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CHANGE DOLLARS TO PESOS


gringal
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On 12/5/2021 at 10:36 AM, gringal said:

I would appreciate suggestions here, other than the high rate of exchange at the regular money change places.

If you mean moving dollars to pesos 🇲🇽  I've had good success with Wise.com. Just used them twice during the pesos run-up on the $USD  moving money from one of our US banks to O'Rourke in Axixic at very favorable rates (much better conversion rate than banks).

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8 hours ago, Jreboll said:

You mean the spot price?  That would be the fairest for both. 

Yes. Whenever I have traded currency privately, the spot price is used- not the buy or sell rate. 

You're cutting out the middleman, who always takes a cut somehow, so it's a win-win for both parties.

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1 hour ago, Jubilacion said:

If you mean moving dollars to pesos 🇲🇽  I've had good success with Wise.com. Just used them twice during the pesos run-up on the $USD  moving money from one of our US banks to O'Rourke in Axixic at very favorable rates (much better conversion rate than banks).

And exactly what was that very favorable rate?

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On 12/6/2021 at 5:31 PM, Jubilacion said:

The transfer rate from Wise.com was $23.84 for $2,500 USD 🇺🇸 into MX 🇲🇽pesos, and the transfer confirmation took less than 3 hours. Much better than the rate offered by O’Rourke.

23.84 pesos per USD? I seriously doubt that. How many pesos did you get for the 2,500 USD? That will tell you the transfer rate, not the cost for transferring.

 

 

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I should have better said Wise.com TRANSFER FEE (not transfer rate) was $23.84 USD for transferring/converting $2,500 USD 🇺🇸 into $53,950.87 🇲🇽

Nov 26, as the USD$ was rising to the MXN$ peso I chose to convert $2,500 USD 🇺🇸 into MXN 🇲🇽 pesos. Wise.com quoted mid-market rate $1.00 USD = 21.7890 MXN and gave me that EXACT MID-MARKET RATE less their fees of $23.94. My $2,500 USD - less $23.94 USD fees = $2,476.06 USD 🇺🇸 @ $21.7890 MXN 🇲🇽 = $53,950.87 MXN 🇲🇽  was deposited into O'Rourke's account. That was less expensive (saved over $56 USD/$1,220 MXN net) compared to the transfer fee/rate offered by O'Rourke on that day.

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21 hours ago, Jubilacion said:

I should have better said Wise.com TRANSFER FEE (not transfer rate) was $23.84 USD for transferring/converting $2,500 USD 🇺🇸 into $53,950.87 🇲🇽

Nov 26, as the USD$ was rising to the MXN$ peso I chose to convert $2,500 USD 🇺🇸 into MXN 🇲🇽 pesos. Wise.com quoted mid-market rate $1.00 USD = 21.7890 MXN and gave me that EXACT MID-MARKET RATE less their fees of $23.94. My $2,500 USD - less $23.94 USD fees = $2,476.06 USD 🇺🇸 @ $21.7890 MXN 🇲🇽 = $53,950.87 MXN 🇲🇽  was deposited into O'Rourke's account. That was less expensive (saved over $56 USD/$1,220 MXN net) compared to the transfer fee/rate offered by O'Rourke on that day.

Wasn't your total cost 2500 USD plus the 23.94 fee?  

53,950.87 pesos/2523.94 = exchange rate of 21.37565

The Visa exchange rate (used at most ATM's) was 21.5462 on 11/26.

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No. Jubilacion is correct. The fee is not added to the amount. Wise deducts the fee from the requested dollar amount before conversion so a total of $2500 US was debited from the account, but $2476.06 was converted.  The effective rate was 21.5803 = 53950.87pesos/2500US.

Aside from that, I find that MoneyGram or Remitly often beat the Wise rate, however, the transfers usually take 3 - 4 business days instead of a few hours or up to 2 days for Wise.

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6 minutes ago, rckrckr said:

No. Jubilacion is correct. The fee is not added to the amount. Wise deducts the fee from the requested dollar amount before conversion so a total of $2500 US was debited from the account, but $2476.06 was converted.  The effective rate was 21.5803 = 53950.87pesos/2500US.

 

Thx for explanation.  Have never used Wise and didn't understand how it works.  

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2 minutes ago, Jubilacion said:

rckrckr is correct all around. The speed of transfer and ease of their website and phone app are why I chose them… and reviews are excellent.

 The numbers I reported are right off Wise.com summary details of my transfer 💵💲

So you agree the net exchange rate was 21.58 as @rckrckr states, and not the 21.789 you stated?

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1 hour ago, Bisbee Gal said:

So you agree the net exchange rate was 21.58 as @rckrckr states, and not the 21.789 you stated?

Yes, the NET would be $21.58 which is accurate but I think you're mincing words to say the 21.7890 rate was inaccurate. Since that rate was the basis of the transfer it is also accurate.

The Visa Exchange rate sounds about right though my net purchase rate was still a bit better and those pesos are now in my account. We did purchase on our Capital One credit card during that time at Walmart and since Capital One charges no International Transaction Fee our purchase rate was very close to the actual mid-market rate that day.

However, if someone had wanted cash at an ATM they would likely have ATM and VAT fees to deal with (and be limited in the amount they could withdraw) which of course would lower the NET Visa exchange rate further below the 21.5462 quoted. Don’t you think?

I know there are some cards and banks that waive those fees (we use Charles Schwab in the States who credit back those fees) but from comments on this and other boards many seem to have no real solution for these charges.

Interesting discussion....thanks!

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