Review ATM report

[DandyDon]

Somewhat off topic, but if I chose to arrive in Cozumel with enough USD for all meals, taxis, etc. would I be able to exchange USD for pesos at a fair rate (like a credit card rate)?

I may not understand the question exactly, but you could take the USD and passport to a money exchange to buy MXNs. You could then avoid credit card fees for paying in another country, but you would receive fewer Pesos than if you withdrew with a Debit card at an ATM.

 

[dflaher]

Thanks but what exactly is a money exchange? A bricks and mortar bank perhaps? Objective is to take USD to Cozumel and convert them to pesos at a rate close to 20:1.

 

[DandyDon]

Thanks but what exactly is a money exchange? A bricks and mortar bank perhaps? Objective is to take USD to Cozumel and convert them to pesos at a rate close to 20:1.

More like a kiosk or booth. There are several in town. They may give you 19:1, but I call 10% a significant hit.

 

[ggunn]

Thanks but what exactly is a money exchange? A bricks and mortar bank perhaps? Objective is to take USD to Cozumel and convert them to pesos at a rate close to 20:1.

Why would you want to do that? The lower exchange rate from a cambio booth may eat up any benefit you get from paying in pesos. Plus you'll have to travel carrying all that cash. Use a bank owned ATM (NOT the free standing ones out on the sidewalk) on the island to get pesos.

 

[dflaher]

The lower exchange rate from a cambio booth may eat up any benefit you get from paying in pesos

That's the info I was looking for. If I couldnt get a competitve rate (within 2-3% of the spot rate), then it's a non-starter.

 

[DandyDon]

Use a bank owned ATM (NOT the free standing ones out on the sidewalk) on the island to get pesos.

Be sure that you tell your bank that you plan to use your card in Mexico with travel dates. I actually lost my card twice not doing so. Also ask if you can get fee-free withdrawals.

 

[dflaher]

Be sure that you tell your bank that you plan to use your card in Mexico with travel dates. I actually lost my card twice.

Didn't need to. Thanks to Big Brother or Big Data (or both), my bank company already knew I was going.

 

[DandyDon]

Didn't need to. Thanks to Big Brother or Big Data (or both), my bank company already knew I was going.

It's good to check if only to confirm, and ask about fees.

Also ask if you can get fee-free withdrawals

 

[dflaher]

I'll ask about the withdrawals, but we're with a low-budget credit union that's saved us a ton in other areas over the years. Perhaps if our international trips spike in the future we'll shop it around. Thanks.

 

[DandyDon]

I just heard from a friend who had read my warnings but forgot and accepted the Conversion rate, which cost her a few bucks.