Jun 17, 2012, 11:22 PM
Post #4 of 13
Re: [joaquinx] Banking, Exchanging Currency, & Using Credit Cards & ATMs in Mexico
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If you live in Mexico and get paid in pesos, you might also find you have friends who will gladly do wire transfers into your US account, so they can get pesos from you at the best rates. (We need US dollars and I sell pesos, so the expat gets the pesos they want and I get the dollars => win-win.)
I don't quite understand this sentence well. Wire transfers cost anywhere between 35 and 45 usd, so it could be expensive to do this. Am I right to assume that these are people in Mexico with dollars that are willing to send dollars to the US in exchange for you exchanging them for pesos?
Yes, I hand them pesos here, and they have banks in the US who do not charge for wire transfers, so they wire transfer US dollars from their US accounts to our US account - which we use to pay US bills and for airline tickets etc.
Debit card transactions from many banks are be posted to your checking account almost immediately, which means you get the exchange rate of that moment, which may be different than the “official” posted rate for the day. . . .
When I have used my debit card to withdraw funds and then check almost immediately the exchange rate on the Internet sometimes it is a few pennies short of the rate. Yet, at other times, it can be 10 to 20 cents lower. This is using OANDA (an app on my cell phone) to find the rates. I get an email from my bank almost immediately after an ATM withdraw.
It is possible that the currency exchange rates are fluctuating rapidly during the periods when the differences get large. Our personal experience of 6 years of tracking exchange rates finds that XE.com seems to report much more consistent and reliable rates than OANDA, since we have often seen OANDA report values with large differences from the other currency reports and different than the official Mex. Gob. bank rate, while XE seems to track them better. (??)
Finally, it is nice to find one place with a sufficient information that you don't have to visit other sites to garner mis-information. Good Job!
Thanks for the kind words.
E-visit at http://yucalandia.com