Traveler's Checks or ???

[Mossman]

That's VISA USA. That seems to be a general consumer notice to USA consumers. I wouldn't assume those terms are applicable to international locations where banking laws and contract laws may be different. After all, most credit card issuers themselves tack on surcharges for international transactions.

Surcharges 5.1.C (Updated)

A Merchant must not add any surcharges to Transactions, unless local law expressly requires that a

Merchant be permitted to impose a surcharge. Any surcharge amount, if allowed, must be included in

the Transaction amount and not collected separately.

A variance applies in the U.S. Region for the Visa Tax Payment Program.

A variance applies in the AP Region for New Zealand under certain terms and conditions, as

communicated to Members in New Zealand. Further information is available from Visa.

A variance applies in the AP Region for government payments in Australia.

http://corporate.visa.com/_media/visa-international-operating-regulations.pdf

 

[ggunn]

It's a shame, really. I used travelers' checks extensively for many years and loved them. In the past few years, though, I have used them less and less because fewer and fewer businesses on Cozumel will accept them. I paid the dive shop in cash from the ATM this year, which was a bit of a pain. I had to scramble a bit there at the end to make sure I had enough to pay them but not so much that I would get stuck with a bunch of pesos. Sign of the times, I guess.

 

[Diver Kat]

It's a shame, really. I used travelers' checks extensively for many years and loved them. In the past few years, though, I have used them less and less because fewer and fewer businesses on Cozumel will accept them. I paid the dive shop in cash from the ATM this year, which was a bit of a pain. I had to scramble a bit there at the end to make sure I had enough to pay them but not so much that I would get stuck with a bunch of pesos. Sign of the times, I guess.

Yup. We were the same. Took mostly TC's to pay for diving, hotel, food and a bit of cash to cover cabs and small places that wouldn't take the TC's. Now we just take cash.

 

[cvchief]

Not true!! Just checked with my bank (BofA) and they do offer fraud protection! We have always assumed that but just did the quick double check. We use our ATM card at the Santander Bank on 5 and have no fees when we use out Bank of America account. I do not like to travel with to much cash. I prefer the ATM route. It has always worked for us when we have traveled in Mexico and elsewhere.

I don't mind carrying cash, but I like to pay in pesos. Plus I transferred some money to someone on the island and the exchange rate was terrific when they took it out in pesos, so I am looking forward to giving it a whirl. Thanks for the info that Santander is at the airport. We are coming into Coz this time so I will hit it up first thing!

 

[DallasNewbie]

Thanks for all the replies. I should have mentioned that this is only for incidentals as diving and hotel are already paid for on my credit card. I called Chase, and they charge $5 plus 3% to use an ATM in Mexico, so I guess I'll just be taking cash.

 

[bobfmdc]

I know this is too late for Dallasnewbie since he left today, but maybe he will read this anyway. I agree with Judydivescoz on Santander Bank. We used their ATM and when we got back last Saturday (July 1), I checked with our Bank of America account. I found that we had no charges or fees. Further, we got a 11.8 exchange rate, which was better than I saw posted anywhere (including at Santander).

Best of all, our ATM/Debit card is a Visa card and we got NO foreign transaction fee (usually 2-4%). I asked BoA about that ahead of time and they said it would apply. Wrong again, of course. So I have one fewer reason to hate Bank of America.

NOTE: Beware of HSBC on the square. I saw their exchange rate posted at 10.8 when even the merchants were giving 11.5. Losing 7% on a foreign exchange transaction to them makes the credit card ripoffs look like a good deal.

 

[Diver Kat]

INOTE: Beware of HSBC on the square. I saw their exchange rate posted at 10.8 when even the merchants were giving 11.5. Losing 7% on a foreign exchange transaction to them makes the credit card ripoffs look like a good deal.

Bob, wouldn't that be .7 of a percent? Not 7%??? I've seen larger spreads than that when I've been on the island.

 

[SEMO Scuba]

Not true!! Just checked with my bank (BofA) and they do offer fraud protection! We have always assumed that but just did the quick double check. We use our ATM card at the Santander Bank on 5 and have no fees when we use out Bank of America account. I do not like to travel with to much cash. I prefer the ATM route. It has always worked for us when we have traveled in Mexico and elsewhere.

BOFA may offer fraud protection when traveling abroad, but not all banks offer that protection with their debit cards. Check with your bank.

 

[ameneon]

On vacation I always try to pay with my credit card in whatever currency they first gave me the price in. This way I get the exchange rate from your bank which is a lot better then ATMs etc.

In Mexico they seem to have made a law to make shops be able to rip their customers off. If the price is given in dollar it has to be converted to pesos before you pay with any card. Instead of taking a fee that you use a card which have been deemed illegal by Visa etc they can just give you a bad exchange rate instead...

I was not very happy with my dive op when I went to Cozumel in June this year, but one good thing was that they gave you the option of paying through PayPal. This way I didn't have to withdraw money, as taking out cash gives worse exchange rates then using a card. And I didn't have pay in pesos with a card.

 

[ggunn]

On vacation I always try to pay with my credit card in whatever currency they first gave me the price in. This way I get the exchange rate from your bank which is a lot better then ATMs etc.

I'm pretty sure that an ATM card from your bank gives you the same exchange rate as a credit card, less the transfer fee. Can you cite otherwise?