Exchange Rate
Naturally, the exchange rate varies daily, but is normally around 10 or 11 pesos to one US dollar. Click on the XE.com currency conversion link (above) to see today's current value of the Mexican peso against other currencies.
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It is worth noting that in the entire modern era of Mexico, it has experienced few, if any, bank failures. Also noteworthy, is the higher rate of interest available here.
There are several full-service banks in the Ajijic, Lake Chapala area, including Bancomer, Banamex and Banca Santander-Serfin. All the banks at Lakeside have some English-speaking personnel.
Non-banks offering financial services include investment firms such as Lloyd and Multivalores.
ATM Machines
ATM Machines are available at all of the banks, at the Guadalajara International Airport, and in serveral other convenient locations throughout the area.
Exchanging Money - (Casa de Cambio)
Currency Exchanges will also cash travelers checks, and are available at the Guadalajara International Airport, as well as at many convenient locations throughout the area.
Foreign personal checks are very difficult to cash, even if you have a Mexican bank account; American Express Travelers Checks are the easiest. Note: you will be required to show your Passport.
Credit Cards
Although a few shops and restaurants in the Ajijic, Lake Chapala area are now ccepting credit cards, in general, this is a cash economy. Credit cards are widely accepted in nearby Guadalajara at shopping malls, department stores, shops and restaurants.
Social Security/Pensions
As a US citizen retiring in Mexico, you may still receive your Social Security check. Many retirees in Mexico prefer using a direct deposit system to avoid having to wait for a check to arrive in the mail.
Ask your bank teller for the necessary paperwork to arrange to have your check deposited directly into your bank account each month. Bilingual ATMs are available at almost any Mexican bank and withdrawals are easy and safe.
"Mexico's First Bank for Foreign Residents"
Located on the Plaza in Ajijic, and at the main intersection in Chapala.
BBVA Bancomer, Mexico's first banking institution, is also the first bank to cater to the special needs of foreign residents and visitors, using not only the English language, but also the same financial language as you are accustomed to back home. This is achieved though their unique Preferred Customers' Unit.
By using their integrated banking services, you are able to manage all of your financial matters securely and efficiently, and at considerably lower costs than if you had to access your accounts back home. You also receive preferential treatment at their branch offices.
