Exchange Rates

We have been coming to Zihua for years now ,and this season the property owner has changed the payment method to only pescos. My question is what bank or institution has the best USD to pescos rate in Zihua, and how's the safest way to get the currency to the property, without riding around in a taxi with a backpack full of money.
Not trying to be dumb gringo by asking stupid questions....but just asking.
Thanks, and hope this post doesn't devolve into a political discussion.

The ATM's all have the same rate, only the charge changes. When we have needed large quantities, we just stockpile. Take up to our daily US banks limit for however many days it takes to get enough. Safety? Common sense, zipper pocket, time of day.

I personally have found Inbursa right in town on Ejido to have great rates and low fees, just be sure and say no to the conversion question. I’m in the US and just wired pesos for my upcoming stay and Bank of America gave me 19 pesos to the dollar which isn’t bad for banks converting money here.

Did you ask if they accept payment through Zelle?

Inbursa charges 22 pesos per transaction with a limit of 7,000 pesos per and does NOT ask about the dynamic exchange rate.

Zelle is a US only product. Too bad.

So they only take fish for payment?

I personally have found Inbursa right in town on Ejido to have great rates and low fees, just be sure and say no to the conversion question. I’m in the US and just wired pesos for my upcoming stay and Bank of America gave me 19 pesos to the dollar which isn’t bad for banks converting money here.

While that isn’t horrible, official exchange rate is about 20.5 pesos per dollar. You would get very close to that at an ATM. Using an ATM can be free. Our bank does not charge a foreign exchange fee and reimburses the local machine fee up to $25 a month. As long as I decline the offered exchange rate, it’s free and at the best exchange rate.

Our bank does not charge a foreign exchange fee and reimburses the local machine fee up to $25 a month. As long as I decline the offered exchange rate, it’s free and at the best exchange rate.

Schwab Bank is still reimbursing the local ATM fees worldwide. Pretty sweet deal. Do remember *not* to accept the bank's offered "convenience" exchange rate

So they only take fish for payment?

Right.....and been coming for years. Why haven't I heard about this?

I have been dealing in US$, C$, M$, and rarely € for years.

I have found Wise to be both fast and very cost effective. When I transfer pesos from my C$ or US$ accounts with Wise, it is sometimes in my Zihuatanejo bank account in minutes. When I have used it to transfer money to a person in Mexico it has been in hours.

The exchange rate is the “mid-market” rate, not the banks’ “buy” rate for the exchange rate.

In addition to providing currency transfers, Wise offers a Visa-branded debit/ATM card to be used internationally for the same “mid-market” rate international purchases.

https://wise.com/invite/ihpc/ernestg

But in order to have an account at a bank in Mexico you must have a CURP, which means you must be a resident. Catch 22.

Rolling in the fees I got net 20.23 at Inbursa a couple of days ago. Just used my AMEX and got 20.49. Credit cards best for larger purchases

But in order to have an account at a bank in Mexico you must have a CURP, which means you must be a resident. Catch 22.

That is a consideration for some purposes, but not for others.

It would not be a consideration for transferring money from the US or Canada to someone in Mexico, such as a renter might do. I have used Wise to directly pay contractors in Mexico for example to have solar panels installed and have electronics installed in my house.

And I do find it convenient to have a debit/ATM card that I can use without having any concern about the exchange rate or foreign currency fees.

Well folks,thanks for the helpful suggestions, as well as the snarky ones...I guess I deserved it from mispelling pesos. We'll figure this out on our own.

But in order to have an account at a bank in Mexico you must have a CURP, which means you must be a resident. Catch 22.

I think not, we opened our Intercam bank account 3-4 years ago, as we were only tourists. We got our permanent residence a year later.
Might be specific to each financial institution?

Technically, Intercam is not a "bank" Not going to go into it.

Technically, Intercam is not a "bank" Not going to go into it.

Well.... https://www.intercam.com.mx/eng/about-us/

Technically, Intercam is not a "bank" Not going to go into it.

It does look like a curious amalgam of financial services firms including a bank. Would you please "go into it?" What is Intercam Financial Group, Intercam Banko, Intercam Insurance Broker, etc.?

https://www.intercam.com.mx/eng/about-us/

I had intended to set up a Wise account so I can wire transfer funds when needed. After reading your posts, as well as others who recommend Wise, I stopped procrastinating and finally did it.

Thanks, Little Guy!