Forums > Areas > Central Pacific Region

Poncho32

May 28, 2010, 4:18 PM

Post #1 of 17 (7918 views)

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Exchanging dollars for peso in Vallarta today?

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A good source of ours state that no banks in Vallarta starting today are exchanging dollars for peso?
Can anyone down there support this claim today?
Bud Crest

(This post was edited by esperanza on May 29, 2010, 11:28 AM)

Casa

May 28, 2010, 4:35 PM

Post #2 of 17 (7906 views)

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Re: [Bud Crest] Exchanging dollars for peso in Vallarta today?

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If it’s true…..This from the Informador may explain why

CIUDAD DE MÉXICO (25/MAY/2010).- La decisión de los bancos de limitar sus operaciones con dólares en efectivo no tendrá afectación sobre las personas y la economía, y sí pudiera llevarles a conocer mejor a sus clientes, aseguró el Banco de México (Banxico).

El director general de Operaciones de Banca Central de Banxico, David Margolín Schabes, aclaró que “fue decisión unilateral de los bancos suprimir o limitar el monto de la compra de dólares en efectivo en ventanillas de sucursales”………………

El fin de semana varios bancos en el país decidieron limitar las operaciones en dólares en efectivo, ante el aumento de la circulación de esa divisa en México y para prevenir operaciones con recursos de procedencia ilícita.

…………… PARA SABER

Las instituciones HSBC, Banorte, Banamex y BBVA Bancomer fueron las primeras instituciones en restringir las operaciones en dólares………………

(This post was edited by esperanza on May 29, 2010, 11:26 AM)

sioux4noff

May 28, 2010, 8:12 PM

Post #3 of 17 (7885 views)

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Re: [Bud Crest] Exchanging dollars for peso in Vallarta today?

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In Puerto Vallarta -
Bancomer has not exchanged US$ for quite a while, unless you have a business account with them, you can't even deposit US cash into your account.
HSBC had not been exchanging US$ earlier in the year, but I haven't heard lately.
Banamex had been exchanging US$, but a week or two ago wasn't.

(This post was edited by esperanza on May 29, 2010, 11:26 AM)

mexliving

May 28, 2010, 11:07 PM

Post #4 of 17 (7866 views)

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Re: [sioux4noff] Exchanging dollars for peso in Vallarta today?

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that is true... mexican banks have halted the purchase of dollars at teller counter..... looks like you need to find a caseta de cambio or use your atm card.

(This post was edited by esperanza on May 29, 2010, 11:27 AM)

mexliving

May 28, 2010, 11:10 PM

Post #5 of 17 (7864 views)

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Re: [mexliving] Exchanging dollars for paso in Vallarta today?

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just google: puerto vallarta caseta de cambio / and you will find over 10 money exchange places. be carefull when going to these places and make sure you dont get followed.

JRinPV

May 29, 2010, 7:34 AM

Post #6 of 17 (7834 views)

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Re: [mexliving] Exchanging dollars for peso in Vallarta today?

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In Reply To

just google: puerto vallarta caseta de cambio / and you will find over 10 money exchange places. be carefull when going to these places and make sure you dont get followed.

Unless she younger than 30 and has great legs :)
Really, you don't have to worry too much about that, we've had one incident since the first ATM arrived in town.

(This post was edited by esperanza on May 29, 2010, 11:27 AM)

Poncho32

May 29, 2010, 9:26 AM

Post #7 of 17 (7814 views)

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Re: [Bud Crest] Exchanging dollars for peso in Vallarta today?

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It is my understanding that the Mexican government has put a temporary halt on the exchange of dollars to peso at present, to slow the money laundering by the cartel.
Bud Crest

(This post was edited by esperanza on May 29, 2010, 11:28 AM)

mexliving

May 29, 2010, 6:50 PM

Post #8 of 17 (7750 views)

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Re: [Bud Crest] Exchanging dollars for peso in Vallarta today?

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this new law by mexican banks can turn an simple bank transaction into a dangerous trip...... i do remember the story about the french scientist that went with his driver to mexico city airport to exchange around 4,000 euros... people in the airport followed him with 3 vehicles and eventually blocked his vehicle.... and robbed him..... they shot him in the head.... so if you have to go to a money exchange place, be extra carefull.... it does not take a genious to see that this law and the banks will make a tourist an easy target... some exchange places you dont go into the store , you stand outside on the sidewalk and anyone in the streets can see you and follow you.... be carefull

JRinPV

May 30, 2010, 8:02 AM

Post #9 of 17 (7706 views)

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Re: [mexliving] Exchanging dollars for peso in Vallarta today?

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This is not Mexico City, which in this regard, is almost like another country.

Poncho32

May 30, 2010, 9:39 AM

Post #10 of 17 (7682 views)

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Re: [mexliving] Exchanging dollars for peso in Vallarta today?

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My real question is,If the rumor I heard is correct that this move by the banks to stop taking dollars was to try to curtail the flow of drug money laundering, brought on by the Mexican government?

If the latter is true, it appears to me that it may well help to some degree, but what then also happens to yearly tour trade that represents 65+ % of the over all yearly economy ?

Do all the tourist get enough paso to utilize for their trip prior to coming into the country?

On the latter most countries don't hold a lot of foreign currency other than dollars?

I know of a lot of people who dread going to an ATM ,personally I have never used one.

In closing it appears to me that this move may not be best for Mexico.
Bud Crest

chinagringo

May 30, 2010, 10:02 AM

Post #11 of 17 (7678 views)

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Re: [Bud Crest] Exchanging dollars for peso in Vallarta today?

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One article that I read indicated that there was an exemption for those holding a "business account". So one could assume that hotels, restaurants and other tourist related businesses would still be able to bring in dollars. On the other hand, crime syndicates have long been known to have legitimate businesses for the purpose of money laundering.
Regards,
Neil
Albuquerque, NM

Poncho32

May 30, 2010, 4:33 PM

Post #12 of 17 (7630 views)

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Re: [chinagringo] Exchanging dollars for peso in Vallarta today?

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The concern I have is the possible damage to the Mexican economy.

I have read a lot of reports the ATM is a great place to get robed and that the best thing you should do is use your credit cards, but I can state that at least a dozen times or more in the 40 years that we have spent in Mexico wintering we have had our credit cards forged.

And the latter is no fun.

First you have to stop the forgery then get a new card sent down to you.
Bud Crest

Rolly

May 31, 2010, 6:38 AM

Post #13 of 17 (7584 views)

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Re: [Bud Crest] Exchanging dollars for peso in Vallarta today?

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"The Mexican government announced last week that they will limit dollar deposits in Mexican banks in order to strengthen the fight against money-laundering. Finance authorities are expected to inform this week on the measures to be taken. “The limit is only set on large amount of U.S. dollars and it will not impact the majority of Mexicans,” Ernesto Cordero, finance secretary recently said. “This is a measure that will protect our banking system and will make money-laundering in Mexico difficult,” he added.
A few weeks ago, some banking institutions began restricting transactions in dollars due to the unusual high circulation of the greenback."

Read the rest of the article here.

Rolly Pirate

eyePad

May 31, 2010, 6:53 AM

Post #14 of 17 (7577 views)

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Re: [Rolly] Exchanging dollars for peso in Vallarta today?

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The ATM seems a little bit too public to be a good place to get 'robed'. (Sorry I couldn't resist)
apáñatelas como puedas

Poncho32

May 31, 2010, 3:32 PM

Post #15 of 17 (7496 views)

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Re: [Bud Crest] Exchanging dollars for peso in Vallarta today?

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Here are my latest findings
The banks will not accept U.S. dollars in cash although the Casa de Cambios
still do. Checks OK at this point. Any changes would be dictated by the
finance minister and may have to be approved by the congress but in any case
it would apply to very large amounts. There would be a host of exemptions to
the rule I am sure.

Hope this helps,
Bud Crest

Casa

Jun 2, 2010, 3:25 PM

Post #16 of 17 (7378 views)

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Re: [Rolly] Exchanging dollars for peso in Vallarta today?

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As I suspected this is just another useless piece of legislation that is inconveniencing, (like the recent cell phone registration and the car registration before that) the common citizen and making banks and Casa de Cambios wealthier.

Yes you can deposit a check in US funds in Mexican banks but most will charge you for the privilege. (There was no charge to deposit US cash previously)

And as the article states the Narcos don’t even use banks ! (click me)

Casa

Jun 8, 2010, 12:00 PM

Post #17 of 17 (7160 views)

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Re: [Casa] Exchanging dollars for peso in Vallarta today?

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I guess I am not the only one that thinks this way.... This from the Informador.

GUADALAJARA, JALISCO (08/JUN/2010).- La decisión de restringir el cambio de dólares en instituciones bancarias, como medida encaminada al combate del “lavado” de dinero, augura impactos negativos en varias vertientes de la economía regional.

Google Translate :

The decision to restrict the exchange of dollars in banks, as a measure to combat "money laundering, predicts negative impacts on various aspects of the regional economy.