holdrja Posted November 12, 2014 Report Share Posted November 12, 2014 I just put through a wire transfer from my Chase bank account (in USD) to my Bancomer account. Here's the exchange rates that I saw today: Google is showing 13.57 pesos to the dollar Chase offered to convert to pesos before sending the wire transfer; and offered 13.2376 I called Bancomer and asked what rate they'd give me for a wire transfer today, they said 13.84 Guess which option I picked? :-) Link to comment Share on other sites More sharing options...
lakeside7 Posted November 13, 2014 Report Share Posted November 13, 2014 Yes, but what did you get??? Link to comment Share on other sites More sharing options...
bournemouth Posted November 13, 2014 Report Share Posted November 13, 2014 Yes, but what did you get??? My thought exactly! I got 13.57 at a Bancomer ATM this morning, which was better than the rate being show on the XE website - that did surprise me. Link to comment Share on other sites More sharing options...
lakeside7 Posted November 14, 2014 Report Share Posted November 14, 2014 My thought exactly! I got 13.57 at a Bancomer ATM this morning, which was better than the rate being show on the XE website - that did surprise me. The XE rate at noon was a high at 13.63 Link to comment Share on other sites More sharing options...
mudgirl Posted November 14, 2014 Report Share Posted November 14, 2014 The exchange rate the Mx. bank gives you on a wire transfer may be only part of the equation. Wait til the end of the statement period to see- Bancomer charged me $20US "currency conversion charge". This was a few years ago- maybe their policies have changed, but don't assume they will volunteer that info- you'd have to ask. Link to comment Share on other sites More sharing options...
Natasha Posted November 15, 2014 Report Share Posted November 15, 2014 In my experience, you always "lose" when you want to go from one currency to another. Today's 13.57 on XE was most likely the "spot" (international mid-market ) rate, which is generally about mid-way between the "buy" and "sell" rates. The difference is how banks, exchange houses, etc. make money on the transfer. (Separate fees for service not included.) Usually, when one "buys" pesos with dollars, you receive LESS pesos per dollar than the SPOT rate. When one turns pesos into dollars, you pay MORE pesos per dollar. I wonder if there was a confusion between Bancpomer and holdrja..... and that the bank was talking about how much it would COST her in pesos to buy dollars? Since the spot rate at 9:00 this a.m. was 13.54, I seriously doubt she received 13.84 pesos per dollar...... but vamos a ver. Link to comment Share on other sites More sharing options...
holdrja Posted November 15, 2014 Author Report Share Posted November 15, 2014 Ok, here's the results: I received a 13.515 exchange rate. Fees: I paid a $40 USD fee to send the wire transfer, and on the Bancomer end, 407.10 pesos charged for a "COMISION ORDEN DE PAGO", and 65.14 pesos for IVA on that commission. The wire transfer was delayed by a day, as the fraud squad at my NOB bank (Chase) jumped into action when they saw the amount of the transfer, canceled it, AND froze my account plus my online access. Sigh. My husband I had to go in person to a Chase branch, with two forms of government issued picture IDs, and all our bank cards, checking account numbers etc; spent almost an hour with a banker there getting things un-tangled and my access restored, and the wire transfer sent. Good thing I started this transfer while I was still in the States. And I did that deliberately -- just in case. I have confirmed that the money is now in my Bancomer account. Link to comment Share on other sites More sharing options...
El Saltos Posted November 20, 2014 Report Share Posted November 20, 2014 What a hassle. I've wired $ from my Vanguard account to my Banco Multiva account several times. No fees on either end and good exchange rate. YMMV. Link to comment Share on other sites More sharing options...
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