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Most efficient method of transferring CDN to Peso


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We're from Ontario and  have the same process as  peteben. 

we opened an account with Bancomer on a tourist visa, but you have to have something like an electricity bill with your name and address on it. We use XE.com to do the transfer of Canadian Dollars from our Credit Union in Canada to pesos into the Bancomer branch on the Ajijic Plaza. The offer a good exchange rate and a low handling fee, Electronic transfers or wire transfers are much more expensive. They're fine for a large one time transfer (Like transferring the payment when purchasing a property), but for monthly expenses, XE.com is a reliable, cheap method. Our Property Manager/Contractor has his own Bancomer Account and we can transfer money from our account to his.

Just an aside... we use a Marriot Credit card when we're down there. They only charge the exchange rate, they don't add a handling fee on top of each purchase (our RBC credit card adds an additional 2%).

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On December 22, 2017 at 5:57 PM, Sonia said:

 

 

 

Thank You for all the comments, it certainly seems like it will be challenging, I think probably I will need to sit in front of a couple bank employees when we get there in July, prior to that I will need to find out how many Pesos I can bring into the country with me, hopefully in the end we will figure something out... Let the adventure start...

the forum is great and I expect I will be regular here for a while.

have a great holiday all

Michelle and Jim

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19 hours ago, Natasha said:

Yes, I am, and both Toronto-Dominion (I was trustee for an estate) and Royal Bank (mine) have refused to do wire transfers without one being there in person for at least three years.

You didn't mention about the 3 year thing so what you said does not apply to the OP because they are in Canada now. they will have no problem  electronically transferring let's say $20,000CDN after being here about 1-2 months, from their Canadian bank to a Mexican bank they open here in person. The cost will be about $30 CDN. I speak from experience and gave the ok from here in Mexico by phone, not face to face with my banker in Canada, but the $ figure is just an example of a large sum shall we say.

 

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7 hours ago, sem123 said:

We're from Ontario and  have the same process as  peteben. 

we opened an account with Bancomer on a tourist visa, but you have to have something like an electricity bill with your name and address on it. We use XE.com to do the transfer of Canadian Dollars from our Credit Union in Canada to pesos into the Bancomer branch on the Ajijic Plaza. The offer a good exchange rate and a low handling fee, Electronic transfers or wire transfers are much more expensive. They're fine for a large one time transfer (Like transferring the payment when purchasing a property), but for monthly expenses, XE.com is a reliable, cheap method. Our Property Manager/Contractor has his own Bancomer Account and we can transfer money from our account to his.

Just an aside... we use a Marriot Credit card when we're down there. They only charge the exchange rate, they don't add a handling fee on top of each purchase (our RBC credit card adds an additional 2%).

I have always done the same, but you are confused about one thing.  The transfer you get through xetrade IS an electronic funds transfer. It does not carry a fee. A wire transfer does.

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On 12/23/2017 at 11:04 PM, ned small said:

And writing a cheque is even cheaper yet and really easy.

Getting a local institution to cash foreign checks is not easy like it was years ago. If they will cash them, they want to hold the check until it clears. With Xoom I can transfer funds in one day and pay $4.95. 

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