Bank Machines and Bank Cards in Coz

[MGW1979]

Are Bank Machines readily available on the island? Do Canadian bank cards work in the machines? I'd rather not travel with a wad of cash and get money out towards the end of the trip to pay for diving (stay AI).
Thanks, Marek

 

[TSandM]

Bank machines are readily available and participate in the common plans, like Cirrus. But to give you a warning from our experience, you might want to contact your bank and let them know you are making a trip to Mexico, and will be using your ATM card there. Everybody on our trip got his card put on hold because the banks flag withdrawals in Mexico as possibly indicating fraud.

 

[stevenq99]

We had no problems using our ATM card in Mexico. Some ATM's give out US dollars and pesos. Is it just me or is that just wrong?

 

[Hooked4Life]

I use Wachovia as my bank in the states. In my 3 trips to Cozumel I had no issues, until I tried to withdrawl 2 large amounts in 24 hours. My friend had issues with her card so I withdrew some money for her. I had to call my bank to have them unblock my card, but I couldnt complain as it would have looked bad from their viewpoint.

 

[Christi]

My friend had issues with her card so I withdrew some money for her.

I STILL laugh when I think about her conversation with the bank...heheeh!

"Do you know who I am?" hehehehee

 

[djanni]

We've used both MasterCard and Amex without incident just as we have on a bunch of islands. Never alerted the back in advance either.

Maybe it's because they are used to my travel habits.

I've only noticed one ATM (down town) this trip but then I haven't been looking for them either.

 

[MGW1979]

Thanks for the replies!

 

[scubawife]

Are Bank Machines readily available on the island? Do Canadian bank cards work in the machines? I'd rather not travel with a wad of cash and get money out towards the end of the trip to pay for diving (stay AI).
Thanks, Marek

I have US and Canadian ATM cards and no problems. In fact, there are Scotia and HSBC ATMs on the island.

 

[scubawife]

We had no problems using our ATM card in Mexico. Some ATM's give out US dollars and pesos. Is it just me or is that just wrong?

Never had that happen. All the ones I've used have been just pesos. Which ATM's did you use that had both USD and Pesos? I'd like to make sure to avoid them.

 

[mike_s]

We had no problems using our ATM card in Mexico. Some ATM's give out US dollars and pesos. Is it just me or is that just wrong?

I'd be leary of any ATM that dispenses US Dollars in Mexico.

Chances are it actually does the withdrawal from your bank in Peso's but gives you US Dollars in your hand at whatever "exchange rate" they set for the ATM. This "exchange rate" is undoubtedly done to their advantage.


So for example if you withdrew $200 US, it might withdraw $2500 MXN from your home bank account at a poor exchange rate.

When you get home and check your bank statement, your bank will give you whatever the current exchange rate is. (right now it's about $1 US to $11 MXN (Peso). You'll find that $2500 MXN will convert to about $227 US.

So they took you for about $27 in the exchange, plus whatever ATM fee they charge you. In a case like this, they are easily scamming about 15% off exchange rate and fees. I'm sure that somewhere you agreed to their terms of service for the ATM fee and the exchange rate, so you have little recourse to "fight it".


I'm not saying this is every US Dollar ATM in Mexico, but it's a likely scenario.

Just something to consider