BajaNomad - Best Practices: Carrying Money or ATMS?

Best Practices: Carrying Money or ATMS?

JaraHurd - 7-12-2008 at 10:23 AM

Just about a month away from our drive to Guerrero Negro, Mulege, Loreto, La Paz and San Jose Del Cabo from LA County. We have a couple of questions re: money.

#1. Is it best to have a 50-50 mix of pesos to dollars or would carrying just pesos be preferable?

#2. We are visiting Mulege, Loreto, La Paz and SJDC. We have an account with a major bank in the US. Is it easy to find an ATM in these cities/towns? Is it a decent exchange rate? Do the ATMS dispense pesos or dollars? What is the preferred method to exchange dollars to pesos (ATMS, actually going into a bank, grocery store??)

#3. PINS. Is there a limit on how many digits a PIN can be? I think I read somewhere that the ATMS in Mexico allow only 4 characters on a PIN on their ATMS.

The last time I visited Mexico I took pesos so it was not an issue but we are staying longer this time and I am leaving most of our money in our financial institution as we don't want to have a bunch of cash on hand...Help please!

toneart - 7-12-2008 at 10:34 AM

Definitely use ATMs. They dispense in pesos at the daily conversion rate. There is no need for U.S. $. This also eliminates chances of error in receiving back change. This has been discussed a lot here on Bajanomad. Do a search to get the strings.

U.S. Banks have affiliate banks in Baja. If you use one of their affiliate bank ATMs there will be no charges by your bank for usage. Tell us you U.S. Bank and we can tell you their affiliate.

I wasn't aware that more than 4 digits are allowed as PIN #.

JaraHurd - 7-12-2008 at 10:38 AM

welll I took it as flippant. And smug. I was hoping for some serious and helpful thoughts. The responses would not only assist me but also help the many others who will read this post who have no to little experience traveling in Mexico or further....

Cypress - 7-12-2008 at 10:48 AM

JaraHurd,ATMs. :yes:

Use pesos. :bounce:

ATMs are available in all the towns you plan to visit. :bounce:

When you return to states if you have pesos left over you can exchange them for dollars at the going rate of exchange.

Have a great visit.

rhintransit - 7-12-2008 at 10:50 AM

ATMs. they spit out pesos. there are usually card limits, and in some cities, La Paz for one, some banks will limit withdrawals, say 3000 or 5000 at a time regardless of your card daily limit. ATMs are easy to find almost everywhere although I think there is only one bank in Mulege so stock up before you get there. use pesos everywhere. change the big bills you will get from the machines, usually 500s, as often as you can (gas stations, grocery stores, etc) as many smaller shops and stores and taco stands and definitely taxis and tour guides/boat captains, etc will never have change for something so 'big.' have some large denomination dollars tucked away for little emergencies. ATM exchange rate is better than anywhere else, though if you can't find an affiliated bank, you will incur charges. and if you are unfortunate enough to be dealing with a card that charges a 'foreign money fee' (CALL before you go) you will be hit with a 2-4% charge. yes, I know there was a lawsuit, but some are still doing it, Wachovia for one.

rhintransit - 7-12-2008 at 10:53 AM

oh, and have a great trip. I have no knowledge of the PIN number question, I always though it was just four. and have a hard time remembering mine...

toneart - 7-12-2008 at 11:13 AM

Mulege has one bank, Bancomer, with an ATM and there is another ATM, Santender, in the police station. Santender is affiliated with Bank of America.

Tell your bank that you will be using your card in Baja before you go. Otherwise they may put a hold on your account until you verify with them you are you. This can be an inconvenience if you need money now and are denied. Especially if it is a weekend. You would have to make a long distance call to your bank.

Credit cards do charge a 3% foreign transaction fee. They don't when you use a debit card. I always shield my pin entry by covering it with my hand.

When you are in Mulege, go into Scotty's El Candil and say hello from Tony. (not the English Tony, the California Tony)

jeans - 7-12-2008 at 11:25 AM

Always carry more than one card from a different account in case an ATM eats your card or there's some "system disruption". That happened to me in Europe and it would have been a BIG problem had I not had a second option. Oh yea...don't wait until you're on your last peso to restock...kinda like refueling before the light comes on! Have fun!

David K - 7-12-2008 at 11:44 AM

Dollars are happily accepted EVERYWHERE in Baja... you may get change in pesos, however. Pesos just make buying stuff like gas, a bit easier... hiowever at a rate of nearly 10:1 now (10.20:1) it is pretty easy to mentally do the conversion math.

Jeans has great advice, too... spare cards, let your US bank know you will be in Mexico (for ATM use or emergency wire transfers), a 4 digit PIN has been posted by someone here as required for Mexican ATMs to work...

Diver - 7-12-2008 at 12:23 PM

Yes, definitely use the ATM's.
We normally stash a few hundred US in a place that would take 1/2 hour to get at.
Atm's are available wherever you see a bank sign on the way south towards El Rosario. Also in GN, Santa Rosalia, Mulege, Loreto, Cuidad Const, La Paz, Barriles, Todos Santos, San Jose and Cabo.

Do take 2 cards and make sure your daily limit is set to max or $500 US minimum. Also let your bank or card company know that you are going to Mexico is you have not in the past. I had one that questioned the use and ate the card; they were calling my home for conformation and I wasn't ther !

Dollars are accepted but pesos are much easier to use in many situations.
Careful using credit cards in stores or hotels more than you have to.
But "credit card fraud" is another subject.

Don Alley - 7-12-2008 at 12:36 PM

Yes, use ATM card(s).

But you might consider bringing 20-30 US one dollar bills for gratuities. Sometimes small change gets hard to get.
US coins are a no-no, Mexican banks won't take them.

JaraHurd - 7-12-2008 at 01:04 PM

ok..great info...so one last question..is there a problem with a PIN longer than 4 characters or digits???

bigmike - 7-12-2008 at 01:29 PM

Mine is 6 digits and I live in Baja and use my ATM all the time with no problem. Good Luck have a great trip.

bent-rim - 7-13-2008 at 05:21 PM

I prefer to carry a 50-50 mix of pesos and dollars. I've been in places where dollars are preferred. Also I use pesos more in the beginning of the trip and more dollars on the way back so I don't end up back home with a lot of pesos. Enjoy your trip.

[Edited on 7-14-2008 by bent-rim]

shari - 7-13-2008 at 08:36 PM

I would like to stress the point about not taking the ATM's for granted....ie: don't wait till you are low on cash to go to one expecting it to be working. Often they are not, or they are out of money, or the computer is down, etc...as with many things in Mexico...they have a few bugs and arent always reliable...so as stated...like gas...use forethought and stock up often so you don't run out. We look forward to your trip report...sure wish you were coming our way to catch you a nice big calico!

JaraHurd - 7-13-2008 at 08:56 PM

Maybe we will visit you guys in Feb or March 2009...I expect to catch a decent calico and some clams when we do! ! !

BajaKeela - 7-13-2008 at 09:14 PM

In Canada our pin is 6 digits and does not pose a problem with the ATM's in Mexico ...as all the other posters have good advice..carry a mix .. some in small denominations .. You'll be fine..Enjoy the trip!!

Mango - 7-14-2008 at 12:35 AM

Quote:

Originally posted by shari
I would like to stress the point about not taking the ATM's for granted....ie: don't wait till you are low on cash to go to one expecting it to be working. Often they are not, or they are out of money, or the computer is down, etc...as with many things in Mexico...they have a few bugs and arent always reliable...so as stated...like gas...use forethought and stock up often so you don't run out. We look forward to your trip report...sure wish you were coming our way to catch you a nice big calico!

Shari makes a great point. Last time I was in Loreto I rolled into town with a bunch of cash. Every time I walked by the one ATM there was a line of about 20-30 people waiting to use it. (There may be another ATM in town somewhere.. but I only saw one)

While in town I think it is ok to let you cash supply drop.. but nothing works better than cold hard pesos if/when your car breaks down in the middle of nowhere and need to pay someone for a tow, gas, tire, cold drink, or place to stay and the nearest ATM is a 200 mile drive away in the next "town".

bigmike here just said that he was able to use a 6 digit PIN OK, I have heard otherwise in the past. It might vary per bank or it may be different nowdays. What banks have you use the 6 digit PIN at bigmike?

bigmike - 7-14-2008 at 03:44 AM

I have used at Bancomer, Banamex, Scotibank and Santer to name a few, I usually use Santer as I have a Bank of America account and they are tied in somehow and do not charge an ATM fee of international transaction fee. Note Bank of America still charges international transaction fee and ATM fee at other banks, while Wells Fargo just charges the ATM fee. Luckily in Ensenada we have the availibility of many banks and ATM machines.

rhintransit - 7-14-2008 at 07:33 AM

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Shari makes a great point. Last time I was in Loreto I rolled into town with a bunch of cash. Every time I walked by the one ATM there was a line of about 20-30 people waiting to use it. (There may be another ATM in town somewhere.. but I only saw one)

I agree with stocking up when you can.

Loreto now has three banks, well, two, one with a branch, and four ATMs that I know of. there are still lines sometimes downtown and occasionally of course the computer is down, the money is gone, someone stole the machine, etc etc etc.

woody with a view - 7-14-2008 at 07:34 AM

i asked at wells fargo and they said they aren't affiliated with mexican banks as far as waiving fees for atms?????

maybe i just got a new employee or something...but i don't seemed to get charged conversion fees, atm out of network fees, yes.

capitolkat - 7-14-2008 at 09:05 AM

Citibank and Banamex are partnered but you still get charged a fee for using the Banamex ATM for withdrawals. This is new this year but I fear with the financial institutions meltdown any fees that previoulsy were waived will soon be charged. Cititbanks charge is 3% for the Banamex option- we are gold account and it's reduced to 1%. Norm

bajalou - 7-14-2008 at 09:12 AM

Banamex has opened offices in the US - Calexico for one, so maybe you should change to them if you want to avoid fees.

tripledigitken - 7-14-2008 at 10:06 AM

Cash or ATM's?

Both.

As Shari mentioned don't rely exclusively on ATM's, when you may really need one it may not be working.

Carry a money belt or something similar. I make sure that as well as $2000 pesos it has a copy of my FMT, Drivers Lic, Passport and (2) credit cards. Yes it will hold all of those.

I don't find it necessary to carry dollars although you can they are accepted everywhere.

Have a great time.

Ken

805gregg - 7-15-2008 at 06:11 AM

I stop at Costco Chula Vista and exchange dollars for pesos, when I run low I go to a bank and exchange more. I won't use ATM's, I have heard of your account info being stolen and you won't know till you get back. I use credit cards at large established hotels and pesos elsewhere.

roamingthroughbaja - 7-15-2008 at 07:05 AM

I have lived here for five years and the only problem I have ever had with an ATM wa at the HSBC machine in front of CCC in La Paz. It didn't give me all of the $ I asked for but charged my account for it. Happened to our friends at that same machine, too. Since then, my "rule" is to never use the machines in small stores or pay for purchases with my debit card. I use the machines in the banks where the likelihood of tampering is very small. One problem in five years is pretty good.

Cabomancation - 8-21-2008 at 04:14 PM

Would anyone know where an ATM that is affiliated with Bank of America can be found in Cabo San Lucas? I would like to try to avoid the bank fees if possible. Thanks in advance.

CaboRon - 8-21-2008 at 04:28 PM

Quote:

Originally posted by JaraHurd
ok..great info...so one last question..is there a problem with a PIN longer than 4 characters or digits???

You will find many banks in Europe and Asia that only have a field that accepts 4 - digit PIN numbers .....

So far, I have found this to be true in most of Latin America also.....

Save yourself some trouble and change your accounts to four digit PINs.

And while many places will gladly accept your American dollars, their smile is because you are paying 10% to 20% extra for the accommodation.

CaboRon

thebajarunner - 8-21-2008 at 04:35 PM

Ron is correct,
the dollars are well received, but not fairly well exchanged....

Also, I always remind the first time ATM user,
when it asks how much you want, it means pesos, not dollars.

and there is likely a once a day limit on withdrawals,

So, if you need about $100 (US) worth of pesos, and ask for $100, you have just 100 pesos, enough to buy a small lunch for two...about $10 US

Udo - 8-21-2008 at 04:52 PM

One topic not covered

The ATM's are in Spanish, so brush up on their lingo. I've stood in line numerous times behind an idiot who could not read Spanish, and looked bumbfounded. I can tell by their indecision, therefore I have always helped. And in all instances, they have accepted.

Another place to find ATM's are at OXXO's, and there are lots of them. Just shiels your pin!

CaboRon - 8-21-2008 at 07:10 PM

Udo,

The first time I encountered an ATM that was out of cash, I couldn't read the message and was making frantic calls to my bank to find out what happened....

In a cash society, you will find the machines are out of cash quite often.

When I lived in the US I recall having to go through the extra step of choosing English or Spanish on the ATM menu ....

The courtesy would be appreciated down here.

Just a thought.

CaboRon

Udo - 8-21-2008 at 07:21 PM

My wife loves Mexico as much as I do, and the first time she approached an ATM she wanted to do it herself, without my help.
She wanted $100.00 U.S. What she got was $100.00 Pesos. She turned around and asked..."how much is this???"
Since that time she has me do the work for her!

oxxo - 8-22-2008 at 03:04 PM

Quote:

Originally posted by Cabomancation
Would anyone know where an ATM that is affiliated with Bank of America can be found in Cabo San Lucas? I would like to try to avoid the bank fees if possible. Thanks in advance.

Just use the ATM at any Santander Bank branch. There is one branch in San Lucas and two branches in San Jose. They also have several stand alone ATM's throughout the area. We are full time residents and we get all our cash (pesos) from Santander with a BofA card. Zero transaction fees. The San Lucas branch is located here: http://wikimapia.org/#lat=22.8830649&lon=-109.9144793&am...

losfrailes - 8-22-2008 at 03:27 PM

My PIN is 8 characters long, Wells Fargo Acct, pesos at current exchange rate, fee of 3 bucks to get 500 dollars exchanged.

Do contact your bank and make sure your withdrawal limit amount is not too low.

About the only time you will find long, long lines at an ATM is payday or the day after here. That is usually the 1st and 15th in my experience. Sometimes on Mondays the ATM's run out of money and you have to wait until the bank fills it up again, but, normally they have plenty available.

This is not a worrisome thing, you will find banks all up and down Mex 1, and all of them will accept your card. I do not know which banks do not charge a fee.

Have a good trip.