tonyburton
Mar 30, 2003, 8:42 AM
Post #3 of 16
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Assuming this money is not already in Mexico, then you should consider the following:
1. Banamex exchange rate is usually fractionally better than Lloyd. For large transfers, you may be able to get slightly higher rates on request, whether you choose Banamex, Lloyd, or an exchange house (Casa de cambio)
2. Exchange House rates are often fractionally better than Banamex. (Note that some exchange houses prefer American Express Traveler's Checks over any others)
3. Sometimes, "documents" (including traveler's checks) receive a marginally better exchange rate than cash.
3. Total costs of "transmission" (commission paid for document plus any phone charges and bank charges etc) are generally much higher for wire transfers and for cashier's checks than for either cash or traveler's checks. On the other hand, wire transfers are essentially instantaneous!
4. If you choose the combination of Banamex and traveler's checks, you would be wise to check with the Banamex branch (in Chapala) beforehand, since they have a policy of exchanging only small amounts (200 dollars or less) for non-account holders. Their rules may be different for those opening an account with them.
What makes most sense in any particular case depends on your priorities in terms of cost, speed, desire for personal service, security (a concern if you are traveling with large amounts of cash) etc. etc.
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