Jubilacion Posted March 6, 2021 Report Share Posted March 6, 2021 Who is the Best Online Money Exchange service? I'm looking to get a good exchange rate online from USD$ into MX$ pesos for transfer to our financial institution who offers a decent rate but not as good as online. I want to move $5,000 - $10,000 USD. Suggestions and experiences appreciated. Gracias! Quote Link to comment Share on other sites More sharing options...
rckrckr Posted March 6, 2021 Report Share Posted March 6, 2021 This site compares the major transfer services and has ratings of each. Click on the numerical rating for a summary of the rating factors. Exchange rates are constantly updated and seem to be current whenever I've consulted the site. For my own experience, I've found Transferwise to be the easiest to set up, and most consistently without hiccups, and the net pesos received per dollar is usually near the best. YMMV. Monito 1 Quote Link to comment Share on other sites More sharing options...
oasiscloud Posted March 6, 2021 Report Share Posted March 6, 2021 I second Transferwise. They just changed their name simply to Wise.com. Quote Link to comment Share on other sites More sharing options...
mkshawn Posted March 6, 2021 Report Share Posted March 6, 2021 Have been using Xe transfer for years. Quote Link to comment Share on other sites More sharing options...
ea93105 Posted March 7, 2021 Report Share Posted March 7, 2021 Tried using Transferwise aka Wise for a large amount last week. Huge fail. Money was held by their "Mexican partner bank" who needed to verify who I was, where I lived and where my 20k came from ( even though funds were wired from my account to Wise ). Even after providing and uploading asked for documents, they then wanted three months of my US bank records...no thanks. I cancelled transfer and am waiting for "WISE" to return my money. Fingers crossed. Quote Link to comment Share on other sites More sharing options...
lcscats Posted March 7, 2021 Report Share Posted March 7, 2021 We use XE and have had good results with good rates. As you use it more and more you get your money faster. Due to money laundering stuff sometimes they have limits and you do have to answer questions like what the money is for etc etc. Allow a little time to set up an account while they check you out. We have moved 5000 USD before but mostly use 1 or 2 thousand moves. Not all banks can use these services. They seem to prefer the big banks like BOA so we have to move money from our credit union to BOA and than move it to BBVA from BOA. We can't use XE directly from credit union. Overall we are very happy with the service and remember they convert the dollars to pesos so BBVA does not have a chance to give you a bad exchange rate. Also XE gives good exchange rates but takes a little longer to get here but fast ones usually give you a worse exchange rate. Good Luck!! 1 Quote Link to comment Share on other sites More sharing options...
John Shrall Posted March 7, 2021 Report Share Posted March 7, 2021 There arr hundreds of posts on this board on this subject. Try searching to locate them. I normally transfer 20K or more when I need pesos and use international wires. Fast and clean. Fees are based on your sending and receiving banks. The rates are generally close to those found on xe.com although it’s difficult to tell at times due to hour to hour fluctuations. 1 Quote Link to comment Share on other sites More sharing options...
happyjillin Posted March 7, 2021 Report Share Posted March 7, 2021 5 hours ago, John Shrall said: There arr hundreds of posts on this board on this subject. Try searching to locate them. I normally transfer 20K or more when I need pesos and use international wires. Fast and clean. Fees are based on your sending and receiving banks. The rates are generally close to those found on xe.com although it’s difficult to tell at times due to hour to hour fluctuations. Yes! I will no longer help those who don't even make a minimal attempt to help themselves which is quite easy to do unless you're extremely lazy. I don't ask a question unless I couldn't find something in search on this board or elsewhere like google or facebook. Quote Link to comment Share on other sites More sharing options...
Whipstock Posted March 7, 2021 Report Share Posted March 7, 2021 12 minutes ago, happyjillin said: Yes! I will no longer help those who don't even make a minimal attempt to help themselves which is quite easy to do unless you're extremely lazy. I don't ask a question unless I couldn't find something in search on this board or elsewhere like google or facebook. I have found that on occasion; Google and Facebook are not the best sources of facts. Maybe it's just me?? While this video is a bit long, it does explain how there is a combination of costs to consider. I have found that "Wise" formally "Transferwise" is the best combined rate for me. I 1 Quote Link to comment Share on other sites More sharing options...
happyjillin Posted March 7, 2021 Report Share Posted March 7, 2021 1 hour ago, Whipstock said: I have found that on occasion; Google and Facebook are not the best sources of facts. Maybe it's just me?? While this video is a bit long, it does explain how there is a combination of costs to consider. I have found that "Wise" formally "Transferwise" is the best combined rate for me. I This guy also did a vid on medical which was posted here in another thread and it pretty much confirmed what I have said numerous times about paying out of pocket instead of throwing yer money away to insurance providers. I just did a top up of our Intercam account by writing a Scotia cheque to myself on Thursday and the new balance was available instantly based on the exchange rate that I negotiated with my account exec. Can't get any easier,efficient nor cost effective than that. Quote Link to comment Share on other sites More sharing options...
mkshawn Posted March 7, 2021 Report Share Posted March 7, 2021 7 hours ago, John Shrall said: due to hour to hour More likely min by min Quote Link to comment Share on other sites More sharing options...
Alpha1 Posted March 7, 2021 Report Share Posted March 7, 2021 wise.com Quote Link to comment Share on other sites More sharing options...
Dough Posted March 8, 2021 Report Share Posted March 8, 2021 On 3/7/2021 at 8:10 AM, lcscats said: We use XE and have had good results with good rates. As you use it more and more you get your money faster. Due to money laundering stuff sometimes they have limits and you do have to answer questions like what the money is for etc etc. Allow a little time to set up an account while they check you out. We have moved 5000 USD before but mostly use 1 or 2 thousand moves. Not all banks can use these services. They seem to prefer the big banks like BOA so we have to move money from our credit union to BOA and than move it to BBVA from BOA. We can't use XE directly from credit union. Overall we are very happy with the service and remember they convert the dollars to pesos so BBVA does not have a chance to give you a bad exchange rate. Also XE gives good exchange rates but takes a little longer to get here but fast ones usually give you a worse exchange rate. Good Luck!! I second that. Have been using XE for years to transfer from my Canadian bank to BBVA without any problems. Highly recommend this service. Quote Link to comment Share on other sites More sharing options...
lcscats Posted March 8, 2021 Report Share Posted March 8, 2021 On 3/7/2021 at 7:11 AM, John Shrall said: There arr hundreds of posts on this board on this subject. Try searching to locate them. I normally transfer 20K or more when I need pesos and use international wires. Fast and clean. Fees are based on your sending and receiving banks. The rates are generally close to those found on xe.com although it’s difficult to tell at times due to hour to hour fluctuations. Can you explain how you use these? I found it cheaper to use XE than BOA. Are banks not created equally? Quote Link to comment Share on other sites More sharing options...
John Shrall Posted March 8, 2021 Report Share Posted March 8, 2021 3 hours ago, lcscats said: Can you explain how you use these? I found it cheaper to use XE than BOA. Are banks not created equally? No outbound international wire fees from Ameritrade and $10US inbound fee from Multiva. Exchange has been as close to 10 basis points under that seen on xe.com. Quote Link to comment Share on other sites More sharing options...
timjwilson Posted March 9, 2021 Report Share Posted March 9, 2021 XE - no fee - inbetween high and low exchange - you can select what exchange you want your money to transfer at and it happens while you sleep - no limit that I know of - used it to buy my house. Quote Link to comment Share on other sites More sharing options...
happyjillin Posted March 9, 2021 Report Share Posted March 9, 2021 Doesn't XE charge an annual fee? Quote Link to comment Share on other sites More sharing options...
mkshawn Posted March 9, 2021 Report Share Posted March 9, 2021 We have never been invoiced for any fees annual or specific to a transfer Quote Link to comment Share on other sites More sharing options...
timjwilson Posted March 9, 2021 Report Share Posted March 9, 2021 35 minutes ago, happyjillin said: Doesn't XE charge an annual fee? nothing Quote Link to comment Share on other sites More sharing options...
mudgirl Posted March 9, 2021 Report Share Posted March 9, 2021 1 hour ago, happyjillin said: Doesn't XE charge an annual fee? No. And no fee for the transfers when selecting EFT transfer. They make their money on the exchange rate. Quote Link to comment Share on other sites More sharing options...
lcscats Posted March 9, 2021 Report Share Posted March 9, 2021 2 hours ago, mudgirl said: No. And no fee for the transfers when selecting EFT transfer. They make their money on the exchange rate. And the float from the time they get your money and deliver the money. The longer you use them the quicker they deliver your money also. 1 Quote Link to comment Share on other sites More sharing options...
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