Dollar Exchange Rate and Peso Prices

[mediumone]

First off, the official exchange rate that you may see on the Stock Exchange or other places is for massive amounts of transfers…and have only a small effect on what you get on the street or even banks in Cozumel. Today I saw a sign offering 17.95 pesos per US dollar but that place was closed. That is a trick that many change houses (even banks) use, that is to post a much higher rate than what they are really willing to pay when they reopen.

If I get 18 on Monday I'll be real happy.


Dave Dillehay
Aldora Divers

From my experience, I would expect over 19 at every bank ATM on Monday, withdrawing pesos from my USD funded local credit union. I don't calculate that rate precisely, as I ignore the Mexican taxes & fees that usually come to 25 pesos +/_ and also ignore the $1.00 USD non-bank ATM fee that the credit union assesses per transaction -- hence my usual withdrawal is $6,000 - $7000 MXN, or more.

 

[gopbroek]

If I walked over to Mega tonight and used the Banamex ATM with my Schwab debt card to withdraw funds I would expect a rate of about $19.30 MXN to the USD.

I just looked over my account from July when I withdrew $5000 MXN on 7/6. This caused a charge of $272.73 and at the end of the month they kicked back the $1.67 in ATM fees so it cost me a total of $271.06 for 5K MXN or a rate of 18.4461MXN to $1USD. On 7/06 OANDA listed the average FOREX rate at 18.61MXN to 1 USD. Yesterday's average rate on OANDA was 19.4457 MXN to 1 USD so I would expect a rate of near 19.3 to 1.

Your bank sets the exchange rate when you use another banks ATM. When you withdraw money the dispensing banks ATM charges a service fee for the service. Your bank is then on the hook for the withdrawn funds and service charges. How much they charge your account for the funds to replenish the debt is up to them and whether they pass the service charge or not varies by bank.

 

[cvchief]

Got 19.15 on Xoom Monday.

 

[gopbroek]

Got 19.15 on Xoom.

Yesterday on the way to the ferry stopped by Mega and used the Banamex ATM, minus the $30MXN service charge which Schwab will kick back I got 19.44, average Forex rate was 19.59 for the day. Also got to see Eagle Rays for the last three days .

 

[Dave Dillehay]

Monday it was 18,0 at my bank, I was happy. Now its even more, great


Dave