What is the cheapest way to buy Mex Pesos?

talleyho69: I think the max. ATM fee has changed. I have seen fees as high as 75 pesos in some Oxxos. Some of the privately owned machines will limit the max withdrawal to 3000 pesos.

Moisheh

Check with your bank or credit union - we belong to credit unions and find them much better than banks.

Check with your card issuer - everyone has a different plan.

We use our debit cards to get cash at ATMs - called Cajero Automatico in Mexico - if you ask directions they will have no idea what an ATM is. We always try to get our cash at an ATM at a bank that is open so if there is any problem we can talk to someone. Kiosk ATMs anywhere can be risky these days.

We never use our credit card in Mexico as we get charged an international transaction fee - which can add up quite a bit.

We did use our credit card for our vehicle deposit at the border but you get that back when you leave - as well as the fees.

Though many places now take credit cards we recommend only using them if you are not going to be charged fees on top of fees to use it.

Debit cards usually do not get charged fees - but check with your issuer.

Also be sure to let your issuer know you will be in Mexico or you could spend a day on a phone trying to get things straightened out. We've done it.

Once you know where you are going to cross the border there will probably be someone here who can tell you where the nearest source of money can be found.

There are several Hundred Scotia Banks and ATMs in Mexico! If You are a Scotia Bank Customer,there are No Fees! They certainly are Not everywhere but there are enough of them that We don't have a problem. We spend up to 4 Months in Mexico every Winter!

Get Your Local Canadian Scotia Bank Branch to bring in a Couple of Thousand dollars or so in. Pesos before You leave Home. This will get You started and You can then decide how long this amount lasts.! Then You will know when it is time to Replenish Your Cash Supply.

You also need to advise Your Bank of Your Plans and Cash Withdrawall expectations! Make a point of getting Your Daily Limit raised to the Maximum and have that amount Locked in permanently!

You will find that the Scotia ATMs in Mexico will post an amount and impose a Limit on how many Pesos You can Withdraw! It is going to be a lot less than what You have arranged at Home!
BUT Don't Panic ...You can as a Canadian get up to YOUR Daily Limit ,but You may have to make several separate withdrawals to do so! It varies by ATM and location so please don't get Yer Knikkers in a Knot if the Thing doesn't always spit out everything at one shot!

Anyway We have used Scotia Bank in Mexico and in several Other Countries with No Fees regardless of How little or How Much We have requested! It just takes a little patience sometimes!!

Most of the time when you use a credit card to get cash, it is considered a 'cash advance' and mine will charge a 4% fee for the cash advance, then also start billing at 19% interest rate from that day forward on any balance.

So some have suggested sending your CC company a check, say for $1,000 more than the balance. Then you can get out up to your pre-paid amount, before they start charging interest, but still you would be paying a 4% cash advance fee. Call the number on your credit card for more details.

Chances are that using a debit card will be less expensive than a credit card at a ATM.

I have not tried to see if there are supermarkets that allow you to take cash back on your debit card, or credit card. There are Wal Marts in Mexico, and they normally allow you to get cash back while making a purchase with a debit card.

Good luck!

Fred.

Thanks, I will check my debit card and see if I can use it in Mexico. What about getting cash from my credit card at an ATM?

Anybody exchange money before crossing the border?

If you use the ATM machine, pay attention to what amount you're requesting. When I'm using an ATM in the US, I usually get $300 US. I've only done it twice in going to Mexico for 20 years, but I've put in 300 while not paying attention. What you'll then get is 300 Pesos which is about $21 US of Pesos. Then I had to put in the card again, AND PAY ANOTHER $3 TRANSACTION FEE BECAUSE I WASN'T PAYING ATTENTION to get $2 - #300 worth of Pesos.

Bill

Canadian Rainbirds are correct. ATM is the only way to go. We don't enter at Nogales, but I have seen reference to an ATM before the first toll booth. There is also an easy one in Hermosillo.
We only live 4 hours from Tijuana, so when we are in San Diego, we walk across the border, go to an ATM and get 10,000 pesos each visit. Then we don't have to think about cash until we have reached our final destination, near Canadian Rainbirds.
Many people spend a day getting their paperwork at the border, and cross the next day. Why not go to an ATM then?
Check with your bank for possible deals at banks they deal with. Even if they don't, the legal maximum ATM fee in Mexico is about $3 US.
We only found one Pemex last winter that did not take credit cards! Do make sure you aren't paying foreign fees if you use one, though.

Hi Kidoo

Glad to see you are joining us Mexico aficionados.

Pesos are best obtained from ATMs using your debit card just as you do at home. Most will have fees of some sort, though usually not too exorbitant. We are fortunate with our HSBC account which has no ATM fees even from foreign banks. Most will have fees.

Always take out as much as you can to reduce fees which are per transaction, and don't vary with the amount.

If possible, use the bank machines at a bank or very visible location such as a supermarket. Don't flash a lot of cash.

Some machines have a transaction limit, many of which vary according to how busy the place is or how much cash is left in the machine. Sometimes I find I'm limited to 2000 pesos where I am usually able to take a lot more. In this case I just make several transaction, though this will give you a large wad of smaller bills (sometimes useful).

When I take out say 10,000 pesos my wife gets some and we each put some in assorted pockets, never the whole amount in one large lump in one place. Note though that we have never been robbed at at cash machine.

If you have a Scotia Bank account you may or may not have to pay fees at a Mexican Scotia Bank. Check at home before you leave. Also make sure your daily limit is large enough.

Using Casas de Cambio can be pricy, hotels even more so. Some credit cards also have transaction and foreign currency fees.

The cheapest place to change money into pesos is usually at a bank teller itself BUT the line is usually long and you will need a passport. Many banks now have a limit on how much foreign currency you can change at one time.

We pay cash for almost everything. Most large supermarkets now take credit cards and more and more Pemexs (gas stations) are doing so.