Cambios?

does anyone know what the current rates are at the cambios downtown, centro? thanks.

 

Onsite

While walking, I check daily. Beyond the fx variation rates, different cambio places offer diff rates. At 12.30, last night. But Banco Azteca on Tulum (not a real bank branch) seems to be systematically higher. Banks like Bancomer give better rates than Scotiabank but this is for tourists cashing. I often cash at Chedraui Supermkt on Plaza Las Americas with consistently higher rates.

Answered your question?

 

This morning Ive seen anything from 12.15 to 12.50 ($ US)

 

yes, that answers my question. just checking to see if I should exchange money at my bank which is 11.65, or when I'm in Cancun. Thank you both.

 

You get the best exchange rate from ATM's.

 

thanks for that cf. that makes it easy.

 

Jayg

You won't beat using a BOA AtM card at a Santander Serafin Bank ATM machine.

Yesterday I got $12.7016 while a Santander customer could only have gotten $12.20 based on the posted rate.

 

thanks tj. i'll check out boa before i come down.

 

Cancun Fun pointed out that ATMs give the best exchange rate: this is because they apply the Bank of Mexico's official exchange rate for the day to the transaction. Where the differences and advantages of one bank over another will come in is in the fees associated with the withdrawal, which can vary greatly.

T.J. has reported on other threads that a BoA debit card will work at Santander Bank and no fees will be charged, although he hasn't mentioned that on this thread, so far. Others have reported that the same is true if you use your BoA debit card at ScotiaBank, here. That gives you a lot of flexibility in that there are multiple branches of these two banks in town.

Banks are notorious for changing the rules of the game on short notice, but it looks like the BoA card (not credit card) is still the best for these transactions, taking money from your U.S. based account, and receiving pesos from the machine.

 

Fees change based on banks and even locations. Both the bank you use to make the withdrawl aswell as your bank back home may charge a fee.

The banortes here charge 38.85MXN per withdrawl, the ones in Merida 40.60. The HSBC in Cancun only 25.20. I cant speak for bank accounts in the US since im CDN, nor for regular savings/checkings accounts since I just use my credit. But at HSBC after I include all the bank fees involved I come out with 12.75MXN per dollar on cash withdrawls, and when making purchases like at walmart 12.85MXN per dollar.