Triple A (AAA) exchange rates

[Katch]

I just stopped at the local AAA office. Their current exchange rate is .056 or 17.85 Mexican pesos to the US dollar. That seems pretty good compared to the sticky thread. Should I go with them now or wait until I get to Coz?

They also waive their $12 fee if you get at least $500 (US) converted. They said if I order today (in person at the Washington DC office), they could have the money ready for pickup tomorrow.

Thanks,
Steve

 

[mediumone]

I just stopped at the local AAA office. Their current exchange rate is .056 or 17.85 Mexican pesos to the US dollar. That seems pretty good compared to the sticky thread. Should I go with them now or wait until I get to Coz?

They also waive their $12 fee if you get at least $500 (US) converted. They said if I order today (in person at the Washington DC office), they could have the money ready for pickup tomorrow.

Thanks,
Steve

Current market rate (as of this minute) is 19.33. Your call.
I'd use the ATM.

Edit to add: A big part of the decision would be how much your bank charges to withdraw funds. In my case, my credit union charges me $1.00 USD for each transaction.

 

[blue steal]

My local bank had just started where you could order pesos and no charge for $300 or more.
They could not tell me the exchange rate so I thought, well I need some for the first few days.
Next day I got my pesos but when I did the calculations it was 17.25 to 1.
Next time I'll just use the Bank ATM in COZ and get a much better rate.

 

[gopbroek]

That is a terrible exchange rate, on 9/20 the FOREX rate was around 19.59. Using a debit card in a Banamex ATM my pesos cost about 19.44, which is less 1% off the FOREX rate. See the previous thread:
Dollar Exchange Rate and Peso Prices
The current FOREX (Oanda site) is showing 19.35:1 so they are charging about 8%. Note the exchange rate you get on an ATM is determined by your bank, the ATM just gets a flat service fee (plus a small tax from the Mexican gov) which may be refunded by your bank, Banamex runs less than $2USD. There is a Banamex machine, among others, at the airport and Mega, besides the banks themselves.

I use a Schwab debit card to get a low spread and they pick up the ATM fees

 

[Katch]

Thanks everyone. It looks like I'll just use my ATM card to get money when I get there.

 

[cvchief]

I Xoomed at like 19.15 after the fee about 2 weeks ago.

 

[cvchief]

I use a Schwab debit card to get a low spread and they pick up the ATM fees

Gosh darn it, I really should close the BOA and open a Schwab.

 

[deepsea21]

Can't go wrong with Schwab in my opinion... Best there is and been with them for decades. Schwab always offers their current exchange rate at any ATM (very close to the true exchange rate) and no "ATM FEE" charged ANYTIME, ANYWERE. All ATM fees charged by another bank-owned ATM are reimbursed by Schwab. The only fee that is charged is the minimal fixed transaction fee charged by the Mexican bank handling the transaction. I'm thinking it was like $2-$3 regardless of the amount of Pesos withdrawn but maybe someone else with a Schwab debit card can confirm.

Anyway, use your debit card at one of the BANK OWNED ATM's and you'll get the current exchange rate your U.S. based Bank is offering at that instant which is always better than any cash exchange place or ordering physical Pesos from your U.S. bank.

 

[Lorenzoid]

Gosh darn it, I really should close the BOA and open a Schwab.

Using my Schwab card, two different ATMs, HSBC and Banorte, gave me an "unable to connect to your bank" message yesterday. The ATM at Mega had worked fine a few days earlier. I ended up using my B of A card yesterday. This is the first time I have had a problem with the Schwab card. I'll try it again in a few days.

 

[cvchief]

Ok. So that is less promising. Schwab would be back up. I like Xoom and make a big buy every couple trips.