ATM fees

[mlwlpt]

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?
Thank you

 

[bobpark56]

Exchange rates in Mexico

I can't speak for the Royals today, but the general rule in my experience is that if the ATM in question is a bank ATM, you will get a better exchange rate there than at your resort. But don't forget to offset this with the ATM fee (usually about $2 US equivalent in Cancun) and with any foreign exchange fee your card company will charge. Debit cards tend to work better than credit cards when getting foreign funds.

(FWIW, my bank pays my ATM fee and charges only a 0.5% foreign exchange fee, so the decision is easy for me.)

It's best to avoid non-bank ATMs.

FWIW again: My previous experiences at the Royals is that they were more fair in their currency exchanges than typical for other resorts. But we still did better with the ATMs.

--bp

 

[bankr63]

Avoid Cashola

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.

 

[siesta]

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).

 

[rpennisi]

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).

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.

 

[moonlightgraham]

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.

I had a similar experience with the ATM machine in the lobby of the Royal Hacienda that paid in US dollars but the exchange rate was such that the transaction cost me around 20%! I made a passing complaint to my concierge at the RH and soon after I returned home I received a refund of the fee from the company owning the machine (a US-based company by the way) due to the GM and concierge at the RH being on the ball. Great customer service! That being said, I learned my lesson and will only use bank-owned ATM machines in the future.

 

[siesta]

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.

she was wrong. here is the fine print:


† Fees assessed at any ATM within the United States and at some ATMs located outside the United States will be reimbursed within 5 business days, up to $25 per statement period.

 

[rpennisi]

she was wrong. here is the fine print:


† Fees assessed at any ATM within the United States and at some ATMs located outside the United States will be reimbursed within 5 business days, up to $25 per statement period.

Thanks, i will call again.

 

[mlwlpt]

Thank you for all the feedback. I am going to look into the Capital One checking account. I already have a credit card that I use when traveling because of the "no fees".

 

[Davidr]

Thank you for all the feedback. I am going to look into the Capital One checking account. I already have a credit card that I use when traveling because of the "no fees".

Don't bother. Cap One is doing away with the free international atm use as of mid August 2012.

 

[klpca]

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.

 

[Davidr]

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 just traded my Cap One account for a Schwab account.

 

[bellesgirl]

I just traded my Cap One account for a Schwab account.

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 have not heard about Capital One bank dropping their no-fee international ATM card. Where did you see that? Are you speaking of the ATM fee or the foreign transaction fee?

 

[pjrose]

We used the machine across from the tris ages ago, and our bank later reimbursed the fee.

We use Citibank aadvantage credit cards, which do charge foreign transaction fees, but last time I called about something the rep said she noticed the fees and credited them. We Didn't even ask!

 

[BoaterMike]

Banamex is located across the street from the main entrance to RM/RC. Banamex is owned by Citgroup, so that's an advantage for Citibank users.

Google Street View Blvd. Kukulkan

Mike

 

[curtbrown]

We have a CitiGold account with CitiBank and if you go to a Banamex ATM in Mexico there are no ATM fees OR currency conversion fees. I pretty much only use this account for my travels to Mexico. I don't have the card linked to any savings account and only deposit enough in the checking account to cover my estimated expenses for a few days. That way, if someone rips off my PIN number they will only get the small amount I have in the account. As it starts running low, I do an online transfer to move more $$ over from my savings.

I also carry an ATM card from a 2nd unrelated account, just for emergencies. That way if my primary card is lost or the PIN is stolen, I have a backup source of money until the Citi card is replace. Maybe I'm paranoid... LOL

Curt