Exchange rate Games

Retired life in Ajijic, Mexico on Lake Chapala. RV Life. Projects in the mountains of central Mexico, our USA travels in a 40' Monaco motor home, or whatever else is on my mind today. :)
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[@jwbalagus3077]

Thanx JC I always value your knowledge, honesty & integrity. Cheers for 100 years to you and Lynn

[@halbrookins3232]

Well presented, Jerry. After 20 years you and Lynn are seasoned expats and we appreciate you sharing your "pro-tips."

[@GabyPelayo]

As always, thoroughly researched and right on point. Well done, Jerry.

[@maryrock7698]

love your analysis Jerry

[@scottsdalegregg9180]

Hi JC. I enjoy your podcast. I just had a visit with my brother-in-law Don Reeser who I hadn’t seen in a long time and told him to keep an eye out for you and say hello if he sees you. He has lived Ajijic over 20 years and I think enjoys spending time down at the skateboard park on his electric bike.

[@SoniaMoralesM]

Honestly Jerry this is an award winning video on exchange rates on dollars to pesos. Have seen many videos of expats talking about this topic but no one has nailed the topic with deep clarity as you. Thank you for that! Blessings to both of you 🙏

[@tonydanzl]

Now if you REALLY had a MAGIC CUP, you wouldn't even need to insert a dollar bill. Peso's would just spring forth at your command, out of thin air. 😉😆🤠✌️

[@evafernandez2690]

Hi Jerry, I learned a lot today from your advice about exchange rates. I live in the USA and am retired and looking forward to moving to Ajijic. My question to you is regarding the Social Security payments and if the government sends ex-pats the extra dollars from pandemic relief. I follow your blogs since 2015 but I never paid attention to the wealth of information you provide as now that I am close to emigrate to Mx.

[@mwoods1052]

I also have a Capital One 360 debit card. If you use an ATM that is part of the Allpoint Network of ATMs around the world, you are not charged any fees at all. The only ATM we had here Lakeside that was part of this network was the Scotia Bank ATM at the 711 store in Chapala. I used it a lot to retrieve cash. BUT, all of a sudden the 711 closed and was actually razed. A new building is going in. So we lost that ATM. There’s a few in Guadalajara and an OXXO on the way to the airport on the right side that also are part of Allpoint. But it’s like 13 miles away so I don’t use it unless I’m heading that way. I also have accounts with Santander US based in Boston. I use my rewards credit card and get 1.5% rebate and use the debit card at the Santander Bank in Chapala (and all other Mexican Santander Banks) and pay no fees what so ever. The mid-market exchange rates are exactly the same with both Capital One and Santander debit cards. It is a game for sure. BTW, I opened an investment account at Multiva Investment Bank here in Ajijic and deposited a good bit of pesos. I get 7.25% interest annually and interest paid out at the end of each month. I can withdrawal money any time I want, just have to keep 20k pesos in the account. Invested in Mexican Government Bonds. I’m happy!! Where in the states can you get 7.25% interest without selling your first born child? Oh, Multiva pays the taxes for this interest automatically from your account. I understand it is .08% so will not be missed.

[@Lucaangelo252]

Hello beautiful how are you doing, hope you are doing well with your family?

[@juanitamoore504]

Jerry, did you cover the Capital One cards some time ago? I think it was probably from you that I learned about them-now I have both the Quicksilver & the 360 accounts, but have yet to exercise them in Mexico as planned. Thank you!!

[@dmlifestyle9788]

Hi JC, good stuff in this video. In fact I have the capital one credit card and the 360 checking and you were right on regarding the fees and exchange rates plus or minus. I normally just use my 360 and Creek you cannot get away from the ATM fees while in Mexico but everything else is is right on. Good Day to you and Lynn

[@1crystalball419]

Thank you for the information 👍

[@wendyherubin2381]

Thank you, most informative video, my husband and I BOTH took notes so we didn't miss anything. Say "hello" to Miss Lynn for me.

[@lorilenz2685]

Hola, nice seeing you at the dentist today 😁.

[@tonydewit2240]

Long time listener, first time subscriber. Very useful information well presented, thank you.

[@joef.9930]

Informative and Entertaining - cant beat that ! Thanks Jerry !!

[@dorahernandez7685]

Great video! Learned a lot and this was extremely helpful. Thank you, Jerry.

[@Lucaangelo252]

Hello beautiful how are you doing and how’s everyone as well ?

[@marceycasey1228]

i wish understood more about alot of stuff like this but from what I do k n ow it sounds good and am glad u talked about it so people could understand love ur videos say hi to ur wife

[@michaelmitchell6629]

I also did use my capital one credit card only had few small issues using it in Mexico. I am looking forward to my )80 days stay in Mexico this winter get out of icy box Ohio USA .

[@lw1945three]

jerry thanks so much for making this Vid we have been saying Yes to the exchang rate and that been costing us about 10 percent wow. we will be making this months withdrawal this week and we will let you know how it turns out when we say no to the exchange rate if saves what i think it will WOW thats huge!!!!!! thanks

[@mylifehows7047]

I've been working with Wize. I set auto transfers when the exchange rate is up. the Wize card works as a ATM card. it helps mitigate the currency fluctuations

[@glony01]

Howdy. I use Wise and transfer to my mexico bank when exchange rate are more favorable, however I have notice since last week of July that is taken them really long to make my transfer so I end up losing on the favorable exchange rate. Have you encounter that recently?

[@mylifehows7047]

@@glony01 I have not but I would try doing the transfer (when it's favorable) to your Wize Peso account then transferring from your Wize Peso account to your Mexican bank. usually, I've seen the internal transfers within different Wize buckets faster than directly to a bank

[@glony01]

@@mylifehows7047 thank you. Nor aware of that but will look into that. 🙂

[@jimlaye2126]

thankyou very much for the heads up on the exchange thing.

[@edwardmohs435]

its a game banks play and you are doing the best you can evening the playing field good job being frugal

[@LJ-jq8og]

SUGGESTION JERRY: Do a narrow topic follow-up video on this topic after you get more feedback to see if you get more helpful info...😊

[@karendupea2640]

Thanks I don’t plan to live in Mexico but find the banking tips helpful. Going to get a charge card with the highest rate possible. Thanks again.

[@Lucaangelo252]

Hello pretty how are you doing, hope you are doing well and having a wonderful day and time with your family?

[@livingthedream923]

Thank you for the very clear explanation.

[@LJ-jq8og]

LOVE this video topic J. 🙏❤ Longterm viewer....

[@carmentorres1426]

I'm a frequent Ajijic tourist and I wire my vacation money via western union to my sister in law when the exchange is good. then I show up to her house. I gave up on the bank account, Im building a house over there so I send large amounts through bank wires to a friend. Then my brother in law takes what he needs to administer the build. works well.

[@firstlast1047]

Western Union has rapacious fees. They may give you a favorable exchange rate, but they make it up in the fee to send.

[@LJ-jq8og]

💪 Fantastic analysis. Cant stand the "knee jerk" commenters who ALWAYS say I have a "so and so" account, ding dongs... OFTEN it is far more complicated such as what "level" of account you have etc..

[@alixandrinafortis5044]

I have Capital One as my credit card in the US. But I also have a Santander savings account which I've has for years. They told me that their banks in Mexico run on a different system, but they would refund me any ATM fees. However, I wonder if I could get a credit card with them and use your system. I could also open a checking account with Capital One. This way I would have two banks to put to the test. Thank you for this very informative video!! God Bless! When I relocate to Mexico.

[@mwoods1052]

If you have a US Santander savings account, call them and see if you can get the Ultimate Rewards credit card. It refunds 1.5% of your purchases each month. As with all credit cards… always pay them off every month so you don’t pay interest. You can use your Santander debit card at any Mexican Santander ATM with no fees and mid-market exchange rates. There’s a bank in Chapala and one in Jocotopec and an ATM at Soriana store in Chapala. Maximum withdrawal is $9600 pesos per transaction but I can withdrawal up to $2,500 USD per day so that’s about 5 transactions, one right after the other if you need that many pesos.

[@juanrodriquezjr6228]

Great video Jerry, I use Capitol One and it’s the best. Thanks for sharing this great information. Have an awesome day and week. My best to Lynn. Your friend Juan from Toluca, Mexico.

[@normaevett]

Very smart, Jerry!

[@kimk2635]

Hello Jerry, everywhere I go they want to charge 4% to use a card here, where is it that you shop? I still think I'm going to get that card. Thank for the knowledge

[@follywood2]

Please share what local atms you are using that let you take out such high amounts.

[@marialara461]

I love you vídeos 👍

[@MrTachyon3000]

I'm glad Capital One works out for you but they were crooks with me. I owned 2 credit cards, Capital One and Citibank and after I paid both of them off and their initial interst, they still sent me a last bill for more interest. I called them and asked why and Citibank forgave me for that interest but Capital One did not. I canceled the Capital One card and only kept Citibank. Bottom line, we need to use our heads and find the best options, so your video is excellent.

[@JCTravelStories]

The only way to use a credit card is to pay it off every month before the due date. Otherwise it’s the worst financial tool available.

[@darryldrax606]

That was very interesting thanks for sharing y'all take care we'll see you on your next upload

[@cynthiabaldwin5419]

Hi JC. I am enjoying your channel very much. Thanks for all of the hard work you invest in your videos. I am grateful for it. I have a question. I am doing my due diligence before moving to MX for part of the year. If I were to purchase a house would I have to worry about squatters taking over when I am gone? Are there squatter’s rights in Mexico? Thank you!

[@brainstormjessiegouge8611]

If you get a bank account with a company that is international line Santander. You can take your money out at there ATM in any country is in. It's in the usa mexico Spain.

[@Lucaangelo252]

Hello beautiful how are you doing, hope you are doing well with your family?

[@nightwaves3203]

Put the master manipulator hat on and wonder if deduce trends by times of day for doing exchanges over the Internet gives best times for exchanges hehehe, There could be certain times of day banks do their major exchanges that cause dips, rises and roller coaster rides. Although a Pancho Villa outfit and trip to the boarder is funner :)

[@binyamj]

Using credit cards is NOT good for anyone. Every product is more expensive because of them. Stores that don’t charge the extra fee, are adding it into the price of the item already. Credit is harmful to everyone.

[@marceycasey1228]

sorry don't think I said thank u for all the work u put into videos

[@526clark]

Very good video on changing US dollars to posts

[@lee-johnson]

Send me 10,000 pesos and I will try it here in NC! Thanks for you wealth of knowledge JC

[@wernerdanler2742]

I remember you talking about this some time ago. I'm not sure why you bother with another bank account and then have to wait for the money to transfer to your 360 capital one account. Also the cash advance max amount on your credit card is only about 60% of your credit limit or remaining unused portion of it. Don't ever use an ATM machine here in Vegas at the casinos if you ever come here. Their fees are outrageous! If I was ever to travel out of the country I think I would just go with the Capital one checking and have my ss and VA money deposited in that just based on what you said. I hope you and Lynn are happy and healthy!

[@comrade916]

Times must be really difficult for you in Mexico..We're talking about 25 or 50 cents. What the hell?

[@visulino]

A family member confirms Griffith was suffering from the effects of Lyme Disease since she was bitten by a tick while living in Oregon in 2015. She had a home in Mexico and lived there since 2016, the family member said.

[@visulino]

Leslie Griffith, a longtime television journalist known for anchoring the 10 p.m. newscast on KTVU Channel 2 News, died Wednesday in Lake Chapala, Mexico, the station said

[@nonyabiz550]

Thank you

[@debbiejohnston494]

Thanks so much for this, Jerry! It’s not as simple as folks would have you believe. Capitol One seems like a great idea. However, I’m starting with a trip this month for extensive dental work. I’ll definitely need to access a large amount of pesos. If it were you, would you use your US bank debit card this trip or would you go ahead and set up that Capital One account up now? I’m planning on moving to the lakeside area within 6 months.

[@JCTravelStories]

Using your US Bank debit card to pay the dentist or to get ATM cash to pay the dentist will cost an extra 3% for the ISA fee. Apply for a no international transaction fee card ASAP.

[@johnpetry5321]

Back in 2019, I had some dental work done while I was spending the winter in Puerto Vallarta. I used my credit card [Capitol One] to pay for the work. That was cheaper than exchanging dollars to pesos and then paying in pesos. The dentist I use will take dollars but he has his own exchange rate which favors him.

[@sandratessem9980]

Great video.

[@awo1fman]

I'm in a reverse situation. I'm an expat living in Australia but I still have accounts and regular expenses in the USA. I no longer have any income in the USA but do have some in Australia. When I come back to visit and periodically when my bank account runs low in the States I have to transfer money from Australian dollars to American dollars. So far I've been massively ripped off every single time. It especially hurts because Australia deliberately keeps their dollar relatively weak against the American dollar in order to discourage money leaving the country and encourage tourism and other money coming in. There was one period about 7 years ago when the Australian dollar actually went above the American dollar, but it's currently a paltry 68 American cents or so, right where the Aussies like it. I'm not dealing with many thousands of dollars, it's normally only in the hundreds per year aside from the trips, but it's still incredibly annoying.

[@WiseOwl-1]

Nah, for those that have funds in a US bank/investment account, the best bang for the buck is to have a bank in Mexico that you transfer funds to when the usd/mxn exchange rate is favorable, I’ve made transfers twice in the last year. In Mexico, I just use my debit card from my bank in Mexico. All those purchases for the last year have been above 21 pesos to 1 us dollar. When you withdraw cash as needed, as you suggest, you pay the going exchange rate that day, plus whatever fee.

[@JCTravelStories]

Yes, I did it that way for years. Transferred $5000 US dollars at a time to minimize the transfer fee. It’s why I had a Mexican bank account in the first place. Do the math. See if there’s an exchange rate markup in your transfer. Let me know.

[@WiseOwl-1]

@@JCTravelStories No markup, in fact the official usd/mxn exchange rate is currently 20.39 but a transfer today will result in a rate of 20.426. The total fees are generally between .79 - 1% depending on the amount transferred. It’s somehow soothing to know in these inflationary times that all monies that I spend here are at that favorable exchange rate no matter what the current exchange rate is.

[@follywood2]

I didn't hear you say the atm cost of the Capital One Debit card. Please clarify, if you don't mind.

[@JCTravelStories]

In the states there are many places where the ATM charges free. Elsewhere it depends on the ATM not the card. The place where I do it it’s 58 pesos a little less than three dollars

[@michaelmitchell6629]

I just exchange money at border change place or get my pesos before my visit from my bank

[@maribelsoto2265]

Question.. I'm interested how you would do if you drive to Mexico with your own car and travel trailer? Where to stay? To eventually stay? Thanks ahead of respond!

[@davehayden1282]

Hi. Portland Oregon resident here. So if I aquire a Capital One 360 checking account I can do atm withdrawals in Ajijic/Chapala? The CC would only be for purchases at merchants correct?

[@checkeredflagfilms]

When using your 360 debit card at ATM's...are their one's you recommend using and one's that you don't recommend?

[@visulino]

What happens if you move to Mexico and you have not anyone who can lend you a US address.

[@rfink222]

One way is to use a Mexican mail service that will give you an American address that all your American mail can be forwarded to and you also have an American address.

[@Dragon-kf5sb]

Hello, we had a Bank of America account long before retiring in Mexico; when was time to permanently move here we asked to BoA if we could keep the account open being the fact that we (like you) have nobody over there, they said yes because we already were clients. We receive our pension there and we wire transfer to our Mexican bank fee's free on a fair exchange rate from BoA. Our SS gets a direct deposited to our Mexican bank and the Social Security 's exchange rates is a very good rate. It works for us very well.

[@visulino]

@@Dragon-kf5sb Thank you

[@visulino]

@@rfink222 Thank you

[@wayneg296]

👍👍😎✌️🤟

[@LJ-jq8og]

2nd 😊

[@kevinrummelhart]

How do you handle Capital Ones two step security where they send you a access code via a text message?

[@johnpetry5321]

the same way as I would anywhere else.

[@kevinrummelhart]

@@johnpetry5321 So CapitalOne will sent security codes to your Mexican phone number?

[@johnpetry5321]

@@kevinrummelhart They send the codes to my phone that I have registered with them. Never been an issue.

[@johnpetry5321]

@@philipfareio4445 From a Mexican bank? I opened an account with Intercam and I picked up my ATM card at the branch where I opened the account. My Capitol One ATM card I received in the US as I would normally. It was sent to my registered address in the US.

[@tryan7]

Good morning. On a recent trip to puerto Vallarta I was charged 50.00 usd to withdraw 450.00 usd in pesos. I paid approximately 150.00 usd in exchange fees during that trip. Not the best deal at all. I'm open to any suggestions to reduce this charge. Thank you in advance.

[@JoseLara-rk2ky]

Don’t withdraw in usd. Used Mexican banks atm and withdraw in pesos, fee is about 3 usd.

[@tryan7]

@@JoseLara-rk2ky I do withdraw in nmp. Pesos. The card tackling a50.00 usd fee. About 10,000.00 nmp.

[@johnpetry5321]

@@tryan7 I am unclear on this. Are you saying that your bank card charged you a 50 USD fee on a 450 USD withdrawal? Or did the bank that supplied the ATM? I have lived in PV since the mid-1990s and I have never heard of anyone being nailed with fees like that. I use a Capitol One card when I do withdraw money from ATMs and never experienced anything like that.

[@rfink222]

You probably pushed the button agreeing to a conversion rate that ripped you off. Like Jerry said, do not agree to any conversion rates, just say no to the question and proceed with the transaction.

[@JoseLara-rk2ky]

In PT they do have American own atm’s that charge high fees. It happen to me but it only had usd no Pessos. It was $20 usd from the atm and $10 from my bank.

[@diogenes9295]

Visa and MasterCard will always charge ½% exchange fee premium over the base exchange rate, regardless of what your bank charges. The bank will usually charge a 3% to 4% exchange premium on top of that for their credit card. For Canadians, I use the Brim Travel Card which does not add exchange fee premiums on top of what Visa/MC charge. So you would pay a max of ½% on Mexico/US purchases. And I get rewards of 1% or 2% on most purchases, plus travel insurance. I also use Wise transfer to put my Canadian bank dollars into my Mexican bank pesos for less than ½% exchange fee premium, and this is where I get my cash pesos. The lowest ATM fee in Mexico is Inbursa at 17.4 pesos ($1). But your credit card or debit card bank will add a $5 fee for cash, plus the Visa/MC exchange fee premium(½%), plus the bank exchange fee premium(3% to 4%). 😒

[@uncapabrew4807]

Trying find your latest post? My daughter leaving Guadalajara with BF and brother . The are delayed - found out at airport - delayed again - and flight Now totally cancelled flight with AA airlines . Telling them be next WED I am writing Sat. the 14th I just heard since - Some kind gang violence - protest - going on in Guadalajara - Have you heard anything ? I know strange way to ask - just been follower for awhile and now you and Lynn feel like family . Appreciate any info

[@OldEarthWisdom]

Wow!!! Way too complicated!!!! My Social Security goes into my Schwab brokerage account and gives me the interest which fluctuates based on the market. I transfer the amount I want to use to my Schwab checking account and take it out at an ATM and get all fees back. I can use it with no hassles all over the world... including here in Mexico where I now live full-time as a permeate resident.

[@johnpetry5321]

I do hope you are a permanent resident nor a permeate resident, that sounds a tad strenuous! LOL.

[@margaritamora2350]

Hahaha...🤣😂😆

[@danielschwartz5816]

I have a Inbursa bank account that pays me 9% interest. My Mil Retirement is converted every month for free and sent to my Mexican bank account. I will draw SS for the first time next month an it will be sent to my Charles Schwab account. I make money on the peso/$$ situation. Why all the drama?