- Hello Tangerineys from Mexico.
Today's video is sponsored
by Wise.
Wise is a global technology company that makes it cheaper
and easier to send, receive,
and spend money across the globe.
I've been using Wise for about six months now.
And it's a service that has been totally indispensable
to me living in Mexico.
If you'd like to try out the service,
it's super easy to use,
and you can get your first transfer for free
by going to wi.se/tangerinetravels
I took on this sponsorship by Wise
because it has been an amazing service for me.
And I think it's going to help you out a lot as well,
whether you're coming to Mexico to live or just to visit,
like it's going to solve
a whole bunch of money problems for you.
Like let's say you're coming to Mexico on vacation.
You're going to need some spending money. Right?
Well, what are your options?
One option is to go to your bank in your home country,
whether that's US or Canada or somewhere else,
and ask to get pesos.
You're going to take about
a 10% haircut on that.
So if you want a thousand dollars in pesos,
you're gonna end up with about $900 of pesos.
So another option is to bring dollars to Mexico with you
and exchange them once you get here.
You bring a thousand dollars with you to Mexico,
and then you go to
a money exchange place
and you're taking a 5 or 10% hit on that
when you exchange it into pesos,
then whatever you have left at the end of your trip,
you're taking another 5 to 10% hit
to turn it back into dollars.
Another very popular option for people coming on vacation
to a popular tourist destination is to bring dollars
and then spend their dollars everywhere they go.
Well, this might be convenient.
However, the real exchange rate at this moment
is more than 20 to 1.
Yet you'll go to a restaurant
and they'll exchange your money at 18 to one
or 17 to one or something like that.
So if you do this,
you're gonna take like a,
between a 5 and 15% hit every time you spend dollars.
And that adds up quickly.
Another popular option is to just go to an ATM
when you get to Mexico.
But with this not only the ATM charges you a fee,
but your bank probably charges a fee
for using someone else's ATM.
And then your bank probably charges you a 3%
foreign transaction fee on whatever money you withdrew.
And on top of all that,
you're getting a less than optimal exchange rate
from the ATM itself.
So with this option,
you have a fee upon fee upon fee upon fee,
and those really add up as well.
So you might be thinking, "Well, I'm just going to avoid
all that hassle and just use a card everywhere."
Well, most cards charge you a 3% foreign transaction fee.
And in addition to this,
it might be the case that
half of the place you usually go don't even accept cards
because that's the case a lot in Mexico,
that you can't pay with card and you have to pay with cash.
So in that case, you need some solution to get cash.
One of the many things I use Wise for
is to pay my video editor for editing these videos.
So I'm gonna show you just how easy it is to do that.
I go to wise.com and then click send money.
Since I've already set this up,
it's just gonna take me a few seconds to do this.
Send money.
All right, I'm going to be sending $300
and I'm gonna choose ACH because that's the lowest fee.
And I can see that I'm getting a rate of 20.37,
which is the current mid-market rate.
The actual exchange rate.
I click continue.
Here's my video editor.
Just click on his name since I already have it set up.
And if I didn't already have that set up,
it would only take me a moment.
Okay. Make sure everything looks right here.
Yes, okay.
How do I want to pay? By ACH.
Pay out of my business checking account.
Takes a moment to send here.
And then it will either tell me he's already received it
or that it will be there soon.
Oh, that took four seconds it says, okay, got it.
And now I can click on this transfer
and then click share with recipient and get a link
that I can just go ahead and send via WhatsApp to him.
Just paid you for the last two videos.
And just like that, I've paid my video editor.
In addition to using Wise to pay rent every month
and to pay my video editor,
well, I also use it to do a lot of other things.
Like, for example, when I got this table custom made,
they needed a 50% deposit upfront.
Laska wants me to play with her (laughing).
(Jordan growls)
Okay. Can I work now?
Every time I turn the camera on, you wanna play (laughs).
She's 12, at some point I would think
that she'll get over her play stage, no...
I love it though,
I love that she wants to play all the time.
But yeah, when I was getting this table custom made,
they needed 50% down
and they would only accept cash or bank transfer.
So I could either drive across the entire city,
withdraw a bunch of cash from the ATM
and give it to them in cash,
or just do it in seconds via bank transfer.
And then they completed the table
and I sent them the other half of it.
(Laska talking)
Yeah, I know it was that easy.
What else have I used it for?
Oh, when I got my security system installed in this house,
same thing, they needed half upfront.
So I sent it to them upfront
and then the other half once I finished. (Laska talking)
Yeah, I know it's so easy.
(growls) Give me the frog, give me the frog (growls).
Okay, Laska, I gotta get to work now.
Oh. And I have this table.
And guess what I paid for it with? Wise.
When it comes to paying my rent in Mexico,
Wise has made my life so much easier.
It used to be the case that I would have to go to the ATM
to withdraw a bunch of money,
but it wouldn't just take one visit.
But because of the withdrawal limits,
I would usually have to go two or three times to the ATM
just to pay one month's worth of rent.
It's even worse when I'm trying to pay like two months,
a deposit, plus the first month's rent, oh my gosh.
When I had to do that I had so many ATM visits
because most of the ATMs
they won't let you do multiple transactions.
So I would have to go usually on different days
to different ATM's, oh, it was such a pain in the butt.
But not only that, then the ATM fees add up.
Most banks charge you a fee to use an ATM,
the ATM charges you a fee.
And then there's the currency conversion fee.
So that really adds up.
So what other options do you have
when it comes to paying rent?
Well, you could do a wire transfer,
but wire transfers can get expensive as well.
And admittedly, I have used PayPal before
and it's reasonably easy to use,
but again, there's a lot of fees involved there.
Now I'm gonna show you just how easy it is
to pay my rent every month with Wise.
Okay, so the first thing I'm gonna do is go to wise.com
and click send money.
And when you're first setting this up,
I was shocked at how great the user experience is
and how quickly it was.
It literally only took a couple minutes to set up
and it's even faster after you have it set up
because you don't have to enter
the person's information again,
you can just click on their name.
The default here is to send a thousand US Dollars
and it gives you several options.
You can either pay by ACH debit, by credit card,
or a couple others.
It tells you what your fees are gonna be,
but something cool here is you can click compare price
to see what the other money transfer options are
and how much those are going to cost.
So you have Moneygram here, Remitly,
well, those are more expensive.
And then here's Wise.
So you can see on Wise you get the mid-market rate
and there's a transfer fee,
whereas Remitly, you'd get a worse rate
and there's no transfer fee.
So here Remitly is more expensive,
but you can scroll down
and some are actually less expensive.
Sometimes Wise is the cheapest and sometimes it's not,
but it's nice to know how much those other services
are going to cost you.
So I could click continue, but I'm gonna show you
one more feature that they have here.
You can click this calendar
and you can select a monthly payment,
so you don't have to ever worry about your rent again.
So I'm just gonna do a one-time payment today,
click continue.
And now I'm gonna select the recipient.
And I've already sent money to this person before,
so just click on that.
And now you have the details here.
I'm sending a little over 800 US dollars.
The fee is a little over $8.
So that's about a 1% fee.
And compared to the other options that is not bad at all.
And you can see how long it's going to take to arrive.
It says it's going to arrive in seconds
and I can put in a little note here.
(Jordan speaking in Spanish) Renta para enero.
So rent for January, click I accept and continue.
So here I can choose whether I wanna pay by ACH debit
or wire transfer or debit card or credit card.
I'm going to click ACH debit since that's the cheapest
and continue to payment.
And then I can choose the bank account.
And that's the final step, I click pay.
And boom! My rent is paid for the month.
No going to ATMs, no dealing with a bunch of cash.
I don't have to run all around town
to take several different trips
to several different ATMs.
So much more convenient using Wise.
Whenever you're at a place that accepts cards in Mexico,
I think a great solution something that allows you
to spend money really cheaply is
to get the Wise debit card.
The Wise debit card allows you to spend money
at the actual exchange rate.
But in addition to that,
there are no foreign transaction fees that they charge.
You know getting this actual exchange rate
is a really big deal because anytime you spend money
or do money transfers with banks,
banks really screw you with this.
And this is kind of a hidden fee,
but it really, really adds up when you look into
how much that fee actually is.
Any place that accepts cards
is going to accept Visa or MasterCard.
And the Wise debit card is a MasterCard.
So I can use it here with no foreign transaction fees
and getting the real exchange rate.
Since coming Mexico, something I've always done
is whenever the exchange rate got more favorable,
as in every dollar of mine bought more pesos,
I would withdraw a bunch of pesos from the ATM
and this could save me a bunch of money.
But since I started using Wise something that I can do
instead of going to the ATM and having that inconvenience,
and then having the risk of having a bunch of cash at home,
I can use Wise to convert my dollars
into pesos electronically
and just have them sitting there in my Wise account
in pesos until I'm ready to use them.
For dinner I'm at this really popular taco joint.
Well, actually it's a lot more than tacos
in Juriquilla, it's called El Asadero.
They have all kinds of Mexican foods.
This place is always busy
but I've never seen it this busy.
Today there was a line outside wrapping around the building.
I ate a little while ago,
so this is more like a snack for me.
So for my snack / dinner,
(laughs) I got a Taco de Pechuga Adobada for 49 pesos.
It's a pretty big portion, it's chicken,
in like this salsa with some spices in it.
I don't know exactly what the spices are,
but if you know let me know in the comments.
This Pechuga Adobada taco at 49 pesos you might be thinking,
"Oh, that's kind of expensive for a taco at a taco joint."
Well yeah, it is, however, it's quite a bit of food.
There's a lot of meat in it
and it's like too much meat for one taco.
So I always split it into two tacos. And I also got a
Taco de Pastor and then a
Naranjada without sugar.
El Asadero was a really good, I always enjoy my meal there.
You know Wise has saved me so much time,
money and aggravation.
Since I started using it about six months ago,
I use it all the time
and I don't know how I would live life without it anymore.
So I think you're going to find it really helpful as well.
If you'd like to get your first transfer for free,
you can go to wi.se/tangerinetravels
Again, that's a wi.se/tangerinetravels
You're gonna get your first transfer for free.
You can try it out. It's super easy to set up.
So yeah, definitely check it out.
Thank you guys for watching.
On the screen here is another video I made recently.
So you can watch that until we see you on Saturday,
but before you go,
please subscribe to our channel.
And one more thing.
(bell gongs)
Gong that bell! So you get notified
every time we release a new video
and we will see you on Saturday morning.