New Law in MONEY EXCHANGE

2ndchance · Post by **2ndchance** » Sat Jun 19, 2010 10:08 pm

Went today to exchange dollars into pesos at the place next to Tinos in front of HIDALGO park since the banks are no longer exchanging dollars. There was a long line and i was told by some very upset persons that now you have to fill out a form along with your ID .I asked the cashier and she said it started today,that they also were not informed till this morning.You have to fill out the form with all your information,address,occupation,etc.and your ID or in my case,my passport and then the. one finger typist puts all your info into the computer and then they call your name and you get to exchange your money.you also have to wait for persons that cannot read and the one cashier has to help them.I decided to cash as much money as i could and then went dripping wet in sweat to the snow cone shop next door and chilled out.People were telling me that they are also going to limit the amount of dollars they can exchange monthly and that is even going to hurt them even more since the tourist industry deals in dollars.I told them "Welcome to the American way of tracking how much money you make" They say it is being done due to the money laundering going on ,but as always it is only the hardworking people that suffer.

charlieb · Post by **charlieb** » Sun Jun 20, 2010 12:08 am

Even more reason to exchange prior to going to PV. I have found that Wells Fargo bank has(usually)the best exchange rates here in the States, and you can buy up to $3000US in Pesos through the website and it will be delivered to your local bank branch. Don't even need to have an account with them. Chuck...

2ndchance · Post by **2ndchance** » Sun Jun 20, 2010 2:54 pm

Thanks Chuck,
Knew i could count on you,did not know about Wells Fargo.Will use them next year.

cmspath · Post by **cmspath** » Mon Jun 21, 2010 4:22 pm

With this new law in effect, are you still able to exchange through the ATM's? I checked and our condo will exchange 300.00 per day but the exchange is less than the going rate of course... For example - todays rate is 12.45 - they the condo exchange for 11.8 and I called Wells Fargo, they are 11.63.... there is usually a bank we go to by the Hard Rock or the ATM not to far from the church we are heading out Wed - glad I saw this before we got down there..

Edited to add.. we just found this websit with additional information.
http://jaltembajalapeno.com/lang/en/ban ... bio-de-us/

pvgemini · Post by **pvgemini** » Wed Jun 23, 2010 4:15 am

I just got home from PV and pulled pesos out of the ATM's there. No problem. Analyzed the rate when I got home and calculated that I netted 12.2 pesos per USD with this method.

That is better than the casa de cambios, and alot easier!! The cambios while I was there varied from 11.5 to 11.7 pesos per dollar.

Sally

chrisnick · Post by **chrisnick** » Wed Jun 23, 2010 12:45 pm

How was your trip??

Great about the ATM's by the way as other then exchanging a few hundred before I go that is all I use and find it has the best rate.