Dollar Exchange Rate and Peso Prices

[Himself]

The only reason I can see why the Canadian dollar gets such a poor exchange rate in Mexico is that it must be more expensive for the banks to exchange it back into pesos.

The Canadian dollar now gets a poor exchange rate everywhere because the currency is down because its exports, gold and oil, are in the tank.

 

[DandyDon]

The only reason I can see why the Canadian dollar gets such a poor exchange rate in Mexico is that it must be more expensive for the banks to exchange it back into pesos.

The Canadian dollar used to be stronger than the USD in direct comparison, but has dropped to 71¢. Direct comparison to Mexican Peso would be different, but related...

 

[driftwood]

Yeah but even when it was trading roughly at par with the USD, Canadians were getting seriously screwed at the Cambios.

BTW, one of my minors is in international business and another is in finance. You wanted to take international business classes at UT because at the time there weren't any prereq's and they were full of Mrs. candidates from the other schools.

 

[DandyDon]

The he tells the rest of his story....

Yeah but even when it was trading roughly at par with the USD, Canadians were getting seriously screwed at the Cambios.

BTW, one of my minors is in international business and another is in finance.

 

[gopbroek]

Why use a Cambio? If you use a reputable ATM (at a bank or large grocery store, not a street ATM) the ATM gets a convenience fee of around 30 Pesos and the actual exchange rate and any foreign transaction fees set by your home bank. I like Charles Schwab, no ATM fees (they really due automatically refund them) no foreign transaction fees and the exchange rate is very close to the posted FOREX (OANDA) trading rate.

 

[cvchief]

I really need to check out the Charles Schwab thing. I used to use Mega ATM, then I did the free BOA-Santander thing and when that died I went to using Xoom as sending large chunks at one time as needed to keep fees down. I would note that no ATM is 'safe' just some are safer. I think Aldora Dave believe that a Mega ATM nailed him.

And now that I can, I need to pick a MX bank and open an account just to 'have' one.

 

[ASA400]

I'm leaving for Coz on Saturday. Is there any reason to go to a local exchange here in Vegas to get some pesos before I leave? FYI--their current exchange rate is 15.7 per dollar (I'm assuming that includes their fee)

 

[cvchief]

I'm leaving for Coz on Saturday. Is there any reason to go to a local exchange here in Vegas to get some pesos before I leave? FYI--their current exchange rate is 15.7 per dollar (I'm assuming that includes their fee)

You can do better going to a cambio/money changer on the island.

 

[gopbroek]

I'm leaving for Coz on Saturday. Is there any reason to go to a local exchange here in Vegas to get some pesos before I leave? FYI--their current exchange rate is 15.7 per dollar (I'm assuming that includes their fee)

That would be a very poor exchange rate, check with your bank and see what if any foreign exchange fee they charge for an ATM and add approximately $2 USD for the ATM fee and do the math. There is a Banamex ATM in the airport between the arrival and departure areas

---------- Post added January 11th, 2016 at 12:13 PM ----------

I really need to check out the Charles Schwab thing. I used to use Mega ATM, then I did the free BOA-Santander thing and when that died I went to using Xoom as sending large chunks at one time as needed to keep fees down. I would note that no ATM is 'safe' just some are safer. I think Aldora Dave believe that a Mega ATM nailed him.

And now that I can, I need to pick a MX bank and open an account just to 'have' one.

I know I sound like a broken record but I have been very happy with them. It's free, they subsidize it under the hope you will also eventually bring brokerage activity to them. On setup the initial transfer in needs to be verified so it takes 3-4 business days. Then there is an initial lockout for several weeks for the ‘Mobil banking’ function of sending in a picture of a check, to prevent fraud, but once set up it can be funded in a few hours.

 

[mmmbelows]

I really need to check out the Charles Schwab thing.

It's really worth it if you just want to use ATMs anywhere without any concerns for fees. Full refund of all charges, also frees people up from trying to take out enough all at once to avoid another fee later if you use up what you took out sooner than you thought, just take out some more...with the Schwab card you can just chuckle at those high fees that display on the screen, and I've never found another more compatible card, seems to work everywhere no matter where I go.

---------- Post added January 11th, 2016 at 12:54 PM ----------

There have been ample times in the past when the Canadian loonie was riding high and Canadians enjoyed those benefits in those times,

Oh yes, I remember those times, Canadians seemed to be everywhere you traveled back then. We've got it really good right now! Combine that with sub $2.00 gasoline, Yee-haw!