Cheque in Euros received in Mexico
Thread poster: patyjs

patyjs  Identity Verified
Mexico
Local time: 07:05
Spanish to English
+ ...
Apr 21, 2010

I have (finally) received a cheque from an agency in Spain.

I have an account with a financial services house here in Mexico which I opened a couple of years ago when I received a cheque in dollars. (I hardly ever receive payment by cheque.) The person dealing with my account tells me that I can have the money in Mexican pesos or Euros, but if I choose Euros they have to first convert the amount to pesos and then convert it back. Effectively selling me my own money.

Is this normal? He says this doesn't apply to US dollars as the currency is widely used in Mexico but it is common practice for Euros.

Any input?


 

RichardDeegan
Local time: 07:05
Spanish to English
Basically the same in Peru Apr 21, 2010

Here, although Euros can be deposited in/ transferred into a bank account in dollars, the effective treatment of Euros is quite costly (about 5-6%). Western Union transfers are paid only in local currency or USD, with a hit of around 7%. Euros exchanged in banks are also double-dipped, being changed first into USD and then into local currency, which also comes out to around 6-7%. Even the street changers and exchange houses are little better. Exchange rate increases (higher rates for Euros) also have a longer lag (some 3-4 days) in Euros than changes in USD, which are reflected within 24 hours or less.
A large part of this is probably due to the small quantity of Euros in circulation here and local banks not participating actively in large Euro positions, outside of long-term debt issues.
However, given the declines (leading to nervousness among the locals) in USD rates, this may change in the future. While local currency has become increasingly popular, there are many who still recall the hyperinflation of the late 80s, which may make the Euro more "acceptable".


 

Joel Pina Diaz  Identity Verified
Argentina
Local time: 09:05
English to Spanish
+ ...
Otra opción. Apr 21, 2010

Paisana, el banco no tiene ningún derecho a efectuar el cambio dos veces. (Si lo deposita tardarán hasta 15 dias y se lo depositarán en pesos). Le recomiendo que vaya a una de las tantas casas de cambio en el paseo Montejo y cambie ahí su cheque, le cobrarán del 1 al 3 por ciento y nada más, el pago, si no es inmediato (asegúrese de recibo) tardará a lo sumo 48 horas en lo que ellos comprueban fondos del banco emisor.

Ver. Centro Cambiario Canto , Consultoria Internacional Casa de Cambio , Central Cambiaria de la 65 , etc... Le recomiendo llamar primero para asegurarse que tienen este servicio.

Saludos a la ciudad blanca.


 


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Cheque in Euros received in Mexico

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