Traveler's Checks or ???

[DallasNewbie]

We're heading down to Cozumel on Thursday for the first time in five years, and yes, we are very excited. Last time we went, traveler's checks were no problem, but now our dive op says they do not take them. Is that the general rule now on the island? I read Christi's great FAQ and will call my bank about using the ATMs, but I prefer to bring with for a short trip. Do I just need to bring cash?

 

[SEMO Scuba]

I usually pay the dive op with cash. Many offer cash discounts. The ATMs do work, but there will be fees, and I would prefer to not use my debit/ATM card in foreign countries as they do not offer any fraud protection abroad.

 

[blue steal]

Travelers checks have caused me a lot of pain in COZ. Even the bank refused to take them as the second signature didn't look right to them. I have used the money changers there with no problem, but there are not as many as there used to be.
I have mixed emotions on using ATM's as it hasn't worked out well for me, but others have not had any problems.
My bank charges no fee for using ATM's and on the Mexican side, I think the fee was around 7.5 pesos. I did let my bank know that I would be using my card in Mexico before I left.

 

[Christi]

We're heading down to Cozumel on Thursday for the first time in five years, and yes, we are very excited. Last time we went, traveler's checks were no problem, but now our dive op says they do not take them. Is that the general rule now on the island? I read Christi's great FAQ and will call my bank about using the ATMs, but I prefer to bring with for a short trip. Do I just need to bring cash?

They are becoming less and less accepted by merchants here due to the hassles the banks give us. Signatures have to be PERFECT or they won't accept them. Best to bring cash, credit card, and ATM.

 

[Mossman]

I use dive ops that take credit cards.

 

[Sue Sue]

In my experience.. Traveler checks are way too much of a hassle. As others have mentioned, the signatures must be 100% identical. No deviation whatsoever, not even an odd slant or loop. Do leave home without them. Cash is the easiest with ATM withdrawal choice #2. I take enough USD to pay for diving and lodging, plus enough pocket cash for our immediate return home spending. Then while in Mexico, I ATM peso from the bank at the southeast corner of the Plaza. There is a small fee. If using this bank, just be aware the prompts may include a choice for a donation to something. The last time it was for the earthquake disaster. Opt in/opt out, it's your choice.

 

[judydivescoz]

I usually pay the dive op with cash. Many offer cash discounts. The ATMs do work, but there will be fees, and I would prefer to not use my debit/ATM card in foreign countries as they do not offer any fraud protection abroad.

Not true!! Just checked with my bank (BofA) and they do offer fraud protection! We have always assumed that but just did the quick double check. We use our ATM card at the Santander Bank on 5 and have no fees when we use out Bank of America account. I do not like to travel with to much cash. I prefer the ATM route. It has always worked for us when we have traveled in Mexico and elsewhere.

 

[ReefHound]

I've seen the donation prompt on other machines. It's only like $5 pesos. To minimize fees, find what network and Mexican bank your bank has an alliance with. There are four ATMs in the Mega store side by side, all different banks.

 

[cvchief]

I am a credit union guy, but I opened a Bank of America free checking account just for Coz. No fees at the atm and a great exchange rate make it pretty cool. I think pesos get you the best value about anywhere.

 

[lsorenson]

I am a credit union guy, but I opened a Bank of America free checking account just for Coz. No fees at the atm and a great exchange rate make it pretty cool. I think pesos get you the best value about anywhere.

That's odd... My BOA debit/visa hit me up with a % fee... Ticked me off so bad I am looking for other way to pay besides using cash... When we returned from Bonaire (they have converted to the American dollar) I was still hit with the fee. They state in the small print that a fee will be charged if you "Per BoA"

You may incur a foreign transaction fee when your credit card transaction requires a currency conversion—in person, over the phone or online—or is processed in a country other than the United States.

but here is the "gotch"

You should also be aware that even if a transaction is in U.S. dollars we apply a foreign transaction fee if it is processed outside the U.S.

At least, this is where they got me...! I am pretty sure if you use American Express, no fee are involved in Bonaire but I would believe you would have fees in Mexico...

Maybe the ATM's are free and clear but I would have this nailed down before doing so...

Just an FYI...!

lee

PS I just found this relating to Mexico...

Traveling Internationally?
Use your ATM card or debit card within our Global ATM Alliance with no fees in the countries below. Mexico at Banco Santander with no ATM
Operator Fees or Non-Bank of America International ATM fees. An International Transaction fee for converting your
currency may apply.

and if I am reading it right, its 5.00 per transaction...

For those interested in all countries listed...

Traveling Internationally?
Use your ATM card or debit card within our Global ATM Alliance with no fees in the countries below.

BNP Paribas (France)
BNL d'Italia (Italy)
Barclays (England, Scotland, Wales, Northern Ireland and the Channel Islands)
Deutsche Bank (Germany)
Scotiabank (Canada and the Caribbean, Caribbean countries include: Anguilla, Antigua & Barbuda, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Netherlands Antilles (St Maarten), St Kitts-Nevis, St. Lucia, St. Vincent & The Grenadines, Trinidad & Tobago, Turks & Caicos Islands, US Virgin Islands)
Westpac (Australia and New Zealand)

In addition, Bank of America has arranged for you to use your debit or ATM cards in China at China Construction Bank
ATMs (China Construction Bank ATMs in Hong Kong are not included) and in Mexico at Banco Santander with no ATM
Operator Fees or Non-Bank of America International ATM fees. An International Transaction fee for converting your
currency may apply.