Exchanging Dollars Into Mexican Pesos?

MX banks won’t exchange dollars!?!

Hi Carl,

We have had a home in Alamos, Sonora for 18 years. Recently the local banks and those in Navajoa stopped exchanging dollars for pesos unless you have an account and then they’ll only do less than $200.

Is this just a local thing, or have you heard about this in other places? I’m guessing it’s got to do with the slide in the peso, but it’s hell on tourism and a big pain for those of us without an account. We closed our account years ago over an idiotic dispute and in order to open an account now one needs an FM3.

I’m just wondering if this is a local thing or nationwide?

Thanks,

Rob

3 Responses to “Exchanging Dollars Into Mexican Pesos?”

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  1. Carl says:

    Rob,

    This is new one on me, so we’ll have to wait and hope that others around Mexico will comment. I read a couple of Mexican newspapers online every day and have seen nothing on the subject. My guess, however, is that this is a local policy.

  2. Rob says:

    Even the Pemex is seriously discounting the exchange to 11 : 1 when it’s now over 14 : 1, They were never that far off, although I always used to just pay for everything in pesos.
    It used to be that the best exchange was at the toll booths. Lulu is actually driving from Tucson to Alamos today (Sunday), so we’ll see how she does.
    As to our local Banamex, they are also now charging 2% to folks with an account to make a deposit in dollars. Charging for depositing money is kind of a new twist in the banking world, but I couldn’t put anything past that outfit.
    Rob

  3. Carl says:

    The value of the Mexican peso against the U.S. dollar has fallen significantly in the past few months, which makes Mexico much more of a bargain for visitors with dollars in hand. Check out my posts about this in the left-hand sidebar, under “Briefly”.

    Carl