Leveraging the exchange rate
Back home in the U.S. on Monday I went to my bank and wired money to my Mexican bank.
So, here's how best I understand the process that took place.
I wired the money domestically, not internationally. I am wiring the money into a U.S. account which is held by the Mexican bank. My money goes in there, other people's money goes in there. It's just an account with a lot of money and my money is just tagged with a description like "hey, this is Jason's" or something to that effect. When I am ready to exchange the money for pesos, the Mexican bank "buys" my dollars and pays me in pesos into my account in Mexico.
Anyways, Monday I wire the money and I wait. I assume it takes a while to go through, so I don't expect any updates that day.
Tuesday morning I check the exchange rates and the peso is falling. Past 20:1 at times.
I am nervously anticipating Alfonso's call. I know the bank opens at 9. Maybe 9:30?
The peso is still falling. But for how long, and how far? I start to check my bank account, did the money wire out?
The phone rings and my fat fingers can't answer it quick enough. Alfonso says the money is there and am I ready to transfer? Oh, yes, yes I am ready to transfer!
And like that, it's done. Since my Friday visit with him, a mere 4 days before, I have saved $3,500 from the falling peso.
I've saved over $10,000 since we initially made the deal with the seller. The gamble, for once, paid off in my favor.
I was ecstatic! I wanted to high-five someone, but nobody in my office knows I'm purchasing land in Mexico. For that matter, they don't even know I was in Mexico a few days earlier.
I messaged Angie, but that didn't seem enough. I had to compose myself and get back to work.
I was so incredibly nervous when this whole ordeal started and I was going to have to take the chance to pay in pesos. I took the loan out for much more than we needed just so that the money I had saved could be used in the event of what I assumed would be the inevitable.
But the trip seemed worthwhile now. I had the money where it needed to be and now just needed to find out for sure when closing was so I could potentially book a flight back down.
So, here's how best I understand the process that took place.
I wired the money domestically, not internationally. I am wiring the money into a U.S. account which is held by the Mexican bank. My money goes in there, other people's money goes in there. It's just an account with a lot of money and my money is just tagged with a description like "hey, this is Jason's" or something to that effect. When I am ready to exchange the money for pesos, the Mexican bank "buys" my dollars and pays me in pesos into my account in Mexico.
Anyways, Monday I wire the money and I wait. I assume it takes a while to go through, so I don't expect any updates that day.
Tuesday morning I check the exchange rates and the peso is falling. Past 20:1 at times.
I am nervously anticipating Alfonso's call. I know the bank opens at 9. Maybe 9:30?
The peso is still falling. But for how long, and how far? I start to check my bank account, did the money wire out?
The phone rings and my fat fingers can't answer it quick enough. Alfonso says the money is there and am I ready to transfer? Oh, yes, yes I am ready to transfer!
And like that, it's done. Since my Friday visit with him, a mere 4 days before, I have saved $3,500 from the falling peso.
I've saved over $10,000 since we initially made the deal with the seller. The gamble, for once, paid off in my favor.
I was ecstatic! I wanted to high-five someone, but nobody in my office knows I'm purchasing land in Mexico. For that matter, they don't even know I was in Mexico a few days earlier.
I messaged Angie, but that didn't seem enough. I had to compose myself and get back to work.
I was so incredibly nervous when this whole ordeal started and I was going to have to take the chance to pay in pesos. I took the loan out for much more than we needed just so that the money I had saved could be used in the event of what I assumed would be the inevitable.
But the trip seemed worthwhile now. I had the money where it needed to be and now just needed to find out for sure when closing was so I could potentially book a flight back down.
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