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Alm
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I wonder how one can "not get pesos" in the US before the trip, unless he is in a hurry or living really in the middle of nowhere AND near the border,
i.e. no major towns before crossing in.
Credit cards are not my favorite payment method in Mexico. They are not universally accepted, may be declined by the terminal, some places don't have
CC terminals, and there is a risk of unauthorized charges as in any 3rd world country. I only use CC when there is no other choice. Unused pesos you
can always sell back to the bank (or to cambio).
[Edited on 1-21-2019 by Alm]
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surabi
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You usually get the best exchange rate using an ATM. I don't know why anyone would use a Casa de Cambio.
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David K
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Quote: Originally posted by surabi  | | You usually get the best exchange rate using an ATM. I don't know why anyone would use a Casa de Cambio. |
The risk of having your credit card getting swallowed at an ATM and then waiting (or returning to that place) for the bank to open to get it back is
far too risky a way to ruin a vacation, IMO. Everyone (nearly) uses money exchange houses with ease.
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willardguy
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| Quote: Originally posted by David K | | Quote: Originally posted by surabi | | You usually get the best exchange rate using an ATM. I don't know why anyone would use a Casa de Cambio. |
The risk of having your credit card getting swallowed at an ATM and then waiting (or returning to that place) for the bank to open to get it back is
far too risky a way to ruin a vacation, IMO. Everyone (nearly) uses money exchange houses with ease. |
I don't know a soul that uses a casa de cambio for pesos....do you bring your own tacos down also, it would be far to risky a way to ruin a vacation
buying one off the street 
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JoeJustJoe
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| Quote: Originally posted by David K |
The risk of having your credit card getting swallowed at an ATM and then waiting (or returning to that place) for the bank to open to get it back is
far too risky a way to ruin a vacation, IMO. Everyone (nearly) uses money exchange houses with ease. |
I'm shocked at hearing you say this David K. It's so anti-Mexico tourism.
There is always a very small chance your ATM could get stuck in a ATM, but the odds are so minuscule it's not likely to happen, although combined with
the fact, you may lose your ATM, or your bank shuts it down because of possible fraud.
This is why it makes sense to visit foreign countries with multiple ATM, especially some of those online ATM cards, and you should always have one or
two credit cards with a pin number, so you could withdraw money in an emergency and continue to enjoy your vacation.
There is nothing wring with using exchange houses, except for the fact you are going to get screwed out of a good exchange rate.
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Alm
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There is a minor risk of having CC swallowed or rejected, but it does exist. Mine was rejected by some ATMs.
I always purchase pesos before crossing in - at small exchange places where rate is better than in my bank, and also bring some food items. Many
people do. On rare occasions when Mexicans quote in USD, I use this to my advantage and give them pesos at the exchange rate of their local bank.
Ex, pay pesos 17:1 when I bought it 18:1  . Though my areas are a bit farther than
SF, and the farther you go, the less beneficial is paying in USD. Very rarely they quote in USD, mostly those are tourist-oriented businesses like
campgrounds.
It also depends on what kind of trip. If you're moving frequently from town to town, spending tons of money on gas and hotels, it might not be prudent
to carry that much cash, and CC comes handy. Just don't count on it to always work.
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David K
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Weird... I have always brought money with me that I plan to spend on a trip. Yes, I also get pesos before crossing the border. All my Baja mapping
trips I described this and none of you freaked out then when I gave the Casa de Cambio rates and the rates I saw in Mexico, the rates were fair.
I have used a credit card at hotels, but I mostly camp. I did use an ATM once to get cash when I was short, many years ago, at the bank in San
Felipe... I just can imagine what a horrible thing it would be if the machine ate my card... that's all.
Edit: Alm, I didn't see your reply when I was typing this... You are correct in your post. The further south, the bigger the spread in dollar to peso
exchange rates.
[Edited on 1-22-2019 by David K]
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JoeJustJoe
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You are old school David K.
I think the consensus now for travelers, is to get a Schwab ATM card, that will reimburse you for ATM fees that can add up, and this way you get the
best exchange rate. It's not that hard to do, but they do run a credit check.
The ATMs give the best exchange rates, and if the machine eats your card. You still have your other ATM card from your regular bank.
With some credit cards and ATMs, with new chips, you no longer have to alert your bank, if traveling outside of the US.
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PaulW
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IMO
* Bank charges are trivial when you withdraw the max allowed by your home bank.
* It has been 15 years since I heard of an ATM keeping your card.
* ATMs are very handy.
* The problem banks had with Mx federal rules and not accepting credit card withdrawals from their ATMs was fixed 4-5 years ago. Bank ATMs work just
fine. And there is always someone nearby if you have any issue.
* For full timers Bancomer has an ATM with a drawer for deposits to keep your bank full for future auto payments.
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JZ
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| Quote: Originally posted by David K |
The risk of having your credit card getting swallowed at an ATM and then waiting (or returning to that place) for the bank to open to get it back is
far too risky a way to ruin a vacation, IMO. Everyone (nearly) uses money exchange houses with ease. |
I've used ATM's in MX for 15 years. Hundreds of transactions. Only had one card "eaten." It was inside the Marina Coral Hotel in Ensenada about 1.5
years ago.
[Edited on 1-23-2019 by JZ]
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Alm
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"The ATMs give the best exchange rates" - is there any proof of that?
My understanding has been that ATM - leaving fees and charges aside - would give you the rate of your NOB bank. If so, - this rate sucks, compared to
a good Cambio either NOB or in Mexico.
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JoeJustJoe
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'You can lead a horse to water but you can't make him drink'
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KurtG
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| Quote: Originally posted by Alm | "The ATMs give the best exchange rates" - is there any proof of that?
My understanding has been that ATM - leaving fees and charges aside - would give you the rate of your NOB bank. If so, - this rate sucks, compared to
a good Cambio either NOB or in Mexico.
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It is really simple to check. After using the ATM I go to my bank's website to see what I was charged. My bank reimburses me for any fee charged by
the Mexican bank. I find the exchange rate to be very close to the xe.com interbank rate. This is better than the casa de cambios' rates.
I never have had a atm card "eaten" but I use bank atm's during bank hours as a precaution. While I always carry emergency cash I find it very
convenient to get pesos as I need them from the atm's. I have been doing it this way as long as atm's have existed in Baja.
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Alm
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| Quote: Originally posted by KurtG | | After using the ATM I go to my bank's website to see what I was charged. My bank reimburses me for any fee charged by the Mexican bank. I find the
exchange rate to be very close to the xe.com interbank rate. This is better than the casa de cambios' rates. |
Bank rate for cash withdrawals is close to xe.com? This has not been my experience (Scotiabank.ca). It's difficult for a big bank to beat the rates
of small exchange places, if you take due diligence to find good ones. They don't call it "casas de cambios" here, but there are many and rates vary.
[Edited on 1-23-2019 by Alm]
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KurtG
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| Quote: Originally posted by Alm | | Quote: Originally posted by KurtG | | After using the ATM I go to my bank's website to see what I was charged. My bank reimburses me for any fee charged by the Mexican bank. I find the
exchange rate to be very close to the xe.com interbank rate. This is better than the casa de cambios' rates. |
Bank rate for cash withdrawals is close to xe.com? This has not been my experience (Scotiabank.ca). It's difficult for a big bank to beat the rates
of small exchange places, if you take due diligence to find good ones. They don't call it "casas de cambios" here, but there are many and rates vary.
[Edited on 1-23-2019 by Alm] |
I'm simply telling of my experience not speculating about rates, only takes a minute or two to see what exchange rate I have been charged and compare
it to xe.com. Don't know about how it works with other banks, mine is a Southern California regional bank. Pacific Premier Bank.
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AZ7000
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| Quote: Originally posted by willardguy | | Quote: Originally posted by David K | | Quote: Originally posted by surabi | | You usually get the best exchange rate using an ATM. I don't know why anyone would use a Casa de Cambio. |
The risk of having your credit card getting swallowed at an ATM and then waiting (or returning to that place) for the bank to open to get it back is
far too risky a way to ruin a vacation, IMO. Everyone (nearly) uses money exchange houses with ease. |
I don't know a soul that uses a casa de cambio for pesos....do you bring your own tacos down also, it would be far to risky a way to ruin a vacation
buying one off the street |
I have BBVA in the US and never an issue getting the current exchange rate on ATM withdrawals. Always about the best exchange rate I can find, except
some of the Pemix stations.
One time I had a few beers, went to the only ATM in San Felipe at the time and left my card behind, a guy came running after me and gave it back, the
horror! 
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Alm
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| Quote: Originally posted by AZ7000 |
I have BBVA in the US and never an issue getting the current exchange rate on ATM withdrawals. Always about the best exchange rate I can find
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Not sure. Banks rarely offer exchange rate better than a credit card. The problem with CC is 2.5% conversion fee, you can beat this by using
fee-refunding cards like Schwab but this only works for purchases, not ATM withdrawals.
I recall BBVA customers complaining about conversion fee $3+1% of amount, too.
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StuckSucks
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A year ago I was driving down Baja with 2000$MN in my pocket and thought "I'll peso-up in San Felipe" -- I was making a bonsai run to San Ignacio for
the first night. Credit cards work in some places, but I didn't want to depend on them. All ATMs at the banco in San Felipe were DOA, ditto for the
Calimex and a couple OXXOs. Luckily, a friend in San Felipe gave me a cash advance -- I transferred money into his account with my laptop and all was
good. In addition to the ATM issues, I wasted almost two hours in San Felipe trying to get pesos.
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JZ
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| Quote: Originally posted by StuckSucks | A year ago I was driving down Baja with 2000$MN in my pocket and thought "I'll peso-up in San Felipe" -- I was making a bonsai run to San Ignacio for
the first night. Credit cards work in some places, but I didn't want to depend on them. All ATMs at the banco in San Felipe were DOA, ditto for the
Calimex and a couple OXXOs. Luckily, a friend in San Felipe gave me a cash advance -- I transferred money into his account with my laptop and all was
good. In addition to the ATM issues, I wasted almost two hours in San Felipe trying to get pesos.
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Had a similar issue once. Ended up Western Union'ing cash to myself. There is a little building there where you can get cash.
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Alm
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That's the thing - on a short trip your time becomes too valuable. Bring pesos for things that need pesos, especially in small towns. The OP has
already decided to do so, as I recall.
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