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Kidoo's avatar
Kidoo
Explorer
Aug 31, 2016

Best option to get Pesos with credit card in Mexico?

Hi, I am trying to get the best exchange rate for my dollars in Mexico, Canadian Dollars.

For those of you that are getting pesos in Mexico with your credit card, did you compare with the exchange rate on the day you got your Pesos and what is the total charges? Either at ATM or directly at the bank.

With my Cando. credit card, they automaticly charge 2.5% over the exchange rate, there is no way around it. But at my bank and a few others in Canada, Lauentian Bank, Desjardin and TD, the best rate I got was way below the exchange rate.

For example, with today's rate from the Canada Banking system, the cost for 20,000 pesos was $1336 Can, if we take a normal 4% comission, it is suppose to cost $1392.

For 20000 pesos, my bank charges me $1580 (Laurentian). TD charges $1492 and Desjardin charges $1490. Give or take. So a commission of 244 for Laurentian and 144 for TD and Desj.

So what should be my best option?

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  • moisheh's avatar
    moisheh
    Explorer
    Aug 31, 2016
    Kidoo: Forget buying Pesos at the bank. They will never give you a good rate. I and many others use our debit cards at ATM's in Mexico. You will get the current rate. If you have a Scotiabank card there are Scotiabanks in Mexico and there will be no fees. If your Canadian Bank gives you a few transactions a month with no fees many of the Mexican machines have low rates. Avoid OXXO or 7 Eleven. Machines in a Costco also charge very little. Some in this person will use Credit cards. WE NEVER use a CC in Mexico unless it is an emergency. Too much fraud. I know that some Canadians use the Amazon card as they do not charge a commission. You will also find that many small stores do not take CC's. Others will take the card but charge you a fee. Even Costco has a cash price and a CC price.

    Moisheh

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