Head's up re: Monex

Check this out:
https://www.xe.com/currencyconverter/convert/?From=USD&To=MXN

This is current.

A 28 day cete is paying 8%??? So per annum it is paying 84%????? Not likely.

CanuckBob wrote:A 28 day cete is paying 8%??? So per annum it is paying 84%????? Not likely.

At Intercam (Ajijic), cedes are paying 6.72 net, after taxes, per annum. (not per month or 28 days)

Yes, thats what I thought so the example above by casa nada is in correct.

slainte39 wrote:

CanuckBob wrote:A 28 day cete is paying 8%??? So per annum it is paying 84%????? Not likely.

At Intercam (Ajijic), cedes are paying 6.72 net, after taxes, per annum. (not per month or 28 days)

...which is a decent return on your money, provided that the institution does not do a "Monex" on you.

Or, you could leave your money in a US or CA bank and sleep at night.

Yep.....the risks are there and the pesos is quite unstable.

gringal wrote:

slainte39 wrote:

CanuckBob wrote:A 28 day cete is paying 8%??? So per annum it is paying 84%????? Not likely.

At Intercam (Ajijic), cedes are paying 6.72 net, after taxes, per annum. (not per month or 28 days)

...which is a decent return on your money, provided that the institution does not do a "Monex" on you.

I watch things pretty closely, and I don´t let bank employees make decisions for me or give them a loose bridle with my account.
I´m just as leery of sending my "savings" NOB as some of you are sending them south.  If you act like you are "out to lunch", and don´t police your investments and banking activity, I suppose there will always be those who will take advantage of the opportunity.
Just stay engaged and know how to monitor.

CanuckBob wrote:Yep.....the risks are there and the pesos is quite unstable.

I´m a xenophobe and don´t trust foreign banks.    

Bank accounts in the US and particularly Canada are insured and their fraudulent employees go to prison. Sorry no comparison.