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USD??? No good here!!

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posted on Apr, 28 2010 @ 10:57 PM
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I have just been informed by my wife today, that as of 2 weeks ago. ALL banks in Mexico no longer accept USD in exchange for MXN

She was told that this is from directive from the central bank, as they wish to protect from currency fluctuation, laundering, etc

But the shorty and tall of it is that she COULD NOT exchange her surplus USD at a main stream bank. (HSBC, Banamex, or BBVA)

I do not know why?? only that they have had directive!

So just what is going on here

Sorry there is no MSM link, this is only based on what my wife was told today when trying to exchange USD in a main stream bank!!!!!




posted on Apr, 28 2010 @ 11:08 PM
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that's the first I've heard of this. It will be intersting for the Mexicans that work here and live there. I guess that money exchange houses are going to see a dramatic increase in buisiness.



posted on Apr, 28 2010 @ 11:12 PM
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reply to post by divinetragedy79
 

She was told that the only way to exchange USD was if she had a business account.

Shoe could not deposit, or use the exchange as they were told not to accept USD

the only course of action is to use the normal cambio, and rise getting a really bad rate.

OK so this may be normal to use a cambio, but why have the banks, even HSBC been told to no accept normal FX exchange on the USD???

Something very strange is in the pipeline IMHO



posted on Apr, 28 2010 @ 11:15 PM
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I'm gonna ask one of my aunt's who lives in TJ and see if she has any light on the subject. It does seem strange to me. Could it be in retalition to this Arizona Law? That is the only plausible explanation that comes to my mind at the moment.



posted on Apr, 28 2010 @ 11:18 PM
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Could this be the central bankers directive due to the regulatory legislation currently in the US? Maybe they are letting the US government know they will cause all kinds of trouble for the dollar if they pass the legislation. Interesting to see if this pops up in other nations with ties to private central banks.



posted on Apr, 28 2010 @ 11:21 PM
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reply to post by divinetragedy79
 


I see what you are thinking, and to be honest the same thought crossed my mind.

But we bank with HSBC, So I doubt it if they are in cahoots

I mean That is the Hong Kong Shanghai Banking Corporation the LARGEST bank in the world, and British owned. nothing to do with Mexico, and I think a retaliation to something like the AZ law, would be political suicide. Especially considering that the Banco de Mexico is the the fed, Independent of government control!

if anything political was going on I really could not see them being affected as they are not associated with the Mex Gov.

But is wasn;t only HSBC, but Banamex too, and Bacomer. Don';t know about Santander (spanish) or scotia bank, she didn't say!



posted on Apr, 28 2010 @ 11:22 PM
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reply to post by spirit_horse
 


Can you expand on that, I am not familiar with the legislation to which you refer!??



posted on Apr, 29 2010 @ 12:04 AM
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By cutting out USD, they can really hit the drug runners hard.

I can see a lot of reasons why this is a good strategy.

Let's give it a month and see how it works out.

I am hoping this deals a major blow to the cartels.

Good luck Mexico.



posted on Apr, 29 2010 @ 12:19 AM
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First, what amount of money are you talking about, I mean her surplus USD.

I often change my surplus dollars after I travel, sometimes 300 sometimes 800 and havent had any trouble.

I allways do that at my bank (BANORTE)

the thing is that since about a year and a half ago theres is a new law for all if you deposit in cash MONTHLY more than $MX 15000.00 Around $1.200.00 U.S.D. You have to pay a tax of 3 % but if you can probe that are legal you can make the deducibility in your next tax payments.

but anyway if she was traveling via the main Airports in Mexico like Mexico City, Guadalajara, monterrey, Can cun Theres allways many exchanges houses with a competitive rate. usually better than the banks.



posted on Apr, 29 2010 @ 12:31 AM
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reply to post by JakiusFogg
 


Sorry but I just don't buy this story. Let me guess, she could trade in euro's though?

This just smells horribly like somebody trying to start a rumor. Modeled perfectly though.

Not a direct story but you were told by a loved one.
No specifics on the dollar amount
Spreads fear based on an interaction or asset that the masses can relate to
No hard facts or links to back up the story

It could be true, but I doubt it and if so there is way more to the story then you are telling.



posted on May, 21 2010 @ 08:33 PM
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Sorry took a bit long to reply, But to response to the person who said they just don't buy it!. Well that's fine. but I know that at least I am telling the truth.

I have new evidence though. I just have to upload the photo.

Anyway, I was back home in GDL the other week, and we went to McDonalds. MC DONALDS. in the window was a sign saying (in spanish)

By order of the Banco De Mexico we no longer accept US Dollar

Now I am not talking $50s or $100's here. Nothing

the word from the burger jockey was that the bank is protecting against forgeries. But come on. this is Mc Donalds!!!!!. forgeries!??? maybe. But this is ATS so it has to be a darker reason.

This coupled with the banks not accepting USD!!!

Hmmmm

Oh by the way it was not a large amount of USD my wife was trying to change, around $100 that's all!!!

And now the cabio exchange rates there are BAD. and I mean worse than before!



posted on May, 21 2010 @ 08:41 PM
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It seems to me this would hurt Mexico. They need the USD coming in.



posted on May, 21 2010 @ 08:48 PM
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reply to post by calstorm
 


They have the USD co,ming in, its just they can;t use it there or change it in the banks!

WEIRD!

Maybe the Banco de mexico know something we only guess about.



posted on May, 21 2010 @ 09:22 PM
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Funny how people think that this just can't be true. After all; its the "all mighty dollar" were talking about. This is not the first time this has occured nor will it be the last. Here in Asia, it has occured though only for some areas and short periods of time (personal experence). However, was able to trade for another commodity and then into the local currency.

Since I very rarely need dollars it doesn't effect me. It will be interesting to see if this move is aimed at the cartels. Also it may only be for Mexico (in country) and not effective elsewhere. I feel that its most likely only an in country policy. The policy would be easy to get around on the FX. Plus you can bet the cartels have business accounts so once again bypassing the policy. The cartels will still play but the little man pays.



posted on May, 21 2010 @ 09:32 PM
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I am sure that it may well be aimed at reducing laundering, and those less scrupulous type from switch currencies.

but Mc Donalds! I mean come on!!, what they gonna do,m exchange their drug dollars for Big Macs!!

But anyway, even if it may be something as straight forward as this, I am sure that there will be people here that will jump on the wagon of, this is just another sign of the impending but as yet unseen dollar collapse that was supposed to be just around the corner and still is.

it's like it will happen tomorrow. but the thing is tomorrow never comes.



posted on May, 21 2010 @ 09:53 PM
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Years ago, when I was on vacation in Mexico, I tried to buy a soda at a little store with USD and they wouldn't accept it. So even they had some problem with dollars.



posted on May, 21 2010 @ 11:00 PM
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If the US dollar was not exchanged in Mexico that would mean that Mexican illegal immigrants in the U.S. can't remit earning back to their families. That money makes up a huge chunk of the Mexican economy.

So either the Mexican government just dealt a massive blow to illegal immigration or there is a simple explanation to all this.

And we all know the likelihood that the Mexican government will cripple the illegal immigration economy....



posted on May, 21 2010 @ 11:32 PM
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Originally posted by Nemesis0123
Years ago, when I was on vacation in Mexico, I tried to buy a soda at a little store with USD and they wouldn't accept it. So even they had some problem with dollars.


Everytime I have been to Mexico they have preferred USD! Especially in the little stores and little towns. The USD seems to have some extra appeal. I once was buying little trinket and when I went to pay in pesos, the lady said, "no dollar?"

I think there is more to this story and it is probably a very normal occurence.



posted on Nov, 14 2010 @ 04:01 PM
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Just an update on this although this has happened some time ago.

Due to mandate by the Mexican central bank.

USD is no longer officially acceptable anywhere in Mexico.

No even for exchange.

Recently seen in the local Crowne Plaza Hotel, they will exchange Canadian and Euro, but Not USD.
Mc D's No
Shops No
Banks No
there are even signs in the Oxxos, basically saying sorry, no dollars.

I am sure some of the street vendors will still take em. However there was a rewport on the TV Azteca news recently saying that shop keepers up in TJ would be hit hard by this, as the banks weren't accepting their dollars they had been given by tourists. so now have to stick with the peso

anyway just thought I would update



posted on Nov, 14 2010 @ 04:32 PM
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reply to post by JakiusFogg
 


You have some recent links?

The only thing I can find is old... it from june this year but the same story

Mexico Sets Cash Transaction Limits in Dollars

and:

Mexico targets 'dirty dollars'

You're story corresponds with letters like these:

Mexico does not accept dollars anymore

The changes are made clear here:

New US Dollar Policy for Mexico

Or you have some new info?




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