Buying Pesos from Chase Bank

by Gringo Viejo @, Kansas/Zihuatanejo, Saturday, December 23, 2017, 09:12 (360 days ago) @ Las Vegas Bob

IMHO as a long term visitor and now permanent resident ALL banks have subtle ways of being very expensive ways to buy pesos. They may or may not have a good exchange rate and then will have a foreign exchange fee. Or they may appear to give a good exchange rate but then have a fixed charge for the transaction. It is a complicated issue and is intended to be just that=complicated so you will have a difficult time knowing your "out the door cost".

GENERALLY speaking, you get a good exchange rate when you use your credit card, this is generally true for major credit cards issued by VISA and MC.

There are ways to get the "best out the door" rate such as TransWise, Western Union and bank-to-bank transfers HOWEVER these are not suitable for the average tourist.

If you are here for a visit just use an ATM for cash and credit cards for purchases especialy at large commercial stores. The smaller merchants MAY take a credit card but they pay a high price for the service and I hate to do that to them.

Bottom line: Use ATMs (check to see if your bank if affiated with a MX bank and ALWATS be prepared for unusual events such as yesterday when ScotiaBank ran out of pesos, even to withdraw from depositors. Their excuse: It is the busy season".

Avoid the Cambio exchange windows downtown (real Banditos). The airport ATM is not good but is very convenienent.

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