Jimchris
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We've used USD in the past for shuttles/taxis.
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Because it was convenient, even tho it costs more?We've used USD in the past for shuttles/taxis.
Whenever we go to Mexico, I go to my local bank, in advance, and acquire a calculated value of pesos to meet the needs we anticipate during our trip.
That varies. Some banks don't charge as much as others. Wells Fargo claims no charges but then they give a lousy rate. Currently 18.9:1 but I think I've seen worse. When I use the bank ATM down the block from my hotel, my experiences have been close to Google rates even after fees.And in so doing, you pay a lot more for the pesos than you would by withdrawing from an ATM at the airport.
I doubt that it's a charity.My local mall has a currency exchange. Depending on if there are any hidden charges, I may be able to get 20:1 soon. I was thinking to exchange 1,000- US$, at that rate for my upcoming trip.
I've avoided Venmo as I thought they charged 3%, but I see now. "Sending money over Venmo triggers a standard 3% fee, but the company waives that expense when the transaction is funded with a Venmo balance, a bank account, or a debit card. The 3% fee is not waived when users send money from a credit card." So same cost as Zelle if I use my Debit card.If you can net 20:1, I'll Venmo you another $2,000, and pay for USPS Priority to send the pesos to me.
I never have used them. Where are they exactly? It seems like I have not seen any in the departure area, and I don't want to hunt for them. If you use one, make sure it's a bank ATM and declined the first offer on conversion rates.I forgot to specify the CZM airport ATM.
I compare the total cost of acquisition including exchange rate, service fee, delivery fee, and whatever else.
It is an appreciable difference to me. I don't have much money, so need to be thrifty.
True, it can be very helpful to have the local coin of the realm handy arriving in another country, but for Cozumel - that's insulting. I found my report on my ATM experiences in 2019.Just checked.
With imbedded costs, I pay a 5% premium for having pesos in my pocket when my plane lands in Mexico.
I will tell you that it made a world of difference when I had Guatemalan Quetzals in my possession for that trip.
My net rate with Wells Fargo was 19.27, after fees.
I've avoided Venmo as I thought they charged 3%, but I see now. "Sending money over Venmo triggers a standard 3% fee, but the company waives that expense when the transaction is funded with a Venmo balance, a bank account, or a debit card. The 3% fee is not waived when users send money from a credit card." So same cost as Zelle if I use my Debit card.
I checked my local mall exchange. Lynnwood WA. 18.42 with a $10.00 US commission. 7.7% worse than gobroek’s example (before commissions).
My past experiences with Wells Fargo haven’t been good.