Exchange rate?

[mediumone]

Seriously, I had to withdraw USD from an HSBC yesterday in Tulum. They showed an 18.5 or 18.65 rate (can't quite remember), and a $68.50 peso fee.

$68.50 is high. Usually around $30.00
Thought I saved my receipts, but guess not. I usually withdrew from one of the 3 or 4 at Mega, and did abort the mission once because of the high fee.

 

[JamesBon92007]

My rule is: Priced in pesos, pay in pesos. Priced in dollars, pay in dollars.
?

I'm inclined to disagree with that statement, at least to some extent. For example, the Ultramar has prices in US Dollars and pesos. For US it is $10.50 or it is 163 pesos. Right now 163 pesos is $8.79. One time I bought "8 T-shirts for $20." I paid in pesos. After all was said and done it come to about $19 US Dollars. I had a taxi driver tell me the fare would be $25. I paid in pesos. It worked out to about $19 US.

I did go to one dive op in Mexico that would only accept US Dollars. Makes me wonder what would happen if a local wanted to get on his boat.

So far I have always remembered to notify my ATM bank that I'm traveling so I don't know what would happen if I didn't. The first time I went to Puerto Vallarta (2010) I didn't know to do that but it worked just fine. My Venture One card used to require me to notify them but not so any more. It did seem kinda silly to have to tell my Travel Card company that I was traveling

To OP: Before you agree to any transactions on an ATM machine be sure you understand the fees involved. I used to use Banorte but their fees suddenly got outrageous. Normally I use the Banamex at MEGA or Chedraui and it costs me about $3 to get 3000 pesos. I will be opening an account at Charles Schwab. I think they have free checking for us old geezers.

 

[gcawad]

What about just walking into the bank, for example the one close to Wet Wendys, and exchanging some dollars there? I don't use a ATM card.

 

[ReefHound]

I'm inclined to disagree with that statement, at least to some extent. For example, the Ultramar has prices in US Dollars and pesos. For US it is $10.50 or it is 163 pesos. Right now 163 pesos is $8.79. One time I bought "8 T-shirts for $20." I paid in pesos. After all was said and done it come to about $19 US Dollars. I had a taxi driver tell me the fare would be $25. I paid in pesos. It worked out to about $19 US.

Rules can have exceptions. If prices are posted in both then do the math. Taxis prices are officially posted in pesos but drivers will try to scam you if they think can.

 

[Snoweman]

What about just walking into the bank, for example the one close to Wet Wendys, and exchanging some dollars there? I don't use a ATM card.

I'm sure you can, but I would bring pristine bills from the USA. I don't think Mexico is as bad as Peru or other places about how the bills look, but I wouldn't want to change some ripped $20 bills, either. I also don't think you would get as good of an exchange rate, either.

 

[JamesBon92007]

I'm sure you can, but I would bring pristine bills from the USA. I don't think Mexico is as bad as Peru or other places about how the bills look, but I wouldn't want to change some ripped $20 bills, either. I also don't think you would get as good of an exchange rate, either.

I seem to recall that in a bank you will also need to bring along your passport.

 

[JamesBon92007]

Rules can have exceptions. If prices are posted in both then do the math. Taxis prices are officially posted in pesos but drivers will try to scam you if they think can.

One exception that I noticed is places such as MEGA will accept US Dollars and give what appears to be the current exchange rate and charge only a very small currency conversion fee which I suspect just covers their expenses. I've also read that MEGA accepts credit cards from the US (and I would guess Canada) and gives the same good rates so if someone has a credit card with no foreign transaction fees then they should be as good or better than getting pesos from the Banamex ATM.

I would also like to mention that while on Cozumel (probably at MEGA) I learned that ATM is Spanish is "ATM." That was too easy.

 

[ggunn]

What about just walking into the bank, for example the one close to Wet Wendys, and exchanging some dollars there? I don't use a ATM card.

You can do that but you'll have to stand in line, sometimes for quite a while. Any transaction that requires a teller's attention takes a lot longer. And then you'll have to have, what, your whole vacation's spending budget with you in cash? I wouldn't trust myself with keeping up with that.

 

[DandyDon]

So what is the maximum one can withdraw from an ATM at a time from a bank owned machine? With a 30 peso fee, not really important, but wondered.

I seem to recall that in a bank you will also need to bring along your passport.

True at money changing booths, too - or so I was told the one time I used one.

 

[Snoweman]

I think it's either 5,000 or 6,000 Pesos, but I think it's more what your bank will allow you to withdraw in $$$ equivalent.