Exchange rate, etc.

[H2ODoc]

Heading down to CZM on Saturday and could use an update or refresher on a few items....

- I think Mega ATMs had a good exchange rate for ATM withdraw. True?
- Aldora gives 10% discount for paying cash for diving. That's a lot of $$$ to be walking around with. Ideas?
- Isis Rental car still good and reliable?
- El Moro, O'Hana, Casa Denis, LaChoza are on our short list. Maybe head to Senor Iguanas for tacos, too. Open to other suggestions, and will be reading up on the forums before we leave for more ideas.

This is about our 6th trip, so not newbies, but just looking for updated info. The whole family is very excited to be going back to CozyCozumel. It feels like home, in a way!

 

[gopbroek]

I think Mega ATMs had a good exchange rate for ATM withdraw. True?

The exchange rate at the bank ATM's (including the ones in Mega and Chedraui) is pretty close to the published foreign exchange rate (I use the Oanda currency converter for rates) On the 19th I used the Banamex machine in Chedraui, because the ATM fee is about $1.5USD (30.8 MXN), the rate I received was 19.732 MXN to 1 USD. The published rate was 19.777 to 1. NEVER accept an offered convenience of a 'courtesy exchange' rate let your bank handle it, the exchange rate offers run 6-8%.
The big variable is your bank. They control any foreign transaction fees or whether they pick up the ATM charge or you pay it, I am lucky and my bank charges no fees and pays the ATM fee.

Mateo and O'hana's is still going strong and Ray at El Moro is as friendly as ever

 

[NDL_Diver]

We mule down the $$ for Aldora. We use a money belt similar to

www.amazon.com/Blocking-Concealed-Antitheft-Travelling-10/dp/B07GKS7TRC/ref=mp_s_a_1_11?keywords=money+belts&qid=1672250986&sr=8-11

We use it to mule it down and to the dive shop. Wife and Dive and spend multiple weeks down at a time.
Daily limit on ATM plus fee's add up.
When estimating don't forget tge $5 marine park fee, nitrox ($10 per tank) minus down payment (we only give them $50 pp down no matter hiw many days diving) and 16% tax. Add that all up then subtract 10%.

 

[Wookie]

In response to DandyDon's report, the server crashed. No one stole the posts, they went to the big electron graveyard in the sky.

 

[DandyDon]

In response to DandyDon's report, the server crashed. No one stole the posts, they went to the big electron graveyard in the sky.

Thanks, Frank.

Heading down to CZM on Saturday and could use an update or refresher on a few items....

- I think Mega ATMs had a good exchange rate for ATM withdraw. True?
- Aldora gives 10% discount for paying cash for diving. That's a lot of $$$ to be walking around with. Ideas?
- Isis Rental car still good and reliable?
- El Moro, O'Hana, Casa Denis, LaChoza are on our short list. Maybe head to Senor Iguanas for tacos, too. Open to other suggestions, and will be reading up on the forums before we leave for more ideas.

This is about our 6th trip, so not newbies, but just looking for updated info. The whole family is very excited to be going back to CozyCozumel. It feels like home, in a way!

Your plan looks good. Bank ATMs are the safest to use, be sure to let your bank know that you will be using your Debit card and other cards in Mexico (I have lost two on trips after forgetting), and ask your bank if you can have no-fee transactions on foreign ATMs. They have that option but may need a request. Also, ask them about maximum withdrawal as limits vary.

If you book your diving in USDs, ask your Op about paying in MXN pesos. There are a few ATMs that can dispense USDs, but I am not familiar with which. I pay my op with Zelle but obtain ATM pesos to pay for my hotel, meals, and everything else. DMs are happy with tips in either currency.

 

[bvbellomo]

PNC charges an outrageous fee to take anything out in Mexico anywhere. Anyone have a US bank recommendation that is either free or cheap?

I changed cash in Playa last year, and got a very good rate.

 

[DandyDon]

PNC charges an outrageous fee to take anything out in Mexico anywhere. Anyone have a US bank recommendation that is either free or cheap?

I changed cash in Playa last year, and got a very good rate.

Wells Fargo gives me a cheap rate on foreign withdrawals, even one a month with local fees reimbursed, but a lousy savings rate at 0.25%. PNC isn't much better at 0.4%.

 

[gopbroek]

PNC charges an outrageous fee to take anything out in Mexico anywhere. Anyone have a US bank recommendation that is either free or cheap?

I changed cash in Playa last year, and got a very good rate.

Charles Schwab and I have heard Fidelity. No fees on anything and they pick up the ATM fees and near full FX rates on currency exchange.
They are virtual banks and take several weeks to xfer the intial deposit from another bank account. I seem to remember back in the 90's the Brick and Mortar banks freaked out when they started and got restrictions placed on them. The big loophole they never imagined was photo deposits of checks. Once established you write yourself a check and electronically deposit it, a couple hours later you can withdraw the funds from any ATM.

 

[divingjd]

Schwab has been great, but I had issues with the ATM exchange rate gimmick in October. Every time I declined the offered rate, the ATM was unable to process the transaction. I tried every bank I could find - Santander, USBC, Scotia, and more I can’t remember now. Maybe I was doing something stupid, but I never figured out how to decline. I had to suck it up and accept the offered rate or go without cash. Any suggestions would be appreciated.

 

[DandyDon]

Schwab has been great, but I had issues with the ATM exchange rate gimmick in October. Every time I declined the offered rate, the ATM was unable to process the transaction. I tried every bank I could find - Santander, USBC, Scotia, and more I can’t remember now. Maybe I was doing something stupid, but I never figured out how to decline. I had to suck it up and accept the offered rate or go without cash. Any suggestions would be appreciated.

It sounds like you were declining when asked to accept the fee, as that will kill the transaction...

Declining the conversion rate is after that, which you should if the machine presents it...