I have just seen El vampiro during a Latin American Film festival held in Amsterdam and Rotterdam, where its protagonist German Robles was present as guest of honour.
El vampiro is imaginative rather than talkative and has imagery no American fifties vampire flick can match. The story, of course, is lame and predictable, and, as Latin movies go, there is a lot of supernatural hokum coming with it. The overriding presence of Robles, together with the humor and the menacing, beautiful atmosphere, make up for it.
Vampiric action is kept to a bare minimum and the man-to-bat-metamorphosis (and vice versa) challenges in no way the 1932 standard. Nevertheless, it is one of the classics of the genre.
If you want to know how a vampire lady looks when she tries very hard to look like a vampire lady - well, the film gives you ample chance. One last thing: the soundtrack, however primitive, is a revelation: good vampire music and sound effects culminate in the humorous ending, when the leading man's words are drowned by the departing train's whistle. Nearly perfect.