Coz ATM Warning-again!

[Tunaman68]

Wow! So I guess traveling with a pocket full of pesos and a bunch of dollars is safer than trying to use the ATM?!?! Can we use our Master Card when eating at the various places in town or do we need to bring cash for that too?

Hope you leave some fun for us to have Blue Steal! Can't wait for the BA in three weeks!

 

[DandyDon]

Wow! So I guess traveling with a pocket full of pesos and a bunch of dollars is safer than trying to use the ATM?!?! Can we use our Master Card when eating at the various places in town or do we need to bring cash for that too?

Hope you leave some fun for us to have Blue Steal! Can't wait for the BA in three weeks!

Many places will accept that, if not most. You might pay a little more in some cases, but it could work out the same or less depending on how your bank treats the charges -and it would be nicer to tip in cash, but you can usually put it on the charge ticket.

Be sure to tell your bank when you are leaving & returning so they won't shut down your card on the first away charge.

The big problem is that you often are asked to give the card to the waiter. Try to not lose control of your card, paying at the register, etc.​

I've had problems with my card being shut down after one away use until I call, and I've had my bank call me after I got back asking if I bought a $1,000 Western Union. :shocked2: You're protected, but it can be a hassle replacing your card, crediting your account immediately, being declined when you try it use it.

I like the cash savings I can get at times, especially on larger expenses, but carrying enough cash for the entire trip or for an excursion away from a room safe can both be challenging with a little risk. My dive Op gave me a nice cash discount and didn't want to be paid until the last day, but I didn't have a room safe so asked if I could pay on arrival. I got a receipt and an easy refund of over payments, but there are possible pitfalls to that too.

And I take cheaper trips. Bigger spenders could face more challenges.

 

[blue steal]

Wow! So I guess traveling with a pocket full of pesos and a bunch of dollars is safer than trying to use the ATM?!?! Can we use our Master Card when eating at the various places in town or do we need to bring cash for that too?

Hope you leave some fun for us to have Blue Steal! Can't wait for the BA in three weeks!

You will love it here. I thought my wife would want to shop and sight see, but she just hangs out at the blue angel and enjoys the company of all the staff. (Good for me as I hate shopping)

Don has excellent advice. I had brought enough dollars to cover all expenses plus a couple hundred dollars worth of pesos ahead of time for taxis and small store costs.
BA has room safes.
The BA take travelers checks, so we just paid everything ahead of time with those.

We did use a money changer one time, it was quick and easy, but unlike the Philippines where the rate with the changers is better than the bank, here the rate was a bit less, I think 11.76:1.

 

[cvchief]

We have always tried to get the pesos there for everything. Our Capital One card seems to do pretty good on exchange with limited fees. It seems I get a better deal most places paying in pesos/cash. Of course that is predicated on the atms working.....

 

[DandyDon]

It kinda sounds like Capitol One is the nicest about international use, one of the few that does not charge a commission. I did some site reading it and it sounds like Visa & MC both charge all banks 1% for such, but CO and a handful of others absorb that, with USAA and other US federal cards only passing that along, but most banks' cards charging 3% if this list is correct? Had to wonder why CO doesn't even pass along the 1% fee tho.

I've looked all over https://www.capitalone.com/ and cannot find currency conversion rates? I found a few customer claims on some sites that CO hides their fees in unappealing conversion rates, but then you can find anything on the net. Now I'm really curious?

The Mexican Peso has been pretty close to 0.08 USD (or about 12:1) for almost a year now...

I remember being surprised by that 10c peak in August 2008 during some travel on the peninsula. Then my bud stuck me with 2,000 Pesos at the end of that trip which I held for my next return in early 2009 for dental work in Cancun, with my Peso stash getting hit by the 7c crash = 30%/$60 loss. :silly: Good that it's settled out now.​

I'm curious what CO is really charging your customers?

Today, Wall Street Journal is quoting 0.0810 or 12.3472 Pesos/Dollar.

Wells Fargo is quoting their 0.0881 - about 8.8% less. That's in addition to their 3% fee.

But what is CO really doing?​

Can anyone find CO's conversion rates online? I don't think your online statements will show it from what I read, unless you download to PDF.

I'm surprised that Blue Angel still takes Traveler's Checks. They've almost vanished from the scene with today's high quality printers and counterfeiting. No one around here would take the last ones I came home with, and WF has stopped selling them.

Cash will always be king I think, altho is suffers with quality printers and counterfeiting - but the merchants don't get stuck with 3% credit card sales fees, and there is probly more to that story.

 

[Tunaman68]

It kinda sounds like Capitol One is the nicest about international use, one of the few that does not charge a commission. I did some site reading it and it sounds like Visa & MC both charge all banks 1% for such, but CO and a handful of others absorb that, with USAA and other US federal cards only passing that along, but most banks' cards charging 3% if this list is correct? Had to wonder why CO doesn't even pass along the 1% fee tho.

I've looked all over https://www.capitalone.com/ and cannot find currency conversion rates? I found a few customer claims on some sites that CO hides their fees in unappealing conversion rates, but then you can find anything on the net. Now I'm really curious?

I found the same thing, and applied for and received a Capital One card for just this trip. 0% APR for the first year (but I never carry a balance anyhow). I will let them know that the charges will be out of the USA.

Don't know what the conversion rates are at Capital One, but saving the 3-5% that Wells Fargo wanted to charge me, I think I will still come out ahead!

Is the best place to get pesos before the trip at Wells with the 3% conversion rate and their less than premium exchange or at the airport or where?!?!

@Blue Steal - thanks for the update - only divers going on this trip, but nice to know that the non-diving hours will be spent in paradise as well!! Ernesto's fajita factory was our favorite in the 90's - wonder if it's any good these days?!?!

 

[adelman]

Ernesto's fajita factory was our favorite in the 90's - wonder if it's any good these days?!?!

It was last week when we ate there. Empty at dinnertime. They need a sign outside that says "Free beer with Moped rental".

 

[DandyDon]

Tunaman68, can you ask CO what their conversion rate it today?

I wouldn't bother getting Pesos in advance. The airport van takes USD ok. Wait until you get to town, or draw Pesos at the airport ATM - if it's in a good mood, works, has money in it.

 

[cvchief]

15 SEP PIZZA PRIMACOZUMEL QROO CURRENCY: MXP EXCHANGE RATE: 12.779267203% $111.90
16 SEP MEGA COZUMELCOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.778966132% $123.42
16 SEP PANCHO S BACKYARD USDCOZUMEL QROO $120.39
18 SEP KINTACOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.779417967% $118.55
19 SEP MACROCEL COZUMELCOZUMEL CURRENCY: MXP EXCHANGE RATE:12.778199379% $28.99
19 SEP MEGA COZUMELCOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.780561674% $36.32
22 SEP PROMOCION Y OPECOZUMEL,QU CURRENCY:MXP EXCHANGE RATE:12.759331194% $236.84 <---- ATM
22 SEP MEGA COZUMELCOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.689493832% $70.53

AND in MAY:
12 MAY KINTACOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.434637105% $95.62
14 MAY MEGA COZUMELCOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.569519343% $42.65
12 MAY KINTACOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.434637105% $95.62
14 MAY MEGA COZUMELCOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.569519343% $42.65
18 MAY MEGA COZUMELCOZUMEL CURRENCY: MXP EXCHANGE RATE: 12.577803648% $51.54
20 MAY BANCOMER/BBVA NO/INFORMADCOZUMEL CURRENCY: MXP EXCHANGE RATE: 13.095139069% $230.82 <--- ATM
20 20 MAY KINTACOZUMEL CURRENCY: MXP EXCHANGE RATE: 13.140814599% $106.31

I did find Cap One hit me with a CASH FRONT END FEE $10.00. According to Cap On "With each cash advance on your credit card, we charge a front-end fee, or service charge, which posts to your account the day of the transaction."

But the exchange is good huh? Interestingly enough, Pancho charged in dollars. And DONT order the margatita's with Hornitos, it adds like $10 per....

Don, do the math and give me the verdict!

 

[BTravlin]

Don't know what the conversion rates are at Capital One, but saving the 3-5% that Wells Fargo wanted to charge me, I think I will still come out ahead!

Capital One's exchange rates have always been very favorable on my trips, much better than going through the cambio's. No $10 charge for cash but then I'm using a Cap One Business Platinum Card. Different flavors of Cap One cards will have different terms.