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Buy Canadian dollars in Mexico? Or convert pesos in Canada.


ComputerGuy
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5 minutes ago, ComputerGuy said:

I have pesos in hand, and am travelling to Canada. I can't tell if I'm better off to go to Intercam (or wherever) here and get CDN, or bring pesos to Canada and convert them at my bank there.

What about keeping your pesos here and getting dollars when you get to Canada? Just curious.

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My condolences...........just kidding, have a great trip!  I don't know the answer but don't just leave them.....they may shrink like clothes in the dryer.

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1 hour ago, ComputerGuy said:

I have pesos in hand, and am travelling to Canada. I can't tell if I'm better off to go to Intercam (or wherever) here and get CDN, or bring pesos to Canada and convert them at my bank there.

This is all that's important to me right now.

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CG, aren't you asking a question that is dependent on "timing". What can you convert pesos here now for Canadian is pretty easy to determine.... go to Intercam and ask. But what you can get for then when you decide to leave is another question. Also, converting pesos in Canada is an unknown until you get there and convert.

And.... I have NEVER had a bank give me a good exchange rate on foreign currency. Maybe it's different in Canada....

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No, I don't think so. It won't matter what the rate is: it will be the same percentages in both countries. For example, it is always better to arrive here from Canada, when visiting, and pull money out of the ATM, then take it to the casa de cambio... than it is to get pesos in Canada at your bank. We don't have any cambio places in Canada that I know of. Just banks and credit unions.

What I'll do is call my Canadian bank, get a quote, then right away head over to Intercam and get a quote.

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1 - if you have a MXN bank account in pesos and an ATM card, you can pull CDN $$ at a CDN ATM at not bad rates once you're there - just like many do the other way, when in Chapala.

2 - there are exchange houses in Ottawa and Toronto, if you really want to bother with it - and you can often ask for & get a better than posted rate if exchanging 10 to 20 K pesos or more.

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Thanks. Good info. Just curious. In fact, as RickS alluded to, the difference may even be negligible in the long run.

Hilarious sidenote: I contacted ScotiaBank Canada on the phone. The woman I talked to pronounced pesos correctly, so I asked where she was located: Mexico City.

After contacting Intercam, it looks like it will generally be nominally better to buy CDN here than to sell them in Canada.

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