BajaNomad

To avoid peso 'hustle', where to go for best exchange rates?

Ken Cooke - 3-5-2015 at 02:27 PM

In Ensenada, a boat owner charging $2/person boat tours wouldn't/couldn't give me my $6 change. I have read that exchanging dollars for pesos insures against this money hustle, but how and where do you go for the best rates?

SFandH - 3-5-2015 at 02:51 PM

Assuming you have an American checking or savings account with an ATM card, just go to any ATM in Mex to get pesos. You'll get the current exchange rate. ATM fees are another topic. I use a Fidelity account that reimburses ALL ATM fees.

bajatravelergeorge - 3-5-2015 at 02:52 PM

If I have dollars in hand, I use the money exchange booths. Otherwise, use your debit card at an ATM. If you use an ATM, get as much as you can or need in one use because the fees are pretty bad.

willardguy - 3-5-2015 at 02:56 PM

carry an ATM card that charges no international transaction fees and reimburses the ATM fee and you're good to go;)

Floatflyer - 3-5-2015 at 03:05 PM

If you go to Costco in Cabo, you can pay for some small item with a $100 bill and get a good exchange rate. Don't think they will just exchange USD for pesos though.

For virtually all of our peso needs we use a Santander Bank and a Charles Schwab Debit/Visa Card. Wife said it was a pain to set up the Schwab account and this was done in the US. No transaction fees and only one "Declined" episode for the winter and that was fixed very quickly with a single telephone call. Good luck, the challenge continues.

Martyman - 3-5-2015 at 03:21 PM

The last toll station before Ensenada has an ATM. Easy peasy.

chuckie - 3-5-2015 at 03:22 PM

ATM

willardguy - 3-5-2015 at 03:23 PM

Quote: Originally posted by Floatflyer  
If you go to Costco in Cabo, you can pay for some small item with a $100 bill and get a good exchange rate. Don't think they will just exchange USD for pesos though.

For virtually all of our peso needs we use a Santander Bank and a Charles Schwab Debit/Visa Card. Wife said it was a pain to set up the Schwab account and this was done in the US. No transaction fees and only one "Declined" episode for the winter and that was fixed very quickly with a single telephone call. Good luck, the challenge continues.


just yesterday at the santander in rosarito my schwab card got declined, a couple minute later my cell phone rings, schwab automated call checks zip code and last four, good to again!:tumble:

Ken Cooke - 3-5-2015 at 03:47 PM

I bank with B of A - they no longer offer an international arrangement with Santander. I get charged $5 per transaction which alters my final effective exchange rate. If I don't spend all of my Pesos, they just sit in my wallet until the next Baja adventure.

BooJumMan - 3-5-2015 at 03:49 PM

I was having a hard time locating a working ATM anything south of G. Negro and North of La Paz last month. Not to mention Baja Sur was horrible with exchange rates. They were doing 11:1 and I'd say the exchange rate is 14:1 but they smiled and said, "Sorry, 11:1 is my rate" or something along those lines.

Traveling on weekends with dollars through small towns suck. Never again will I make that mistake! Until I forget next year of course...

Ken Cooke - 3-5-2015 at 04:10 PM

Quote: Originally posted by BooJumMan  
Traveling on weekends with dollars through small towns suck. Never again will I make that mistake! Until I forget next year of course...


Scenarios like yours sound ripe for a Peso hustle! Lol

willardguy - 3-5-2015 at 04:50 PM

ken, BofA screwed thousands of ex-pats and travelers! dump em and go to schwab or capitol one or whoever is offering transaction free withdrawls;)

Ken Cooke - 3-5-2015 at 10:26 PM

Quote: Originally posted by willardguy  
ken, BofA screwed thousands of ex-pats and travelers! dump em and go to schwab or capitol one or whoever is offering transaction free withdrawls;)


I was also screwed by Bank of America. My application was BLITZED repeatedly when I applied for a loan with better terms than what I signed for several years earlier (30 yr fixed). Countrywide/B of A got sued, I got free checking! :yes: