Comments on: A Fair Exchange

By: Mary David

Mary David — Fri, 28 Oct 2016 12:55:08 +0000

All of the mail in Mexico is routed through Mexico City, no matter if you live in the Yucatan or Tijuana. I am going into the second month of waiting for a $300 refund on shipping costs to come to me from Hawaii. Someone I sent a check to in Hawaii has waited a month for it to arrive. I have really had variable success with the Mexican postal service but it just seems less reliable. PayPal many work better to send/receive $$ to/ from the US. FedEx or UPS are more reliable but clearly more expensive. My wallet was stolen from my purse at the Home Depot here one Saturday and I had a replacement Bank of Hawaii credit card by Tuesday and my Central Pacific Bank debit card on Wednesday via FedEx. And because of the kind of account I have with CPB, I’m not charged foreign exchange fees when I use the Banorte ATM here.
Last year, I had to send money via Western Union to the US. That was quite an experience as Mexican banking laws make it much more difficult to send money out of Mexico by Western Union than to receive it from the US. But it is not difficult to receive money from the US by Western Union and they have kiosks at plenty stores here.
BTW, a close friend of mine once worked for the main post office facility in LA. She told me that theft of cash mailed via USPS was rampant there. So it may not always be the Mexican system at fault.

By: Mexperience

Mexperience — Wed, 06 Jan 2016 15:41:51 +0000

In reply to Geoff.

Hi Geoff,

You *might* find a booth at Mexico City’s airport who will exchange them (the AUD is not posted, you’ll have to ask at the counter), but generally only USD, CDN, GBP and EUR are readily exchange-able at kiosks in Mexico.

Some banks may exchange AUD, but the hassle factor may be considerable. Best to use ATMs in that sense.

By: Geoff

Geoff — Wed, 06 Jan 2016 06:15:50 +0000

Travelling through Mexico in March this year. Are Australian dollars accepted at bank foreign currency exchanges?

By: Thom

Thom — Fri, 27 Nov 2015 20:17:59 +0000

In reply to B. Berrie. Check with the local exchange houses (casas de cambio) to ask how much they will exchange in one transaction. Take some ID with you, e.g. passport. Also, why not ask your landlord if he/she will accept your USD in cash? If so, agree an exchange rate that's reasonable for both of you.

By: B. Berrie

B. Berrie — Fri, 27 Nov 2015 19:48:03 +0000

We have to pay our rent to the owner of the house when we arrive in Mexico and we are driving from Canada, I am nervous about having that much cash with me while driving through Mexico for 4 days, how much cash can you get from Exchange houses at one time? would they give me $ 2000 US Dollars from my Canadian Debit Card? And where are these Exchange houses located or called? We will be in the Merida/Progreso area of Yucatan.

By: Mexperience

Mexperience — Sun, 26 Jan 2014 13:01:35 +0000

In reply to Rod. Hi Rod, thanks for your question. In our experience, it's much better to sell your Mexican pesos in Mexico than States/Europe-side. We've updated the article to comment on this aspect.

By: Rod

Rod — Sat, 25 Jan 2014 20:16:15 +0000

What about changing pesos back to USD or other currency when it’s time to leave?

By: B.Buckman

B.Buckman — Fri, 06 Dec 2013 23:36:30 +0000

Wow! Helen, your proposal includes plenty of variables not the least of which is finding that ‘trusted friend’. Then, the postal money order, which will probably arrive with no problem but when? When one is waiting for living money the Mexican postal system will seem like the pony express. And, will these money orders arrive consistently, say, over the course of a year or two or more? Don’t know what to say about a postal box versus home delivery. Maybe a box would be better since, at least, it eliminates one last leg of the delivery system where mail might be lost or mislaid.

I really don’t mean to bad mouth the Mexican postal system unduly. I have been foolish enough to send cash to and from Mexico over the years and have never lost a dime. However, I have heard many horror stories from others so I would not recommend relying too heavily on the post office when it comes to money.

Helen, if you do hit on a reliable method for receiving money from the States please post it here, I’m sure many readers will be interested.

By: Helen

Helen — Fri, 06 Dec 2013 18:48:24 +0000

I wonder if it would make sense to have a trusted friend make withdrawals in the US and send me the money by postal money order. Immigrant families use this method to send money home. Do I need a post office box in Mexico to receive it? Is home mail service secure?

By: Matt

Matt — Tue, 03 Dec 2013 18:50:15 +0000

Hi B.,
My bank charges a fixed fee (about $5) in addition to the 3%, and if this is the case for an account you hold (like mine) then withdrawing larger amounts makes sense. For example, if I withdraw US$100 worth, my charge is $8. If I withdraw $500 worth my charge is $20. If I withdraw 5x$100, my charge is $35.
It all depends on the fee structure of the account — detailed in the small print as usual.

By: B.Buckman

B.Buckman — Tue, 03 Dec 2013 18:12:40 +0000

Regarding the idea that it is better to withdraw larger amounts from ATMs rather than smaller amounts to save on bank fees, while this is true for the ATM machine usage fees, it does not help on Foreign Exchange Transaction fee. This fee is a flat 3% (BOA) on any withdraw.

In my opinion the FET is totally unfair to expats who are on low, fixed incomes. If it applied only to tourists or wealthy people who come to Mexico for three months during the winter it would not be so objectionable. We who are withdrawing living expenses year round, year after year, are the ones impacted the most by this surcharge.

Ah, for the good days when the best way to change dollars for pesos was to drop by any PEMEX gas station, no fuss, no muss.