Dollars vs Pesos

S

sunshine

Guest
I have received emails like this one asking for confirmation.

"Madeline just stopped by and said American Express told her Mexico just passed a law 9/17/2010 that they will no longer take US dollars must be Pesos."

Is there any truth to this rumor or can I reply with no way!

Sunshine
 
rockyptjoe

rockyptjoe

Guest
The government is making it hard for businesses to exchange/deposit dollars in an attempt to fight the cartels and any money laundering. Recently, they were limiting the amount that a business could deposit in the bank. I'm sure the businesses will develop some system to continue accepting dollars, bypassing the banks.

The banks are no longer exchanging dollars for pesos if you walk in....but you can still get pesos (and dollars) at atms. There was a thread a little while back that went into it. If I have a chance, I'll search for it.

If someone local has more recent info....please pipe up.

Found a couple articles using good old Google....

http://jaltembajalapeno.com/lang/en/2010/09/17/mexico-regulations-limit-us-dollar-use/
http://www.bloomberg.com/news/2010-05-25/mexico-to-restrict-dollar-deposits-made-in-cash-to-fight-money-laundering.html
http://www.fincen.gov/statutes_regs/guidance/pdf/fin-2010-a007.pdf

Saw some posts on another forum that indicated that the dollar threshold had been suspended, but the article referenced was in spanish, so I couldn't tell if that was true.
 
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AZ ROB

AZ ROB

Guest
why couldn't I get a BBVA bank account here in Phoenix deposit american dollars and be able to access my money down in Mexico as peso's? For a fee I would be more than happy to take all the american dollars from Rocky Point and deposit them on this side of the border allowig someone to access peso's south of the border. Now would that be money laundering also... HHHMMMMM:think:
 
Stuart

Stuart

Aye carumba!!!
Staff member
Different operating entities, Rob. Not to mention international banking laws. I have BBVA Compass here and when I saw that BBVA had a bank in Rocky Point, I made a couple of phone calls and was told the only connection between them is BBVA, period. Still get charged ATM fees and foreign transaction fees just as if it were any other bank.

Nice thought, though!

On edit - As best I can tell, dollars are still pretty much accepted in Penasco. Nobody I dealt with refused them.
 
Roberto

Roberto

Guest
As a generality, the places you might go as a visitor will accept dollars. Restaurants, shops, hotels. This becomes more of an issue when larger amounts are involved. If you are worried about it, get pesos. Use a bank card, it's simple.
 
AZ ROB

AZ ROB

Guest
Thanks Stuart for the info I wasn't sure about how that worked. I was at the Electra last weekend to check the price on a flat screen T.V. and they took my american money
 
B

beachgirl

Guest
Once again, I take US money for the vendors and tips only and hit the ATM for pesos to pay for everything else (or I use my debit card at places that take them). Just the easiest way for me.....................
 
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