Peso almost at 12:1

Discussion in 'Living in Cancun' started by Steve, Oct 6, 2008.

  1. BeckyJen

    BeckyJen Newbie Registered Member

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    Does anyone where the best place to exchange money? I need dollars!! Im going to the US on Friday, and ive been waiting for the crazy exchange rate to go back to 9! haha!! It just keeps going up now! Im starting to get scared. I have to get 1,000 USD which now is going to end up having me shell out 13,000 pesos. Thats a huge difference for a girl whose saving to go shopping! I know taxis usually trade for about 10 when they have dollars, but is there anywhere that is at least low? :(
     
  2. Life_N_Cancun

    Life_N_Cancun Guest

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    HSBC was selling dollars at 12.50 Wednesday morning. I highly doubt that anyone is going to part with dollars right now for less than the banks, unless they live in a cave and have no idea of the dollars value against the peso.

    Everyone I talk with seems to agree that the pesos will get back around 11 for a number of reasons the only question is when, and with the markets hiccuping like they are its anyone's guess when it will settle back down


    If you find a place that has a better rate then the banks please let all of us know. Monex usually has slightly better rates, but I think they work with large transfers only.
     
  3. Canadian Dos Equis fan

    Canadian Dos Equis fan Cancuncare's Most Interesting Man Registered Member

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    Don't count on anything getting better soon on the exchange front... The Canadian dollar has been getting beat just like the peso, Canadian dollars are pretty consistently ~11:1. The American dollar appears to be about 14:1 right now.

    What a huge mess anything to do with markets is nowadays!
     
  4. CancunCanuck

    CancunCanuck Guest

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    Not sure if this is a valid story, but, it says that the Comercial Mexicana at PLA2 is giving 25 to 1.


    http://radioquintanaroo.com/index.php/2008/10/22/comercial-mexicana-toma-el-dolar-a-25-pesos/

    (Googily translated)
    Tremendous radio ad was heard this Sunday when, when tuning into a commercial broadcast in the city of Cancun and put a bit of attention reads as follows:

    Him: Excuse me lady accepts dollars

    Her: Yes, youngster, at 25 pesos per dollar.

    locutor :”Solo en la Comer” Announcer: "Only in the Eating" (a slogan of the grocery store)

    I could not believe this kind reader as safe as you think either way, so I arranged to go to one of the shops located in Cancun Mall (Plaza Las Americas 2) and it was true that the exchange rate announced by the commercial and was valid when someone bought items at the Super Market.

    I do not know if it is a good way to support the devaluation that we are currently living in the country, because this devalued almost 250% value of the peso against the dollar so I hope that someone who is a finance expert, can tell us how you can affect the exchange rate offered by some companies.
     
  5. jenleib

    jenleib Addict Registered Member

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    Well.... I just read that (part of it):

    "Later that week, Commercial Mexicana filed for bankruptcy, unable to pay the debt. In a note released to markets, the 76-year-old retailer said it would seek to keep its 221 stores in business." (Oct 4)

    So???
     
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