Golden sunsets
Thinks s/he gets paid by the post
- Joined
- Jun 3, 2013
- Messages
- 2,524
We spend two months in Mexico every winter. We have always used an ATM at the airport to withdraw pesos for our stay. That rate has always mirrored the exchange rate that our Credit Card records on the same day. These exchange rates have historically been equal to the "Mid Market Exchange Rate". We use a Capitol One Checking Account which does not charge a foreign transaction fee.
Last year though that parity didn't happen. The exchange rate at the airport was 5.25% less than our CC exchange rate on the same day which was the same as the quoted exchange rate on XE. A few weeks later we took out additional pesos, at a different bank ATM, not at the airport and the same thing happened.
I was wondering if anyone else has experienced this? I wonder if this is unique and new to Mexico. I'd like to find a way to avoid the roughly 5% difference between the going rate and the rate we experience at the ATM machine. It is my impression that ordering pesos from a US bank or through an XE currency provider in the states would incur a fee.
Last year though that parity didn't happen. The exchange rate at the airport was 5.25% less than our CC exchange rate on the same day which was the same as the quoted exchange rate on XE. A few weeks later we took out additional pesos, at a different bank ATM, not at the airport and the same thing happened.
I was wondering if anyone else has experienced this? I wonder if this is unique and new to Mexico. I'd like to find a way to avoid the roughly 5% difference between the going rate and the rate we experience at the ATM machine. It is my impression that ordering pesos from a US bank or through an XE currency provider in the states would incur a fee.
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