1rst time to Cozumel and Yucatan

[gopbroek]

I tested the bank (Santander in San Miguel) and the hotel ATM's (Cozumel Resort and Iberostar), they all charged the same "crazy" amount in fees, that is not $25-35.. but still very high: around $7. I have used EU credit and debit cards, it could be different for US citizens.
The fees applied are always shown on the screen before you confirm the withdrawal.

I often use Santander and Banamex ATM's, but always at either a bank or in Mega. In those locations the fee is normally about $30 MXN. My bank (Schwab) refunds the ATM fees. I just checked my statement for November and they refunded $7.64 (USD) for 5 withdrawals, which worked out to an average of $1.53 USD per transaction.

 

[judydivescoz]

I tested the bank (Santander in San Miguel) and the hotel ATM's (Cozumel Resort and Iberostar), they all charged the same "crazy" amount in fees, that is not $25-35.. but still very high: around $7. I have used EU credit and debit cards, it could be different for US citizens.
The fees applied are always shown on the screen before you confirm the withdrawal.

I guess your hotel ATMs was much less than the one in Playa! The $19.95 was posted right in the machine. Santander fees for me were less than $3. I now use Charles Schwab with all fees refunded. I have never used Cashola in Cozumel but there have been plenty of comments on Scubaboard and Trip Advisor on the crazy high transaction fee charged.

 

[mcohen1021]

I wouldn't spread the idea that Cozumel is a insecure place with thieves around the corners ready to hack the ATM's

True - but there have been robberies of those using ATMs in less populated areas, like a few blocks back from downtown. There's a relatively safe ATM in front of Villablanca and down at the outdoor mall next to Park Royal. I recommend anytime you need an ATM, do it during the day.

 

[outofofficebrb]

True - but there have been robberies of those using ATMs in less populated areas, like a few blocks back from downtown. There's a relatively safe ATM in front of Villablanca and down at the outdoor mall next to Park Royal. I recommend anytime you need an ATM, do it during the day.

@npole

I don't think we are fear mongering or anything...The OP has not been before and has a lot of questions so we want to ensure he or she is armed with information to make them feel comfortable and aware. It has happened and is documented so I think it's still fair to bring up and mention. Whether how, when, where the OP decides to use ATMs (or if at all) is up to them after we share information and experiences. Cozumel, Cancun, or Mexico aside, this happens in all countries and it's always good to travel smartly. I don't know the extent of the OP's travels but perhaps this is also their first international travel. It doesn't hurt to give a little more information.

 

[ggunn]

This is not correct, many hotels have their own ATM that are secured and provide USD only, they are very convenient if you're in hurry and you need fast cash.

That may be true about ATM's in hotel lobbies (I don't stay in any hotels that have one), but even so I stand by my advice not to use sidewalk ATMs on Cozumel.

 

[ReefHound]

The fees applied are always shown on the screen before you confirm the withdrawal.

Sure they are. I remember the first and only time I used the "cashola" machines. In 2010 I was a group trip leader and paying the dive op, who said they accepted credit cards plus 5%, pesos, or dollars but preferred dollars. Thinking it would not make much difference I decided to do them a fave and get dollars. After the trip, I reviewed my bank statements and realized I had been charged almost $75USD in fees for 3 transactions. I don't remember exactly what fees the screen showed but there's NO WAY in #ell I would ever make even one transaction with ridiculous fees like that much less three. I was mad at myself as well for not just paying by credit card which would have been cheaper and much easier.

Since then I've only used peso machines at Mega or a bank but I still think about taking a snapshot of the screen display.

 

[jontay]

I'll be arriving late in the afternoon (almost 4 PM). Is there one of the larger banks that has been mentioned here that is still open at the airport at that time? I will be taking the bus to PDC asap so I can then hop on the water taxi but it would be nice to exchange some USD$ for peso's.
Or, can I get by with everything (bus, water taxi to Cozumel) with small USD$?
Maybe I should exchange before I leave the US but the exchange rates are not very good.

 

[npole]

You can pay everything in US dollars (literally everything), converting (or to be exact: withdraw from a ATM) to Pesos is only a matter of (economic) convenience. Do your things, go to your hotel... you can get the pesos whenever you will have time.

Do not exchange your USD for pesos in the US, the rates applied are crazy (it's true for every other destination: never change for the destination country currency in the source country).

 

[jontay]

@npole

I don't think we are fear mongering or anything...The OP has not been before and has a lot of questions so we want to ensure he or she is armed with information to make them feel comfortable and aware. It has happened and is documented so I think it's still fair to bring up and mention. Whether how, when, where the OP decides to use ATMs (or if at all) is up to them after we share information and experiences. Cozumel, Cancun, or Mexico aside, this happens in all countries and it's always good to travel smartly. I don't know the extent of the OP's travels but perhaps this is also their first international travel. It doesn't hurt to give a little more information.

Thank you for your consideration, safety and concern. That is appreciated
I have traveled internationally quite a bit (been a couple years) and usually in a budget conscience style. SO, it makes for a little adventure sometimes, lol.
This is my first trip to Mexico though. From most of what I am reading in these responses, it kind of looks like the larger, established banks with ATM's inside (if possible) are maybe the best way to go.....as far as safety and good rates. Unless I am missing something?
Thank you again!

 

[jontay]

You can pay everything in US dollars (literally everything), converting (or to be exact: withdraw from a ATM) to Pesos is only a matter of (economic) convenience. Do your things, go to your hotel... you can get the pesos whenever you will have time.

Do not exchange your USD for pesos in the US, the rates applied are crazy (it's true for every other destination: never change for the destination country currency in the source country).

Awesome......Thank you!