Exchange Rates for Cash
Posted by David Dagoli on January 9, 2016, 8:12 am 187.139.79.224
We exchanged some cash at the Banamex in Melaque this past Thursday Jan. 9. Here are the actual rates we got: Canadian dollar = 12.77 pesos. USD = 16.2 pesos | ------------------------Re: Exchange Rates for Cash
Posted by mike on January 9, 2016, 8:38 am, in reply to "Exchange Rates for Cash" 108.198.138.84
We also exchanged us cash this past thursday at a chase bank in the us. the rate was usd=16.44. | ------------------------Re: Exchange Rates for Cash
Posted by Cruz on January 9, 2016, 11:08 am, in reply to "Re: Exchange Rates for Cash" 189.164.111.73
Wells Fargo exchange rate yesterday was $17.47/USD. Perla at Caja was quoting $16.50/USD. So we have quite a range. Cruz
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Posted by Vicki and Robin on January 9, 2016, 11:16 am, in reply to "Exchange Rates for Cash" 189.164.117.63
I wonder how the exchange rate for Canadians is going to affect rentals next year. If this current trend continues, I envision a few people staying home for awhile. Thoughts? | ------------------------Re: Exchange Rates for Cash
Posted by Craig B on January 9, 2016, 12:23 pm, in reply to "Re: Exchange Rates for Cash"------------------------Nuke
Posted by BusGuy on January 9, 2016, 1:30 pm, in reply to "Re: Exchange Rates for Cash"
Sorry for interjecting but a correction is called for... The article about Burnaby's General Fusion is about Hot Fusion; not Fission (or Cold Fusion). john | ------------------------Re: Exchange Rates for Cash
Posted by LIsa Fern on January 9, 2016, 10:23 pm, in reply to "Re: Exchange Rates for Cash" 187.139.70.115
With these higher exchange rates, you may want to consider adjusting the wages you pay workers here in Mexico. In spring of 2014 the exchange rate for USD was 12:1 The going rate for a full day's labor was $350pesos, about $29usd. That same daily wage is now around 500pesos. just saying
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Posted by LIsa Fern on January 10, 2016, 8:54 am, in reply to "Re: Exchange Rates for Cash" 187.139.70.115
not sure what's going on with the Canadian $. Won't your new, beautiful PM tidy things up? | ------------------------Re: Exchange Rates for Cash
Posted by Norma on January 10, 2016, 9:58 am, in reply to "Re: Exchange Rates for Cash" 189.164.120.178
The problem is that they were dependant on the oil and now that some of us are determined to keep the Tar Sands in the ground, and develop the Solar Patch! We need a rapid change in economic thinking and stop subsidizing big oil and move onto sustainable energy. Like the US when Obama came into the presidency, our Prime Minister has a big mess to fix as a result of the Cons(ervatives) total control and lack of concern for the people. The hard part for Canadians visiting Mexico is that so many places are rented in US dollars. It should be pesos!
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Posted by Vicki and Robin on January 10, 2016, 2:11 pm, in reply to "Re: Exchange Rates for Cash" 189.164.117.63
Exactly, Norma!!!! Well said! | ------------------------Re: Exchange Rates for Cash
Posted by Mark S on January 10, 2016, 3:25 pm, in reply to "Re: Exchange Rates for Cash" 189.164.114.38
The problem with pesos is, that with the unstable exchange rate, the rate you accept in September may be seriously devalued thereafter. I loaned a gentlemen some pesos in April and am being repaid about 80 cents on the dollar. C'est la vie. As the U.S. dollar is the most stable currency, at least in the western hemishphere (but actually in the world) it only makes sense to rent in U.S. dollars. I feel sorry for my Canadian friends for the state of their currency, and hope it improves. | ------------------------Re: Exchange Rates for Cash
Posted by squidders on January 10, 2016, 8:29 pm, in reply to "Re: Exchange Rates for Cash" 189.164.102.247
That should also go for the folks who come here from up north and open up shop. Some adjust their rates if u are American,Canadian,etc!!! | ------------------------Re: Exchange Rates for Cash
Posted by Larry C on January 11, 2016, 2:54 am, in reply to "Re: Exchange Rates for Cash" 189.164.111.55
Careful. The change in Exchange Rates and the Inflation Rate in Mexico are two different things. The present Inflation Rate in Mexico, for Mexicans, is about 2.5%. | ------------------------Re: Exchange Rates for Cash
Posted by KenB on January 9, 2016, 12:50 pm, in reply to "Exchange Rates for Cash" 187.139.75.125
I got 17.1 the same day at the same bank from the ATM , it's interesting to see how much extra they charge to deal with actual physical cash money instead of automated wire transfers. | ------------------------Re: Exchange Rates for Cash
Posted by Craig B on January 9, 2016, 10:09 pm, in reply to "Re: Exchange Rates for Cash" 172.242.247.88
So sorry John, Looks like a cold and devalued future. | ------------------------Re: Exchange Rates for Cash
Posted by Larry F on January 10, 2016, 7:56 pm, in reply to "Re: Exchange Rates for Cash" 189.164.123.197
There us nothing wrong with the Canadian dollar. It has held its own against other international currencies. What is different is that the U.S. dollar is rising, relative to other currencies. We Canadians in Mexico are still getting a reasonable rate of exchange to the Mexican peso. I agree with a previous poster about vacation rentals charging U.S. dollars. This is Mexico, and rates should be posted in pesos.
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Posted by Pablo on January 10, 2016, 8:07 pm, in reply to "Re: Exchange Rates for Cash" 184.66.18.142
Took the words right out of my mouth, Larry. Yes, still about the same for exchange rate of Canuck buck to MXN peso. But the awful exchange rate will be costing our group an extra $150 for our final half on the rental house we have this year when we arrive. That is, if I go out and get those US funds today. Having a crystal ball to see all the problems this year with the Canadian dollar and money markets would have been nice. Certainly true that the US dollar is strong these days against our "petri dollar", but as witness recent events, the stock market in China also affect things big time. However, sunset in La Manz? Priceless!! | ------------------------Re: Exchange Rates for Cash
Posted by Lynne on January 10, 2016, 10:40 pm, in reply to "Re: Exchange Rates for Cash"
When I first started coming to Mexico from the States in 1998, the exchange rate for the US dollar was only 9/1. It is now predicted to top out at 18/1--double the value. No matter. My nationality should make no difference in a peso economy. Since I actually moved to Mexico 14 years ago, I've refused to pay rent quoted in any currency other than pesos or, for that matter, pay for any classes, tickets, fundraisers or fees charged in another currency as a matter of principle. Also, to the best of my knowledge, it's not legal. At this time of year, Canadians comprise the majority of tourists and part-time residents on the Costalegre. You should not have to buy US dollars with Canadian dollars, as you are not in the United States. Why not just say so? (In a nice way, of course.) There is power in numbers. My 2 (US) cents...
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Posted by Scott on January 11, 2016, 7:40 am, in reply to "Re: Exchange Rates for Cash" 24.56.240.110
I am remembering when the peso topped 3,000/USD and one exchanged as little money at a time as possible because the difference in exchange rate between morning and evening was enough to provide a free dinner for a young traveler. Direct purchase with USD saved a lot of local folks. There were a lot of mattresses stuffed with USD back then. Also remembering that many rental reservations are made months ahead of time with a deposit, but sometimes a majority of payment is made at occupation. At the current moment, that owner would want to give the price in USD or there will be a larger exchange rate loss. Of course that is irrelevant if payment is upfront. | ------------------------Real World Economics
Posted by Mark S on January 11, 2016, 8:57 am, in reply to "Re: Exchange Rates for Cash" 189.164.114.38
I remember when Mexico went with the "Nuevo Peso" because of the problem Scott mentions. Here's the thing. If you are an expat and built your house you paid for it based upon your savings, be it Canadian or U.S. Dollars. If you subsequently rent your house your are expecting some measure of a return on your investment, and that return is based upon the currency which you invested. Last year the Peso was trading at 14.7 per U.S. Dollar. As of Friday it was 17.55. It makes no economic sense to base a rental rate in Pesos when one can't be sure of its value in six months. Like it or not, the U.S. Dollar is the world standard of economic worth (who buys Chinese treasury bills valued in the Yuan?) It's not a nationalistic thing, it's just the way the world economic markets work. The world puts its faith in the U.S. Dollar due to a belief that its value is relatively stable, it's the new gold. | ------------------------Re: Exchange Rates for Cash
Posted by judy egan on January 11, 2016, 2:20 pm, in reply to "Re: Exchange Rates for Cash" 45.49.145.139
This year I bought pesos here at my bank. The rate was 17.47
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Posted by Lynne on January 11, 2016, 3:45 pm, in reply to "Re: Exchange Rates for Cash"
Apparently folks who come and go to Mexico and who 'think" in (convert to) their own national currency or USD have a different perspective. During the 14 years that I've lived full-time in Mexico, I have earned income in multiple currencies (I'm a translation/academic editor with clients all over the world), but I always pay my rent in pesos. So, to me, the value of a peso is simply a peso because I'm not comparing it to the fluctuating value of any other currency. If my rent today is 5,000 pesos, it will still be 5,000 pesos six months from now...and it makes a whole lot of sense to me to know that in advance. ;-) | ------------------------Re: Exchange Rates for Cash
Posted by Larry F on January 11, 2016, 5:06 pm, in reply to "Re: Exchange Rates for Cash" 189.164.123.197
Thanks for your perspective on this Mark. It is very true that people who build or buy here do so in U.S. dollars. My Mexican builder charged me U.S. dollars to build my house. If I rent my house in U.S. dollars, prospective renters will decide whether they want to pay it or not. If the exchange rate for their particular currency is that much out of line, they will go elsewhere. Or of course I could lower my rent. | ------------------------Re: Exchange Rates for Cash
Posted by Mark S on January 11, 2016, 5:23 pm, in reply to "Re: Exchange Rates for Cash" 189.164.114.38
Lynne, I completely understand your point of view but you must appreciate the fact that you are making money in Mexico, i.e, Pesos. So, paying pesos for all of your needs just makes sense. As Larry opines, if you paid U.S. or other currency to construct your residence, and then plan to rent it out, it only makes sense that you calculate the rental rate in the currency you used to construct the house. I guess you could calculate rent in Pesos based upon your home countries' currency, but in time both may very well change. As a year around permanent resident I really don't have a dog in this fight, but I do understand the dilemma. | ------------------------
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