A Trump Election and Peso Exchange Rates

[ccannon707]

OKC - I have a Schwab card so no ATM fees, but I'm curious how you use WU to send $$ to Cozumel. I used Xoom once @ $4.99 to send $$ to a Mex friend... it was an extended hassle from the get go. Being personally interviewed/grilled as to me and my purpose, my friend then waiting & waiting for several days to receive. I realize it's due to thwarting drug gang money but really... WU doesn't do that. Anyway, I did NOT send via WU because I understood their fee was so much more. Evidently not. Where do you pick up in Cozumel?

Western union is also showing 19.96. I've started western unioning money to myself now only $4.99 compared to the $15 I was paying in atm fees after all said and done. Looks like get a better rate also.

 

[flyboy08]

Yep, Swabby is the cats meow if one travels the world

 

[diverokc]

I have western unioned money to friends there before and sent it to myself. Its a $4.99 fee. I pick it up at Elektra. The thing with sending money to local friends there is you have to have the exact name on their ID. Its usually there first, middle mothers last name and fathers last name. As long as the names match and they have the transaction number they get it within the hour. you can also pick up at chedraui . I tried xoom once and it was a big hassle so I use western union and haven't had any problems. My western union is setup to withdraw from my checking account.

Update so I went and started playing around with western union. They have different options. If your sending over a certain I saw it jump at $400 to $7 to receive it at a cash location paying with debit or credit card. Its $4 to pay with a bank account and receive in 3 days. I did see if you transfer from a bank account to bank account It gave you slightly over 20 to1.
The more I think about it I will just take a wad of hundreds and change em at the local cambios. Its good to know I can send money western union tho.

 

[Dave Dillehay]

I frequently send $500 to Cozumel by Western Union and it works well if every thing is right. One time I sent $1,000 to myself --to David Dillehay. Could not get it, ha, ha, ha! Turns out it had to be David Lynn Dillehay. MY Mexican passport and Mexican Voter registration card, my US ID made no difference, if it was not exactly as is Mexican custom, no luck. I got it back eventually but it was a pain in my better end.

But it can work easily if done right.

Dave

PS $500 costs $8 US

 

[cvchief]

The first time with Xoom, it takes a while. Afterwards it gets pretty smooth. I send the money now from outside on my phone and walk into Electra and get it.

 

[DandyDon]

The first time with Xoom, it takes a while. Afterwards it gets pretty smooth. I send the money now from outside on my phone and walk into Electra and get it.

So Xoom is $4.99 if you give it direct access to your bank account, or $24.99 is you use credit or debit card, and currently a 19.968 exchange? Is the major appeal the better exchange than ATMs?

 

[cvchief]

Much better than giving an ATM machine direct access to your account!! Yes. It's owned by PayPal that has lots of direct access already.

Usually it is a marginally better rate and none of the add on fees. And the 4.99 isn't bad if you spread it out. Going to Mexico and selling pesos to friend going to our place, we do big sends. And parking is easy at Electra.

I would get 19.93 free and clear on a send today.

 

[DandyDon]

Much better than giving an ATM machine direct access to your account!! Yes. It's owned by PayPal that has lots of direct access already.

If I use my Visa debit card at an ATM, I am well protected by Visa. If I give Xoom access to my bank account, not so much. I'd want to set up an auxiliary account.

v

 

[cvchief]

That is silly. You have to file a complaint and checking account will be empty and then get the bank to give it back after your checks bounce. And you will need to change any autopays using that card, etc etc.

I have a back up ATM card NOT connected to my main checking account. Using my checking account VISA atm card would be a last resort. ATM cards are hacked ALL the time. Sure you are protected, but it is a PIA.

And do you have a separate checking account set up for Paypal, so they don't steal your money too? Since Paypal owns Xoom, I guess you should not trust them either. And actually I think fraudulent a EFT transaction is completely protected by Fed Law, in fact I think the liability is 0, versus a small amount for debit cards.

 

[mediumone]

QUOTE="cvchief, post: 7827154, member: 106105"] ATM cards are hacked ALL the time./QUOTE]

That's certainly contrary to my perception. My perception would be based on my acquaintance and friendship with 8 - 10 people on the mainland who would represent literally thousands of ATM transactions ranging from over 20 years on the high end, to 7 on the low end.

One had his card compromised one time, but he was experimenting with a certain network. The experiment failed, but he had protected himself beforehand, knowing that he was engaging in risky behavior.

Of course, they only use ATM's in bank foyers, and those at Mega, Walmart, Chedraui, and Soriana.

I've read of countless "hacks", that when the full details are disclosed, amount to nothing less than sheer stupidity ---- midnight withdrawals from XYZ ATM that dispense USD, and they are absolutely stumbling drunk. My favorite though,(which I may have posted before), is a post of weeping and wailing about being hacked when they placed their debit card in a freestanding ATM with a blank screen.

In my opinion, you're no more likely to be hacked in Mexico than you are at any bank affiliated ATM in the US. Just don't do stupid doo doo.