Atms? Bank in US?
Whats the preferred method for experienced
Baja travelers?
GeraldTrueheart - 4-10-2015 at 07:03 PM
I use the Costco at Chula Vista. Convenience and comfort level ...... just for me and the amount I'm wanting to convert plus circumstances.
I'm always open to comments from our fellow Bajanomadians about alternate methods. I enjoy their input. Many people doing many different things.
Stevebajaguy - 4-10-2015 at 07:08 PM
Either order it through your bank/credit union before you leave or use ATM's while you are here. If you use ATM's, stay away from BBVA Bancomer, they
have really high fees.treuboff - 4-10-2015 at 07:44 PM
Get a brokerage account or a Private Client account from Chase. Use the debit card, free from international charges and fees. Hit the Mexican ATM.
Order from bank and you'll pay about 10%Whale-ista - 4-10-2015 at 09:18 PM
I use ATMs from my credit union for short trips. Last week I got a 14.8 to 1 exchange rate.
Total Fees were about 2%. I prefer the convenience vs Casas de Cambios for short trips. güéribo - 4-10-2015 at 09:30 PM
I use the Costco at Chula Vista. Convenience and comfort level ...... just for me and the amount I'm wanting to convert plus circumstances.
I've also used the Costco in Chula Vista. Sometimes when I've relied on ATMs in Mexico, they reject the card or are out of money.
Bajaboy - 4-10-2015 at 09:50 PM
Atms all the way. We let our credit union know when we are travelling. Costco Chula Vista has horrible rates.vandenberg - 4-11-2015 at 07:33 AM
Get a NO fee international transactions credit card and use it where ever you can. Get the daily exchange rate that way, which is better than anything
else you can get.
If you need cash, use the ATM. durrelllrobert - 4-11-2015 at 08:11 AM
Either order it through your bank/credit union before you leave or use ATM's while you are here. If you use ATM's, stay away from BBVA Bancomer, they
have really high fees.
Also be aware that the commission charged by HSBC for using their ATMs varies based on location. For instance the HSBC machine at Calimax in Maneadero
charges 25 pesos + 4 pesos IVA while the HSBC ATM at the pelican store across from Costco only charges 21.5 pesos + 3.4 pesos IVA. That difference may
not seem like much to us but the poor people in Maneadero who only withdraw about 200 pesos at a time are paying 14.5% while us foreigners who
withdraw 5000 pesos at the pelican store are only paying 0.05%TLBaja79 - 4-11-2015 at 08:44 AM
I have found for smaller amounts it is best to use the Cambios since their take is on a percentage base.
For larger amounts the ATM's are great cause they are almost always a fixed fee which will be a much lower percentage than the cambios when taking out
larger amounts of money.
Amount ---- Cambio's Take---- ATM Fee
$50 ---- $2 or 4% ---- $6 - $8 or up to 16%
$500 ---- $20 or 4% ---- $6 - $8 or up to 1.6%
[Edited on 4-11-2015 by TLBaja79]Bruce R Leech - 4-11-2015 at 09:21 AM
15.40 today at BanorteDENNIS - 4-11-2015 at 10:04 AM
Weekends are usually a bad time to look for bargains at the banks and cambios. Seems like they automatically add a bit of devaluation to cover
[hopefully] any unforeseen market drama taking place between Friday, when the market closes, till Monday when it opens.
Anyway...don't sweat the small stuff unless you expect to be involved in sizeable money transactions. Just have a good Baja time.
.
[Edited on 4-11-2015 by DENNIS]Alm - 4-11-2015 at 01:40 PM
In Baja ATM you will pay ATM fees - a fixed amount, varies from bank to bank, can be 40 pesos, and I've heard of 70 in some places. And/or you will
pay your bank fees for using an ATM with a logo of different bank. Plus, in case of a credit card you will likely pay your bank foreign transaction
fee 1%-2%. Plus, the ATM might not recognize your debit card or credit card, and this really sucks.
Once I used two different Baja ATM in one day, at banks with branches all over US and Canada. One charged me 40 pesos for withdrawing 600 pesos - a
fixed rate, what can you do. Another one rejected my card.
In a bank or exchange office North of the border there is usually no commission, but rates vary. I haven't heard of 10% commission in US banks. 10%
difference from the best to worst exchange place - yes, possibly. If you take time to shop around, you'll find a rate close enough to Mexican cambios,
so I would do it this way.
And, you can use your credit card to pay for purchases in Baja, but credit cards typically have lower rate than banks, plus some will slap 1%-2%
foreign transaction fee on top this low rate. Plus, the terminal in a store or gas station might reject your credit card.
[Edited on 4-11-2015 by Alm]Bajahowodd - 4-12-2015 at 04:59 PM
If you are on vacation, it just seems to me that ATM fees are chump change. Same for the exchange rate.
Unless you live in Baja, those fees don't seem to ruin anyone's vacation. The proliferation of ATMs in Baja over the last several years just allows me
to travel with less cash as I cross the border. The other thing to realize that that more and more establishments accept credit cards.Trueheart - 4-12-2015 at 05:32 PM
And if one is in a remote place where ATM's or banks are not near? And/or perhaps the few merchants available are not set up to take plastic, but
readily take pesos?
There are a variety of situations in Baja. Not all lend themselves well to immediate accessing of an exchange method. Sometimes it is best to arrive
at one's destination "well stocked" with pesos. Cuts down on travel to go find 'em.
There are a variety of situations in Baja. Not all lend themselves well to immediate accessing of an exchange method. Sometimes it is best to arrive
at one's destination "well stocked" with pesos.
If trip itinerary includes such places, carrying enough pesos is a common sense. They will - almost always - take your greenbacks if you have no
pesos, but on such occasions - when they take $US because you are desperate - the rate will be waaay below reasonable.Sweetwater - 4-13-2015 at 09:09 AM
Not only where and when you exchange, but how many times you get hit for those fees. Carry enough cash that you can deal with your needs/wants but not
more than you're willing to lose. I've often carried a peripheral amount but placed another amount of cash in a stash mode.
Exchange rates
J.P. - 4-13-2015 at 12:13 PM
After living in Baja for a while I have learned that a whole lot of merchants mindset about money is geared for the old 10 to 1 rate and its hard for
them to make the transition from that to the current rate. I try to use Pesos exclusively and very rarely use my bank card for a purchase. when I use
my A.T.M. card I always draw the maximum amount. It just seems foolish to draw out less .Whale-ista - 4-13-2015 at 12:48 PM
^^ Agree- take the most you need at once from the ATM, and avoid additional transaction fees on each withdrawal.
However: US$ is strengthening, now at highest level vs. peso (and Euro) in many years. And there are many countries (and residents) who like to hold
onto US dollars as a hedge against this trend.
So when traveling in Baja, use US$ bills sparingly, try to get best rate, and only convert the dollars you need as you go. The next time you
withdraw/visit, the peso value may have dropped and you will wind up with less than what you originally withdrew in terms of the exchange rate of
US$:MX$.
