156 replies to this topic

[George Costanza]

I'm Exchanging 300 dollars tomorrow

[richsinc]

Good timing George because even a reputable bank, UBOC, was at 14.09 Thursday and then profit taking and worse economic news set in Friday morning dropping it back to 13.70.

I expect it to be back in the 14 range Wednesday after the inaugaration but who knows...?

Even Ley, my personal local indicator, went to 13.91 on Thursday.

[Scribbles]

I'm exchanging 500 a month now and I would negotiate any new leases in pesos.

[Scooby]

Is it true that ATM exchange rates are better than the casa de cambios ?
If so, then how much do the banks cut into the savings with their fees for currency conversions ?
Is it worth it if for only smaller amounts ?

[CB]

yesterdat i took out 5000 pesos, and i was debited 358.87 with a 3.58 foreign transaction fee.
for a net of 13.795. this was thru WAMU my credit union doesnt charge.
although the local tj bank also takes out a nominal fee, i think its 7pesos for a transaction.
so yes, you're better off via the ATM

PEACE

[richsinc]

Here is my new found economic indicator and one that tickles my quirky funny bone: Channel 10 News, SD reports that dumping at the Miramar landfill is down 30% in the last month! Oh My! Less trash???

Less buying=less packaging and junking old stuff=less dumping...

And you have to wonder how Americans made it thru WWII with rationing coupons...

[George Costanza]

http://finance.yahoo...f-14230472.html

Peso hit an all time low today

Is it possible that if the US economy struggles that is will weaken to 15 or 16 to 1 ?

[NuttBoxer]

We took out 500 pesos at an ATM this weekend for about $35 US which puts the rate at about 14.30. We also exchanged at the Banamex in Soler(only one open on Saturday) $50 US for 700 pesos(a straight $14). So the ATM's seem to give the best rate, though it may have been the bank(Bancour I think?). We were by Tacos el Gordo close to the border earlier in the day and the casa de cambio there had dropped from 13.90 to 13.50. Apparently these places always drop over the weekend due to extra(tourist?) business. My brother in law who lives in Tijuana swears by the San Ysidro casa de cambios because he says they always want to sell pesos. He got 750 pesos for $50 US a week ago, so he may be right.

[Klort]

My grandmother got burned in 1982 when the Pesos went from 95 to 2,800.

Will Mexico face that again? Unlikely, but Pesos will be much worse off than the Dollar.

I say hold onto your dolares Americanos.

[richsinc]

EUR/USD 1.2908
USD/JPY 89.50
GBP/USD 1.455
USD/CAD 1.2236
USD/MXN 14.4715

I personally am thinking that Mexico may do some stupid things. I have heard of banks not giving dollars= hold on to the dollars!!! Idiots! They are worth more than Pesos!!!

I think that 15 to 1 is about tops now for Mexico. I would cut down, way down on my Peso exchanges; they maybe worth 10 centavos soon.

[George Costanza]

If mexico is still accepting the peso then people will be better off exchanging dollars to pesos.

[Klort]

The problem is people switching pesos for dollars caused it to collapse. Lack of demand pushed the MXP from 90 to 3,000 within a few days. MXP was changed to MXN (Pesos Nuevos) and they took out the three zeros.

That was the very reason the government was under pressure to seize and nationalize all the banks in Mexico - to stop the pesos from collapsing.

If the Mexicans start doing that again, pesos will fall harder.

[bombero]

I am so thankful the world values the dollar and does not treat it like the worthless piece of paper that it is.

[richsinc]

I am so thankful the world values the dollar and does not treat it like the worthless piece of paper that it is.

So you just as soon wipe your ass with a dollar or peso instead of toilet paper???

Where is that dumbest post poll???

[Chivas3]

Alot of homes have lost 40% of value in Tijuana, im waiting for the peso to fall further so i can buy me a Playa home for 60% 'off' .

[George Costanza]

Alot of homes have lost 40% of value in Tijuana, im waiting for the peso to fall further so i can buy me a Playa home for 60% 'off' .

we'll split one so that will be 30 percent each way

[Klort]

Nearly all sellers would want dollars, not pesos, when it comes to real estate.

The pricing for my car was in dollars, although it was from Mexico. High-end cars tend to be that way. That clearly shows people in Mexico do not have faith in their currency.

[richsinc]

I would stay in dollars now; MX may do something stupid...

[Klort]

Well, well, it seems the Peso has finally hit 15.

Mexicans are more jittery than the Americans (they have every right to be since their money crashed pretty recently). Consequently, I expect more Mexicans to trade their Pesos for Dollars which will cause the continued decline of the Pesos. I do not foresee Pesos hitting 20 within a couple month, but perhaps so within the next six months. The Dollar has gained considerable strength and I expect that trend to continue for quite a while.

I agree with richsinc here. They ARE going to do something stupid. If Slim started dumping Pesos.... and he's a wise man.

[George Costanza]

Most of the Fabricas have cut back production and are not hiring anymore. The slide is hurting everyone. I doubt slim would do anything to hurt the Peso but do eveything and try to strengthen it