Buy pesos at airport ATMs?

[k4kafka]

Or open a Schwab checking account with no minimum, no fees, refunded ATM fees and full exchange rate

Also a solid choice. This banking topic reappears periodically on ScubaBoard…

 

[cvchief]

Dr. Mack-to answer your question I have used the ATM's a number of times at the airport and have found it very convenient. I didn't on my April trip down as I had a ton of pesos from our last trip down. If you walk out of the arrivals area and instead of turning right to go to the shuttles you go to the left and you go down the hallway and around a corner and they are there close to the departures area. IIRC, there is a government or police office right nearby. Haven't had any issues with the ATM's there. I'lll then supplement what I get there with more from ATMs at Mega or Chedraui if needed and before heading home so I have a small amount when I return. I use my USAA ATM/debit card and have always had any ATM fees waived. It works great for me!

I guess they took care of the Romanian ATM issue. I think that like 6 years ago, but CUN and CZM had the skimmers, if I remember right. But really, you roll the dice with an ATM or any think you can stick a card in really and anywhere in the world. I dont know how many dispatched I hear for "They found a skimmer on their ...'

Romanian Skimmer Gang in Mexico Outed by KrebsOnSecurity Stole $1.2 Billion – Krebs on Security

 

[cvchief]

FWIW, I learned today that Scotiabank and Bank of America have some special relationship that results in fee waivers for BoA customers at Scotiabank ATMs in Mexico.

Bank of America Financial Centers and ATMs

Thanks! Opened a BOA JUST to use it at the Santander ATM on 10th Ave. Then that stopped and I stopped using it. I heard a rumor on Scotiabank. I pretty much stick with Xoom, but if I need emergency Margarita money, I need a back up.

EDIT: wait a minute. They charge 3% on every transaction. I dont think they did that with Santander.

So on Zoom if I sent 40,000 pesos, I would get right now 19.54 pesos to the dollar and no fee as I am using a bank account to send.

The exchange rate right now is 19.85. If I used BOA Scotiabank, I would only get 19.25. That 40,000 peso would cost me and extra $30.55US. That's a few margs...

I was always taught watch the centavos and the margaritas will take care of themselves.

 

[kelemvor]

That's an unheard of deal.
No reason to doubt you, but are you sure that there are no other fees/charges?
Who from?

My bank, GTE Financial. Their published fee schedule lists "Foreign Currency Conversion" as 1% of the US Dollar transaction amount.

I'm not sure there aren't additional/hidden fees or charges. It seems straightforward, and they've always been square with me in the past...

 

[DandyDon]

The exchange rate right now is 19.85. If I used BOA Scotiabank, I would only get 19.25. That 40,000 peso would cost me and extra $30.55US. That's a few margs...

I was always taught watch the centavos and the margaritas will take care of themselves.

That site says SCOTIABANK is only giving $18.20? But I guess ATM rates are set by your home bank.

It also has to do with which bank you use in Mexico.

The dollar in mexico - Current exchange rate of Dollar in Mexico

 

[edoralive]

Seems a little heavy handed to me - our local Safeway/Albertson's sometimes runs out of milk. Using your "logic", I should never go in the store again?
No USD either? You can pay ADO with USD. Crappy exchange rate though.

Yes, just one - a Santander. A very heavily used ATM.

It's been a couple years, but I don't think we had enough USD to get two bus tickets to PDC on ADO. We definitely couldn't pay with a credit card; perhaps that has changed. I mean... if Albertson's runs out of milk, we can either just go to another store or not have milk. If we can't get pesos and aren't carrying enough US currency, it presents a larger problem, I think.

 

[mediumone]

It's been a couple years, but I don't think we had enough USD to get two bus tickets to PDC on ADO. We definitely couldn't pay with a credit card; perhaps that has changed. I mean... if Albertson's runs out of milk, we can either just go to another store or not have milk. If we can't get pesos and aren't carrying enough US currency, it presents a larger problem, I think.

If you don't have $25.00 USD in your pocket upon landing, THAT represents the largest problem of all.

 

[cvchief]

That site says SCOTIABANK is only giving $18.20? But I guess ATM rates are set by your home bank.

Son of a biscuit. I didn't see that. I only saw the 3% surcharge.

 

[DandyDon]

Son of a biscuit. I didn't see that. I only saw the 3% surcharge.

But then I realized...

But I guess ATM rates are set by your home bank.

 

[gopbroek]

Son of a biscuit. I didn't see that. I only saw the 3% surcharge.

Schwab Bank High Yield Investor Checking® account
On Monday I pulled out $5K MXN at Mega, my rate was 19.75:1
The 'Oanda' Interbank rate was: