Exchange rates, Bank of Mexico

Discussion in 'Living in Cancun & Riviera Maya' started by V, Jun 8, 2015.

  1. V

    V I can choose my own title Registered Member

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    The Bank of Mexico is the central bank for Mexico and advises of the official exchange rate for a given day. To access it click here Banco de Mexico home page

    Money exchanges will likely give you a lower exchange rate: using your debit card in an ATM can help get you a better rate. The ATM will tell you the commission that will be charged, so you can be well informed at the time.

    For me, HSBC ATMs represent a good choice.
     
  2. SCMcons

    SCMcons Regular Registered Member

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    V,
    I use XOOM to get money in Mexico. Transfering from checking or bank account. Fees are $4.99 USD up to $2500 USD per transaction. An account needs to be set up on line and than you select a bank location or major super market to pick up your money. The first time it took approximately two business days due to validating bank information. After the first transaction funds ure usually available in less than 15 minutes. You do need a passport or other government ID (not a license) at time of pick up. Todays rate is 15.3 pesos to 1 USD,
    I have not used RIA money transfer which has a $4 USD fee and todays rate is 15.45 to $1 USD. Also Viamerica money transfer is 15.42 with a fee of $4.99 USD.
    Again I have not used either, but have a friend who uses RIA and has said it is also easy to use. He does say that XOOM is the easiest for verification of availability.
     
    Last edited: Jul 2, 2015
  3. BVG_Steve

    BVG_Steve Regular Registered Member

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    I used to use Xoom but have been using Viamerica lately. I have used all 3 and xoom while easy to use always has worse rates than other 2 Ria and Via. I pretty much use Viamerica exclusively now because their rates are usually 1% higher than Xoom
     
  4. T.J.

    T.J. I can choose my own title Registered Member

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    Hey BVG Steve,

    I am curious as to why you prefer Via to Ria, as both the fees and the exchange rates seem better, according to what SCMcons posted. I am getting ready to set up one or the other.

    One more question. Is there a fee, hassle or aggravation in making any of these services from the "originating" bank?

    Thanks,
    TJ
     
  5. BVG_Steve

    BVG_Steve Regular Registered Member

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    Hi TJ

    There is no fees from originating bank with any of them. Xoom is probably the easiest, although the other 2 are not that more difficult. I prefer using Via because rates are usually better

    todays rate Xoom = 15.175

    Via is 15.37

    Ria is 15.32

    Via is usually is the best rate with xoom always being the worst rate.

    all take a couple days to sign up and verify originating bank etc, The first transfer on all may take 24-48 hours. with xoom you can participating network pick up and does not have to be specific, example santander bank and pick up at any santander. with Ria you much be specific, but there is a big choice of locations. I use Ci Banco in Plaza Flamingo for my pick up
     
  6. BVG_Steve

    BVG_Steve Regular Registered Member

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    ironically it was announced last night paypal is buying xoom, so expect once deal closes for xoom to raise fees / lower exchange rates some.
     
  7. KassandraSaint

    KassandraSaint Newbie Registered Member

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    Good morning. I've faced a problem with getting money in Mexico so extremely curious about this trick of getting 2500$ at a time. But didn't get the process... From where to where should I transfer?

    And if anybody knows - is it possible to get either usd or mxn in some Mexican bank using American card? I mean not atm but counter.
     
  8. canukcun

    canukcun Enthusiast Registered Member

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    Hi KassandraSaint

    I don't really understand your issue?

    Open a joint currency bank account, use swift to transfer in your currency assumed USD, make withdrawl at bank. For amount more than bank is comfortable give them advance notice.

    Otherwise talk you your "redcard" bank in advance let them know you are in mexico and want $****** for you daily withdrawal limit while away.

    Hit up multiple atms if required, or make a special request with the bank. You may need to talk to the manager.

    Make sure you have your passport and a letter from you "home bank" or getting your "home bank" manager to fax into the bank you want to make the withdrawls from.

    There may be a fee involve with your originating bank to provide you with a bank letter, but if you are a known customer or you have a good bank they will probably do a letter of introduction etc.. for you.




    You just need to plan in advance.


    The cheaper option is to get a safe deposit box or storage place keep pesos you bring in (up to 100,000) there hidden in some toys or something. Go to your self store site and pull out bills as needed. If you bring in more than 10,000 USD worth you need to declare. The only time I ever declared over 10k it got stolen - also some other stuff that could increase costs. If you move money do it within the non declaration limits it will probably be easier for you. Even if this means making several trips.


    Also if you use a bank be mindful of where it is and how many people use that branch as lesser used branches mean shorter wait times. Although waits are generally about the same outside mexico, its pretty standard.




    The exchange houses will let you know how much they will do, its up to them how much and what they want to trade. Banks do larger amounts if you have ID, once again it is up to them - however if you have an account they will likely be more open to doing exchanges of larger sums.

    http://www.fincen.gov/statutes_regs/guidance/html/fin-2010-a007.html