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Mexican Bank Daily Exchange Rates


Sonia

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http://www.eldolar.info/en/mexico/dia/hoy

Actually a large spread in exchange rates and Banorte which processes hundreds of millions in remittances from the US pays one of the very worse exchange rates, taking advantage of the situation. On many days Banorte here has a lineup out the door, across the front and all the way to the back of the bank all people obtaining their remittances. 

Bancomer is another with a poor exchange. Banco Azteca (part of Elektra) is another with large sums exchanged in remittances.

 

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2 hours ago, johanson said:

I am not expert, but I thought the daily spot rate was set by  The bank of Mexico which you can left click on.

Peter, surely you know the exchange rate has nothing whatsoever to do with the spot rate.... there is usually a 2 - 3% spread each way (or more) depending on who is doing the processing.

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Yes I know Natasha. It was my understanding that the spot rate was the true half way point or the true exchange rate before fees and or commissions are added. And when I wire money to my Actinver Bolsa account, not bank account from my Merrill Lynch brokerage account, I am able to get very close to the spot rate, much closer than if I were to wire money from a B/A account to an Actinver Bank account

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50 minutes ago, Natasha said:

Peter, surely you know the exchange rate has nothing whatsoever to do with the spot rate.... there is usually a 2 - 3% spread each way (or more) depending on who is doing the processing.

Those rates in the link in Sonia´s post might only be the walk-in cash rate of exchange and not the international wire transfer exchange rate all banks use.

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I am unclear as to what the point of the original post was. I keep a bit of an eye on the exchange rate, as it affects my monthly rent payment, and I pay based on the Banco de Mexico rate. I have not noticed any near-term changes that alarm me. What am I missing?

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I was a little confused too. Because I understand when a Notario is working with real estate sales where monies are other than just Mexican, that they use the spot rate published on the Banco de Mexico webpage for determining rates on a certain day

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On ‎08‎/‎07‎/‎2017 at 8:12 PM, bournemouth said:

I thought it useful to see the variations in rate between various banks whose ATM's we may be using.  I think that the banks on the list are those that the website chooses to use.

Those exchange rates are not the same exchange rates ATMs give you at all. I think those rates posted in the link are for walk in cash exchange rates set by the various banks and are not international wire transfer exchange rates either which is set by the Bank of Mexico, I think. The ATMs daily exchange rates are set by either MasterCard or Visa depending on what ATM card you use. They are standarized in all of Mexico and are as many can see by comparing their latest ATM exchange rate usually not even close to being good exchange rates that banks post in their windows or/and on a board inside the bank. The various banks have different small fees they charge for using their ATMs. Different banks have máximum withdrawal amounts in pesos also. Ban Regio has the highest now with $10,000 pesos per withdrawal and Banorte and Banamex lowered their máximum this year or late last year to $6,000 pesos from $8,000 pesos per withdrawal.

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Those are the rates posted by the banks. Example BanBajio on the link I gave shows 17.4 and 18.4. On that web site click BanBajio and it takes you to the BanBajio bank's web site showing exactly 17.4 and 18.4. I do not understand all the confusion.

That is a handy web site which shows each day the various bank exchange rate and how different they are. Large exchanges such as $5000 will get you a preferred rate but at times you may have to remind the bank staff. :-)

If exchanging more that a few dollars pays to check the link. The range is 17.05 to 17.84. On a thousand dollars that is $79.

For rent etc the official rate is found at Diario Oficial de la Federación from a link on my web site under "real estate" which takes you to here: http://dof.gob.mx/indicadores.php

 

 

 

 

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Recently, I withdrew 15000MXN from an ATM from 2 banks, Wells Fargo and Ally.  Ally didn't charge me an ATM fee, WF got me for $5.50US.  The actual cost from both banks was within a few pennies.  WF gave a little better rate and then got $5.50, Ally gave a slightly worse rate but charged me nothing.

It is one of those "pay me now" or "pay me later" kind of deals.  Each bank made the same thing, just charged differently

I find that the banks through ATMs give about .25MXN off the spot rate at the time of the withdrawal.

 

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12 hours ago, jrm30655 said:

Recently, I withdrew 15000MXN from an ATM from 2 banks, Wells Fargo and Ally.  Ally didn't charge me an ATM fee, WF got me for $5.50US.  The actual cost from both banks was within a few pennies.  WF gave a little better rate and then got $5.50, Ally gave a slightly worse rate but charged me nothing.

It is one of those "pay me now" or "pay me later" kind of deals.  Each bank made the same thing, just charged differently

I find that the banks through ATMs give about .25MXN off the spot rate at the time of the withdrawal.

 

Was 1 debit card a MasterCard and the other debit card a Visa? I don´t think the banks themselves are adjusting the exchange rate only MasterCard and Visa are. The banks simply allow the USDs to be withdrawal as per what dollar amount the international ATM system requests.

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On ‎08‎/‎07‎/‎2017 at 10:00 PM, Sonia said:

Those are the rates posted by the banks. Example BanBajio on the link I gave shows 17.4 and 18.4. On that web site click BanBajio and it takes you to the BanBajio bank's web site showing exactly 17.4 and 18.4. I do not understand all the confusion.

That is a handy web site which shows each day the various bank exchange rate and how different they are. Large exchanges such as $5000 will get you a preferred rate but at times you may have to remind the bank staff. :-)

If exchanging more that a few dollars pays to check the link. The range is 17.05 to 17.84. On a thousand dollars that is $79.

For rent etc the official rate is found at Diario Oficial de la Federación from a link on my web site under "real estate" which takes you to here: http://dof.gob.mx/indicadores.php

 

 

 

 

http://www.banxico.org.mx/sistemas-de-pago/servicios/sistema-de-pagos-interbancarios-en-dolares-spid/sistema-pagos-interbancarios-.html

"VENTANILLA"

https://www.banorte.com/wps/portal/ixe/Home/indicadores/tipo-de-cambio/!ut/p/a1/jZDNDoIwDICfZldWB-r0NtHMv_gTY8RdzNQJS2AzE0XfXuRoFO2pbb6vaYsFjrAw8qZjmWtrZPqqRWvHSYMO_RAmEFIKbNWjjQFfEt4PSmBbAxD_Pz_kbBi0pwDzgBNgdDYOVs0OgVHrPx--BINf_gaLWuR1QQXUrVgBNTuMsYhTu6_-uWVm79MYC6dOyinnXV3ZTvL83EWAoCgKT6VHm0rnaXOyCJRBkKm7PpT5UUsEiX18mpPYS46jdx-fs_U6Ar3INvTyBMj-2MU!/dl5/d5/L2dBISEvZ0FBIS9nQSEh/

The lower link above to Banorte has this "Vantanilla" rate written on their webpage not on the link you provided which might be the source of the confusión.

Banorte charges a $17.00 USD fee to process the international transfer billed when sending it from the US.

Here below is Banorte´s fees for transfers etc.

https://www.banorte.com/wps/portal/banorte/Home/consulta-costos-y-comisiones/!ut/p/a1/jdFdjoIwFAXgtcwCTC-l0PJYEEodRlKJKLyYGtGQIMyPun7BmEzUWO1bk--0t6eoREtUtvpU7_Sh7lrdDPvSXQlssdgO4JMJ3wEuCYlyJS1hQw-KGzBOe4BVGILHbMnobT4NlQs8mKkwl5GlEnzNB4LHhCYAKREYOJtOSOZ4GKT7Xh6eLA6mPMfO_fyPwHS_Rc35Abw1vwG86H-Byjvy-AMXYKr4Akwdvmqh6F9B_4Hw7R6oDCDKpx79wigbzljrdlP9ar_pfo5Vh4qtbv4q9L2fD2sJtRzpgn-cAY_OC-0!/dl5/d5/L2dBISEvZ0FBIS9nQSEh/

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4 hours ago, AlanMexicali said:

Was 1 debit card a MasterCard and the other debit card a Visa? I don´t think the banks themselves are adjusting the exchange rate only MasterCard and Visa are. The banks simply allow the USDs to be withdrawal as per what dollar amount the international ATM system requests.

They were both bank debit cards, they are both the same VISA.  

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2 hours ago, jrm30655 said:

They were both bank debit cards, they are both the same VISA.  

It appears the international fees are different for each bank using other bank´s ATMs.

https://www.ally.com/help/bank/atms-withdrawals.html

Ally Bank debit card fees:

Will I pay a fee for using an ATM overseas or in a foreign country?

Yes. Whether you use an Allpoint® ATM or other ATM overseas, we charge a standard foreign transaction fee of up to 1% of the transaction amount for the currency conversion and/or cross border transaction. If you use a non-Allpoint ATM overseas, there may be an additional surcharge by the ATM owner.

There's no charge to use any Allpoint ATM in the U.S., plus we reimburse up to $10 at the end of each statement cycle for fees charged at other ATMs nationwide.

Keep in mind, we pay interest on the reimbursed amount starting on the day the funds are credited to your account.

Fees for using your Card

Table 2 shows fees we may assess. These fees may not be applicable to all customers and vary depending on the type of Account you have. For more details, refer to the applicable Wells Fargo Fee and Information Schedule for your Account.

1 U.S. fee also applies to the following U.S. territories: American Samoa, Guam, Northern Mariana Islands, Puerto Rico, U.S. Minor Outlying Islands, and U.S. Virgin Islands.

2 For each debit card purchase in a foreign currency converted to a U.S. dollar amount by a network.

TABLE 2

U.S.

International

Non-Wells Fargo ATM Fees

Balance inquiry

US

$2

International

$2

Transaction fee

$2.50

$5

Transfer fee

$2

$2

ATM Statement Fee

$1

Debit Card Over-The-Counter Fee for getting cash at a non-Wells Fargo bank

$3

3% of transaction amount

International Purchase Transaction Fee

3% of transaction amount

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"This converter uses a single rate per day with respect to any two currencies. Rates displayed may not precisely reflect actual rate applied to transaction amount due to rounding differences, Rates apply to the date the transaction was processed by Visa; this may differ from the actual date of the transaction. Banks may or may not assess foreign transaction fees on cross-border transactions. Fees are applied at banks’ discretion. Please contact your bank for more information.

Exchange Rates

Enter the required field and calculate the exchange rate.
Exchange Rates

Visa is committed to providing cardholders with a safe, convenient and cost-effective way to pay when traveling internationally. Use the converter below to get an indication of the rate you may receive when using your Visa card.

Currency Converter

   
United States Dollar to Mexican Peso

July 10, 2017

Enter Bank Fee:
%

Your bank may or may not assess foreign transaction fees on crossborder transactions. Fees are applied at banks’ discretion. Please contact your bank for more information.

 

Date Requested:This converter uses a single rate per day with respect to any two currencies. Rates displayed may not precisely reflect actual rate applied to transaction amount due to rounding differences. Rates apply to the date the transaction was processed by Visa; this may differ from the actual date of the transaction.

If your Visa card was issued by a European bank, please click here to find rates applied by Visa Europe.

 

Below shows the calculated exchange rate.

Currencies fluctuate every day. The rate shown is effective for transactions submitted to Visa on July 10, 2017, with a bank foreign transaction fee of 1.0%.

1 United States Dollar = 18.320794 Mexican Peso

The "currency calculator" below gives you an indication of the cost of purchases you make when traveling internationally.

 

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html/?fromCurr=MXN&toCurr=USD&fee=1&exchangedate=07%2F10%2F2017&submitButton=Calculate+Exchange+Rates

 

The Visa website tends to agree with what I think. The USD to MX. peso exchange rate is fixed by Visa in this case but the bank the debit card is from that you use sets fees which effects how much each withdrawal will actually cost you.

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