BajaNomad

What rate will a Bank ATM give me?

TLBaja79 - 11-14-2016 at 05:29 PM

I was under the impression that a banks ATM will give me something very close to the 'trading' rate?
Headed to Loreto, what will the bank give me?

Is it better to change $$ at the border at a cambio?

What is the best way to get as close as possible when changing a few hundred (or a thousand+) dollars for a 10 day trip?

I usually like to get a big sum at a time and not use cc too often

BajaBlanca - 11-14-2016 at 07:35 PM

Loreto has ATMs, be sure to bring down at least 2 different bankcards and let your bank know that you will be south of the border or they will put a HOLD on it.


There is no way to know exactly what the exchange rate will be, but it usually isn't too far off the trading rate. The ATM bank and your bank include some charges, so that must be taken into consideration as well.

The Costco in Chula Vista will exchange your money.


bajaguy - 11-14-2016 at 08:04 PM

The "rate" you will get is subject to the rate your card issuer (VISA or MasterCard) sets....add to that your home bank transaction fees (to include foreign transaction fees) and the fees the bank ATM you withdraw from in Mexico

AKgringo - 11-15-2016 at 08:53 AM

My Baja trips probably differ from yours, I tend to travel on the cheap, with a lot of car camping. Security is more of a concern than saving a little cash on the exchange rate.

Even when I have the top on my little SUV, it is pretty easy to get into, so I don't travel with a lot of cash. I have credit cards for the occasional hotel stay or other large or unexpected expenses. I use a debit card with a limit I set at $300 for frequent withdrawals, making sure that I don't wait until I am out of cash before looking for an ATM or bank.

Worrying about the best exchange rate while trying to enjoy Baja, is like stressing out about the actual size of a liter of gasoline when you need some!

KurtG - 11-15-2016 at 12:54 PM

Banamex gave me 20.4 about 30 minutes ago in Guerrero Negro. XE says 20.6 right now so I'm happy.

TLBaja79 - 11-15-2016 at 01:19 PM

Perfect, thx

TLBaja79 - 12-4-2016 at 08:27 AM

At the Bank ATM in Loreto
I got about 20.1 when the trading rate was 20.75
And then a couple bucks for fees and whatnot.

rhintransit - 12-4-2016 at 10:10 AM

Remember Loreto is a one bank, Banamex, town. Currently that bank limits ATM withdrawals to 2000 pesos. Of course you can do multiple withdrawals, but the card use change will eat into your exchange rate.

Mula - 12-4-2016 at 10:12 AM

Use a Schwab card and get your bank fees refunded.

TLBaja79 - 12-4-2016 at 12:57 PM

I was able to withdraw 8,000 pesos at a time at the Loreto Bank ATM

KurtG - 12-4-2016 at 02:25 PM

Quote: Originally posted by rhintransit  
Remember Loreto is a one bank, Banamex, town. Currently that bank limits ATM withdrawals to 2000 pesos. Of course you can do multiple withdrawals, but the card use change will eat into your exchange rate.


Thought it was Bancomer not Banamex in Loreto.

ncampion - 12-4-2016 at 03:25 PM

Quote: Originally posted by TLBaja79  
I was able to withdraw 8,000 pesos at a time at the Loreto Bank ATM


Was this today? That's great, it has been limiting ATM withdrawals to $2000 per transaction, I used to be able to get $10,000.

rhintransit - 12-4-2016 at 06:06 PM

Quote: Originally posted by KurtG  
Quote: Originally posted by rhintransit  
Remember Loreto is a one bank, Banamex, town. Currently that bank limits ATM withdrawals to 2000 pesos. Of course you can do multiple withdrawals, but the card use change will eat into your exchange rate.


Thought it was Bancomer not Banamex in Loreto.


Oops, thanks.

TLBaja79 - 12-4-2016 at 06:44 PM

Last week

kiterkip - 12-5-2016 at 05:08 AM

20.28 pesos per USD using a Charles Schwabb ATM card for $3000 pesos yesterday.
I never carry larger quantities of pesos... no point when cash is so readily available everywhere.
I only use ATM machine at actual bank facilities.... no "kiosk" style machine. Card skimming.

Martyman - 12-5-2016 at 10:42 AM

If you are driving...the third toll booth near Ensenada has an ATM. In and out!

Doug/Vamonos - 12-14-2016 at 02:21 PM

I always check my withdrawals online when I return and I believe I get as close to the bank rate as possible with the exception of a couple bucks for south of border transaction fee. I'm ok with that. I bank with a credit union. What I have done the last couple trips is withdraw the equivalent of $500 US (currently about 10,000 pesos) and then call my bank on my cellphone and ask them to withdraw $500 US more (in pesos again). That way I double the amount I can get. I haven't tried yet but I bet I could call them again and repeat the whole process for more withdrawals until they get tired of me!