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playaboy

Jun 14, 2016, 6:37 AM

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Cambio USA Cash for Pesos

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For the first time ever, I was turned away by a bank trying to change $300 USD to pesos. I know there is a $1500 USD cash limit for changing $$$ into pesos per month. How do they determine the month, by the calendar month or 30 day time period? Is there a way for me to know when the "clock" starts ticking?



joaquinx


Jun 14, 2016, 6:44 AM

Post #2 of 11 (5559 views)

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Re: [playaboy] Cambio USA Cash for Pesos

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Perhaps the bank didn't want to exchange dollars at all. Dollar exchange hassle is worst than FATCA requirements.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.


ifyoucanttakeajoke


Jun 14, 2016, 7:01 AM

Post #3 of 11 (5555 views)

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Re: [playaboy] Cambio USA Cash for Pesos

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Are you a customer of that bank? By that I mean, do you have an account there?


chicois8

Jun 14, 2016, 7:19 AM

Post #4 of 11 (5554 views)

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Re: [playaboy] Cambio USA Cash for Pesos

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For the first time ever, I was turned away by a bank trying to change $300 USD to pesos. I know there is a $1500 USD cash limit for changing $$$ into pesos per month. How do they determine the month, by the calendar month or 30 day time period? Is there a way for me to know when the "clock" starts ticking?


Maybe you should have asked the policy at the bank........
Rincon de Guayabitos,Nayarit
San Mateo, California


AlanMexicali


Jun 14, 2016, 9:15 AM

Post #5 of 11 (5538 views)

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Re: [playaboy] Cambio USA Cash for Pesos

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For the first time ever, I was turned away by a bank trying to change $300 USD to pesos. I know there is a $1500 USD cash limit for changing $$$ into pesos per month. How do they determine the month, by the calendar month or 30 day time period? Is there a way for me to know when the "clock" starts ticking?


In my experience inside Mexican banks I have been turned away a few times. I asked why. They said after 12 noon each day they do not exchange USD to pesos. Come back tomorrow before noon. The second reason was they do not exchange US $100.00 dollar bills, nothng over $50.00 US bills.


La Isla


Jun 14, 2016, 9:26 AM

Post #6 of 11 (5533 views)

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Re: [playaboy] Cambio USA Cash for Pesos

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Last year I went to my neighborhood branch of Santander, where I have had an account for several years, to exchange some dollars for pesos. I was told that Santander doesn't offer that service.


playaboy

Jun 14, 2016, 11:12 AM

Post #7 of 11 (5518 views)

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Re: [joaquinx] Cambio USA Cash for Pesos

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Perhaps the bank didn't want to exchange dollars at all. Dollar exchange hassle is worst than FATCA requirements.


Thanks for the replies. I do not believe any of these responses were the reasons for not doing the exchange.

I was at an Electra store, Banco Azteca branch. They exchange different currencies to pesos nationwide, 7 days a week. You do not need an account with them for money exchange, just official ID. I asked to exchange $500 but was told there is a $300 daily limit.

http://www.bancoazteca.com/

The bank teller entered my passport info 3 different times. Something came up on her computer screen that said "NO GO".

I tried to ask why but the music was blasting in the store and I could not hear anything she said.

I had exchanged dollars during the month of May at a Scotia branch.

Now back to my original question about the $1500 a month limit.


(This post was edited by RickS on Jun 14, 2016, 11:39 AM)


mcm

Jun 14, 2016, 11:38 AM

Post #8 of 11 (5506 views)

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Re: [playaboy] Cambio USA Cash for Pesos

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Here is a link to the SAT press release pertaining to the changes in peso/dollar exchange that went into effect in 2010. Note that the limits are described as ''mensual'', monthly, which I interpret to mean a calendar month, beginning the first day and ending the last day of a named month. If it were a rolling 30 day period, they would say 30 dias, or 30 dias habiles, or whatever. But, that's just what seems obvious to me (meaning, I'm likely to be wrong....) any bank should be able to confirm!

How do they keep track? Good question -- presumably by means of your passport number or other ID, but that assumes there is some national clearing house that is checked.

One thing I noticed -- for foreigners, there is a monthly limit of $1500, but no daily limit (the $300 daily limit apparently only pertains to Mexican national residents). Of course, the ''national resident'' could be interpreted to include foreigners with permanent residency...

Another thing -- the press release states that there is a $4000 monthly limit for account holders at a bank, in contrast to the $1500 for non-account holders.


rockydog85251

Jun 14, 2016, 2:34 PM

Post #9 of 11 (5484 views)

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Re: [mcm] Cambio USA Cash for Pesos

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I just took friends visiting from LA to Bancomer and they sent us to Intercam for the exchange...he got $17.80 per dollar.
Willie


RickS


Jun 14, 2016, 3:51 PM

Post #10 of 11 (5477 views)

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Re: [rockydog85251] Cambio USA Cash for Pesos

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I needed to do a wire transfer this morning so looked at the 'official' rate. It was 18.97 at that moment. YIKES!

Yes, I know, it won't be that for my transaction, but....

A friend got 18.60 at an ATM in Ajijic this morning.


(This post was edited by RickS on Jun 14, 2016, 3:52 PM)


playaboy

Jun 14, 2016, 8:16 PM

Post #11 of 11 (5448 views)

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Re: [mcm] Cambio USA Cash for Pesos

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Thanks, that is what I was looking for.

I do believe Mexico has/is trying to track all banking transactions. This teller was scanning my passport into the computer, other banks have required a copy of my passport.

I believe the daily limit of $300 is a Banco Azetca policy for everyone.
 
 
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