Having just sold off a bike, I found myself with a wad of USD to cash, so I thought I'd do a little experiment and see who gave me the best deal today. It being a gorgeous day, I decided a little ride down into the central core was just the ticket.
First, I checked the closing rate last night at xe.com. 1.262. That's what I was expecting to get from my ATM card, but I was wrong. I got 1.258. Then I went down to Calforex where I got 1.2475, a full percent less. I didn't check the cash rate at the bank, but it was probably in the vicinity of 1.22.
Conclusion? It's all about convenience. For me, going to my bank in the US is less convenient than sticking an ATM card in a bank where I live. Going downtown to Calforex is less convenient than sticking an ATM card in a bank where I live, though any excuse to get on my bike on a spring day is a welcome one. In general, considering that there are banks on every corner downtown, I'd think the ATM route is more convenient than getting a wad of cash at a bank, but really, there's not a whole lot of difference between one route the other.
First, I checked the closing rate last night at xe.com. 1.262. That's what I was expecting to get from my ATM card, but I was wrong. I got 1.258. Then I went down to Calforex where I got 1.2475, a full percent less. I didn't check the cash rate at the bank, but it was probably in the vicinity of 1.22.
Conclusion? It's all about convenience. For me, going to my bank in the US is less convenient than sticking an ATM card in a bank where I live. Going downtown to Calforex is less convenient than sticking an ATM card in a bank where I live, though any excuse to get on my bike on a spring day is a welcome one. In general, considering that there are banks on every corner downtown, I'd think the ATM route is more convenient than getting a wad of cash at a bank, but really, there's not a whole lot of difference between one route the other.
