156 replies to this topic

[Chivas3]

The peso is at 13.958 today

[richsinc]

Union Bank friday:

The Mexican peso strengthened against the dollar as market participants continued to digest the efforts to rescue Citigroup along with the US Federal Reserve’s announcement to buy mortgage-related debt and securities as a measure to support the financial system.

EUR/USD 1.2930
USD/JPY 94.53
GBP/USD 1.5446
USD/CAD 1.2323
USD/MXN 13.2270

My local Ley market is even at 13.01 the last few days. I did notice lately (days) though that shelf prices are higher. What was USD18+ is now 21+, .54=.59+, 5+=7+, etc. Don't know if it because of the weaker Peso or the higher than normal inflation rate Mexico has been experiencing but probably a combination of the two.

[George Costanza]

The Otay Crossing Yellow exchange was at 13.10

Just in time for my big check. Hopefully I will exchange 300 at 13ish and get back 4000 pesos

[richsinc]

Hi George; but don't go using the Pesos if the retailers are giving 13 to 1 right now. Sit on them 'til the dollar goes back to ~10/11 to 1 and it will, I think. The Mexican government is very attuned to too strong a Peso and I think maybe to a too weak a Peso too, but I have not read of anything they are doing or plan because it is at 13. Probably because of the higher inflation, they will let it float at about 13 for a while. But who knows? However I can predict with 100% certainty, there will be more cartel shootings..............

But then you could be in Russia;

http://en.wikipedia....inancial_crisis

Some things totally baffle me on this blog: I read that some guy wants to sell Pesos now at 13 to one?, when he probably bought them at closer to 10 to 1??? Now is the time to buy Pesos and sit on them until the USD gets back to the 10 to 1 range. You don't have to be Warren Buffett to figure that out.

But that's the same guy that bought gas at the 'eight block long gas station'? between Broadway and J, which are parallel avenues in downtown San Diego. Can someone explain to me how parallel lines intersect? Maybe streets in an outlying little burg that got failed to be mentioned?

Shaking my head in disbelief...

To the person that asked about "the best place": There is NO best place. Go where your heart and wallet are happy; rates change 24/7/365. Just keep your eyes open.

I would trust bigger retailers and ATMs are good too if the ATM/bank/your card does not charge a lot of fees. I do not use cambio casas or Mex. Banks so I cannot comment on them.

[George Costanza]

I just bought a few hundred dollars in Pesos at 13.2

Beware there are a few places in San Yisdro that charge you commission and can wipe you whole profit margin clean.
That happened to me about 6 years ago.

[Scooby]

........Beware there are a few places in San Yisdro that charge you commission and can wipe you whole profit margin clean.
That happened to me about 6 years ago.

Anyone know how the commission rates are charged to the customer ?

[TJGringo]

It's never posted so you have to ask normally it's 5-10 percent. Very few charge commission now.

[richsinc]

13.20 is pretty good George but I beat you? Well, Ley was at 13.31 yesterday; like I said 'spend dollars now at reputable retailers'. UBOC was at 13.6+ on friday; 14?

Commissions sound like a scam. Commission, my ass! For what? Go next door. Cambios make their money on the buy/sell difference.

One thing I did learn here and I think from George that DAWNED on me. Like what do you not haggle over in Mexico/TJ pricewise??? You can haggle at cambios... not just for that leather jacket. I had never thought about it before and came as a pleasant surprise. Hope this helps someone else too.

[George Costanza]

There is no negotiating at the Cambios if anything they will lower the rate if you do the maximum before showing ID which I think is 2.5 or 5k.
The only other places I sometimes negotiate is the swap meets and second hand stores.

[richsinc]

Mmmm... Someone on here a while back said they did haggle at cambios and said they got a better price, but now I wonder if that was just blowing smoke...

Anyone with any experience on this?

[otayBill]

I've heard they will haggle if you do large amounts. Like George said, thousands of dollars.

[richsinc]

Banks are down a bit on exchange to Peso to ~13.00 to 1 and think it will still hover around there for a while.

Some food for thought:

http://www.fool.com/...ar-to-fade.aspx

Can Bernernke and Paulson bailout the weather here this week??? They are bailing out everything else! Why not the weather too? And where is it written that failing companies should not fail??? There are plenty of economic vultures around to pick the best parts of a carcass(sp?).

But, worst weather I have seen since I moved here.

[richsinc]

Here is an even better enlightenment:

Greed + Stupidity = Wall Street?

http://www.fool.com/...nsequences.aspx

Sure, pay me $241 million as a signing bonus and I can take your company to bankruptcy earning $120 million at year, but you have to pay me $250 million if you fire me...??????????????????

Don't make sense to me but what do I know....

[George Costanza]

Casa De Cambios are 13 to one right now. The peso has gained a little this week but not much

[Scribbles]

Guys the peso has been steady around 13.10 all week. I'm exchanging two times the amount than before and just stacking the pile up.

[richsinc]

The Mexican peso weakened against the dollar after the US continues to release more grim economic data.

EUR/USD 1.3950
USD/JPY 90.50
GBP/USD 1.4500
USD/CAD 1.2260
USD/MXN 13.7800

Even Ley grocery store is at 13.48. Not a bad place to buy a six pack and cash a Franklin. I expect tho that Mexico, especially TJ area, will suffer more as the US declines a bit further.

Do I hear 14? Gimme' 14...

[otayBill]

Some places are still offering a 10 pesos to 1 dollar exchange rate.

I went to a night club last weekend and the doorman said the cover charge was 2 dollars or 20 pesos. I opted for 20 pesos.

[LinuxRay]

I agree with using your bank and ATM, to exchange pesos/dollars. I use BofA and withdraw at Santander and or Scotiabank as they have agreements with these banks. No fees and you get the interbank rate. I only use BofA for this feature. I also use Wescom C.U. to wire money to my Bancomer account using their directomexico service which is free and they also give the wholesale rate. You can wire upto $2500/week(dollars). But for quick cash I use the BofA option. In a crunch I use my wachovia ATM they reimburse me upto $6 in ATM fees, but thats as a last resort. And I use my C.C. when shopping or eating out although they do charge me a 1% fee but I do get cash back so it evens out.

[George Costanza]

I changed today at 13.33 at the Otay Border. The biggest I've seen it was 13.6 a couple weeks ago and last week a low of 13.00.

Otaybill I know what you mean you get better deals in Pesos. Thats why I changed a few hundred every month. It's like free money

[LinuxRay]

I also track the peso on Yahoo finance, the easiest way is to go to http://finance.yahoo...s=USDMXN=X&t=1y here you can see the wholesale rate which was at $14.14 to $1 dollar as im writing this (1/14/2009, 8:25 am). You can also go to www.mx.yahoo.com and halfway down it also shows you the exchange rate. If you have a bofa account and withdraw at santander thats approximately what you'll get. Looks like im gonna go exchange some here today.