Dollars to Pesos

[Dave Dillehay]

I lost several thousand dollars at the machines in Mega. But any ATM on bank property is probably OK. That was several years ago but if I were you I would carry all the cash you might need in US Dollars then exchange them on the street with the best rate you can find. Tourists don't get robbed here. Never in your hotel, and remember if you buy stuff at Mega with USD you always get the best exchange rate.

Dave Dillehay
Aldora Divers

 

[Illini_Fan]

This is the best option for anyone that travels internationally at any sort of regular interval. No fees, no start up costs, all ATM fees refunded, no minimum balance, and just flat out no BS. Their "High Yield Investor Checking Account" (which is what this account is called) is so awesome that I'm now using the investment account (you don't have to) quite a bit to buy stocks and mutual funds. Their fees for this are extremely competitive as well.

I've been considering this on and off for a while and finally decided it was time. However, I noticed that although all ATM fees are reimbursed, there is still a 1% foreign transaction fee that is not waived. That is lower than other banks (which seem to run closer to 3%), but it isn't 100% fee free.

Do you have a different experience? I'm reading the footnotes on the Fidelity online application.

1. All Fidelity ATM withdrawal fees will be waived for your Fidelity® Cash Management Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using a Fidelity® Visa® Gold Check Card linked to your account at any ATM displaying the Visa®, Plus®, or Star® logos. The reimbursement will be credited to the account the same day the ATM fee is debited from the account. Please note that there is a foreign transaction fee of 1% that is not waived, which will be included in the amount charged to your account. The Fidelity® Visa® Gold Check Card is issued by PNC Bank, N.A., and the check card program is administered by BNY Mellon Investment Servicing Trust Company. These entities are not affiliated with each other or with Fidelity Investments. Visa is a registered trademark of Visa International Service Association, and is used by PNC Bank pursuant to a license from Visa U.S.A. Inc.

 

[gopbroek]

I've been considering this on and off for a while and finally decided it was time. However, I noticed that although all ATM fees are reimbursed, there is still a 1% foreign transaction fee that is not waived. That is lower than other banks (which seem to run closer to 3%), but it isn't 100% fee free.

Do you have a different experience? I'm reading the footnotes on the Fidelity online application.

1. All Fidelity ATM withdrawal fees will be waived for your Fidelity® Cash Management Account. In addition, your account will automatically be reimbursed for all ATM fees charged by other institutions while using a Fidelity® Visa® Gold Check Card linked to your account at any ATM displaying the Visa®, Plus®, or Star® logos. The reimbursement will be credited to the account the same day the ATM fee is debited from the account. Please note that there is a foreign transaction fee of 1% that is not waived, which will be included in the amount charged to your account. The Fidelity® Visa® Gold Check Card is issued by PNC Bank, N.A., and the check card program is administered by BNY Mellon Investment Servicing Trust Company. These entities are not affiliated with each other or with Fidelity Investments. Visa is a registered trademark of Visa International Service Association, and is used by PNC Bank pursuant to a license from Visa U.S.A. Inc.

The Schwab card has no fees of any kind including foreign transaction fees or ATM charges. To the best of my knowledge it also it also carries the US fraud protection with it (haven't had to test it though). I just load mine for travel and carry a couple of extra checks from my primary bank to transfer more into it if I need to via my phone while traveling. Usually takes about a 1/2 day for the funds to clear via their mobile banking app once it is established. My exchange rate (set by your bank, not the issuing machines bank) is typically 0.15 pesos below the rate published by OANDA

 

[DFDubb]

Yes, I was speaking to the Schwab account. No experience with Fidelity

 

[Illini_Fan]

thanks both - I'll go look at Schwab.

 

[ggunn]

Speaking strictly for myself and myself only, I use the bank owned ATMs in the Palacio Municipale (correct spelling as needed) to access my US credit union checking account to withdraw pesos as needed to pay for diving, eating, taxis, etc. I don't worry too much about the decimal places on the exchange rate and whether the ATM fee is $2 or $5; those differences are down in the noise for me. If I traveled a whole lot internationally I might do things differently but for a once or twice a year excursion it's not worth the trouble.

 

[JamesBon92007]

Speaking strictly for myself and myself only, I use the bank owned ATMs in the Palacio Municipale (correct spelling as needed) to access my US credit union checking account to withdraw pesos as needed to pay for diving, eating, taxis, etc. I don't worry too much about the decimal places on the exchange rate and whether the ATM fee is $2 or $5; those differences are down in the noise for me. If I traveled a whole lot internationally I might do things differently but for a once or twice a year excursion it's not worth the trouble.

That's how I felt about it too but with 3-4 trips to Mexico a year that's about 12-15 transactions per year so it's beginning to add up Plus, we are considering getting an apartment on Cozumel so we need to consider other options.

 

[ggunn]

That's how I felt about it too but with 3-4 trips to Mexico a year that's about 12-15 transactions per year so it's beginning to add up Plus, we are considering getting an apartment on Cozumel so we need to consider other options.

With that much of a commitment to Cozumel, might a local bank account on the island work for you? You could do bank to bank money transfers to keep it as loaded or empty as you like.