aletarw
Newbie
Posts: 8
Registered: 4-1-2005
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Money
We are arriving flying into Loreto next Sunday. Then we will drive to LaPaz and on to Cabo (over a 2 week period). Need to know how to handle money.
Should we use travelers checks? convert dollars to pesos? use credit cards
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backninedan
Senior Nomad
Posts: 865
Registered: 3-8-2003
Location: Loreto
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Get pesos, it make things easier.
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danaeb
Senior Nomad
Posts: 991
Registered: 11-13-2006
Location: San Diego; El Centenario
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Mood: groovy
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I think the easiest and most convenient is using ATMs for pesos. You really want to avoid the lines in banks changing money or cashing TCs. You can
probably find an ATM machine in the Loreto airport at the start of your trip and you can easily find them in La Paz and Cabo.
Experience enables you to recognize a mistake every time you repeat it.
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ligui
Senior Nomad
Posts: 837
Registered: 2-9-2008
Location: Fraser co.
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Mood: love Baja !
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Bring some 20's us , and there are atm's in most town's
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larry
Nomad
Posts: 233
Registered: 8-22-2005
Location: Orinda, CA
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credit cards and atms
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Don Alley
Super Nomad
Posts: 1997
Registered: 12-4-2003
Location: Loreto
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Loreto's ATMs are located at the Bancomer downtown, the Bancomer branch just off the highway, the Banamex on the main route into town, and a somewhat
hidden ATM next to Supermercado Pescador and behind Win's Hamburgers.
Travelers' Checks are a pita. Use the ATMs.
US dollars are good everywhere, but you'll often get a 10-1 rate and lose a little.
Small change has been in MUCH better supply lately; a few years ago even the bank sometimes had no small change. Still, a bunch of $1 bills can come
in handy for tips and small purchases.
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thebajarunner
Ultra Nomad
Posts: 3718
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
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Mood: muy amable
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Bancomer ATM is a regular first stop for me.
Low fees, and very user friendly.
And absolutely the best conversion rate.
Just remember, if you struggle with the language, that the suggested withdrawal amount is expressed in pesos, not dollars.
The top line suggested on Bancomer is 1500, but that only amounts to about $135 US. Don't take the smaller amount and realize you don't have enough
to last until tomorrow's withdrawal.
Also, if you use dollars be prepared to receive some of each currency in change, and you need to be alert to how that all shakes out.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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Important side note:
Call your credit card and ATM card providers. Tell them you will be traveling in Mexico (Baja) and give them the entry dates and exit dates. I failed
to do this once, and my VISA card provider put a block on my card when I tried to use it in Baja. They told me that it was a fraud prevention measure.
I call everytime I go now, and no problems.
I always use peso's, but keep some US cash on hand (in 20's)
[Edited on 2-24-2008 by bajaguy]
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BMG
Super Nomad
Posts: 1776
Registered: 6-10-2007
Location: La Paz / Bahia Asunci�n / Away from home
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Another vote for ATMs. Check with your bank before heading down. Some credit card/ATM cards charge additional fees and others don't. All we pay is the
7.5 peso transaction fee but some friends that were recently here had additional fees charged by their bank. Exchange rates vary daily but usually
costs us about U$365 for M$4000.
Same with your credit cards. Check on what the additional fees will be for foreign transactions. The only card we use down here (infrequently) is our
AMEX. Our AA mileage card that we use in the US adds a very hefty fee when used down here.
Best to stay with pesos.
I think the world is run by C- students.
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Bob H
Elite Nomad
Posts: 5867
Registered: 8-19-2003
Location: San Diego
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We always use ATM's.... make sure you call your bank to let them know you will be in Mexico - and make sure your pass code is only four digits.. some
ATM's in Mexico will not take more than four digit pass codes.
Have fun.
Bob H
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jamesdbeckjr
Newbie
Posts: 19
Registered: 2-23-2006
Location: La Ventana/sisters,oregon
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ATMs are good. Santander is partner bank with Bank of America and is fee free. Get call collect international customer service number. I did tell
the bank we were wintering in Mexico but was cut off anyway. They answer the call collect number faster. Have fun.
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aletarw
Newbie
Posts: 8
Registered: 4-1-2005
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You guys are awesome with such quick responses. I had been told about heavy fees. I will check with my credit card company, Amex, and with my bank to
see about fees from Mexico ATM's. Glad I asked before buying traveler's checks.
Will post a trip report when we get back.
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