Best Place To Get $400 Us Converted To Pesos?

[mmmbelows]

With all that said , buying your pesos here at a flat rate is still cheaper than yanking the $ out of an ATM in Mexico. I'm sticking with my previous statement.

Cheaper, I don't know, hard to believe it would be with a bank in the middle of the transaction. With my Schwab account I pay no fees so the only thing to consider is the exchange rate which all things being even should be the same But, even if cheaper, certainly not easier.

 

[mediumone]

Cheaper, I don't know, hard to believe it would be with a bank in the middle of the transaction. With my Schwab account I pay no fees so the only thing to consider is the exchange rate which all things being even should be the same But, even if cheaper, certainly not easier.

Oh, you're getting a much better exchange rate, Guaranteed.

Schwab, and I've heard Fidelity offer the no fee transactions. You're one up on me; my credit union charges me $1.00 USD per withdrawal.

 

[gopbroek]

Oh, you're getting a much better exchange rate, Guaranteed.

Schwab, and I've heard Fidelity offer the no fee transactions. You're one up on me; my credit union charges me $1.00 USD per withdrawal.

Yep Schwab picks up the ATM fee and no Foreign transaction fee and gives an exchange rate at or near the real time Forex rate, with no minimum balance or monthly fee.

 

[Sideways]

After talking to some local friends while we were down last week, I went to the bank to try to get pesos. I normally just do the change kiosks, but there are only a couple left. I can usually find one no more than .1 or .2 diff from the banks. Anyways... so I ask my friends what I need to do the bank thing. Response, as expected, is money and passport. WELL!! I stand in line for 45 mins (was gonna change 1k) and get too the counter. The teller tells me I need my passport..... AND, a COPY of my passport (which is for the bank). OH... and the bank wouldn't make a copy. 45 min wait for nothing! SO! I did things the old way for the rest of the trip. Just thought I'd share this for anyone thinking of the bank option, so you don't have to go through what I did. Oh.. this was the bank on 5th between Calle 2 and Wet Wendys (on the other side of the street from Wendys)

Lots of ideas in this thread for me to explore though. My bank charges I think $3.00 for transactions. Maybe my cred union is less, or fidelity. Will research it a bit.

 

[cvchief]

On May 16th the rate was like 18.12 top international. I converted with Xoom and got an effective rate of 17.68. (figuring the 4.99 fee into the conversion.) I believe that is in the neighborhood or better than I saw on the bank windows. I sent the money on my phone withe swipe while parked in the amply parking in front of Electra on 11 by Mega. I walked to the bank in the rear, waited for two people in line in front of me. I held my phone to the window to show her the transaction ID. I passed her my passport, no copies. Longest wait was at the window while she counted the money. Still quick and easy. Request Rejected

 

[kss1dvr]

+1 for Schwab.

I keep a separate account there specifically for foreign ATM withdrawals and fund it prior to each trip. Quick stroll to Chedraui and I'm in business.

I keep a separate account so there is no access to my main accounts in case of a skimmer.

 

[halocline]

After talking to some local friends while we were down last week, I went to the bank to try to get pesos. I normally just do the change kiosks, but there are only a couple left. I can usually find one no more than .1 or .2 diff from the banks. Anyways... so I ask my friends what I need to do the bank thing. Response, as expected, is money and passport. WELL!! I stand in line for 45 mins (was gonna change 1k) and get too the counter. The teller tells me I need my passport..... AND, a COPY of my passport (which is for the bank). OH... and the bank wouldn't make a copy.
.

Same thing happened to me, long wait, no copies, etc....now I just use my ATM card or, if I really need to change cash, go to a kiosk. The rates are not as good as the banks, but an hour or more of time in cozumel is worth a lot more than the small difference in exchange rate.

 

[cduffey]

On May 16th the rate was like 18.12 top international. I converted with Xoom and got an effective rate of 17.68. (figuring the 4.99 fee into the conversion.) I believe that is in the neighborhood or better than I saw on the bank windows. I sent the money on my phone withe swipe while parked in the amply parking in front of Electra on 11 by Mega. I walked to the bank in the rear, waited for two people in line in front of me. I held my phone to the window to show her the transaction ID. I passed her my passport, no copies. Longest wait was at the window while she counted the money. Still quick and easy. Request Rejected

I am reading with much interest about your Xoom method. We will be on the island next week, and would like to use pesos more often than in the past because the exchange rate is so favorable now. I have signed up for a Xoom account and downloaded the app. We are staying across the street from Elektra at El Cantil so Xoom seems like it would be super convenient for us. Does it work the same as Paypal regarding the source of the funds? In other words, can I safely use my bank account, VISA or American Express to fund the transaction without the funding account classifying it as a "cash advance"? My VISA, which I would prefer to use, imposes hefty interest rates (with no grace period) and fees to cash advances.
Thanks for your advice.
Carole

 

[cvchief]

I am reading with much interest about your Xoom method. We will be on the island next week, and would like to use pesos more often than in the past because the exchange rate is so favorable now. I have signed up for a Xoom account and downloaded the app. We are staying across the street from Elektra at El Cantil so Xoom seems like it would be super convenient for us. Does it work the same as Paypal regarding the source of the funds? In other words, can I safely use my bank account, VISA or American Express to fund the transaction without the funding account classifying it as a "cash advance"? My VISA, which I would prefer to use, imposes hefty interest rates (with no grace period) and fees to cash advances.
Thanks for your advice.
Carole

Yes, Carole it seems perfectly safe to tie to your bank account but I don't not think you can use a credit card so sort of like paypal without the credit cards. I have had mine for a few years with no issues. Once it is sent, it is there instantly. You might want to send your first send a little early, maybe a couple days before you arrive to make sure the first one goes smoothly. You will know as it will send you a text and an email with the transaction number you need to pick it up. I seem to recall the first one took a little longer to be sure you are real and all. Now mine are approved in literally seconds.

Obviously, the bigger the amount at one time, the more the fee gets spread out.

Also I think later afternoon is a bad time as people get off work and go to the bank. Middle of the day, hardly any line in electra.

 

[bilboinsa]

....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...

Amen to that. I was stooooopid my last stay on the island, in a bind asked a cabbie to drive me to an ATM on a Sunday evening, used a tourist trap ATM, and got stung for almost $3000 a couple months later. Thank heaven Merrill Lynch covered my rear....