ballbabe Posted November 28, 2015 Report Share Posted November 28, 2015 We have been in the practice of withdrawing cash from an ATM machine here in Chapala. We are aware that the Canadian dollar has lost a lot of its value but notice that at present it is costing us more than the peso. Is it an advantage to have a bank account here in order to get a better exchange? Link to comment Share on other sites More sharing options...
El Saltos Posted November 28, 2015 Report Share Posted November 28, 2015 No, the best exchange rate is always at an ATM. The Loonie is NOT worth less than the Peso. The Loonie has lost value vs. the $US but not vs. the MXP. You're still getting 12. 4 Pesos for your $CDN. Link to comment Share on other sites More sharing options...
ballbabe Posted November 28, 2015 Author Report Share Posted November 28, 2015 The amount withdrawn from our credit union in order to get 5000 pesos was $502.62. We know there is a service charge but this somehow doesn't seem to add up. Link to comment Share on other sites More sharing options...
canmex87 Posted November 28, 2015 Report Share Posted November 28, 2015 The amount withdrawn from our credit union in order to get 5000 pesos was $502.62. We know there is a service charge but this somehow doesn't seem to add up. I would suggest that you change your Canadian banking institution. That's less than 10 pesos to the dollar. Link to comment Share on other sites More sharing options...
RVGRINGO Posted November 28, 2015 Report Share Posted November 28, 2015 If you had withdrawn a much larger amount, the ATM fee would have been the same, as it is for the transaction. Deduct that amount, which is shown on yoour receipt, then compute the exchange rate on the remainder. Whatever amount is above the XE exchange rate is an additional fee charged by your bank or the card provider. Most card providers charge 1% international exchange fee. So, there are three components for you to sort out. Link to comment Share on other sites More sharing options...
El Saltos Posted November 29, 2015 Report Share Posted November 29, 2015 I would suggest that you change your Canadian banking institution. That's less than 10 pesos to the dollar. I agree, 10 to the $ is criminal! Link to comment Share on other sites More sharing options...
Natasha Posted November 29, 2015 Report Share Posted November 29, 2015 Go on line to your credit union (if you can) and you will be able to tell what they charged you in exchange plus...... but whatever it was, it's exhorbitant! Oanda.com says, with 2% (usual ATM rate) it should have cost a little over $400.00 CAD................ and if extra 1/2 to 1% was added, STILL way overcharged. Link to comment Share on other sites More sharing options...
ballbabe Posted November 29, 2015 Author Report Share Posted November 29, 2015 Definitely plan to go online to our credit union or skype them on Monday. Link to comment Share on other sites More sharing options...
snowyco Posted November 29, 2015 Report Share Posted November 29, 2015 No, the best exchange rate is always at an ATM. The Loonie is NOT worth less than the Peso. The Loonie has lost value vs. the $US but not vs. the MXP. You're still getting 12. 4 Pesos for your $CDN. . The CAD Loonie has dropped from $12.65 pesos per Loonie in just the last 2 weeks down 2% to $12.40. A 2% loss in Loonie value versus MXN pesos in just 2 weeks is noticeable. Link to comment Share on other sites More sharing options...
El Saltos Posted November 29, 2015 Report Share Posted November 29, 2015 Go on line to your credit union (if you can) and you will be able to tell what they charged you in exchange plus...... but whatever it was, it's exhorbitant! Oanda.com says, with 2% (usual ATM rate) it should have cost a little over $400.00 CAD................ and if extra 1/2 to 1% was added, STILL way overcharged. 1% is the "usual" ATM surcharge. Anything more is robbery. Link to comment Share on other sites More sharing options...
cedros Posted November 29, 2015 Report Share Posted November 29, 2015 Weird. Something is wrong. I take out 10,000 pesos at a time with my ATM card. It costs me $814 Canadian a few days ago. The Canadian dollar isn't losing value against the peso. It is about the same now as it was one and two years ago. Link to comment Share on other sites More sharing options...
ballbabe Posted November 29, 2015 Author Report Share Posted November 29, 2015 We are curious. What card are people using? We have a RBC account and think we may try it to see what their exchange is. Link to comment Share on other sites More sharing options...
peteben Posted November 30, 2015 Report Share Posted November 30, 2015 Consider getting an account here. We have one, as well as at XE.com. I then buy pesos a few times a year. Takes a day or two to go from my Canadian account to my Mexican account. There's also a $30 or so wire transfer fee, but the rate is better than most banks. You can then get pesos directly from that account with no fee. It is also convenient for paying online, or for government services. Pete Link to comment Share on other sites More sharing options...
El Saltos Posted November 30, 2015 Report Share Posted November 30, 2015 You can also lose money as the Peso declines. Keep your $ NOB whether $US or $CDN. ATMs are the best way with the best rate. Link to comment Share on other sites More sharing options...
snowyco Posted November 30, 2015 Report Share Posted November 30, 2015 You can also lose money as the Peso declines. Keep your $ NOB whether $US or $CDN. ATMs are the best way with the best rate. . That's good advice to keep your $$ in Loonies or better still in US dollars, and only change to MXN pesos as needed: The MXN peso has lost significant value over the last 2 years versus the Canadian Loonie, going from $11.70 MXN in early 2014, weakening to $12.80 MXN => 9% loss vs the Loonie. The MXN peso has lost serious value over the last 3 years versus the US dollar, going from $12.5 MXN in early 2013, weakening to $16.70 MXN => 34% loss vs. the US dollar. Link to comment Share on other sites More sharing options...
Natasha Posted November 30, 2015 Report Share Posted November 30, 2015 SPOT rate (interbank) of loonie to peso Nov 29 / 2013 = 12.37 SPOT rate today 12.43 Nearly equal. Compare that (try not to cry, Canadians) USD to loonie: SPOT rate Nov 28 /2013 $0.948 Today $0 .747 Sob..... Link to comment Share on other sites More sharing options...
ballbabe Posted November 30, 2015 Author Report Share Posted November 30, 2015 We have had a reply from our credit union & they tell us we are charged an exchange rate of $137.04 U.S & $5.00 for each transaction which is collected by the ATM company in Mexico. It seems they convert the Canadian dollar to U.S. and then to pesos. They suggest wiring money to a bank here and having us open an account. Link to comment Share on other sites More sharing options...
cedros Posted November 30, 2015 Report Share Posted November 30, 2015 We are curious. What card are people using? We have a RBC account and think we may try it to see what their exchange is.I use a HSBC card from Canada. I don't pay any charges to the local banks. Link to comment Share on other sites More sharing options...
El Saltos Posted November 30, 2015 Report Share Posted November 30, 2015 We have had a reply from our credit union & they tell us we are charged an exchange rate of $137.04 U.S & $5.00 for each transaction which is collected by the ATM company in Mexico. It seems they convert the Canadian dollar to U.S. and then to pesos. They suggest wiring money to a bank here and having us open an account. They're giving you bad information, there is no ATM here that charges $5.00US, that would be more than $80 Pesos! Most ATMs charge 29 Pesos. Link to comment Share on other sites More sharing options...
canmex87 Posted December 1, 2015 Report Share Posted December 1, 2015 We have had a reply from our credit union & they tell us we are charged an exchange rate of $137.04 U.S & $5.00 for each transaction which is collected by the ATM company in Mexico. It seems they convert the Canadian dollar to U.S. and then to pesos. They suggest wiring money to a bank here and having us open an account. It would appear that they are charging you twice to convert Canadian dollars to pesos. They are charging you to change from Canadian dollars to U.S dollars and then to change from U.S.to pesos. Link to comment Share on other sites More sharing options...
Ferret Posted December 1, 2015 Report Share Posted December 1, 2015 What an unbelievable rip off! I have a TD account in Canada and use a TD access card at Multiva. I'm getting great rates just like Cedros. Link to comment Share on other sites More sharing options...
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