Exchange Rate Confusion

M

mis2810

Guest
If I want to transfer pesos from a Mexican bank account to a US bank account, the rate I would be getting is the "Dolar Compra" rate, which according to Bancomer is 12.62 right now. As opposed to the "Dolar Venta" rate which is 13.42.

I guess I'm confused because I'm wanting to sell pesos (vender) to buy dolars (comprar).
 
mondone

mondone

Whitecaps
I don't have a clue. My little desktop gadget converter is showing 13.154 MXN to 1 USD right now.
 
M

mis2810

Guest
Wahoo - Thanks for the response. But you're making my brain hurt. Math is not my strong suit. Let's say I want to transfer $6,000 pesos to a US Bank account using today's rates. How much would wind up in my US Bank account? I know each bank has their fees, but just using this question as an example, for now.
 
M

mis2810

Guest
Ok, I think I get it now. It's a nice profit for the banks, not so much for me. Which brings me around to my next question. What is the best way to get $300,000 pesos from a Mexican bank into a US Bank. If I have to make various physical withdrawls and physically bring the pesos back to the US and then exchange them, that's fine. If it's the same as doing it in smaller, numerous electronic transactions that's fine too. Bottom line is - I want to pay the least percentage of fees possible. Any suggestions?
 
tequilatodd

tequilatodd

Guest
that's a lot of dough to bring back across the border. I work for a bank and I know there are limitations on how much you can w/d at one time.
And then you have to be able to bring into a US bank and have them exchange it. It all about the money laundering regs. Might raise some red flags on both sides of the border.
I'd be a little apprehensive to travel with that much currency.
 
M

mis2810

Guest
tequilatodd said:
that's a lot of dough to bring back across the border. I work for a bank and I know there are limitations on how much you can w/d at one time.
And then you have to be able to bring into a US bank and have them exchange it. It all about the money laundering regs. Might raise some red flags on both sides of the border.
I'd be a little apprehensive to travel with that much currency.
Click to expand...
No, I wouldn't do it all at one time. I'm talking various withdrawls.
 
Buffalo Marty

Buffalo Marty

Guest
I live on the border in Nogales and am very familiar with currency exchange. One definite tip: for large quantities of pesos NEVER, EVER change the pesos to dollars on the US side- you will never get the same rate, and it is often MUCH worse on the US side. You should always change at a bank or currency exchange kioske (casa de cambio). And as mentioned previously, it is much safer to do a little bit at a time.
I just went through the process of opening MX bank accounts to comply with the tax reforms, and my rental agency recommended Banorte because they have peso AND US dollar accounts. (I'm not sure if this is standard at Mexican banks but I don't think so). So one option might be to take out all the pesos, change all at once and then deposit the dollars at Banorte (or other mexico bank with the dollar account option) and then withdraw a bit at a time.
Good luck!
 
B

butchiej

Guest
Went to Banorte on 9-3-2014 and their ATM machine cancelled my transaction, did not disperse the money ($100), nor a receipt. It's been 3 days and I'm STILL attempting to get my money. DO NOT do business with this bank. Their attitude is they don't give a gotdamn about you or any problems you have with their bank. Rude, insulting, and downright ridiculous!! If you patronize them after reading this you deserve what happens to you.
 
jerry

jerry

Guest
Wahoo said:
The value of 6,000 pesos is $455.60. But if you are doing it at the bank you mentioned they would take a cut and give you 447.09 (per your quote). In the scheme of things (size of $ dollars) it's fair. $10 as their fee.
Search Results
  1. 1 US Dollar equals
    0.77 Euro. Still. Where is my beer?
But think of it as 4% fee on each side or 8% for the bank. It cost you to buy pesos and then to buy dollars. This is a nice profit on each transaction.
This is normal.
Click to expand...
 
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