Exchange Fees

[mitchandjeanette]

What is a good exchange fee (in a percentage) for exchanging US dollars to Pesos? I have a place I change exchange US dollars before I head to Mexico that charges 5%, but I don't know if that is good or not.

 

[siesta]

What is a good exchange fee (in a percentage) for exchanging US dollars to Pesos? I have a place I change exchange US dollars before I head to Mexico that charges 5%, but I don't know if that is good or not.

That's not that great, most bank and atm cards will charge 3% and a few dollar fee once there

You can open a free online checking account with capital one, and use the atm/debit card anywhere abroad with 0% currency conversion fee and they refund up to $25 a month in atm fees

 

[beach.bar.bob]

What is a good exchange fee (in a percentage) for exchanging US dollars to Pesos? I have a place I change exchange US dollars before I head to Mexico that charges 5%, but I don't know if that is good or not.

I just came back from two weeks in Cabo. As usual, I just used my debit card and pulled pesos from the ATM's for cash spending. Big ticket items we put directly on a credit card. Received market exchange rates (ranged from 12.9-12.7 to 1 on pesos to USD during our stay). Our bank charges a 1% foreign currency exchange fee on ATM withdrawals.

Used an ATM at the airport, again at the Marina and again at our resort for all the cash I needed for two weeks for less than $10 in fees. No new accounts to open, no trips to a bank or exchange office. Easy, and for $10 - cost effective.

Safe travels.

bbb

 

[rpennisi]

I also just returned from 2 weeks in Los Cabos. I used the ATM two times for 3000 pesos each time with a Capital One debit card. The only charge by Capital One was $2 for each withdrawal. I also used a Capital One credit card and paid no foreign exchange or any other fees. My exchange rate was around 12.7 pesos/dollar at the ATM with the fees in the calculation.

 

[Passepartout]

Just got 12.7 in Mazatlan today. Paid my bank 1% plus $1.50 to the Mexican bank. ATM is the only way we exchange.

Jim

 

[PStreet1]

We, too, use ATM's--cheap and convenient.

 

[siesta]

The only charge by Capital One was $2 for each withdrawal. I also used a Capital One credit card

if this is a debit card, the fees per withdrawl will be refunded, up to $25, make sure you check your statement and call if it isnt automatically taken off.

 

[rpennisi]

if this is a debit card, the fees per withdrawl will be refunded, up to $25, make sure you check your statement and call if it isnt automatically taken off.

Thanks, I will check it out. My Capital One Debit Master Card is not tied to an online checking account, but to a local branch. I wonder if that makes a difference?
Ron

 

[mitchandjeanette]

Thanks...
We'll be sure and take our ATM card...

 

[siesta]

Thanks...
We'll be sure and take our ATM card...

worth mentioning, use the atms located at bank branches, and preferably when they are open, in case there is an issue like your card getting stuck they can assist you.

 

[rpennisi]

worth mentioning, use the atms located at bank branches, and preferably when they are open, in case there is an issue like your card getting stuck they can assist you.

That's a good idea, because the machines do take the card totally into the ATMs while the transaction goes on.
However, once in Italy we used a machine attached to a bank and the machine debited my account, i got the card and the receipt, but no money. Inside, the bank employees couldn't do anything, because the machine couldn't be entered until the end of the week. We eventually got the money back into our account.

 

[MuranoJo]

Yeah, I second using your ATM cards in trusted areas. I've posted this before, but we and 3 other couples got our ATM cards hijacked several years ago. The charges didn't show up until about 6 mos. later (after being sold in South America). We all had used an ATM situated across from the timeshare, next to a bus stop and convenience store.

Otherwise, they're great for getting local exchanges at good rates (at least ours is).

 

[ilene13]

We use travelers checks. We have not had to pay a fee. We were in Playa del Carmen in February. I got 12.5 pesos to the dollar. Exchanged what I needed and brought the rest of the checks home.

 

[Johnsp]

I posted this on another TUG thread earlier and it may be helpful here:

If you do not want to pay ATM fees in Mexico, use your Debit Card from Bank of America at Santandor Bank. B of A has agreements with Banks in Mexico, Europe etc. where no ATM fees are charged at participating banks. Santander Bank has branches all over Mexico and ATM machines at many of the timeshare resorts and big box stores. The Mayan resorts where we stay every year has Santandor ATM's in each building. You can open a checking account online with B of A. There are no fees for the account as long as you bank online and do business (deposits etc) with their ATM machines in the US and participating member bank ATM's outside of the US. This Debit Card has been very handy for us all over Mexico and Europe. Go to www.bankofamerica.com for the list of no fee ATM Banks that participate in the program and to sign up.

The credit card we use with no foreign transaction fees all over the world is the Capital One Venture Card. Most banks charge foriegn transaction fees of as much as 3% on their credit cards. Don't use them but get a Venture Card instead and get airline miles too.

Hope this helps.