Me again, from reading the different post, I see you need some cash to pay for different things like Autopista and some camping or else. What would be best way to buy Mexican Pesos? From a Canadian perspective if possible.I know they have Scotia Bank but is it easy to get to a bank, how to find it? Maybe I can exchange before crossing the border? Some places seems to have hidden fees like last time I was in Cancun, I got kind of ripped off from a machine, it ended up that I paid quite a bit more than the exchange rate.Thanks

Hi KidooGlad 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.

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.

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

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?

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.

What is the cheapest way to buy Mex Pesos? | Good Sam Community

navegator
Explorer
Jul 04, 2015
We have Citibank in the USA and get pesos at any Banamex, never a charge since Citi and Banamex are associated, other wise we use what ever bank is available in town, never at night.

Now if you really want cheap pesos, give me dollars and I will give you pesos, one dollar for one peso, cheap eight?

navegator
northsloper
Explorer
Jul 04, 2015
ATMs using a Debit at Mexican grocery chains like a Soriana has always been the best exchange rate / least fee for us
Talleyho69
Moderator
Jul 01, 2015
Last winter, at least at Santander, we got the same rate at their ATM at both the bank, and across town at the Soriana.
Many banks will no longer exchange for pesos inside of the bank.
briansue
Explorer
Jul 01, 2015
As far as I have been able to determine you will get the best rate of exchange at an ATM (cajero automatico) in Mexico at a bank location - not a kiosk at a Pemex or OXXO or just about anywhere else - only at a bank - and the banks all vary and at the moment I can't recall which bank gave us the best rate. Sometimes there is not choice. Even if you go into the bank where the machine is located you will not get the same rate as the machine - I assume there is some kind of human interaction fee that is not charge when you use the machine.
silversand
Explorer
Jul 01, 2015
Kidoo wrote:
I just checked today at my bank. The rate here at the bank is 11.24 but the today's rate on the money market is 12.66

The reason for this 'spread" is that you are a retail buyer/exchanger of currency. As a retail buyer/exchanger of foreign currency, you have no choice but to buy/exchange through what is called "a broker". Banks buy and sell currencies between themselves, and account for the World's largest traders of currency. So, when a bank wants to buy/sell currency, they will never go through a "broker", but will do something called "interbank" dealing, or direct transactioning. Unfortunately, for the ~~ 5+ billion individuals of the world who are not owners of banks, we all have to grovel with the myriad "currency brokers" of the world, who will skin you alive (ie. take seemingly large commissions on your transaction). There is NOTHING you can do about it.....unless(!) you are dealing with tens of $millions, hundreds of $millions, $billions, or $trillions in currency (ie. between banks or as a national treasury of any particular country).

The reference exchange rates published by all the financial institutions, is called the "daily reference exchange rate". This is done at fixed times during the day by what are called "Central Banks", using a complex formula (usually based on extremely high volumes of currency buying)...

So, we lowely peons who exchange pennies (metaphorically speaking) are relagated to dealing with currency excange brokers. Currency exchange brokers come in hundreds of flavors; among them: street exchangers, retail banks, ATM machine owners, street-corner exchange kiosks, etc, etc, etc, etc, etc...
Talleyho69
Moderator
Jun 30, 2015
At an ATM in Mexico!!!
Kidoo
Explorer
Jun 29, 2015
I just checked today at my bank. The rate here at the bank is 11.24 but the today's rate on the money market is 12.66. For 500 can. Dollars I get only 5620 pesos, if they would use the market currency, I would get 6332 pesos.

Anyone knows where I could get a better rate for my Canadian loonie?
briansue
Explorer
Jun 21, 2015
I think it all depends on the card issuer in many cases - could also depend on the merchant in many cases. We have found our credit cards get charged the international fee. Our debit cards usually do not get charged a fee. We go to banks and use their cajero automatico to get cash and pay for most things including fuel with cash - we get receipts for everything. Your debit or credit card may or may not do what someone else's does. All our cards are from a couple different credit unions. We have found we get the best exchange rate at most bank cajero automaticos. We never use kiosk type cajeros except in emergency.
moisheh
Explorer
Jun 21, 2015
Chris: Every bank accepts almost any debit cards for cash withdrawals. I was wondering if stores will accept Canadian and US debit cards for purchases. I will have to check with my Canadian bank to see if they charge extra to use your debit card in Mexico.

I just did a Google on this subject and it appears that the card is accepted BUT you will pay the foreign exchange fees. These are usually 2.5%. I still think cash is best. Use an ATM to get your pesos and pay cash.

Moisheh
qtla9111
Nomad
Jun 21, 2015
When I went to OXXO to buy the newspaper this morning, they had a brochure of all the services they provide from buying insurance, credit card payments, utility payments, money transfers and debit card withdrawals. They accept debit withdrawals from Santander and Scotia. If I'm not mistaken, those re popular banks with Canadians and they can make less expensive withdrawals at the branch ATMs in Mexico.

This next week, I am going to call the home office here in Monterrey to see if they will accept the Santander and Scotia card from the U.S. and Canada and if there are any charges.

It would be very convenient for rvers. More later. Open mind . . .

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