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Currency exchange


ballbabe

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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?

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If you had withdrawn a much larger amount, the ATM fee would have been the same, as it is for the transaction.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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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.
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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.

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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.

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