Changing CDN$ to Pesos @ Hotel

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FinsUP
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2009/01/19 07:56:30 (permalink)
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Changing CDN$ to Pesos @ Hotel

I'm pretty sure this has been on here before...but..........we leave in 2 weeks and right now the Cdn dollar sucks vs. the USD.  (Dropped below .80 on Friday).
 
Can anyone remember if the Bahia will change Canadian money to Pesos - at the hotel...(or for that matter whether Cdn banks have Mx Pesos?)
 
 
Feeling d'uh.................
#1

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    FinsUP
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 08:39:48 (permalink)
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    Thanks Skier...now all I need to do is find out if my CC can be used at an ATM...that much I don't know - cause I've never tried!
     
    #2
    skinnybella
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 08:42:45 (permalink)
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    If you haven't set up your card to make cash withdrawls you can't do it.  All you have to do is make the phone call to your credit card company - you may have to visit a branch to set up a pin - I can't remember if we had to do that or not.
     
    #3
    FinsUP
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 08:59:14 (permalink)
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    I just called the CC company - card is all set for withdrawals.  Found out that the bank can order me MXN $$ and it only takes about 2 days to get  it in.

    Just did the math, and it's actually a better deal - we'll get MORE MXN$ if we go CDN -> USD -> MXN, than going directly from CDN -> MXN.

    Go flipping figure - sigh.

    1 USD = 13.92 MXN
    1 CDN = 11.11 MXN

    500 USD = 6971 MXN
    500 CDN = 5552 MXN

    500 USD cost 617 CDN

    617 CDN = 6853 MXN (still less than USD to MXN by 118 pesos).

    May as well bite the bullet and get some USD at some point this week.  Hopefully the Cdn dollar comes up from .79 it is this morning....crap!
    post edited by FinsUP - 2009/01/19 10:00:20
    #4
    Pat from Ottawa
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 11:52:27 (permalink)
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    Wow, that made my head spin.
     
    I just checked the Royal Bank (only Cdn bank I could find with rates posted) and they only give an exchange rate of 9.62 peso to the dollar when buying from them (one peso cost .1039 cents).  
     
    You might be best to wait and get pesos in Mexico.  

    “When preparing to travel, lay out all your clothes and all your money. Then take half the clothes and twice the money”.
    #5
    bayzee
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 12:03:53 (permalink)
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    May as well bite the bullet and get some USD at some point this week.  Hopefully the Cdn dollar comes up from .79 it is this morning....crap!

     
    I know what you mean...I've been watching the rate like a hawk.  We did not book a pkg. this year and are paying our hotel in USD.  I had finally made up my mind to book the more expensive resort when the rate was down, but it jumped nearly 10 cents in less than a week.  When you  have trip OCD, you can really miss the boat sometimes.
     
    We think we'll bring US too in March, but I think the resort is the wrong place to exchange. 
    BTW...our cc charges 2.5% on all international withdrawls.  I thought this was standard now.  My ATM card is different, only the $1.50 fee.
    #6
    dragonboater1
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 13:19:50 (permalink)
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    Just talked to Scotiabank.....their rate is 9.48 pesos to the dollar....i think i will set up a new ATM card with our cash in it and then withdraw when needed.....does this sound reasonable?
    #7
    skinnybella
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 14:03:08 (permalink)
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    ORIGINAL: dragonboater1

    Just talked to Scotiabank.....their rate is 9.48 pesos to the dollar....i think i will set up a new ATM card with our cash in it and then withdraw when needed.....does this sound reasonable?

     
    If they're giving you 9.48, I would definitely not exchange here.  That's terrible.  The posted rate is 11.187 right now.
    #8
    neilalex
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 14:05:26 (permalink)
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    I normally take pesos down with me.  But be aware you will not be able to change it back when you get home.  I normally take some US with me as well, as a back up.  I always need to keep some US on hand, so I don't change it back after.
     
    But I am glad you did the figuring out, last time I was down there, sometimes it was better to pay with USD than the pesos I had brought with me.
    post edited by neilalex - 2009/01/19 15:07:52
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    Neil G
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 14:06:08 (permalink)
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    Just did the math, and it's actually a better deal - we'll get MORE MXN$ if we go CDN -> USD -> MXN, than going directly from CDN -> MXN.

    Bear in mind that those exchange rates you see in the paper aren't what you get at the bank. They are always going to sell foreign currency to you at a higher rate than you can sell the same back to them. Each time you do an exchange, you lose a couple of percent to the bank compared to the rates people commonly quote.

    For example, according to Oanda, a very popular currency exchange site, at this moment one loonie is currently worth .805 greenbacks. But that's just the average of the buying and selling prices out there. RBC will only give me .782 US bucks for a loonie. But if I'm selling US bucks back to RBC, I need .824 to get a loonie.

    The current Oanda rate is 13.90 pesos to the US dollar. RBC's rate is 13.57.

    So the double exchange gives you 10.61 pesos for a Canadian dollar. But if I buy pesos from RBC with Canadian dollars, I get 10.81.

    The more steps you take, the more you lose because the bank takes their money on each step.
    #10
    brisco330
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 15:12:58 (permalink)
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    When withdrawing money on a credit card, be aware that you begin to pay interest immediately.

    Stay on the short stuff


    #11
    Birty
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/19 16:30:42 (permalink)
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    I seem to recall that in order to use an ATM in Mexico your PIN must be a four digit number

    Can anyone confirm this?































    #12
    Pat from Ottawa
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/20 11:30:31 (permalink)
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    ORIGINAL: dragonboater1

    Just talked to Scotiabank.....their rate is 9.48 pesos to the dollar....i think i will set up a new ATM card with our cash in it and then withdraw when needed.....does this sound reasonable?

     
    If you already deal with Scotia Bank, you are in luck.  There is a Scotia Bank in Playa Del Carmen. 
     
    If it weren't for monthly service charges, I would set up a "vacation" bank account at Scotia and put spending money in there.  But, since it isn't my regular bank, I'd pay too much for the priviledge. 
     
    I have never had any trouble with my PC Financial card (4 digit pin).  I don't think they even charged me a service charge last year, just fee for the use of a non-CIBC bank machine. 

    “When preparing to travel, lay out all your clothes and all your money. Then take half the clothes and twice the money”.
    #13
    beckerr
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/20 11:45:00 (permalink)
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    we don't spend a lot extra when we're there since we are already at an all inclusive, I take some american with me since I set up an account a few years ago or use the atm there which will give you pesos but don't convert it to american first

     



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    #14
    FinsUP
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/20 12:25:38 (permalink)
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    I've always used xe.com for their foreign currency conversions.  I used to have a PC financial card, then changed over to CIBC when I moved.  Go figure - CIBC owns PC financial, yet the CIBC cards to not work in the US, or anywhere else but Canada, yet the PC one does.
     
    I'm going to call a few banks to get their rates on pesos and see what I come up with.  Got 12 days to get it sorted...!
     
    Lottery IS over 33Million tomorrow night [;)]
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    Neil G
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/20 13:26:19 (permalink)
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    ORIGINAL: Birty

    I seem to recall that in order to use an ATM in Mexico your PIN must be a four digit number

    Can anyone confirm this?
    My bank recommends a 4 digit PIN for ATM use anywhere outside of Canada and the US as their machines may not support the newer long PINs.
    #16
    skinnybella
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    RE: Changing CDN$ to Pesos @ Hotel 2009/01/20 13:47:08 (permalink)
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    ORIGINAL: Pat from Ottawa

    ORIGINAL: dragonboater1

    Just talked to Scotiabank.....their rate is 9.48 pesos to the dollar....i think i will set up a new ATM card with our cash in it and then withdraw when needed.....does this sound reasonable?


    If you already deal with Scotia Bank, you are in luck.  There is a Scotia Bank in Playa Del Carmen. 


     
    The ATM at the Hacienda is also Scotiabank.  You were staying at the Bahia, correct?
    #17
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