Has anyone used the ATM to exchange money while at the Royals. I believe there is one across the street from the Royal Mayan. Do you know the fees and what was the exchange rate at the time vs exchanging cash at the front desk?
Capital one checking account is what you all need for overseas travel. Use the debit card at any atm, with no fees from capital one, 0% currency conversion fee, and if the atm you are using charges a service fee, they refund it (up to $25 a month). It really is a no brainer, everyone else is needlessly spending more money. The atms give you the best rate. Anyone using the front desk, cash exchanges, or any other method is either doing it for convenience or they dont know any better (or they just dont care about fees).
We used the bank machines a few times on our recent trip to Cabo, no problem. But on the last day I needed a bit more cash so used a "Cashola" machine - they are all over Cabo and dispense US$. I figured I would be better off with leftover US$ instead of pesos as I travel to the US a lot more often.
By the time all was said and done, the fees and exchange added up to 20% of the $200 I took out. They do tell you the fees as you are taking the money out, but I don't think they show the currency. I was thinking pesos, the machine was speaking $. Total rip off! As PP said, stick to the bank run machines. I don't mind paying $2 extra fee per withdrawal at a bank machine.
she was wrong. here is the fine print:I have been using my Capital One checking account with no foreign transaction fees. However, when I use my ATM/debit card associated with that account in Mexico, I do get a charge of $2 for each transaction on my checking statement when I get home.
I get no refund. So, I just called a rep and she told me the charge is for using a foreign ATM. This occurred twice in PV/NV this past January and twice in Los Cabos in February. She told me the refund would be if I used ATM's in the US.
Is your home account in the US?
Does this make sense to you? Thanks.
I have had good luck with Charles Schwab Bank (you may have to open a brokerage account first). Here is the info from their T&C:
Unlimited rebates from any ATM worldwide(1)
1. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa Platinum check card wherever it is accepted. ATM fee rebates do not apply to any fees other than fees assessed for using an ATM to withdraw cash from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Client Service Specialist for assistance at 888-403-9000. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
We have used this account in the UK, Italy, Germany, Switzerland, and Mexico without any charges.
I used my Schwab account in the UK a couple of years ago and found that they charge a foreign exchange fee; I think it was 1-2%. They do reimburse ATM fees though.I just traded my Cap One account for a Schwab account.