings. Mexicans are front running what will be a rapid increase in prices for locals next year. Inflation
So are you quoting your tours in Mpesos? And then converting for your clients to pay in dollars? Or vice versa, increasing your price for locals?
I quote all my tours in Loonies then convert to euros then back to pesos then to dollars, by the time I am done messing with their minds I make like 250 usd per hour and its all good......
My food doesn't cost more pesos just because the dollar is strong.
The strong dollar is killing USA exports across the board. It is unsustainable and bad for business, drink up the cheap gas and spend the strong dollars while you can because from this SOB point of view it won't last too much longer, it can't
With falling crude prices, 20-1 is not too far off, be careful of Mexico Real Estate pricing in Dollars. It would be like pricing American Real Estate in Pesos.
US pricing in US Grocery Stores: 12 pack Modelo or Tecate $7.99/ $ 0.66 12 oz can or btls. Adios $5.00 Cocktails $3.00 Cervesa. Adios!
With falling crude prices, 20-1 is not too far off, be careful of Mexico Real Estate pricing in Dollars. It would be like pricing American Real Estate in Pesos.
US pricing in US Grocery Stores: 12 pack Modelo or Tecate $7.99/ $ 0.66 12 oz can or btls. Adios $5.00 Cocktails $3.00 Cervesa. Adios!
Oh I dont think it so so dire Peso buys what a peso buys....dollar buys what a dollar buys thats all.
The dollar has gained on the peso because our economy is improving,gas is cheap($1.70) thank you Obama wind/solar energy plans,frackers,Iran deal,Isis et al.......if nafta had not happened a Mexican revolution would be happening now...
I fell in Oregon at Thanksgiving and cracked my tailbone. So I haven't been done for a awhile. Has it been busy or just too cold. I looked a my calendar and there have been very few rentals. It has just been too cold. We still have the last of our paperwork to pick up for the residency. It is like we are all at standstill until warmer weather.. One of golf trails go by my GV house. Nothing for the dog to back at.
We still have the last of our paperwork to pick up for the residency.
Marybna - Did you obtain a "INM Temporary Exit/Re-entry Permission Letter" prior to departing Mexico? If you did not obtain this letter and pay the corresponding fee prior to your departure you have invalidated your pending application based on the current immigration law.
People I am working with said if I had to go back and forth, only use passport to exit and nothing (or drivers license) to re-enter. Penasco Services sounds a bit too picky.
People I am working with said if I had to go back and forth, only use passport to exit and nothing (or drivers license) to re-enter. Penasco Services sounds a bit too picky.
Many people are not aware of the reforms to the immigration law nor are they aware of the increased enforcement of these laws. The increased enforcement has already started in Tijuana and many other areas. If you have a pending residency application and want to depart Mexico prior to receiving your resident card you must obtain a "Permiso de salida y regreso al pais" and pay the corresponding $368.00 peso fee. You must then have the letter stamped on your exit and stamped again on your re-entry to Mexico and return the letter to INM.
I would hate to see someone lose their immigration status or forfeit the fees they paid because they were not aware of the laws and regulations.
Looks like the 20 Pecos to 1 US $ is just around the corner.
I know I can buy here in US at Wells Fargo at 17.79 pecos to a dollar>
I just may just wait and buy some pecos at the Bank in PP when I arrive in April.
Looks like the 20 Pecos to 1 US $ is just around the corner.
I know I can buy here in US at Wells Fargo at 17.79 pecos to a dollar>
I just may just wait and buy some pecos at the Bank in PP when I arrive in April.
Iggy
Buy in PP from an ATM, even with the fees it's still better than the 7-8% WF is costing you. And who knows by April it could be 20-1.
As long as you take out more than $200 US, the fees will only be 2-3% depending on where you bank and what RP ATM you use.
I use Ba-Norte (has an English menu) and they charged 46 pesos last time I used it and my USA bank added $5 to the transaction.
(better with some other banks debit cards)
I took out $500 so the fees were 1.4%, generally way better than some of the 13-15 to 1 rates you will get in RP.
I know that money exchange places exchange rates are usually 5 to 8% lower than what you will get at the ATM's.
Example: We ate at Bryan's and the bill came and I paid in Peso's because they converted at 13-1, I got pesos at 17.5-1 so it was a 24% discount for me.
They quote a lower peso rate to attract the locals to visit there, which I think is Great. Wish more American places would do that.
I think it been discussed before on the forum, but if you open a Fidelity checking account you can take out local currency WORLDWIDE at the exchange rate and NO fees (they are automatically reimbursed at each ATM transaction). I am at the Sonoran Sea and they have a US Dollar ATM in the lobby but it charges like $10-15 in fees for each withdrawal. But with this card, even though outrageous fees get reimbursed. Same thing for any Mexican bank ATMs. Here is a link with details:
There are no minimum balance requirements so before any trip to RP I just transfer a hundred bucks or whatever from my Chase acct and I'm good to go (its very easy to do, just like a bill pay transfer, you link your bank on the Fidelity site)
The account balance is always is dollars. If you take dollars out at a US ATM or even at a Mexico ATM (rare but do exist in Mexico), you just take out dollars directly and get and fees reimbursed. If you take out pesos at a Mexico ATM, you essentially get pesos at just a shade below the world-wide "market" rate. Like right now I just googled "USD to MXN" and it say 19.30 (which is unbelievable BTW)- if I went to the ATM now (I work in Mexico) and withdrew pesos, I'd probably get them at right around 19.00-19.10.
From the Fidelity Web site "Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account."
Yeah, that may explain why the ATM exchange rate is slightly lower than the "market"rate. But I have been using it for years and have been totally satisfied with the reimbursement of fees and the exchange rates they give in pesos. I may do a few tests to see what the actual rates are when I take money out.
What they say about Fidelity is also true about a Schwab checking account. At the end of the month they reimburse the ATM fees and they have no international transfer fees. I bill pay money from BOA every month to myself at Schwab.
It closed at 19.69-1 today on the currency markets.
In RP, on Friday the cambios were quoting 18.4-1. At Banorte on Friday it spiked from 19.25 to 19.55 between 2 trips by it, in a span of 4 hours.
I got change from a $50 at the Super Norte store at 18.75 pesos to the dollar this past Saturday.
It closed at 19.69-1 today on the currency markets.
In RP, on Friday the cambios were quoting 18.4-1. At Banorte on Friday it spiked from 19.25 to 19.55 between 2 trips by it, in a span of 4 hours.
I got change from a $50 at the Super Norte store at 18.75 pesos to the dollar this past Saturday.
Last weekend Super Ley had Tecate 12 packs 2 for 223 pesos. I checked my credit card after purchase and it literally came out to $5.75 per 12-pack. Giddy-Up!
