Best option to get Pesos with credit card in Mexico?

Bank ATM rates change automatically to keep up with the exchange rates. They are never constant. You may make two withdrawals in the same day only to find that the exchange rate has moved up or down.

S&P dropped Mexico's rating from stable to negative and I was expecting a sharp increase in the price of the dollar. It went the opposite way.

Most Mexicans use a casa de cambio for exchanges under $10,000. The prices are much better than banks.

I checked with Scotia Bank and they have banks is Mexico. They are also affiliated with BAnk of America and this should be a no brainer to get money either from USA or Mexico.

I also checked their rate of exchange and they are the best so far compare to TD, LB, Desjardin and the house of exchange.

We have Citibank debit card and use the Banamex ATM for whitdrawl from US to Pesos, since Citi owns Banamex we get an initial charge of 30 pesos that is returned within 72 hours.

We always get a better exchange rate than the exchange houses or stores or other bank branches, use only a debit card not a credit card.

Try to work with a Canadian bank that also has branches or owns banks in Mexico, easier and good exchange rates.

navegator

Kidoo wrote:
The rates showed on internet is not really the rate that a bank or ATM will charge you. In my example, the rates at my bank is way higher than the exchange rate on the net.

Your bank along with most other banks will gouge you

The rates showed on internet is not really the rate that a bank or ATM will charge you. In my example, the rates at my bank is way higher than the exchange rate on the net.

To find out the present exchange rate, you can go to X-Rates.com to see the exchange rate of the Mexican peso to various other currencies.

Ok I am checking with scotia bank, I saw one in Cancun.

It's good to know which one are rip off.

some traveler's comments

Note the dates in that thread!

You will get the best exchange rate at a bank location ATM machine - better than if you go in the bank to get cash - and only use a debit card - never a credit card.

We use DEBIT cards to get cash at ATM (Cajero Automatico) in Mexico. We try to only get our cash at an ATM at an actual bank - not at kiosk type freestanding ATM machines - if anything goes wrong we can go in the bank to try to resolve problems. We almost never use a Credit Card in Mexico as we get charged some sort of international exchange fee - not every credit card has this type fee but ours does. Many areas of Mexico have stores and gas stations that do not take credit cards so we always have cash on hand. No - we do not carry a ton of cash - only what we think we might need - and we replenish as needed at bank ATMs. The only thing we use our credit card for is our vehicle deposit at the border - for which we are charged the mentioned fee - which is reimbursed along with our deposit when we exit Mexico. We have a couple different joint accounts at a couple different credit unions in the US and we carry extra debit cards for these accounts in case there is a problem - always have a back-up plan. There is a large difference in what various different ATMs charge to give us cash - we have learned to go to the low fee ones - last winter we saw from 15 pesos to 85 pesos per transaction - don't get ripped off. Be prepared with cash on hand but only get and carry what you will need for the immediate future - we get cash every few days - never ever carry large amounts - we usually get around 3,000 pesos and never more than 5,000 pesos - and we do not carry that on our person. NOTE - we have never been robbed in Mexico and as far as we know we have never even come close to a threat - we use the same rule in the US and anywhere else we go - this is not just about Mexico.