Dan M Posted December 30, 2017 Report Share Posted December 30, 2017 What are the most common and least expensive methods to pay my bills and rent in pesos? My funds are currently in a bank account in the United States. Should I set up a Mexican bank account and can I do so with a tourist visa? I saw some online currency exchange website but I'm not for familiarv with how they work. I know the ATM machines at the local bank in town gives you a terrible exchange rate and the cutrency exchange place on the Cartera in Ajijic was much better but is inconvenient as I will be living in Chapala. I'm sure some of you have figured out the best methods for this as it must be a fairly common occurrence. Link to comment Share on other sites More sharing options...
Jreboll Posted December 30, 2017 Report Share Posted December 30, 2017 You get the best rates by withdrawing from your ATM. Since I have to pay a fee for each time I use my ATM I do withdrawals about once a week. Try different banks in your area to see which have the lowest fees. Every time you use an ATM check your bank statement online to see what your cost was. I keep my funds in my Credit Union and have my ss direct deposit there Link to comment Share on other sites More sharing options...
AlanMexicali Posted December 30, 2017 Report Share Posted December 30, 2017 51 minutes ago, Dan M said: What are the most common and least expensive methods to pay my bills and rent in pesos? My funds are currently in a bank account in the United States. Should I set up a Mexican bank account and can I do so with a tourist visa? I saw some online currency exchange website but I'm not for familiarv with how they work. I know the ATM machines at the local bank in town gives you a terrible exchange rate and the cutrency exchange place on the Cartera in Ajijic was much better but is inconvenient as I will be living in Chapala. I'm sure some of you have figured out the best methods for this as it must be a fairly common occurrence. You can read this above which explains quite well whether it is possible to open bank account on a 180 day FMM tourist card. Link to comment Share on other sites More sharing options...
ned small Posted December 30, 2017 Report Share Posted December 30, 2017 40 minutes ago, sugarplumfaerie said: In this area, Santander has the lowest ATM fees - but it is in Chapala. I think also that Multiva has a very low ATM fee - In Ajijic. Also, some banks are very good with foreign transactions. For example, Schwab gives a good exchange rate and also refunds ATM fees up to $25 USD each month. It is also handy to have a credit card that has no foreign transaction fees and give a good exchange rate. Barclays is a good one. He said he is going to live in Chapala so he can easily walk to Santander. No need to go to Ajijic whatsoever. Link to comment Share on other sites More sharing options...
MtnMama Posted December 30, 2017 Report Share Posted December 30, 2017 And actually Multiva has one of the highest ATM rates if you don't have an account with them. CIBanco has the lowest rate I've found. I admit I haven't used the Santander ATM since their keypad wouldn't recognize one of the numbers in my pin#. They may have a new ATM, I haven't checked. Link to comment Share on other sites More sharing options...
ned small Posted December 30, 2017 Report Share Posted December 30, 2017 There are several ATM's in Chapala where the OP wants to live all within walking distance. After all Chapala is the centre of commerce here and that's a fact. Having said that,as well as my Scotia account in Canada,I have an account with Intercam in Ajijic which has an ATM that doesn't eat your card but even better than that I just go to the window and get what I want from one of the friendly tellers. I get there easily by bus because I don't have a car yet, or get a ride from a friend from Chapala. Link to comment Share on other sites More sharing options...
modeeper Posted December 30, 2017 Report Share Posted December 30, 2017 I get charged 40mxn for a withdraw be it 1Peso or 7000. I get charged 43mxn for breakfast; three tacos and 12-ounces of fresh orange juice. No, you can't open a Mexican bank account with a tourist visa. Been there, didn't do that. Link to comment Share on other sites More sharing options...
Dan M Posted December 30, 2017 Author Report Share Posted December 30, 2017 1 hour ago, modeeper said: I get charged 40mxn for a withdraw be it 1Peso or 7000. I get charged 43mxn for breakfast; three tacos and 12-ounces of fresh orange juice. No, you can't open a Mexican bank account with a tourist visa. Been there, didn't do that. Where do you exchange your money for 40 pesos and is the exchange rate high? Link to comment Share on other sites More sharing options...
modeeper Posted December 30, 2017 Report Share Posted December 30, 2017 Any ATM. I never check the exchange rate. I stick my card in, pocket the cash and never look back. If you have a close friendship with a local he/she can open your MX account. That's what I did. For me the exchange rate comes into play with large sums of money. That's something I don't have to worry about. Link to comment Share on other sites More sharing options...
bournemouth Posted December 30, 2017 Report Share Posted December 30, 2017 This site gives you an approximation of ATM rates: http://www.eldolar.info/en/mexico/dia/hoy At HSBC the other day I got almost exactly the quoted rate. Their ATM fee is around $1.80 US depending on the exchange rate. I have never tried to take out more than 12,000 pesos so don't know if they allow higher withdrawals. Link to comment Share on other sites More sharing options...
AlanMexicali Posted December 30, 2017 Report Share Posted December 30, 2017 33 minutes ago, bournemouth said: This site gives you an approximation of ATM rates: http://www.eldolar.info/en/mexico/dia/hoy At HSBC the other day I got almost exactly the quoted rate. Their ATM fee is around $1.80 US depending on the exchange rate. I have never tried to take out more than 12,000 pesos so don't know if they allow higher withdrawals. I have seen that máximum ATM daily peso amounts have declined about a year ago. Banamex declined from $8,000 to $6,000 pesos and so did Banorte. BanRegio still is at $10,000 pesos. I never was able to wthdraw $12,000 peso per day on an ATM account anywhere that I tried including Scotia Bank. I had to use my second ATM account if I wanted more than $10,000 pesos and still do at BanRegio. BanBajio had the same maximum per day as BanRegio about a year ago. I don´t know if they still do. Link to comment Share on other sites More sharing options...
modeeper Posted December 30, 2017 Report Share Posted December 30, 2017 Santander 8600. Link to comment Share on other sites More sharing options...
Dan M Posted December 30, 2017 Author Report Share Posted December 30, 2017 3 hours ago, bournemouth said: This site gives you an approximation of ATM rates: http://www.eldolar.info/en/mexico/dia/hoy At HSBC the other day I got almost exactly the quoted rate. Their ATM fee is around $1.80 US depending on the exchange rate. I have never tried to take out more than 12,000 pesos so don't know if they allow higher withdrawals. This is very usefu information! There is a 5% difference from the Best buy rates to the worst with CiBanco and HSBC being the best. On $500 USD you will get 500 more pesos there than at the worst Mexican banks! Thats about 5% more! Link to comment Share on other sites More sharing options...
sem123 Posted December 30, 2017 Report Share Posted December 30, 2017 yes, you can open an bank account with a tourist visa, but you have to show proof of residency with your name and an address on it, something like an electric bill and if I remember from two years ago as a foreigner we had to show our passport and declare that we weren't American citizens (we have to do this in Canada too as there are implications for all banks having Americans opening bank accounts) Link to comment Share on other sites More sharing options...
cedros Posted December 30, 2017 Report Share Posted December 30, 2017 5 hours ago, AlanMexicali said: I have seen that máximum ATM daily peso amounts have declined about a year ago. Banamex declined from $8,000 to $6,000 pesos and so did Banorte. BanRegio still is at $10,000 pesos. I never was able to wthdraw $12,000 peso per day on an ATM account anywhere that I tried including Scotia Bank. I had to use my second ATM account if I wanted more than $10,000 pesos and still do at BanRegio. BanBajio had the same maximum per day as BanRegio about a year ago. I don´t know if they still do. Your actual bank can set the limit also. I can take 13,000 at a time without any ATM fee at HSBC but the exchange rate isn't always the best.. Link to comment Share on other sites More sharing options...
Bisbee Gal Posted December 30, 2017 Report Share Posted December 30, 2017 We use Chas. Schwab. They refund all ATM fees anywhere in the world. Used them today and exchange rate was about 19.50 (after I adjust for future refund of fee of 46p, I think, posted at ATM screen). Since the refunds for the fees come bundled at end of month at the (then) exchange rate, it's a little hard to predict. I often get between 10K and 14K at local ATMs, though I make 2 debits, each for either 5K or 7K. Link to comment Share on other sites More sharing options...
AngusMactavish Posted December 30, 2017 Report Share Posted December 30, 2017 29 minutes ago, Bisbee Gal said: I often get between 10K and 14K at local ATMs, though I make 2 debits, each for either 5K or 7K. The maximum per day is set by your bank. The maximum withdrawal per transaction is set by the bank whose ATM you use. It is obvious that they want to get a bigger fee from your needs, but if you are refunded that would not matter. Link to comment Share on other sites More sharing options...
Guest English Rose Posted December 30, 2017 Report Share Posted December 30, 2017 17 hours ago, Dan M said: What are the most common and least expensive methods to pay my bills and rent in pesos? My funds are currently in a bank account in the United States. Should I set up a Mexican bank account and can I do so with a tourist visa? I saw some online currency exchange website but I'm not for familiarv with how they work. I know the ATM machines at the local bank in town gives you a terrible exchange rate and the cutrency exchange place on the Cartera in Ajijic was much better but is inconvenient as I will be living in Chapala. I'm sure some of you have figured out the best methods for this as it must be a fairly common occurrence. I have been here for 14 years and still use the ATM's. Limit your withdrawals each month, which might take you a couple of months to get it down to 2 or 3 and check the charges the different machines charge you. Santandar, CIBank and HSBC seem to have the best rates over time. Link to comment Share on other sites More sharing options...
cedros Posted December 30, 2017 Report Share Posted December 30, 2017 1 hour ago, Dan M said: This is very usefu information! There is a 5% difference from the Best buy rates to the worst with CiBanco and HSBC being the best. On $500 USD you will get 500 more pesos there than at the worst Mexican banks! Thats about 5% more! That site would be interesting to me if it did Canadian dollars rather than American. Is there such? Link to comment Share on other sites More sharing options...
ned small Posted December 31, 2017 Report Share Posted December 31, 2017 Intercam has the daily rate posted at their widows but if you have an account,you get a better rate moving CDN to your account. I got 15.20 on Wednesday when the XE was 15.57. Link to comment Share on other sites More sharing options...
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