Best option to get Pesos with credit card in Mexico?

[Kidoo]

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?

[MEXICOWANDERER]

Manager of Guerrero Negro BCS bank visiting his father (a friend). Says G.N. BanaMex just reduced extraction maximum to 6,000 MN

Whether this is regional or more widespread I have no idea. But again I caution do not "bank" on getting a large extraction. If you can get it, go for it, but I sure as heck would not make hard and fast travel plans on extracting large amounts of currency at one time.

Is it a ploy to encourage multiple extractions for fee revenue? Don't know and don't care. What is - is.

[Mountaineer42]

Worldremit money transfer

Best exchange rates you can get. Transfer money to yourself in Mexico and pick up at Bancomer, Scotiabank etc. Easy peezy!

[Canadian_Rainbi]

HSBC also has branches thoughout Mexico.

Watch out for ATMs esp those not at banks. There has been a scam where the machines were fitted with a chip that scanned and stored info which was later downloated by the scammers via a bluetooth connection. Use your smart phone to check for a bluetooth connection at the machine and if it shows one, DON'T use that machine.

Krebs Security link

[MEXICOWANDERER]

Carefully laid plans gone awry dept.

Three different months. Sta Rosalia, BCS Mexico

BanComer and BanaMex max extraction 3,000 MN with extraneous card

Guerrero Negro, Lazaro Cardenas, multiple 10,000 MN extractions over the years. With BanComer's 81.90MN charge this is an insult.

Sta Rosalia, backtracked to the new Ley supermercado and used the BanNorte ATM and got 10,000MN.

Don't stake your health, or happiness on absolute dependence of any ATM machine.

I love the lady who heard my puta de madre's at the BanComer and lectured "Oh no, tourists just don't understand, they have to call their bank before leaving the USA". Five minutes later she stormed out of the ATM cubicle and turned her head away from me. Wotta hoot.

[briansue]

We belong to 2 credit unions and rarely pay ATM use fees - even in Mexico - though we have no way of knowing which machine in Mexico gives us free access. I said before - we always get our cash at a Cajero Automatico (ATM) at a bank location - during business hours - in the event anything goes wrong we can go in and get help.

We find not only do these machines give the best rate of exchange but they usually charge the lowest fees. As far as rates - in our experience the bank location ATMs give the best exchange rate - we see the rate posted on signs at the bank but when we get our cash we get an even better rate from the ATM.

Our GPS does tells us where some banks are but does not have them all.

[Wm_Elliot]

Don't credit unions have the best rates?

[almcc]

Kidoo wrote:
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.

When we were going to Mexico I opened a Scotiabank account here in Canada and I accessed a few of their ATM's at bank branches in Mexico to get funds from the Canadian Scotiabank account. I didn't check but I probably saved ATM fees although I was at the mercy of Scotiabank's exchange rates.

[Kidoo]

I just checked Knightbrige. They do no sell Mexican Pesos.

Their rate of exchange on the US dollas at 1.318 is a bit better than scotia at 1.346. But you have to have a US account at another bank. Tangerine as the same setup and their rate is 1.33.

[almcc]

As a Canadian you may want to try Knightsbridge foreign exchange, they have great rates on C$ to US$ conversions and it looks like they exchange other currencies as well.

[Talleyho69]

Do your homework with your card holders, and consider changing them if you don't get free services.

Like everyone has said, use an ATM with your ATM card to get pesos. You will get the best rates.

We live our lives on credit cards, and do so in Mexico, too. Problems occur occasionally, anywhere in the world, but your credit card issuer will take care of you. It's the LAW!!!

Love Mexico, use all of our cards, 6+ months a year.

Would you pay the fees to get cash on a credit card in Canada or the US? If so, do it in Mexico, too.

[qtla9111]

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.

[Kidoo]

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.

[navegator]

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

[lc0338]

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