ATMs and pesos in Mexico

[Reef Tank]

When I put my US ATM card into an ATM in Mexico, then select pesos, do I get the exchange rate my bank sets or whatever the owner of the ATM sets?

 

[Bhtmec2]

I travel a lot and it all depends on the ATM you are using.

What I normally do is draw out 100.00 US if that is an option. If Peso's are the only option find out what is the street exchange rate and try to take out an amount equal to 20 or 50 USD. Then I check my account via INTERNET and see what they hit me for. I do the math and find out what the exchange rate will be while I am there.

Be careful on the ATM Fees...... My bank reimburses me all ATM Fees so I do not worry but some of my Buddy's get slammed...........

Good luck....

 

[Reef Tank]

I travel a lot and it all depends on the ATM you are using.

What I normally do is draw out 100.00 US if that is an option. If Peso's are the only option find out what is the street exchange rate and try to take out an amount equal to 20 or 50 USD. Then I check my account via INTERNET and see what they hit me for. I do the math and find out what the exchange rate will be while I am there.

Be careful on the ATM Fees...... My bank reimburses me all ATM Fees so I do not worry but some of my Buddy's get slammed...........

Good luck....

Thanks. I usually travel with lots of USD but after getting taken so many times by the small shops I'm looking for pesos. I looked into buying pesos from Wells Fargo before I left the last time but the rate was the same as an established business or bank in MX. Unfortunately, the bank in the Cancun airport was not in terminal 3.

I recently switched to a bank that reimburses me all ATM fees and they currently have an exchange rate of 11.9.

 

[travelure]

Hi,

I travel down to Mx several times a year and find that the exchange rate is better when when I use an ATM. On Jan 4th I took out 3000 pesos for $249 canadian.

Also there is a thing going on whereby banks will not exchange us dollars for pesos in Mexico. We have not been able to exchange for about 1 year now. here is a link on the subject from the Mexican Gov:
http://embamex.sre.gob.mx/canada_eng/index.php?option=com_content&view=article&id=1496:mexico-banking-system-cap-on-exchange-of-dollars-for-pesos&catid=6:consular&Itemid=105


we always bring Pesos and CC and ATM cards.

 

[Fionab]

Also there is a thing going on whereby banks will not exchange us dollars for pesos in Mexico. We have not been able to exchange for about 1 year now. here is a link on the subject from the Mexican Gov:
Mexico Banking System Cap on exchange of dollars for pesos
.

Your comment isn't strictly correct you can exchange US$ but there is a limit of $1500, which for the majority of tourist would be more than enough.

 

[DandyDon]

I recently switch banks to one that reimburses me all ATM fees and they currently have an exchange rate of 11.9.

Some banks also charge additional fees for conversion. Did you check on that? Which did you change to...?

Google currently quotes 11.9756 Pesos to USD

Convert Mexican Pesos (MXN) and United States Dollars (USD): Currency Exchange Rate Conversion Calculator quotes 12.05 Pesos to USD

Wall Street Journal: Peso = $0.0829 or 12.06 Pesos to USD

Wells Fargo: Peso = $0.0913 or 10.95 Pesos to USD plus a 3% fee = 10.624 or 11.9% less than WSJ! May as well just accept 10:1 in the stores and not hassle.

I've looked locally but can't find a bank here that doesn't rip me on conversions.

 

[travelure]

Hi,

The link I put in is the Mexican Gov policy, and it mentions the 15k. However a lot of banks will not exchange US dollars unless you hold an account at the bank. I have had this happen all over the caribbean coast.

 

[wedivebc]

It always amazes me that Americans think that their currency is welcome in every country in the world as legal tender. The vendor accepting your money is subject to the same exchange rate you are plus they have to take the money to the bank to exchange it. It is often not worth the hassle.

 

[DandyDon]

It always amazes me that Americans think that their currency is welcome in every country in the world as legal tender. The vendor accepting your money is subject to the same exchange rate you are plus they have to take the money to the bank to exchange it. It is often not worth the hassle.

I did not feel that way at all in Europe, but Mexican tourism and government both encourage us. Canadians seem nice about it all.

 

[Reef Tank]

Some banks also charge additional fees for conversion. Did you check on that? Which did you change to...?

I found a local bank, not a national chain. They said there is no conversion fee. The Wells Fargo 3% fee was the last straw. I'd been with them for almost twenty years.

I like the Bhtmec2 of doing a small transaction and checking online. I think I'll need to make a special trip back to Mexico to check it out.