nomames Posted January 21, 2016 Report Share Posted January 21, 2016 Canadians snowbirding to US might end up in Mexico .(due to high US$) Canadian $ keeps in pace with MXN. Most of our Canadian friends are snowbirding to Arizona right now. never mind I read wrong. Forget what I said. Link to comment Share on other sites More sharing options...
More Liana Posted January 22, 2016 Report Share Posted January 22, 2016 A bright side for Mexico is the huge amount of remittances coming from the US in dollars now buys a whole lot more pesos for the recipients. A couple of years ago I read an astounding statistic: After oil revenues, remittances from abroad were the second leading component of the Mexican economy, ahead of tourism, manufacturing and mining. That may or may not still be true. It has definitely changed. Here's a chart to show the rise and fall of remittances to Mexico between 1995 and 2015. http://www.tradingeconomics.com/mexico/remittances Link to comment Share on other sites More sharing options...
RickS Posted January 22, 2016 Report Share Posted January 22, 2016 Am I reading this chart right??? Approximately $2,000 Million dollars in remittances per month? $2 trillion dollars a month!?! EDIT: Yes, Billion not Trillion... I must be 'zeroes' challenged! Link to comment Share on other sites More sharing options...
bdmowers Posted January 23, 2016 Report Share Posted January 23, 2016 Isn`t 2,000 million 2 billion? Link to comment Share on other sites More sharing options...
Gilligan Posted January 23, 2016 Report Share Posted January 23, 2016 Isn`t 2,000 million 2 billion? Yep Link to comment Share on other sites More sharing options...
tomgates Posted February 4, 2016 Report Share Posted February 4, 2016 18.54 on a Chase MC yesterday. Will be a lot lower this morning. Link to comment Share on other sites More sharing options...
wood3511 Posted February 4, 2016 Report Share Posted February 4, 2016 Just so I can scale the rate, typically how many pesos for a bottle of beer ? Bag of produce at the Ajijic tiangus ? Link to comment Share on other sites More sharing options...
tomgates Posted February 4, 2016 Report Share Posted February 4, 2016 Last case of beer in returnable bottles at Corona distributorship was $289p. Dining out, most places are $20 or so for light beer and $25 for dark and $50 for microbeers. Link to comment Share on other sites More sharing options...
lcscats Posted February 4, 2016 Report Share Posted February 4, 2016 Remember when comparing pesos to USD prices that Mexican prices have 16% added in form of IVA tax built into price so add the sales tax in US to compare properly. Six pack of Minerva Stout at WalMart is 135P, Dos Equis Brown is 85P. Many watery beers are much cheaper. Link to comment Share on other sites More sharing options...
dave0415 Posted February 4, 2016 Report Share Posted February 4, 2016 If one is talking about US/MXN rates of exchange for transactions in Mexico (rents/sales of property etc) this is the only legal rate of exchange to be used in any transaction http://www.banxico.org.mx/portal-mercado-cambiario/foreign-exchange-markets--exc.html It does not matter what any other bank (or any other person) says. Link to comment Share on other sites More sharing options...
dave0415 Posted February 4, 2016 Report Share Posted February 4, 2016 A bright side for Mexico is the huge amount of remittances coming from the US in dollars now buys a whole lot more pesos for the recipients. A couple of years ago I read an astounding statistic: After oil revenues, remittances from abroad were the second leading component of the Mexican economy, ahead of tourism, manufacturing and mining. That may or may not still be true. http://mexiconewsdaily.com/news/remittances-totaled-oil-income/ I think this says it all as far as returns from abroad. Link to comment Share on other sites More sharing options...
tomgates Posted February 4, 2016 Report Share Posted February 4, 2016 Dave, Not sure how applicable that quote is relative to most if not all ATM transactions we use. Visa's posted rates are here that that is what we transact: https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/ I find Chase and Citi have very good rates with no foreign transaction fees. When I got 18.54 net on a Chase transaction the morning of Feb 3, the closing fx rate on Feb 2 as quoted by the WSJ was 18.48. Yesterday's WSJ close was 18.17. Today's Visa rate is 18.15 Link to comment Share on other sites More sharing options...
dave0415 Posted February 4, 2016 Report Share Posted February 4, 2016 Canadians snowbirding to US might end up in Mexico .(due to high US$) Canadian $ keeps in pace with MXN. Most of our Canadian friends are snowbirding to Arizona right now. If one looks about for Canadian vehicle plates it is plainly evident that Canadians are not returning to Mexico as long are rents are in US dollars. If they are, it is for a shorter period that they usually stay. They are on budgets also and with the current exchange rate they are very wary. It is time for rents to be in pesos, sales also. Link to comment Share on other sites More sharing options...
dave0415 Posted February 4, 2016 Report Share Posted February 4, 2016 Dave, Not sure how applicable that quote is relative to most if not all ATM transactions we use. Visa's posted rates are here that that is what we transact: https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/ I find Chase and Citi have very good rates with no foreign transaction fees. When I got 18.54 net on a Chase transaction the morning of Feb 3, the closing fx rate on Feb 2 as quoted by the WSJ was 18.48. Yesterday's WSJ close was 18.17. Today's Visa rate is 18.15 Tom: I agree with you , but many people want the ATM rate of exchange for transactions. Too bad the Bank of Mexico is the legal rate for transactions in Mexico Get what you can from US banks but don't expect to get that for transactions in Mexico. Link to comment Share on other sites More sharing options...
El Saltos Posted February 4, 2016 Report Share Posted February 4, 2016 If one looks about for Canadian vehicle plates it is plainly evident that Canadians are not returning to Mexico as long are rents are in US dollars. If they are, it is for a shorter period that they usually stay. They are on budgets also and with the current exchange rate they are very wary. It is time for rents to be in pesos, sales also. I see all the usual suspects again this year and the traffic would indicate there are as many as ever. Link to comment Share on other sites More sharing options...
pappysmarket Posted February 4, 2016 Report Share Posted February 4, 2016 Same in PV. We are loaded with Mexican tourists mostly by far but no fewer Canadians spotted this year so far. They seem to slightly outnumber Americans here. Easy to spot differences in most as Canadians often wear their flag on their clothing, they dress somewhat different and the accent is easy to hear most of the time. They mostly all seem to be enjoying the warmer weather. The permanent folks are all complaining about the cold winter. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.