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exchange rates at ATM's


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22 minutes ago, Mainecoons said:

I believe it depends on the rate given by the bank whose account you are drawing from.  We get very good rates from Capital One when using our ATM at the Laguna Mall.

I have read several times the rate is given at the time of withdrawal that either Mastercard or Visa has set.

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... and then there are fees associated with 'most' cards at ATMs, both by the bank/entity that owns the ATM and your financial institution from which the funds are being drawn. Some card providers (Schwab et al) have no fees, have lower fees or reimburse fees at the end of the month  ('rarely' do they reimburse the ATM owner's fees). Others/most don't. And then there's the "International Banking/Exahange Fee" that some larger banks charge. The point is.... it's not just the exchange rate that can affect the amount you are ultimately charged for the pleasure of using your own money.

 

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  • 2 weeks later...

we're heading down next week for our first exploratory trip. I went to our bank today just to get some "safety pesos" (like, the plane lands late and the exchange is closed and the ATMs are down so I can't get a taxi--I've had weirder in international travel...).

As he exchanged my dollars, the teller told me that if I use my ATM card for a purchase in Mx, there will be a 3% charge and if I use it for a withdrawal, it is $5USD fee plus whatever that institution adds on. Is it true that most restaurants and shops are pesos only, or do they generally take credit cards (mine will give me a better exchange and not charge me a fee)? I'm wondering if we should show up with a pile of pesos in hand (because my bank exchanges for free here at home). Safety is one issue, but what are other considerations? Thoughts?

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We are mostly a cash society, but many of the larger restaurants at Lakeside cater to the Gringo tribe and affluent Guad crowds and  will accept a credit card. The question  is will it get compromised?

I have seen many Gringos using their CC at Walmart etc etc.

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Wells Fargo charges a transaction fee of 3% when you use it here and a $5 international ATM Fee including the ATM fee charge by the bank. Of course all US banks have different policies. And some have changed their policies and started charging fees. Few places take credit cards and may not work when you need it most to pay for something. So having the cash to cover a bill is a good policy.

I recommend to my guests to exchange enough peso at your local bank. Enough to get you through the airport and to your first destination and a days buffer until you can find a working ATM. Then take as much as you can so the $5 fee doesn't sting that much. Carry what you need and stash the rest. Never carry more than you need. Try to break the big bills at local eateries or establments because you'll never find change. It's a phenomenon here. The price may be 17 pesos but you'll undoubtedly end up paying 20. Or 50.

This has been my experience. 

 

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59 minutes ago, lakeside7 said:

We are mostly a cash society, but many of the larger restaurants at Lakeside cater to the Gringo tribe and affluent Guad crowds and  will accept a credit card. The question  is will it get compromised?

I have seen many Gringos using their CC at Walmart etc etc.

It certainly could get compromised. A neighbour and myself both had our charge card numbers stolen at the local Walmart and then used elsewhere. Also some places will charge you 2 or 3 % more if you use a credit card.

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Use your debit card at the ATM's  There is no foreign transaction fee like a credit card charges.

The best ATM with the lowest fee for using their machine is CIBanco in the mall across from Walmart.

Their fee is $17.9 pesos- about $1.00 USD.  Bancomer in the village is the highest at $69. pesos!

Also- the taxi counter in the airport will take US $.

 

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Depending on the bank there may or may NOT be a transaction fee charged at an ATM. I know I pay $5 fee each time I use the ATM Debit Card from the bank NOB. And I stand corrected. My bank charges a 2.7% foreign transaction fee when I use the banks credit card. But hey. Maybe I'm the only one. There are banks that have no fees. But if your bank tells you in advance they will charge a fee. I'd believe the bank. 

What's the exchange rate in the airport? Pretty good? 

The rate is probably not going to change much before your trip. It's steady around 18 to 1 now. Get your pesos there and leave your dollar at home. The ATM will be the best exchange rate without having to worry where to change your dollar. 

 

 

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When we lived here 2008-2012 we never used a credit card as we had heard plenty of stories about them being compromised.  Now that we've moved back and are in midst of furnishing a house, we use our credit card a lot, but only at places using a chip reader.  We always ask if they are using the chip before we present the card.  Walmart, Home Depot, Coppel, Tio Sams, Home Decor and the larger furniture stores here all use the chip.  I don't bother asking at restaurants since the tabs are generally small.

We are getting excellent exchange rates on our credit cards, none of which charge international usage fees, and racking up frequent flyer points like crazy.  Been here since mid-April on this trip and neither of our cc's have been compromised.  It sure beats carrying around sacks full of pesos for large purchases!

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10 hours ago, maw7815 said:

Use your debit card at the ATM's  There is no foreign transaction fee like a credit card charges.

The best ATM with the lowest fee for using their machine is CIBanco in the mall across from Walmart.

Their fee is $17.9 pesos- about $1.00 USD.  Bancomer in the village is the highest at $69. pesos!

Also- the taxi counter in the airport will take US $.

 

CIBanco doesn't not have the lowest fee. HSBC never charges me a fee. 

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2 hours ago, Bisbee Gal said:

When we lived here 2008-2012 we never used a credit card as we had heard plenty of stories about them being compromised.  Now that we've moved back and are in midst of furnishing a house, we use our credit card a lot, but only at places using a chip reader.  We always ask if they are using the chip before we present the card.  Walmart, Home Depot, Coppel, Tio Sams, Home Decor and the larger furniture stores here all use the chip.  I don't bother asking at restaurants since the tabs are generally small.

We are getting excellent exchange rates on our credit cards, none of which charge international usage fees, and racking up frequent flyer points like crazy.  Been here since mid-April on this trip and neither of our cc's have been compromised.  It sure beats carrying around sacks full of pesos for large purchases!

Great information.  How do you ask about the chip reader in Spanish?

 

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I use Bancomer credit cards a lot. I have never made a transaction that didn't include authorization using a hand held or fixed chip reader with pin pad. Wal-Mart and Costco have them permanently installed at the register on a swivel post. Every other merchant like gas stations, Superlake, comex and other big box stores use the hand held device. They enter the transaction amount and you enter your pin as your electronic signature.

ATMs read the chip too. 

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I tried using my CC at Coppell a few weeks ago but it wouldn't work. They said there was a problem with my chip which I later checked and it wasn't true. It had to be cash.

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2 hours ago, Mainecoons said:

Great information.  How do you ask about the chip reader in Spanish?

 

I usually just ask (if I don't see a sign), Aceptar tarejeta de credito?  If they say si/yes, I ask, es el precio lo mismo con un tarejeta?  If they say si/yes, then I ask, tiene con chip (don't laugh: I say, cheep).  I know this is pidgin Spanglish, but they know what I mean and show me their card reader (con cheep).  

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Yeah. Chip readers are great. But how do you translate "do you have a chip reader"? 

Using a no fee with rewards card when your furnishing a home is a great way to rack up the points without fees! But for lunch at Gossips, taking a taxi or buying smaller items like terra-cotta geckos or woven baskets in a local artisanal store I'd suggest sticking to pesos. If by chance you want to drive to Home Depot and puschase a water fountain or solar system while you're here then absolutely go with plastic. 

Oh. And make sure you let you're bank know where you're going and your dates. Theyll shut off your account until you verify. Happens at the worst of times. Some banks don't need it. Capitol is one I read that you're good to go no matter where you go

 

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1 hour ago, mtech1950 said:

problem in restaurants,is your card walks off with server....

I agree.  I have never used my cc in MX without it being done in my presence, start to finish.  In retail situations, never had an issue, the chip reader is at the cashier.  I rarely use my cc if under 1,000 pesos, other than in Walmart as I find the cc transaction faster than often the time spent waiting on cambio (change). 

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I just carry peso. If it's a planned purchase. Then I bring the CC. I stopped stuffing everything I own in my wallet when I lost my Jalisco Drivers license one time. Must had slipped out when I was digging through the card section. Such a hassle to replace. Plus. The lucky winner who found it has my address and personal info for future reference. "Gringo lives at this address"

Smaller pesos with lots of coins in my front pocket seems to do fine. It's also a great way to show you can't afford asking price so the haggle begins without a word

Never thought of the waiter disappearing with the credit card. It's also something to consider. Honesty and opportunity is a fine line. Why risk it. 

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