Bank Machines and Bank Cards in Coz

[Cozoholic]

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

"Do you know who I am?" hehehehee

We're certainly going to miss her on this trip !!!!

 

[caseybird]

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

Nope. Not worth worrying about. I used the HSBC machine in the Plaza for several withdrawls in US dollars. I got $120.00 both times. I just checked my bank statement, and the withdrawls were both $121.12. The $1.12 extra was the charge for using the cash machine. Just for laughs, the charge at a Dallas hotel ATM was $3.25.
The HSBC machine is a "takes your card" machine. I didn't have any problems.

Steve

 

[Jim Baldwin]

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

We use our bank card all the time. The HSBC on 11th at 30th will allow a 5,000 pesos withdrawal in 24 hours which will run from $450 to $475 depending on the sxchange rate. This is also an ATM at the Municipal building that will do 5,000 pesos. There may aso be some others. There are quite a few that will only allow $300.

 

[Christi]

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.

Not at all. The bank issuing the card is the one converting the money, not the machine.

 

[scubawife]

The HSBC machine is a "takes your card" machine. I didn't have any problems.

My Spanish CD's had a whole lesson about ATMs, banks and credit cards. One of the sections was all about ATM mishaps, including the phrase, "The ATM ate my card." It cracked me up! Now I know where it may come in handy.

 

[Wakeboardr]

I always use the ATM at Chedrau. Never had a problem with my Instant Cash card. Plus it's a great place to pick up those healthy pastries for the morning.

 

[Tim Ingersoll]

We attempted to access our HSBC accounts from a branch in Mexico and were told that, although it is an HSBC, because it is in Mexico, we could not actually withdraw from our accounts unless we used the ATM. We used the ATM and within two days our cards would not work any more for the reasons stated above. Never again. I hate to travel with large amounts of cash but it is really the easiest way to to do it if not the safest.

 

[mike_s]

Not at all. The bank issuing the card is the one converting the money, not the machine.

True, but you've got to see if it's a "bank owned machine" or an "independent" owned machine.


Here most of the "bank owned" machines are in banks or large centers (convention, etc). However, "Independent owned" machines are all over the place in gas stations, restuarants, etc. They charge huge fess compared to the bank owned ones. I'm sure the independents are associated with a bank, but they really don't advertise which bank and you just really never know what you're getting.

(Luckily my bank refunds all ATM fees. Even one for $7 bucks on a cruise ship).

 

[Diver Kat]

(Luckily my bank refunds all ATM fees. Even one for $7 bucks on a cruise ship).

Mine does too, so no worries there! I just need to let them know I'm leaving the country - and where I'm going - since the new security software will alert them to unusual withdrawal and the card will be frozen - unless I notify them first. As a precaution, I do the same with my credit card company.

 

[cowboyneal]

Never have a problem. Chedraui has a good machine. There's also still (???) the little red cabina one on the Malecon...