Best place for swapping?

[wildbill9]

Dollars to pesos....isn't that what you were thinking this thread was about? In Rome the worst conversion rate was in the airport. We want to use our debit card to get funds and we are looking for a good rate and a safe exchange. Thanks Bill

 

[gopbroek]

Any bank ATM machine located at the airport, or in a bank or major store like Mega. Avoid standalone machines on a street or isolated location. The ATM gets a fee for despencing the currency (around $30MXN) , the rate of exchange and any other fees are determined by your home bank. The Charles Schwab ATM card rate is normally 0.15MXN down from the FOREX trading rate and they remit all other fees and charges but other banks vary and many charge the dreaded foreign transaction fees.

 

[guruboy]

I used the convenient store when I was in PDC. They post the current rate by the door. Buy a water and pay with USD and get pesos back.

 

[mediumone]

I used the convenient store when I was in PDC. They post the current rate by the door. Buy a water and pay with USD and get pesos back.

Relatively expensive way to get pesos.

Much better off to use gopbroek's method.

I use the ATM's (only the one's that he suggested), and my credit union charges me $1.00 for each non-credit union ATM transaction.

 

[guruboy]

When I was there the online exchange rate was 18-19 pesos and the store was giving 18. No fees.

 

[gopbroek]

Last Tuesday I used the Mega Banamex ATM. My bank gave me a rate 21.5: 1, which was kind of odd as this was the posted Oanda rate, usually it is -0.15 below that. I guess Schwab was feeling flush.

 

[Dave Dillehay]

I was hit for over $1000 at the ATMs at Mega. I suggest that you use only bank located ATMs. But use US dollars at Mega as they give the best exchange rate anywhere in Cozumel. That is where I do all my shopping and always pay in US dollars.

 

[mmmbelows]

The Charles Schwab ATM card rate is normally 0.15MXN down from the FOREX trading rate and they remit all other fees and charges but other banks vary and many charge the dreaded foreign transaction fees.

I was hit for over $1000 at the ATMs at Mega.

Yet another benefit to the Schwab ATM card - they cover 100% of any losses of fraud against you.

 

[mmmbelows]

I used the convenient store when I was in PDC. They post the current rate by the door. Buy a water and pay with USD and get pesos back.

Sounds like a plan if you're looking for $10-$20 dollars in pesos, but seems like it would fall apart if you were looking to get a few hundred US dollars converted into pesos.

 

[guruboy]

Depends on your bank I guess. Mine charges a % as a transaction fee if I use foreign ATMs. Comes out about the same either way.