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How reliable is the internet conversion table?

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How reliable is the internet conversion table?

Post by Nosnow on Tue Dec 05, 2017 9:02 pm

Today I wrote a cheque at a local bank; the amount of pesos I received for my dollar's was
2 thousand pesos less than the conversion amount posted on the International website.
Any comments?

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Re: How reliable is the internet conversion table?

Post by ferret on Tue Dec 05, 2017 9:47 pm

The bank has to make money too, unfortunately.
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Re: How reliable is the internet conversion table?

Post by Nosnow on Tue Dec 05, 2017 10:00 pm

O.K that explains it, too bad that they don't mention this deduction on the receipt. Thanks.

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Re: How reliable is the internet conversion table?

Post by Gamina on Tue Dec 05, 2017 10:12 pm

The bank usually posts daily their conversion rate. They don't ever pay the rate listed on any website including the Banco Mexico (is that the correct name?) which is the official rate for Mexico. I personally use xe.com but only as a guideline.
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Re: How reliable is the internet conversion table?

Post by ferret on Tue Dec 05, 2017 10:49 pm

I use xe.com as a ballpark too.
The banks post two conversions... one rate at which the bank buys and another rate at which the bank sells. But they still getcha comin' and goin'.
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Re: How reliable is the internet conversion table?

Post by Gamina on Tue Dec 05, 2017 10:58 pm

Oh yeah!!
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Re: How reliable is the internet conversion table?

Post by slainte39 on Tue Dec 05, 2017 11:02 pm

They buy wholesale and sell retail, just like any other business selling a product that "getcha comin' and goin;" Rolling Eyes

How dare they!!!

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Re: How reliable is the internet conversion table?

Post by ferret on Tue Dec 05, 2017 11:04 pm

Twisted Evil
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Re: How reliable is the internet conversion table?

Post by conejorapido on Wed Dec 06, 2017 9:08 am

Most internet sites post the mid rate. The banks have a buy and sell rate on either side of the midrate. They make their money in that spread.

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Re: How reliable is the internet conversion table?

Post by gobluejohn on Wed Dec 06, 2017 11:30 am

I use the ATM at Soriana, and it posts the exchange rate on the screen and it is at least 2 pesos lower than the exchange rate on the internet
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