Best Place To Get $400 Us Converted To Pesos?

[Brodydog]

Mega will NOT exchange dollars. In fact, they will not accept more than 10% of your purchase price in dollars and your change will be in pesos. They caught on to that game quite some time ago - more than a year ago.

Not accepting more than 10% of purchases in dollars must be for larger transactions. We were there today. Paid for $36 of merchandise with $40 and got 4 dollar bills back in change.

 

[2airishuman]

i waited too long and my none of my local banks can't get pesos in before we leave. I've used the search function and it seems like Mega, Cambio, and Santander Bank all will exchange dollars for pesos. Looks like current rate I'd 16+ to 1. Our first stop will be at Mega after dropping our equipment off. Does Mega have a special booth for dollar conversions, or do you have to go through the line? We're staying at Casa Mexicana, is there a bank close that will do the exchange for a reasonable fee?

Thanks in advance for your response.

Jay

Most major U.S. airports have a Travelex window where you can get Pesos. It's been a while since I've used them, but their rates were reasonable and they would buy back pesos at the end of your trip without a service charge if you had your receipt.

There are all kinds of ways to change money and the best strategy seems to shift every few years.

 

[cvchief]

In fact, they will not accept more than 10% of your purchase price in dollars and your change will be in pesos.

Not accepting more than 10% of purchases in dollars must be for larger transactions. We were there today. Paid for $36 of merchandise with $40 and got 4 dollar bills back in change.

I think you are saying the same thing. She was saying if you pay in dollars, you only get pesos back for small amounts of change. So, you paid with $40, they DID NOT give you the 4 dollars back in pesos. You used to be able to buy a stick of gum, pay with a twenty and get ALL the change in pesos at a good rate.

 

[DandyDon]

Exchange what cash you'll need here in the U.S.. You'll pay way less commission. Then use your credit/debit card when you can for the best rate in Mexico. Avoid exchanging your money in Mexico as the commission is higher and the exchange rate less favorable.

Pay less in the US? Where? Airport exchange kiosks seem to be like everything else at airports - way overpriced. Wells Fargo doesn't charge a commission, but their exchange rate sucks. $16.40 today instead of $17.50 = 7% difference, which would be like $28 on a $400 exchange - plus their $15 delivery fee if you want that. Well, I guess I'd still get hit with that rate if I took my debit card to an ATM there.

It's hard to win with banks.

No. Use an ATM to withdraw pesos for the best rate;.

He did say "/debit card" but yeah - credit card advances are expensive.

So much of my trip expenses are charged in dollars anyway that I seldom get much in pesos, and it usually can wait until you get to a bank. The airport sardine van desk accepts dollars and I think I got a far rate there last time - I think.

And I like to carry enough cash for times that my cards go bad, as they do. I've had my credit card stopped after fraudulent charges, having to wait a week for a new one to arrive - mostly after trips to Mexico, but can happen in the US. Then last trip I got so excited about using the bank ATM off the square correctly that I left my debit card in the machine.

My dumb! It ate the card of course, but I still had to call my bank and get it stopped.

Yesterday took the cake tho! You need to always call your bank before traveling outside of the US so they won't stop your card when you use it away, but I guess I need to call them before any international purchases. I made a $96 international purchase, then when I tried to renew my DAN @ $110, it failed. After a few minutes, their computer called me to confirm my last 5 charges, and I did, but that did not work. I guess rushing the DAN charge and 4 attempts made things worse. I phoned them, and they put me thru enhanced security questions that made no sense, as I failed those. Next I had to go to a bank office to show ID and my card, proving my card is with me, and that took a long time still. What if that had happened in Mexico?

Either go to one of the banks with your passport, one of the change houses back on 30th or take money from a BANK AFFILIATED ATM - do NOT use the free standing "Cashola" or "US DOLLARS" machines - they are privately owned and not regulated. You will have a very unpleasant surprise when you get home if using a non bank affiliated ATM. Our banks here are Banamex, Santander, Bancomer, Banorte, Scotia Bank, HSBC, CI Banco, and as someone else mentoned, there is a "bank" inside Elektra.

And never forget that warning...!!

 

[ggunn]

I phoned them, and they put me thru enhanced security questions that made no sense, as I failed those.

That's a hot button for me. Those inane questions, like "What's your favorite song?" that you are supposed to remember how you answered three years later...

 

[DandyDon]

That's a hot button for me. Those inane questions, like "What's your favorite song?" that you are supposed to remember how you answered three years later...

Worse! They asked if I had ever lived or owned property in 3 different counties, or none of the above. I had an office in Hale county, but never lived or owned there - but my none of the above may not have matched what their records indicated. Then they asked about age ranges, giving my nephew's name - 3 choices, or I don't know that person. Well, I really don't know how old he is now, that keeps changing - but then they should have no record about him on my account. I think they made up a name and by coincidence picked the same one my brother and his wife did decades ago.

I complained that it was 20 miles to the closet Wells Fargo, and they said I could go to a local bank and ask a banker to call me. I am not going to bother some other bank with their failure, nor do I want to get my hometown bankers involved in my out of town banking. It could have waited, but I was so mad that I drove the 16 miles (Yeah, I'd rounded up on my complaint) with drivers license, passport, pocket size copy of BC, Enhanced Air Padi card, and my Visa card. I had to remind myself to be polite to the banker.

"But what if this had happened on a trip to Mexico, or even my planned trip to Big Bend" I asked? The Rio Grande Village Campground is 119 miles from Alpine, and I don't even know if the banks are open Saturdays there - and Mexico would be worse. Hehe, the young lady had been born here but lived in Mexico for a few years as a child, albeit a different part entirely from the Yucatan - but had no idea where Big Bend was? "Didn't you go to school in Texas?" She was embarrassed. She asked if there were rivers to fish in? "Uh, ever hear for the Rio Grande or Rio Bravo?

Ok, do you know where El Paso is? You know how the river goes down & over from there, then back up & over? THAT is the Big Bend!"

 

[cvchief]

My Chase Southwest peeps called me while we were in MX last and my card has been compromised. They were going to shut the card down. I told them I really didn't want to lose out on my SW point, so they shut the card down for all internet and purchases outside Mexico. New card was there when we got back north. Love that SW card....

 

[DjDiverDan]

In my limited experience, I have gotten much better exchange rates at the Mexican Banks in Cozumel that I have been quoted by American Banks. About 18 months ago, getting ready for a trip to Cozumel in December, 2014, I checked with Bank of America, my regular bank, and they offered to sell me Pesos at a rate of 11.65 Pesos to the Dollar, PLUS charging me a $5 currency delivery charge; at the time Bloomberg reported the market rate at 12.96 to the Dollar. When I got to Cozumel, I changed Dollars at ScotiaBank, just down from Wet Wendy's, and got 12.50 Pesos, no additional charge. For every $100 changed, that got me an extra 85 Pesos. I would NEVER use the Currency exchange booths in American airports - the rates they offer are TERRIBLE (same trip, when BofA offered me 11.65 Pesos to the Dollar, the DFW Travelex Booth was only giving 10.70 Pesos to the Dollar - a complete ripoff). If you check Travelex online, you'll see that they're only giving 15.475 Pesos to the Dollar now, when the spot market rate is about 17.56. You'll do MUCH better waiting to go to a bank in Cozumel.

ATM card is probably your best bet, especially if your Bank will waive ATM Fees, but ONLY use the ATMs at a Bank or Mega or Chedraui. If you feel inclined to use one of the freestanding Cashola ATMs on the sidewalk, why not just send your cash directly to me - I won't give you anything back for it, but at least your money will be going to a friend, and I promise not to clean out the rest of your bank account.

 

[dberry]

Either go to one of the banks with your passport, one of the change houses back on 30th or take money from a BANK AFFILIATED ATM - do NOT use the free standing "Cashola" or "US DOLLARS" machines - they are privately owned and not regulated. You will have a very unpleasant surprise when you get home if using a non bank affiliated ATM. Our banks here are Banamex, Santander, Bancomer, Banorte, Scotia Bank, HSBC, CI Banco, and as someone else mentoned, there is a "bank" inside Elektra.

Learned that the hard way last year... I saw two ATMs inside the airport; I started using the one that wasn't busy, then canceled the transaction when I saw the high service charge. I then used the other (bank affiliated) ATM to get some pesos. Turns out the sleazy private ATM didn't give me pesos after I hit 'cancel', but still withdrew the $$. When I got home both transactions showed up as withdrawals on my bank statement.

Getting local currency from an ATM is usually the best option, but like Christi said, stick with ATMs operated by a real bank.

In my experience the airport kiosks are a bad way to go - the exchange rates aren't very good AND they charge a fee. Most US banks and credit cards charge a flat fee (3%) for foreign transactions, but give you a much better exchange rate and you come out ahead. My new American Airlines / Citibank card claims no foreign transaction fees; I'm curious whether they'll make up for it by using a unfavorable exchange rate. I'll find out next month in Bonaire...

 

[cvchief]

If you are paying a delivery fee, just xoom the money to yourself and pu at Electra. Easy peasy for 4.99.