Money while in Cozumel

[sefuchs]

"Extra" pesos is money in the bank for the next Coz trip of course. Or you can go to the Cambio or bank and exchange back to USD but you will lose some on the exchange.

 

[mmmbelows]

I have a Visa CC with no foreign transaction fees. If I use it are there other fees that may be tacked on by the business I use it at?

Maybe, maybe not, there won't be unless you fall for the "do you want to charge it in pesos or dollars" and tell them dollars, then you're likely to get wacked.

It works like this - they give you the bill - $800 pesos ($44 US dollars at the current legitimate exchange rate) you want to pay with credit card, they ask you do you want me to charge it in pesos or dollars, you logically think, well dollars, it's a US credit card and my bills are paid in dollars back home, so yes, charge it to me in dollars. They then get a shot at wacking you on the exchange rate, you get home and see the bill is $54. They basically charged you 960 pesos because they wacked you on the exchange when they converted your bill to dollars before they ran it through the machine, making a free 25% additional profit for nothing.

If you tell them to charge it in Pesos, you should see a bill when you get back to the US for something close to the $44.00 (800 pesos), because the credit card company will do the conversion to dollars of the 800 pesos using a legitimate exchange rate.

 

[AdivingBel]

If you're going to be traveling in the future, you can setup an online bank account that gives you an ATM card, refunds the ATM fees, gives you market exchange rate, and you can populate it with just enough cash for the trip. That way if your ATM card gets hacked, you won't get crushed. You can also get a Visa card through the same bank with no transaction fees and market exchange rate. I did this several years ago when I was doing a bunch of business travel in Europe and have kept it for dive vacation travel in the Caribbean. I get mine through Capital One, but there are plenty of others that folks on SB have used. It's the best all around solution I've found. Heed the warnings and use the enclosed bank ATMs and those at the Mega and Chedraui. Also pay in pesos on your Visa etc.. All good advice and you'll be O.K.. Whatever you decide, have fun and don't sweat it too much.

 

[AZjohn]

How many extra bucks? When I did that once, my bank only waived the transaction fee if I ordered $600 or more worth, and I still got reamed on the conversion rate. I think it set me back $25 or so on the $600. ATMs at Mega worked great for me the last time, though I still charged whatever I could.

I don't remember exactly but, like your bank, mine waves my fees and was inline with what the public gets for exchange rate (us little people do not get the same exchange rate as what is listed on google, those are for the big boys).

And I got to say your definition of getting reamed for 4% fee ($25$ out of $600) is way different than my definition of being reamed. Again (to me), the big picture of paying more than $1,000 for a dive trip, $25 or less for my convenience is nothing.

I understand it's a lot more of a deal breaker to some.

Cheers,
John

 

[Mossman]

And I got to say your definition of getting reamed for 4% fee ($25$ out of $600) is way different than my definition of being reamed. Again (to me), the big picture of paying more than $1,000 for a dive trip, $25 or less for my convenience is nothing.

You don't need to convince me about convenience. I just hate throwing money away. $25 can buy a few margaritas.

$600 US in pesos is far more than I ever need because I normally put nearly everything on a credit card that doesn't charge an international transaction fee.

 

[dlofting]

We're in Cozumel at the moment. Most restaurants/stores are offering 14-16 pesos to the US dollar, so it's better to pay in pesos.

We brought pesos with us.....all $200 bills, and have had no problem using them in any store or restaurant....seems like a reasonable denomination to bring.

 

[uncfnp]

I am sitting here in the international terminal at the Atlanta airport and I noticed this booth...

Foreign Currency Exchange & Rates | Travelex

Good idea to exchange here before and after travel?

 

[divingjd]

Not a good rate. You would be better off exchanging in Cozumel, or using an ATM.

 

[cvchief]

Depending on how much and how often, Xoom isn't a bad deal. I set up a Xoom account and stuck the app on my phone. It is sort of like wiring money, only easier. Costs 4.99US to send and the exchange rate isn't market. If you send a nice chunk of money at a time, it is a fairly good deal. I can send the money from my phone and walk into Electra there by Mega, go to the window with ID and show them the transaction number on my phone and they hand me the money. Easy. No worries of ATM cards getting cloned, or bank fees or what not. You need to run the numbers with what other methods you have, but for me it works.

Still my Southwest Chase card is still the best. GREAT exchange rate, no fees and point to get me to Coz for FREE!!

 

[gopbroek]

I am sitting here in the international terminal at the Atlanta airport and I noticed this booth...

Foreign Currency Exchange & Rates | Travelex

Good idea to exchange here before and after travel?

15.8:1? Not good at all, today's Oanda rate is about 18.8:1 or close to a 16% fee.