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Exchange Rate

 
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Fitzgerald



Joined: 10 Aug 2010
Posts: 224

PostPosted: Wed Mar 18, 2015 1:34 pm    Post subject: Exchange Rate Reply with quote

Just curious, is the exchange rate killing any of you who earn in Mexican pesos but have some bills to pay in U.S. dollars? It's certainly not making my life any easier. I only have about 200 dollars in U.S. payments each month (Visa, mailbox, storage locker, a few small things), but gee, between the exchange rate and Banorte's high wire transfer fees, it cost me 3,600 pesos this month to take care of that. That's a real bite. The cost of a dollar was the highest I've seen it in my four years in Mexico, 15.65 pesos.

Of course, if I was an American retiree drawing my benefits in dollars (as presumably I will be in a few years), I'd be lovin' it.
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Phil_K



Joined: 25 Jan 2007
Posts: 2041
Location: A World of my Own

PostPosted: Wed Mar 18, 2015 5:59 pm    Post subject: Reply with quote

Until recently I was earning USD via Paypal, as is at least one other member of this forum that I know of, so that's a pretty good arrangement, too!
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MotherF



Joined: 07 Jun 2010
Posts: 1450
Location: 17°48'N 97°46'W

PostPosted: Thu Mar 19, 2015 1:18 am    Post subject: Reply with quote

No bills to pay, but its making hard to think about visiting family this summer.
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BadBeagleBad



Joined: 23 Aug 2010
Posts: 1186
Location: 24.18105,-103.25185

PostPosted: Thu Mar 19, 2015 2:51 am    Post subject: Reply with quote

MotherF wrote:
No bills to pay, but its making hard to think about visiting family this summer.


I earn both pesos and dollars, so it is a mixed bag. It is the highest it has been in who knows how long, though supposedly it is supposed to stabilize soon. But even if you do earn dollars, it all trickles down sooner or later, in higher prices across the board. I have already seen the price of some items in this area that are imported from the US, apples, for example, take a sharp rise.
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Guy Courchesne



Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City

PostPosted: Mon Mar 30, 2015 4:50 pm    Post subject: Reply with quote

Quote:
I earn both pesos and dollars, so it is a mixed bag.


Me too...but it is getting expensive to fly internationally now.

I predict a drop back down to 14 or so by early summer when oil prices go back up. Unless the fit hits the shan in the ME sooner than...
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Jultime



Joined: 25 Jun 2014
Posts: 113
Location: Mexico

PostPosted: Tue Mar 31, 2015 3:00 pm    Post subject: Reply with quote

The Canadian dollar took a hard hit too against the USD. Fortunately I have a USD savings account and USD credit card to use for buying my flight home this summer.
Speaking of flying: I'm debating avoiding the US all together and paying the big bucks to fly Air Canada direct from MEX to Vancouver then on to Calgary. Or take the cheaper Air Canada alternative through Montreal. I have no patience at all anymore for flying through the US. The last time I passed thru US immigration the line was 2 hours long, they looked at me, scanned my passport and I was gone in less than 30 seconds.
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esl_prof



Joined: 30 Nov 2013
Posts: 2006
Location: peyi kote solèy frèt

PostPosted: Thu Apr 09, 2015 1:19 am    Post subject: Reply with quote

Jultime wrote:
Speaking of flying: I'm debating avoiding the US all together . . . I have no patience at all anymore for flying through the US.


Agreed. Unless you plan to actually leave the airport and spend a few days or longer hanging out in the U.S., it's not worth the hassle to have a layover here. Been there. Done that. And would definitely avoid it in the future if at all possible.
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Prof.Gringo



Joined: 07 Nov 2006
Posts: 2236
Location: Dang Cong San Viet Nam Quang Vinh Muon Nam!

PostPosted: Fri Apr 01, 2016 4:13 am    Post subject: Reply with quote

Guy Courchesne wrote:
Quote:
I earn both pesos and dollars, so it is a mixed bag.


Me too...but it is getting expensive to fly internationally now.

I predict a drop back down to 14 or so by early summer when oil prices go back up. Unless the fit hits the shan in the ME sooner than...


1.00 USD = 17.3355 MXN

April 1st, 2016.
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Guy Courchesne



Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City

PostPosted: Fri Apr 01, 2016 1:55 pm    Post subject: Reply with quote

Yep, starting to creep back down...had been up at 19 a few weeks ago.
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Prof.Gringo



Joined: 07 Nov 2006
Posts: 2236
Location: Dang Cong San Viet Nam Quang Vinh Muon Nam!

PostPosted: Fri Apr 01, 2016 3:00 pm    Post subject: Reply with quote

Guy Courchesne wrote:
Yep, starting to creep back down...had been up at 19 a few weeks ago.


Yeah, but it can't be good for foreigners working in Mexico who are given a salary in Mexican pesos not set in US Dollars, for example, correct?

I understand that maybe goods/services that are 100% Mexican might not "cost" substantially more, but things like imported food-stuffs, international travel (Booking of plane tickets, for example) or anything pegged to the US greenback or Euro would be much more difficult now than just a few years ago. Another problem would be any debt back home which needs to be paid on a regular basis such as student loans for Americans, for example.
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notamiss



Joined: 20 Jun 2007
Posts: 908
Location: El 5o pino del la CDMX

PostPosted: Fri Apr 01, 2016 3:43 pm    Post subject: Reply with quote

As Canadians, we have already been used to that even before we got involved with Mexico!

In my childhood (1960–70s), the CAD was often above the USD, and it rose above it again in 2007. Yet now the CAD has sunk almost in tandem with the MXN. And in 2002, it reached an all-time low of .6179.
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Guy Courchesne



Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City

PostPosted: Fri Apr 01, 2016 4:00 pm    Post subject: Reply with quote

Nothing new here really...paying off debt back home has never been easy.

The whole world is going through the same thing right now as the dollar shot up against most currencies, including Canada, the UK, etc. Colombia took a particularly hard hit.

If you want to predict where currencies go, watch the price of oil as always, and what the US Federal Reserve says.
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BadBeagleBad



Joined: 23 Aug 2010
Posts: 1186
Location: 24.18105,-103.25185

PostPosted: Fri Apr 01, 2016 10:29 pm    Post subject: Re: Exchange Rate Reply with quote

Fitzgerald wrote:
Just curious, is the exchange rate killing any of you who earn in Mexican pesos but have some bills to pay in U.S. dollars? It's certainly not making my life any easier. I only have about 200 dollars in U.S. payments each month (Visa, mailbox, storage locker, a few small things), but gee, between the exchange rate and Banorte's high wire transfer fees, it cost me 3,600 pesos this month to take care of that. That's a real bite. The cost of a dollar was the highest I've seen it in my four years in Mexico, 15.65 pesos.

Of course, if I was an American retiree drawing my benefits in dollars (as presumably I will be in a few years), I'd be lovin' it.


If you are getting them for 15 pesos that is a bargain! Just a few weeks ago it was over 18 pesos to the dollar. Perhaps getting an online job where you are paid in dollars would work. Do you have another way to pay? Do you have a bank debit card here in Mexico perhaps? Lots cheaper than a wire transfer.
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BadBeagleBad



Joined: 23 Aug 2010
Posts: 1186
Location: 24.18105,-103.25185

PostPosted: Fri Apr 01, 2016 10:31 pm    Post subject: Reply with quote

Prof.Gringo wrote:
Guy Courchesne wrote:
Yep, starting to creep back down...had been up at 19 a few weeks ago.


Yeah, but it can't be good for foreigners working in Mexico who are given a salary in Mexican pesos not set in US Dollars, for example, correct?

I understand that maybe goods/services that are 100% Mexican might not "cost" substantially more, but things like imported food-stuffs, international travel (Booking of plane tickets, for example) or anything pegged to the US greenback or Euro would be much more difficult now than just a few years ago. Another problem would be any debt back home which needs to be paid on a regular basis such as student loans for Americans, for example.


There are some Mexican airlines that fly internationally (Volaris and Interjet are the ones I am most familiar with) and their prices in pesos are actually lower than their prices in dollars. Of course, it depends on where you want to go. But having said that, I also don't have plans to visit the US this year.
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