fekago7493 Posted July 26, 2020 Report Share Posted July 26, 2020 Hi, I am looking for opinions about which banks or even casa de bolsa in Mexico has the best exchange rates for receiving international USD wires. I don't care paying for an incoming wire fee if the exchange rate is good. Unfortunately for these operations I need to receive directly in Mexico as I am exporting services to a foreign country and there are tax limitations that force me to receive in Mexico, I have confirmed with different accountants. If not I would be receiving in a US based bank account and use Transferwise to send and convert to Pesos I am Mexican so banks that typically don't have English speaking staff wouldn't be an issue. Thanks! Quote Link to comment Share on other sites More sharing options...
Alpha1 Posted July 26, 2020 Report Share Posted July 26, 2020 https://transferwise.com/ The cheap, fast way to send money abroad. Quote Link to comment Share on other sites More sharing options...
fekago7493 Posted July 26, 2020 Author Report Share Posted July 26, 2020 2 hours ago, Alpha1 said: https://transferwise.com/ The cheap, fast way to send money abroad. I explicity mentioned that Transferwise couldn't be used in this case. Quote Link to comment Share on other sites More sharing options...
traderspoc Posted July 27, 2020 Report Share Posted July 27, 2020 multiva always gets better rate than any one else.} its important to a have personal relationship with your banker. Quote Link to comment Share on other sites More sharing options...
Alpha1 Posted July 27, 2020 Report Share Posted July 27, 2020 21 hours ago, fekago7493 said: I explicity mentioned that Transferwise couldn't be used in this case. A mistake that will never happen again! Quote Link to comment Share on other sites More sharing options...
johanson Posted July 27, 2020 Report Share Posted July 27, 2020 I have both a checking and brokerage account at Actinver. The exchange rate at my bank account is competitive with ATMs. However the exchange rate I get at my brokerage account is very close to the spot rate at the moment of exchange Quote Link to comment Share on other sites More sharing options...
fekago7493 Posted July 27, 2020 Author Report Share Posted July 27, 2020 2 hours ago, traderspoc said: multiva always gets better rate than any one else.} its important to a have personal relationship with your banker. What do you mean exactly by having a personal relationship? I will need to check if they accept clients in places where they don't have branches, I could arrange to go in person to city with a branch eventually if it is that good. Any idea approximately of the FX spread percentage? Any other second option you know of? 2 hours ago, Alpha1 said: A mistake that will never happen again! Ha no worries! 1 hour ago, johanson said: I have both a checking and brokerage account at Actinver. The exchange rate at my bank account is competitive with ATMs. However the exchange rate I get at my brokerage account is very close to the spot rate at the moment of exchange Interesting, do you have a full advisory relationship with Actinver or did you get Bursanet with self managed operations? I imagine you do keep some investments there. Have you received payments there from a third party or are you receiving money from your US based institutions? in your experience more or less what would be the FX spread percentange? Thanks to all! Quote Link to comment Share on other sites More sharing options...
johanson Posted July 27, 2020 Report Share Posted July 27, 2020 45 minutes ago, fekago7493 said: Interesting, do you have a full advisory relationship with Actinver or did you get Bursanet with self managed operations? I imagine you do keep some investments there. Have you received payments there from a third party or are you receiving money from your US based institutions? in your experience more or less what would be the FX spread percentange? I have a broker at Actinver in the Ajijic office, And my brokerage account is much smaller than my US based Merrill Lynch brokerage account. My Actinver brokerage account is totally Mexican and the stocks and bonds that my brokerage account has are mostly Mexican, Sorry I don't know the answer to your other questions Quote Link to comment Share on other sites More sharing options...
fekago7493 Posted July 27, 2020 Author Report Share Posted July 27, 2020 50 minutes ago, johanson said: I have a broker at Actinver in the Ajijic office, And my brokerage account is much smaller than my US based Merrill Lynch brokerage account. My Actinver brokerage account is totally Mexican and the stocks and bonds that my brokerage account has are mostly Mexican, Sorry I don't know the answer to your other questions Thanks, I will rephrase my questions: What I meant by the full advisory question is if you buy your stocks/bonds yourself using the Bursanet website or if an Actinver advisor executes the operations for you, as that would be a different tier. The second question about FX spread: I just meant how different is the FX rate compared to the spread rate in percentage terms. Let's say spot rate is 22.30 and they buy your dollars at 22 that would mean a 1.3% spread. Quote Link to comment Share on other sites More sharing options...
johanson Posted July 27, 2020 Report Share Posted July 27, 2020 My Actinver Broker executes the operation for me. And sitting here in Seattle, I seem to remember a large spread between the spot rate and how many pesos I received when converting dollars to pesos for my bank account, (typical of what other banks offer) But with my Brokerage account it seems to me (going by memory here) if the spot rate was 22.5 pesos per dollar that I was given 22.3 to 22.4 pesos per dollar when wiring $10,000 US dollars to my Actinver Brokerage. Account. Again, I think this is what I have been getting. Oh and the larger the value of you brokerage account the greater the chances are that you are going to get a better rate of exchange. Oh and remember that at 22.2 pesos per US dollar, you only need a little more than $45,000 US dollars worth of pesos to be a Mexican millionaire. Quote Link to comment Share on other sites More sharing options...
fekago7493 Posted July 27, 2020 Author Report Share Posted July 27, 2020 1 hour ago, johanson said: My Actinver Broker executes the operation for me. And sitting here in Seattle, I seem to remember a large spread between the spot rate and how many pesos I received when converting dollars to pesos for my bank account, (typical of what other banks offer) But with my Brokerage account it seems to me (going by memory here) if the spot rate was 22.5 pesos per dollar that I was given 22.3 to 22.4 pesos per dollar when wiring $10,000 US dollars to my Actinver Brokerage. Account. Again, I think this is what I have been getting. Oh and the larger the value of you brokerage account the greater the chances are that you are going to get a better rate of exchange. Oh and remember that at 22.2 pesos per US dollar, you only need a little more than $45,000 US dollars worth of pesos to be a Mexican millionaire. This was very helpful, so I will definitely give them a call and see if that will work. Quote Link to comment Share on other sites More sharing options...
fekago7493 Posted July 28, 2020 Author Report Share Posted July 28, 2020 9 hours ago, johanson said: My Actinver Broker executes the operation for me. And sitting here in Seattle, I seem to remember a large spread between the spot rate and how many pesos I received when converting dollars to pesos for my bank account, (typical of what other banks offer) But with my Brokerage account it seems to me (going by memory here) if the spot rate was 22.5 pesos per dollar that I was given 22.3 to 22.4 pesos per dollar when wiring $10,000 US dollars to my Actinver Brokerage. Account. Again, I think this is what I have been getting. Oh and the larger the value of you brokerage account the greater the chances are that you are going to get a better rate of exchange. Oh and remember that at 22.2 pesos per US dollar, you only need a little more than $45,000 US dollars worth of pesos to be a Mexican millionaire. Can I send you a DM with a question? Quote Link to comment Share on other sites More sharing options...
johanson Posted July 28, 2020 Report Share Posted July 28, 2020 I guess so, try it. Quote Link to comment Share on other sites More sharing options...
fekago7493 Posted August 1, 2020 Author Report Share Posted August 1, 2020 On 7/27/2020 at 10:29 PM, johanson said: I guess so, try it. Hi johanson, Did Actinver suggest you using brokerage account rather than their checking account for the wire? Or is something you eventually figured it out? Thanks! Quote Link to comment Share on other sites More sharing options...
johanson Posted August 1, 2020 Report Share Posted August 1, 2020 It was a while back, I just know that I get a slightly better exchange rate using my brokerage account than my checking account. Oh and I always would ask them for the preferred rete of exchange or the best rate of exchange they could give me at that time. And that would sometimes make a slight difference. Oh and the larger the transfer, the better chance I had for a slightly better rate of return. If you have a brokerage account in Mexico, those would also be good questions to ask your broker, You know, you could ask what would help give you a rate better rate of exchange, one that was closer to the spot rate. Why do I not remember the latest specifics? Because the last time I wired funds to Mexico was more than five years ago when I increased the size of my brokerage account. 1 Quote Link to comment Share on other sites More sharing options...
fekago7493 Posted August 1, 2020 Author Report Share Posted August 1, 2020 1 hour ago, johanson said: It was a while back, I just know that I get a slightly better exchange rate using my brokerage account than my checking account. Oh and I always would ask them for the preferred rete of exchange or the best rate of exchange they could give me at that time. And that would sometimes make a slight difference. Oh and the larger the transfer, the better chance I had for a better rate of return. If you have a brokerage account in Mexico, those would also be good questions to ask your broker, You know, you could ask what would help give me a rate better rate of exchange, one that was closer to the spot rate. Thanks! The preferred rate tip is nice, I do have a brokerage account that is a retirement plan in Mexico (similar to an IRA), maybe they are able to offer a decent solution. Quote Link to comment Share on other sites More sharing options...
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