My maximum ATM withdrawal got boosted!

[cozcharlie]

As I understand it when Covid hit the MXN / USD exchange rate went from around 18.5:1 to 25:1, about a loss of 1/3 of its relative value. At the time from everything I read it was primarily due to Mexican citizens fleeing to dollars as a reserve currency. Since then it has been recovering some of its value, or the dollar is losing value in general.

While I am sure the MXN peso was worse for the reason you described, there was also a general flight to quality/safety into the US dollar away from the smaller currencies in March/April timeframe (not just the peso ). British Pound, Aussie dollar , and Canadian dollar were all weak relative to US dollar.

Obviously given our horrendous budget deficits it is reasonable to question how “safe” the US dollar is going forward , but for decades when there is panic in global markets the US dollar has strengthened (and the peso has weakened).

 

[scubaNYC16]

Are there any ATMs in town that dispense smaller bills or let you choose the bill denomination like in the US? I always seem to get 500 peso bills and difficult to get change.

 

[scubaNYC16]

Or should I make a few smaller withdrawals?

 

[Snoweman]

Or should I make a few smaller withdrawals?

I would say and odd number withdrawal, like 5990 pesos would give you some smaller bills without racking up ATM fees (if you get charged for them).

 

[DandyDon]

As I understand it when Covid hit the MXN / USD exchange rate went from around 18.5:1 to 25:1, about a loss of 1/3 of its relative value. At the time from everything I read it was primarily due to Mexican citizens fleeing to dollars as a reserve currency. Since then it has been recovering some of its value, or the dollar is losing value in general.

Yeah, the Peso closed 2019 at 18.93:1 against the USD, then dropped to 25.45 before recovering some. US Dollar Peso Exchange Rate (USD MXN) - Historical Chart

Are there any ATMs in town that dispense smaller bills or let you choose the bill denomination like in the US? I always seem to get 500 peso bills and difficult to get change.

I'm going to use the ATM at the south corner of the plaza, an HCSB I think, during banking hours so I can go into the lobby and ask them to break a couple of big bills. I hope that works. If not, I'll try to catch my hotel desk before they make their deposit except as slow as things are, they may not have any bills.

 

[horn34]

The debit cards with a Mastercard/Visa logo on them allow you to make purchases online from sites that accept credit cards but the purchase is immediately debited to your bank balance so it's not really a credit card. You also can't go in a store and present a debit card and tell them to run it as a Visa for the obvious reason it's still a debit transaction regardless.

I'm not sure why you're replying to me, I'm not Canadian, nor am I confused about credit/debit transactions.

And there is no such thing as "run it as a Visa"....Visa/MC are just brands. You would ask to run the transaction as either debit or credit, and in most cases, you are prompted to select one or the other when paying.

 

[-Moe]

I'm not sure why you're replying to me, I'm not Canadian, nor am I confused about credit/debit transactions.

And there is no such thing as "run it as a Visa"....Visa/MC are just brands. You would ask to run the transaction as either debit or credit, and in most cases, you are prompted to select one or the other when paying.

Because you brought up the topic of credit branded debit cards in the form of a question thus the reply...
"granted, most of what I know about Canada is from Trailer Park Boys, but doesn't your ATM/debit card have a Visa or Master Card logo on it?"

If it makes you happy I'll restate it as you cannot present a debit card with Visa or Master Card logo on it and tell the sales clerk you are paying by credit.

 

[ggunn]

Because you brought up the topic of credit branded debit cards in the form of a question thus the reply...
"granted, most of what I know about Canada is from Trailer Park Boys, but doesn't your ATM/debit card have a Visa or Master Card logo on it?"

If it makes you happy I'll restate it as you cannot present a debit card with Visa or Master Card logo on it and tell the sales clerk you are paying by credit.

Maybe not any more, but when I used to pay for purchases with a debit card (I don't do that now) I would often be asked if I wanted to run it as debit or credit.

 

[gopbroek]

Banamex machine in Mega is still giving $500 of the withdrawal in smaller bills (2x200 &1x100)

 

[Doc Harry]

One trip I decided to use cash only -- no cards. But I ran out of cash at the end of my trip, so I decided to get a cash advance from a bank teller instead of using ATMs because of too much fraud with the ATMs. I went to a bank on the Plaza. That was the only transaction on a card the entire trip. The bank sold my credit card information, and when I returned home there were thousands of dollars of fraudulent charges on my card. Yes - the bank.