Foreign currency exchange

by lauripetersen, Monday, March 08, 2021, 09:08 (68 days ago)
edited by lauripetersen, Monday, March 08, 2021, 09:44

Good morning, I am finding it difficult to do foreign currency exchange in the States prior to our visit to Zihua next week. Is there someplace in Zihua that is recommended for currency exchange?

Avatar

Money exchange

by ZihuaRob ⌂ @, Zihuatanejo, México, Monday, March 08, 2021, 09:17 (68 days ago) @ lauripetersen

Good morning, I am finding it difficult to do foreign currency exchange in the States prior to our visit to Zihua next week. Is there someplace in Zihua that is recommended for currency exchange?

Any cajera automática will give you pesos. Bring your bank debit card and a spare in case it gets lost.

Money exchange

by islandgirl @, Cowichan Valley, Monday, March 08, 2021, 10:38 (68 days ago) @ ZihuaRob

I tried to get a spare ATM card for my last trip down, but the bank refused to give me one.

Avatar

Money exchange

by Sandy feet @, Seattle, Monday, March 08, 2021, 11:32 (68 days ago) @ islandgirl

That's when you open a, "savings account" at the same bank with a different account number / ATM card. Easy to move money online from one account to other. I've been doing this for years.

Avatar

Money exchange

by Timmac @, Steilacoom, WA, Monday, March 08, 2021, 09:19 (68 days ago) @ lauripetersen

There are two rules in currency exchange.
1) Always use an ATM.

2) A L W A Y S U S E A N A T M!

These rules apply worldwide. You will always get a good, if not the best, exchange rate.

A subsidiary rule is always decline the exchange rate offered. It’s called “dynamic currency conversion” and will give you a lousy exchange rate. Google the term for an explanation.

Money exchange

by Yandosan, Monday, March 08, 2021, 09:38 (68 days ago) @ Timmac

I agree, use an ATM so you don't
Get hammered on the margins. That being
Said I have had issues with ATMs
In Zihuatanejo...one day I remember
running all over town and half of were
out of service or falsely told me
there was a block on my account.

Avatar

Money exchange

by mosesk, Ojai, CA, USA, Monday, March 08, 2021, 09:41 (68 days ago) @ Yandosan

I agree, use an ATM so you don't
Get hammered on the margins. That being
Said I have had issues with ATMs
In Zihuatanejo...one day I remember
running all over town and half of were
out of service or falsely told me
there was a block on my account.

Somebody should write
“The Dummies Guide to ATMs”
Or
“The Dummies Guide to Currency Exchange”

Bitcoin only...

Avatar

Money exchange

by Timmac @, Steilacoom, WA, Monday, March 08, 2021, 09:54 (68 days ago) @ mosesk

Great idea. If you have a chance, I’d appreciate a list of the businesses in Zihuatanejo that accept Bitcoin.

Avatar

Money exchange

by mosesk, Ojai, CA, USA, Monday, March 08, 2021, 11:41 (68 days ago) @ Timmac

Great idea. If you have a chance, I’d appreciate a list of the businesses in Zihuatanejo that accept Bitcoin.

There might be an airline or perhaps a private jet service that would take your Bitcoin

Avatar

Money exchange

by seattlejim, Wednesday, March 31, 2021, 23:30 (44 days ago) @ Timmac

Just a FYI PayPal will allow u to convert, buy, exchange from your currency to Bitcoin or reverse thus you can buy anything. Visa also is mentioned here thus one more step to utilize crypto doing conversions. My personal opinion is why spend Bitcoin as it’s one of the fastest growing assets https://bgr.com/2021/03/30/paypal-crypto-payments-checkout-with-bitcoin-ethereum-litecoin/

Avatar

Foreign currency exchange

by frostbite ⌂ @, Hamilton MT, Monday, March 08, 2021, 10:15 (68 days ago) @ lauripetersen

Prior to our first trip to Zihua I bought Pesos at or local bank in Anchorage. After our arrival I learned that we got the worst exchange rate from our bank and that we should use an ATM. Fortunately, our bank took the Pesos back.

--
[image]
Casa Amarilla Vacation Rental
http://www.casaamarillazihua.com/

Foreign currency exchange

by Padrino ⌂ @, San Diego, California USA, Monday, March 08, 2021, 10:38 (68 days ago) @ lauripetersen

Dear Lauri,

You don't happen to live near the border with the U.S. and Mexico, do you? The Casas de Cambio along the border give pretty good exchange rates. If you ever find that flying to San Diego, then trundling down to the Tijuana airport for a direct flight to Zihuatanejo, is cheaper than your normal route, you can stop at the Casas de Cambio at the San Ysidro / Tijuana border and get a very good exchange rate.

As mentioned, the banks and the Casas de Cambio at the airports and tourist locations almost always practice the worst forms of usury. Big Jerks!

FYI!

Foreign currency exchange

by midalake @, Monday, March 08, 2021, 10:42 (68 days ago) @ lauripetersen

Good morning, I am finding it difficult to do foreign currency exchange in the States prior to our visit to Zihua next week. Is there someplace in Zihua that is recommended for currency exchange?

Well first off banks in Mexico really don't want your American money. However both Intercam banks will exchange money with a passport.

The best way is to do ATM's. And to get a no fee ATM card like Charles Schwab has.

Remember if an ATM offers you an exchange rate refuse it, to get the better REAL RATE!

Avatar

Foreign currency exchange

by mosesk, Ojai, CA, USA, Monday, March 08, 2021, 11:44 (68 days ago) @ midalake

Good morning, I am finding it difficult to do foreign currency exchange in the States prior to our visit to Zihua next week. Is there someplace in Zihua that is recommended for currency exchange?


Well first off banks in Mexico really don't want your American money. However both Intercam banks will exchange money with a passport.

The best way is to do ATM's. And to get a no fee ATM card like Charles Schwab has.

Remember if an ATM offers you an exchange rate refuse it, to get the better REAL RATE!

ATMs are quite yesterday
Check out Wise ( formerly TransferWise, Remitly, et. al.) for longer stays or larger transfers
Every peso counts!

Avatar

Foreign currency exchange

by Timmac @, Steilacoom, WA, Monday, March 08, 2021, 13:32 (68 days ago) @ mosesk

I looked at their site. Wouldn’t you still need to hit an ATM to withdraw? Which ATM network do they use? Plus? Cirrus? While I like to get every Peso for my dollar, if they don’t have a wide network for withdrawals, it may not be worth it for the occasional traveler.

Avatar

Foreign currency exchange

by mosesk, Ojai, CA, USA, Monday, March 08, 2021, 13:35 (68 days ago) @ Timmac

I looked at their site. Wouldn’t you still need to hit an ATM to withdraw? Which ATM network do they use? Plus? Cirrus? While I like to get every Peso for my dollar, if they don’t have a wide network for withdrawals, it may not be worth it for the occasional traveler.

Wise transfers into my Intercam account
I go in person and collect pesos from a teller and have a chance to chat with the lovely receptionist

Avatar

Foreign currency exchange

by ZihuaRob ⌂ @, Zihuatanejo, México, Monday, March 08, 2021, 14:13 (68 days ago) @ mosesk

I looked at their site. Wouldn’t you still need to hit an ATM to withdraw? Which ATM network do they use? Plus? Cirrus? While I like to get every Peso for my dollar, if they don’t have a wide network for withdrawals, it may not be worth it for the occasional traveler.


Wise transfers into my Intercam account
I go in person and collect pesos from a teller and have a chance to chat with the lovely receptionist

Bully for you, amigo, but rather useless info for tourists and visitors.

Avatar

Foreign currency exchange

by mosesk, Ojai, CA, USA, Monday, March 08, 2021, 15:16 (68 days ago) @ ZihuaRob

I looked at their site. Wouldn’t you still need to hit an ATM to withdraw? Which ATM network do they use? Plus? Cirrus? While I like to get every Peso for my dollar, if they don’t have a wide network for withdrawals, it may not be worth it for the occasional traveler.


Wise transfers into my Intercam account
I go in person and collect pesos from a teller and have a chance to chat with the lovely receptionist


Bully for you, amigo, but rather useless info for tourists and visitors.

Which is why I qualified my original reply to “ longer stays and larger transfers”

Foreign currency exchange

by Padrino ⌂ @, San Diego, California USA, Monday, March 08, 2021, 16:02 (68 days ago) @ mosesk

Wise transfers into my Intercam account
I go in person and collect pesos from a teller and have a chance to chat with the lovely receptionist

It appears that Intercam is a commercial bank, yes? I was lucky enough to open a Bancomer account many years ago before the rules became more restrictive towards non-citizens. Do you know if Intercam will allow a UnitedStater to open an account without a temporary or permanent visa? BBVA (nee Bancomer) nor Banco Azteca won't anymore. Many thanks!

Foreign currency exchange

by el vagabundo @, Monday, March 08, 2021, 16:21 (68 days ago) @ Padrino

ATM when you need cash and use a credit card for places that readily accept them. RBC gives a great exchange rate on card transactions. Long stays that go to big stores and certain restaurants this works ok using the card. Sams, Soriana, Bodega, Merza,, OXXO etc etc. Always good to have different currency to use though!

Avatar

Foreign currency exchange

by mosesk, Ojai, CA, USA, Monday, March 08, 2021, 18:30 (68 days ago) @ Padrino

Wise transfers into my Intercam account
I go in person and collect pesos from a teller and have a chance to chat with the lovely receptionist


It appears that Intercam is a commercial bank, yes? I was lucky enough to open a Bancomer account many years ago before the rules became more restrictive towards non-citizens. Do you know if Intercam will allow a UnitedStater to open an account without a temporary or permanent visa? BBVA (nee Bancomer) nor Banco Azteca won't anymore. Many thanks!

I don’t know what qualified me for an Intercam Account.
I’m a Residente Permanente.
They handle my Fideicomiso.
They speak the good English.
I use the Zihua branch at the Cineplex.
Check them out

Foreign currency exchange

by Ironwood @, Monday, March 08, 2021, 19:52 (67 days ago) @ mosesk

Wise transfers into my Intercam account
I go in person and collect pesos from a teller and have a chance to chat with the lovely receptionist


It appears that Intercam is a commercial bank, yes? I was lucky enough to open a Bancomer account many years ago before the rules became more restrictive towards non-citizens. Do you know if Intercam will allow a UnitedStater to open an account without a temporary or permanent visa? BBVA (nee Bancomer) nor Banco Azteca won't anymore. Many thanks!


I don’t know what qualified me for an Intercam Account.
I’m a Residente Permanente.
They handle my Fideicomiso.
They speak the good English.
I use the Zihua branch at the Cineplex.
Check them out

I opened an Intercam account in Zihua without any reference to VISA (or to a visa), and I'm just a common or garden variety tourist. My problem is I can't figure out how to transfer funds from either of my Canadian banks into my Intercam account. Don't tell me....it's all Greek to me. I'll just keep on using my Scotiabank client card at the Zihua Scotiabank ATMs.

Foreign currency exchange

by Casa Juan @, Monday, March 08, 2021, 20:43 (67 days ago) @ Ironwood

I have been transferring USDs to Intercam in NYC from my Alaska bank with no problem for 4 yrs. It seems to transfer from Intercam NYC to Intercam Mexico in the same day. This makes it a domestic wire transfer for me. Intercam did institute a $10 fee for incoming wires in the past year but otherwise I have no complaints. I live between both branches but on the occasional time I need to see a teller to withdraw more than $5,000 pesos I typically go to Ixtapa as I have been going there for more than 5 years. Always helpful.

Foreign currency exchange

by el vagabundo @, Tuesday, March 09, 2021, 08:15 (67 days ago) @ Ironwood

I think that the Canadian banks need have made arrangements to facilitate transfers. Your banks should be able to tell you if they do something with InterCam or not or vice versa

Avatar

Foreign currency exchange

by mexicoman @, Playa Del Carmen, Monday, March 08, 2021, 18:42 (68 days ago) @ Padrino

Wise transfers into my Intercam account
I go in person and collect pesos from a teller and have a chance to chat with the lovely receptionist


It appears that Intercam is a commercial bank, yes? I was lucky enough to open a Bancomer account many years ago before the rules became more restrictive towards non-citizens. Do you know if Intercam will allow a UnitedStater to open an account without a temporary or permanent visa? BBVA (nee Bancomer) nor Banco Azteca won't anymore. Many thanks!

Inbursa will open an acct with your US Passport. Then as the man said transfer dollars to Pesos via Wise.

Foreign currency exchange

by Padrino ⌂ @, San Diego, California USA, Monday, March 08, 2021, 19:12 (68 days ago) @ mexicoman

Inbursa will open an acct with your US Passport. Then as the man said transfer dollars to Pesos via Wise.

Excellent! They have branches in Tijuana. Gonna' check 'em out. It would not hurt to have another bank to depend on. BBVA (nee Bancomer) has actually been very, very good to me. However, the lines for service can sometimes be enormous. Thankfully, I do most everyone online and via their ATM machines. No matter how small the pueblito in Mexico, there always seems to be a BBVA ATM machine there.

Many Thanks!