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Pesos, dollars, ATM, credit card? - 2/20/2013 9:38:36 PM
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nevertoolate
Posts: 269
Joined: 1/29/2005
From: Utah
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I checked at Chase bank today, and they would only give 11.81 pesos per US dollar.
Not good!
That's a 6.64% penalty to the current 12.65 rate I saw on CNBC today.
It seems better to pay my 3% credit card fee for foreign transactions.
In March, can I expect to get 12 for 1 when spending US $s? Or only 10 to 1 ?
What is the best way to get some pesos so I can spend with a combination
of pesos, US dollars, and credit card?
Thanks!
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RE: Pesos, dollars, ATM, credit card? - 2/20/2013 10:08:23 PM
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sfspanky
Posts: 291
Joined: 10/6/2009
From: Portland, OR
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quote:
ORIGINAL: nevertoolate
I checked at Chase bank today, and they would only give 11.81 pesos per US dollar.
Not good!
That's a 6.64% penalty to the current 12.65 rate I saw on CNBC today.
It seems better to pay my 3% credit card fee for foreign transactions.
In March, can I expect to get 12 for 1 when spending US $s? Or only 10 to 1 ?
What is the best way to get some pesos so I can spend with a combination
of pesos, US dollars, and credit card?
Thanks!
Getting cash (using ATM) in Mexico, is the same rate as using your credit card in mexico. You buy at the open market price and will likely get something fairly close to the trading price on Wall Street.
Do not bring US currency to MX. You will get 10 to 1 99% of the time.
When you do go to an ATM, max out what they will allow you to get via that ATM. We get 6,000 pesos ($475 USD) at a time at most ATMs, which makes the $3 fee much less of... well, a fee.
If you have a max per day withdrawl limit with your bank, increase it to $500. Most bank ATMs will let you take out up to 6,000 pesos, but if you have a $300 USD limit on your card, you can only take out $3000 pesos, or so.
Good luck.
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RE: Pesos, dollars, ATM, credit card? - 2/20/2013 10:23:12 PM
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movie fan
Posts: 8271
Joined: 1/7/2008
From: Winnipeg,Manitoba CANADA
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Good info.
Makes sense.
Thanks
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RE: Pesos, dollars, ATM, credit card? - 2/20/2013 10:42:44 PM
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gal4giants
Posts: 1625
Joined: 1/10/2008
From: Portland, OR
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Do not use NON Bank ATMs' - like those in shady bars etc in Canada/States. There are major bank atms in grocery stores, airport etc... HSBC, Bancomer, Santander, Banamex, etc....the risk of skimmers attached to those non bank atms is high (just like at home) so why risk it? HSBC seems to have the lowest fees 22 pesos pesos per transaction. And remember you are making a peso withdrawal not CAD or USD, unless the specific ATM says it gives USD. I've been behind quite a few people who select 200.00 to withdrawal only to be ****ed they now have about 15 USD :)
International ATMs used to have a 4 digit pin rule, I"m not sure about that anymore so it can't hurt to ask while notifying your bank you will be using your card abroad (which is a must)
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RE: Pesos, dollars, ATM, credit card? - 2/21/2013 9:51:15 AM
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panesh
Posts: 1443
Joined: 11/27/2009
From: San Rafael, CA
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With most ATM's you will have to select "other" or otro on the amount screen. Most of the time the highest amount displayed is 2-3000 pesos. When you get to the "other" screen, enter 6000 and you will get the max withdrawl. While 6000 may seem like a lot, it never hurts to have pesos with you for your next visit. It jut make everything easier.
I had 3500 pesos left over from our last trip and now I don't have to stop at the ATM in the airport, I can just wait until we get to Tulum and use the bank ATM there before we head to Guatemala. I'm taking a little bit of cash since I will have to get some BZD and Quetzales to get us to Tikal.
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RE: Pesos, dollars, ATM, credit card? - 2/21/2013 9:53:37 AM
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Vancouver Sundog
Posts: 5970
Joined: 10/1/2006
From: North Vancouver
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and change your pin # when you return
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RE: Pesos, dollars, ATM, credit card? - 2/21/2013 9:59:05 AM
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panesh
Posts: 1443
Joined: 11/27/2009
From: San Rafael, CA
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It wouldn't hurt to call you cc holder and tell them you are back after your trip. That way you shouldn't be responsible for anything after that.
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RE: Pesos, dollars, ATM, credit card? - 2/21/2013 1:22:14 PM
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nevertoolate
Posts: 269
Joined: 1/29/2005
From: Utah
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Thanks for all the good advice, including the safety checklist for when you return home!
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RE: Pesos, dollars, ATM, credit card? - 2/24/2013 6:11:37 PM
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carloo1
Posts: 40
Joined: 10/29/2011
From: New Hampshire
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So we should bring a minimal amount of USDs and more pesos, right? Of course a CC as well.
I have read on another forum that if you leave some money in your room every day for the housekeeping staff, etc, that you will get better service...does this mean pesos or dollars?
Don't mean to sound naive, but we are new to the AIs and want to bring the right kind of cash with us and take care of the staff as well.
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Cindi
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RE: Pesos, dollars, ATM, credit card? - 2/25/2013 6:06:46 AM
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carloo1
Posts: 40
Joined: 10/29/2011
From: New Hampshire
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Makes sense. Thanks!
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Cindi
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RE: Pesos, dollars, ATM, credit card? - 2/25/2013 11:51:12 AM
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shadowcat_410
Posts: 158
Joined: 11/30/2011
From: Dallas, TX
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quote:
We get 6,000 pesos ($475 USD) at a time at most ATMs, which makes the $3 fee much less of... well, a fee.
Spanky... I can't remember what denominations come out of the ATM's. Choosing 6000 pesos option, does it typically dispense six 1,000 bills or.... might it be completely arbitrary depending on availability of bills inside the machine?
(reason I ask, is because i'm wondering if tipping the transportation driver will be an issue if he doesn't have change for a large bill.... )
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RE: Pesos, dollars, ATM, credit card? - 2/25/2013 12:12:16 PM
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CurlSnout
Posts: 15398
Joined: 11/12/2006
From: Breaking the Internet, since 1996
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We like to go the bank ATM route as well. But you'll often get larger-denomination bills.
So, sometimes we'll hit a money-changer to get some smaller peso bills as well.
I'd stay away from both those at the airport, though.
I think staff finds pesos easier, but dont' sweat it if you on have US dollars, they'll be okay with that :)
Btw, when comparing rates, keep in mind you'll see two rates published: one for US-to-Mexican, and another for the opposite direction. They're not the same.
Have fun!
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RE: Pesos, dollars, ATM, credit card? - 2/25/2013 12:29:18 PM
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panesh
Posts: 1443
Joined: 11/27/2009
From: San Rafael, CA
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Why would you avoid the ATM at the airport? We've used it for years and will continue to use it. Good rate, convenient. There is lots of security in the airport so it's a very poor candidate for a skimmer. Might be one of the best places outside of a bank itself.
Like I said if you request an odd amount you can't help but get smaller bills (just enter 5800 in the "other" category and you are good to go). Besides you can tip the driver in US/Can and they wont mind. Anyplace else can change a $500 peso bill unless you stop at an out of the way food stand.
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