Money exchange

by cd69 @, Winnipeg,MB,Canada, Thursday, February 17, 2011, 01:06 (3936 days ago)

Hi everybody!

I need to exchange some canadian $$$ and not sure where is the best spot in Zihua.The exchange rate at the teller at the airport was very good and I should have exchanged more.I went to Elektra today but they only exchange US $$$.Please let me know...

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Oh no! Not another money exchange question!

by ZihuaRob ⌂ @, Zihuatanejo, México, Thursday, February 17, 2011, 09:11 (3936 days ago) @ cd69

Just kidding! :-D

Why don't you try ScotiaBank on Avenida Benito Juárez? ;-)

Oh no! Not another money exchange question!

by cd69 @, Winnipeg,MB,Canada, Thursday, February 17, 2011, 12:32 (3936 days ago) @ ZihuaRob

I could try any banks but figured someone would know here where is the BEST place for canadian dollar exchange as this is different than for the US$ that you can excahnge everywhere.So if anybody can reply and help me out with this info(which by the way has not been asked specifically before as far as I can see on this site),please do so and thank you!

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Oh no! Not another money exchange question!

by ZihuaRob ⌂ @, Zihuatanejo, México, Thursday, February 17, 2011, 12:57 (3936 days ago) @ cd69

Well, maybe I'm just making a stupid ASSumption, but I would think that there's no better place to exchange Canadian currency than at a Canadian bank.
:smoking:

Oh no! Not another money exchange question!

by cd69 @, Winnipeg,MB,Canada, Thursday, February 17, 2011, 12:58 (3936 days ago) @ ZihuaRob

Maybe you are Rob :-) as I have been told by folks here that their rates are pretty high so maybe not the best place which is why I'm asking the question here hoping some Canadians on this site know better...

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Not a canadian but,

by Timmac @, Steilacoom, WA, Thursday, February 17, 2011, 13:26 (3936 days ago) @ cd69

as long as you have an ATM card, that will give you the "spot" wholesale exchange rate which is always better than what you get for exchanging $$,whether they be American or Canadian, at a bank. You should get several days worth of Pesos, as there is a per transaction charge from both the local bank and, most likely, your bank that can eat up your savings if you withdraw small amounts frequently.

--
-Tim McNair-
timmac@mac.com

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Why exchange money?

by Walt, Thursday, February 17, 2011, 14:56 (3936 days ago) @ cd69

I assume your money will still be good when you get home. Why exchange money, be it US or Canadian? We come down 2 times a year and never bring more than $100 US. Using a debit card at the ATM gives you a MUCH better rate than any exchange. We get 8,000 pesos at a time and the exchange is great with a very small fee.

Oh no! Not another money exchange question!

by el vagabundo @, Thursday, February 17, 2011, 17:51 (3936 days ago) @ cd69

Hi Winterpeg from a born in Brandon guy but long time in B.C. now.

Intercam in Ixtapa will exchange your Canadian dollars just make sure you bring your passport. They are located behind Emilios and beside Isla El Pascador. Changed $c and U.S. there last year so no problem. The ATM fee for CIBC is $5 plus 2.5 percent of the transaction and the Mex bank fee is about 30 pesos. Other Mex banks likely will but this place is not plagued with line-ups. Got 11.45 per U.S. dolar last week.

If you have a Scotia Bank acct then likely no fees or som I have been told. I exchanged so $C in the CIBC in Banff and got 11.40 per dollar, let me know what you get here.

Ron

Oh no! Not another money exchange question!

by cd69 @, Winnipeg,MB,Canada, Thursday, February 17, 2011, 18:55 (3936 days ago) @ el vagabundo

I always bring some $$$ when I come here as I have found that unless you take out large sums of money,the exchange rate at the banks may be better at the ATM but once you calculate the fees they charge locally and then through your bank,you end up with a worst exchange rate than bringing $$$ and exchanging here with no fees for doing so.I ended up going at the ScotiaBank in Centro and they gave me 11.55 which was the same rate they were giving for the US$.Tuesday at the airport,the outlet there was giving 11.25 for Canadian$...Thank you all for your replies!

Oh no! Not another money exchange question!

by islandgirl @, Cowichan Valley, Friday, February 18, 2011, 00:48 (3935 days ago) @ cd69

I deal with Scotiabank here at home, so I hope they treat me nicely in Zihua. I have been told I have to let my bank know that I will be in Mexico before I go. I'll let you know how it works out after I get to Z.

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Oh no! Not another money exchange question!

by Walt, Friday, February 18, 2011, 07:46 (3935 days ago) @ islandgirl

You have to let your bank know plus any credit cards that you may using in Zihuatanejo. I know this from experience and getting cards rejected.

Oh no! Not another money exchange question!

by Dave, Friday, February 18, 2011, 14:17 (3935 days ago) @ Walt

We have been told by bank execs on two different occasions, that it is your travel pattern they look at for debit cards and credit cards. We are out of the country 12 to 15 times each year, all over the world and have never had a problem. We have never notified the bank since these cards came out years ago.

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Oh no! Not another money exchange question!

by frostbite ⌂ @, Hamilton MT, Friday, February 18, 2011, 15:10 (3935 days ago) @ Dave

We have been told by bank execs on two different occasions, that it is your travel pattern they look at for debit cards and credit cards. We are out of the country 12 to 15 times each year, all over the world and have never had a problem. We have never notified the bank since these cards came out years ago.

I think you've just been fortunate. I've had my Visa card frozen several times, even after advising them that I'd be traveling.

Oh no! Not another money exchange question!

by Dave, Saturday, February 19, 2011, 09:04 (3934 days ago) @ frostbite

Call it what you want but that is what the bank told us two different times. We do two trips each year to Europe, the Middle East, Asia, South America, the Caribbean and Bermuda. Three or four trips each year to Mexico and the USA. Each trip we use both cards 5 or 6 times and have never had a problem. Obviously according to some, notifying the bank does not guarantee your card will work. Our reason for asking the bank was reading more and more on sites of cards being blocked. Our concern was what if we notify the bank say 5 times in a row, then forget to on the next trip. What would happen when we go to use our cards? That is when we were told by the execs about the travel pattern. By the way the CC and debit card are with different banks. That old saying "don't fix what aint broke", works for us.

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Oh no! Not another money exchange question!

by Timmac @, Steilacoom, WA, Friday, February 18, 2011, 15:11 (3935 days ago) @ Dave

Same thing here--we travel a lot and are usually out of the country at least once a year, often two to three times. That said, I got a phone call on my cell phone last year when we were in Zihuatanejo, alerting me to withdrawals in Mexico. (Took them 10 days to notify me.) On a couple of occasions in the past I've had AmEx get me on the phone to verify, but these were unusually large purchases.
Since my only source of $$ is ATMs when I travel, I'd rather be proactive and notify them, than have to call them to get it squared away. This is not a big deal in Mexico, but had they turned off the cards while we were in China it would have been a real pain to talk to my local bank because of the time change.

--
-Tim McNair-
timmac@mac.com

Oh no! Not another money exchange question!

by LadyM in Zihua, Friday, February 18, 2011, 15:45 (3935 days ago) @ Timmac

And I let my bank know when I am going to be in Mexico and then again when I am going to be in Alaska. Makes no difference if you call them or not. Somethings they freeze the card the day after you call. I have had it happen going north and south. Just lucky when it does not happen.

Oh no! Not another money exchange question!

by andy, Friday, February 18, 2011, 09:25 (3935 days ago) @ islandgirl

Scotia bank is my regular bank here (Halifax) There's no real difference using it in Z, no fees apply (other than obviously the exchange)..just like withdrawing money at the ATM here