Value of the Peso to US$
- Thread starter IggyAZ
- Start date
Penasco Services
Guest
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.
LINEAMIENTOS para trámites y procedimientos migratorios
http://dof.gob.mx/nota_detalle.php?codigo=5276967&fecha=08/11/2012
Tarifas 2016
http://www.gob.mx/cms/uploads/attachment/file/44560/CARTEL_NUEVAS_TARIFAS_DERECHOS_MIGRATORIOS_2016.pdf
brokenwave
Guest
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.
Buffalo Marty
Guest
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:
https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview
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)
https://www.fidelity.com/cash-management/fidelity-cash-management-account/overview
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)
Buffalo Marty
Guest
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.
Buffalo Marty
Guest
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.
GV Jack
Snorin God
Hey Dez, did BoA do away with the 3% ATM fee they had?
brokenwave
Guest
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.
This shows the levels since Jan 2015.
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.
This shows the levels since Jan 2015.
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Buffalo Marty
Guest
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!