Is it true u get more pesos for a canadian dollar then us dollar ? Saw on Banamex website today CAD 12.74 and US only 12.47 . Anybody seen the rates at the cambios today ? Also i think Scotia bank showed CAD 12.84.
The difference may lie in that you (OP) seem to be looking at the official rates: the problem may be that the "cambios," which are the money changers (not banks), don't give the official rate in return for your money. The only way to be getting the official rate, that I know of, is to use your ATM card here to withdraw, in pesos, money on deposit in your bank back in Canada. My recent experience has led me to believe the banks are out of the money changing business now (I'm speaking of presenting foreign currency and asking for pesos). Others, who have more frequent need of this service (ToriB?) will be more up to date with their information than I, but my own bank refused to exchange USD for pesos when I wanted to do that, recently, and I had to go to a cambio.
And looking at it internationally, the Canadian dollar and the U.S. dollar are virtually neck and neck in value in the monetary markets these days.
Thank you for your feed back all , i was just wondering what the cambio rates(signs on windows) show if any of you walked by them( i know theres lots downtown). As far as changing dollars in banks last time i was in Cancun January 30th it was no problem at Scotia Bank on Tulum changed 300 CAD at the rate of 12.23. Of course first time i walked in didnt have my passport so ,so had to come back (not a long walk from ADO station). I wonder if they stopped changing as you mentioned above in banks just very recently.As far the US and CAD the US is still a bit stronger, i have to pay 102CAD for 100US at todays rate. How about the OXXO stores still a better rate on the US dollar ?
The reason the USD appears stronger than the Canadian one is that banks, cambios etc all price in a percentage profit into their transactions. In reality there is little to no difference in the currency value itself. I would just tell my bank I'm going to Mexico and use my ATM card. Only one conversion and you get the best overall rate.
Hi there, I'm a Canadian and travel extensively through out the US, Mexico and Caribbean. The best thing to do is not to use a cambio... Instead simply use your debit card from any Canadian bank and use a bank machine while in destination. Your bank will charge a small fee per transaction, usually $4.00 CAD and they will apply the exchange rate that day. I would suggest calling your bank and letting them know where you will be, and how long you will be there so they can place that information in your file. I bank with PC Financial (CIBC) and have never had an issue using my debit card to withdraw funds. Just make sure it's a regular bank you're using and not one of those bank machine's in a bar that charges an arm and a leg for their fees. I hope this helps.
For short term stays the best thing to do is like the above say. Get a credit card that gives your something back, points, cashback. etc. and put it to work. You will never ever get the posted rate of what currency is currently trading for. And the further down the line you go the more diluted it gets so its best to stick to the bank. (The cambrios are posting 12.05) Pay for what you can, groceries, dinner bills, even rent if you can with it. You wont get charged any fees just the banks small % cut on the currency transaction. When you use the card at walmart you get 12.50$ MXN per CDN1$. (+/- 0.05) and since there is no fee per transaction you can do this and should do this whenever the option is available. When you need liquid cash for markets, little things, using the ATM is the best option. The only problem is they have a static fee that your bank + the other banks ATM usually charge you every time you make a withdrawl. Therefore instead of taking out 500 pesos 3x a week, take out the full 6000 for the month in 1 transaction. After the ATM fees are factor you get 12.35$ MXN per CDN1$ (+/- 0.05)
Banamex rates are a joke. Bait and switch. They will give you $.60 less then their internet rate. They say that the published rate is for bank instruments and not cash/efectivo Scotiabank had the best bank rate unless you have an account at one if the other banks. There is also an exchange house in Plaza Hollywood, across from Walmart that often beats Scotia.it is called Actinvar our something like that. If you cross the street at Walmart it is on the left end of the plaza across the street.
