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Wells Fargo advertises that they will deliver MXN Pesos charged to your account without a fee, but that's at a poor rate of 18.77 MXN to the USD at today's rates so I always wait until I am there to withdraw Pesos from a Bank ATM - never an infamous freestanding cash machine, trying to get closer to the current 19.97 current rate quoted on google and avoid that 6% built-in fee as well as the risk and hassle of carrying a large sum of Pesos on the flights. And I swear that I will never again fail to advise my banks that I will be using my cards in Mexico before a trip after losing cards to ATMs in the past, kicking me into backup spending.
I used the HCSB ATM at the corner of the Centro Plaza as it's very convenient to my hotel. Fees may be a little lower at some other bank ATMs, but not enough to encourage me to travel to them. ALWAYS REJECT THE CONVERSION RATE OFFERED, which I do as that's a scam to avoid. I requested the maximum 7,000 Pesos allowed on the machine first from my Wells Fargo account, then with a new Citibank card to do the same from that account. The new CB card has never worked for me in test purchases in my little farm town, but their computer confirmed that I had the PIN right, and their phone agent assured me that it should work fine, so I tried - and it worked. I need to complain to my village grocer about his machine.
First I grabbed the WF card I usually use out of habit, but my credit card didn't work thankfully. I'd hate the cash advance fee that would include. Realizing my error, I then tried the correct cards.
WF: 7,000 MXN cost me $357.45 = 19.58 MXN to USD = 2% net cost including the 80 Pesos charged by the ATM, up from 58. Not bad at all.
CB: 7,000 MXN cost me $368.02 = 19.02 MXN to USD = 4.8% net cost including the 80 Pesos charged by the ATM. Not as good but ok.
Edit: For me as an occasional visitor, it would not be worth getting an account at another bank to get better returns, so there is my report. This morning I got $4.04 reimbursed from WF. I'm not sure why, perhaps I should ask sometime, but I'll take it. So that reduces my WF cost to $353.41 = 19.80 MXN to USD, so hardly any cost.
I used the HCSB ATM at the corner of the Centro Plaza as it's very convenient to my hotel. Fees may be a little lower at some other bank ATMs, but not enough to encourage me to travel to them. ALWAYS REJECT THE CONVERSION RATE OFFERED, which I do as that's a scam to avoid. I requested the maximum 7,000 Pesos allowed on the machine first from my Wells Fargo account, then with a new Citibank card to do the same from that account. The new CB card has never worked for me in test purchases in my little farm town, but their computer confirmed that I had the PIN right, and their phone agent assured me that it should work fine, so I tried - and it worked. I need to complain to my village grocer about his machine.
First I grabbed the WF card I usually use out of habit, but my credit card didn't work thankfully. I'd hate the cash advance fee that would include. Realizing my error, I then tried the correct cards.
WF: 7,000 MXN cost me $357.45 = 19.58 MXN to USD = 2% net cost including the 80 Pesos charged by the ATM, up from 58. Not bad at all.
CB: 7,000 MXN cost me $368.02 = 19.02 MXN to USD = 4.8% net cost including the 80 Pesos charged by the ATM. Not as good but ok.
Edit: For me as an occasional visitor, it would not be worth getting an account at another bank to get better returns, so there is my report. This morning I got $4.04 reimbursed from WF. I'm not sure why, perhaps I should ask sometime, but I'll take it. So that reduces my WF cost to $353.41 = 19.80 MXN to USD, so hardly any cost.
