This article is based on my experiences traveling to Mexico and other countries. I believe it will work the same way anywhere in the world
Decline ATM exchange rates and try to avoid ATM Fees. Read detail ⬇️
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FYI … scroll down for ATM location in different cities
One time , on my trip to Tulum - I impulsively decided to get a tattoo and spent all my cash to pay the artist. The next thing I know, it’s pretty late in the night, I haven’t had any food and am super hungry, there are only a few taco places open around and they accept only cash !!! I was lucky to find that last $10 in my car ( which I had saved for any unexpected parking / gas) - and used it for a decent taco meal. I also realized that in that transaction, I got $7.5 worth for my $10!
One thing that I have learned in all my travels is to always carry some local currency - in case of any mishaps or emergencies. But did you know that on a average you will pay 5% to 10% more in exchanging your money to Local currency. I bet you didn’t add that to your trip budget! Did you ? 🤨
Well here’s some info that will help you to minimize your cost of Money.
Pesos for Mexico When in Mexico, it’s recommended to pay for your purchase and service in the local currency using Peso. Though many places , specially around Cancun , still accept other currency like USD etc but what you get for your dollar is quite less than the current exchange rates. I have been offer 17 peso to a dollar when the bank rates were about 20 peso / dollar. The difference seems to be small but quickly adds to a considerable big number during the trip - So how do you plan for carry peso from where your a visiting
Get Peso from your local bank
Most banks in United States and other countries offer foreign currency - delivered to your local branch or shipped home. It’s a good idea to get some starter money ( to cover some expenses in the start of your journey). This process may take more than week so plan ahead in time. Keep in mind that there are certain custom laws in each country on how much cash you can carry with you!!
2. Sending Peso Online
If you need to make any prepayments where the receiver does not accept credit cards or bank transfers, you can use apps like Xoom by PayPal. All you need is to provide receivers name, address, bank account details. They may cost you a couple of dollars in fees but will give you a decent exchange rate. I was able to get an exchange rate of 20.09 including fees, when the bank exchange rate was a little shy of 21/dollar. There are also others apps like Revolut, Westernunion and cashapp
3. Get Peso from ATM
Like many of you , I was initially hesitant to use a ATM machine in Mexico- but if you are careful - it works like a charm. Try to use a machine during normal day hours. Look around , if you see a few people already using it - it’s mostly safe. Avoid machines which are in some remote locations or during late hours. If the ATM’s are in a big store like chedraui or in a bank location- it’s always safe to use
3.a Avoid ATM exchange rate…
This is the key in using ATM in Mexico. All ATM machine will offer to use it’s exchange rate - “DECLINE” this offer - they usually have lower exchange rates that the office bank rates. To give you an example, a got an exchange rate of 17.88 to a dollar with the ATM’s exchange rate and on the same day , got a rate of 20.25 when I declined the ATM exchange rate. Most ATM will show this question- all you have to do is hit DECLINE.
3.b. Avoid ATM fees
Several banks offer rebate or reimbursement of the ATM fees , which could be anywhere between $5 to $15 per transaction. I used my chales Schwab debit card - they reimburse all ATM fees around the world. Its very easy to open and fund Charles Schwab account online. I have heard that Capital one - 360 has ATM fees waived off as well. As long as you are using any such card - you’ll get your ATM fees back
Note the ATM fees / commission, Exchange rate ( The bank rate on that day was 20.40) and the Mark up!
ATM machines in Huatulco, Oaxaca . There have about 4 - 5 ATM’s located in Chedraui from different banks like Scotiabank , Santander, HSBC and BBVA
There is also a bank location close to Chedraui, near the market in Holiday Inn and in La Crucecita
ATM in Puerto Escondido
LA Punta - None
Zicatela- Front of sunrise beach club
Centro - Chedraui and HSBC
ATM in Mazunte
I saw a couple of Machines on the way to San agustinillo but they were in a poor condition and I didn’t want to
risk using my card here!
ATM in Tijuana
There a only a couple of ATM's in Tijuana centro and if possible try to get peso from your Local Bank in USA or get the exchange at the kiosks before crossing the border if coming by land. There is a Scotiabank ATM right behind the coffee shop - Baristi OR in the caliente Casino. Please note that the Scotiabank ( behind the coffee shop) does NOT allow to decline ATM exchange rate so the only option is to go the casino - which usually runs out of cash in the evenings on peak days - better to go here in the mornings
The process , fees and decline of exchange rate is the same in other countries like Colombia
ATM in Getsimani ( Cartagena, Colombia)
Right outside the park between Getsemani and the walled city , next to cocina de Socorro on Calle 24 - there is an ATM , no lines and good rates. And if you go a bit further , there is an Bancolombia Cajero ( ATM) - usually big lines and I never was able to get any $ from here.
ATM in Pablado , Medellin, Colombia
There are several ATM's opp to Parque de El Pablado on Avenida EL Pablado and Calle 9.
4. Money Exchange from Authorized centers
You will find many authorized money exchange centers at most Mexican Airports and in major tourist locations like Tulum or Playa Del Carmen etc. It’s easy to exchange money here as long as you have your Passport and your money in cash ( USD’s). At times you can score a better rate with larger bills like the 100$ USD as against lower denominator like 20$ bills. The exchange rate is lower than the bank’s rate , about a 1-2 peso per dollar ( you may get 19 peso a dollar when the bank rate is about 20.5 or 21 peso per dollar)
In Europe, The money exchange centers charge an additional “Commission”
amount so be mindful and Always ASK how much will you get for 100
5. Use your credit card with no foreign exchange fee
Many credit cards today offer “no foreign currency exchange fee”. Using these cards to make the payment will give you the best exchange rates and no fees! Please note - not all business accept credit cards OR in remote places, the lack of good internet may interrupt the charging of cards and leave you stranded if you do not have any other form of payment
Its also recommended to pay the tips in local currency
Overall I found it convenient to follow a combination of this methods
Get a small amount from your local bank before the start of the trip
Use No fee ATM card to get additional cash as required
Use credit card with no foreign exchange fee at high end establishments, Hotels and paying big amounts
And if you have any additional or new info, please do let me know and I can update my post here!
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