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JaraHurd
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Posts: 203
Registered: 3-21-2007
Location: Los Angeles County
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Mood: probably annoyed
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Best Practices: Carrying Money or ATMS?
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!
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toneart
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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 #.
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JaraHurd
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Registered: 3-21-2007
Location: Los Angeles County
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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....
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Cypress
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JaraHurd,ATMs. Use pesos. ATMs are available in all the towns you plan to visit. 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.
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rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
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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.
reality\'s never been of much use out here...
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rhintransit
Super Nomad
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Location: Loreto
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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...
reality\'s never been of much use out here...
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toneart
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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)
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jeans
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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!
Mom always told me to be different - Now she says...Not THAT different
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David K
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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...
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Diver
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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.
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Don Alley
Super Nomad
Posts: 1997
Registered: 12-4-2003
Location: Loreto
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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.
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JaraHurd
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ok..great info...so one last question..is there a problem with a PIN longer than 4 characters or digits???
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bigmike
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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.
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bent-rim
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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]
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shari
Select Nomad
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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!
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JaraHurd
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Location: Los Angeles County
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Maybe we will visit you guys in Feb or March 2009...I expect to catch a decent calico and some clams when we do! ! !
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BajaKeela
Junior Nomad
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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!!
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Mango
Senior Nomad
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Location: Alta California &/or Mexicali
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| 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?
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bigmike
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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.
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rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
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e]
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.
reality\'s never been of much use out here...
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