Buying Pesos from Chase Bank

by Las Vegas Bob, Friday, December 22, 2017, 18:50 (30 days ago)

I converted $500 US To MX Peso and received 9150 MX peso (worth $463 US) = $37 conversion fee = 7.4%. Pretty high price to pay for the convenience of not having to use an ATM machine (malfunction/card chewing) at the airport or in town but then again it's not too bright to be carrying that much cash around. But I live in Las Vegas so I must be a gambler.

Buying Pesos from Chase Bank

by midalake @, Friday, December 22, 2017, 20:59 (29 days ago) @ Las Vegas Bob

I converted $500 US To MX Peso and received 9150 MX peso (worth $463 US) = $37 conversion fee = 7.4%. Pretty high price to pay for the convenience of not having to use an ATM machine (malfunction/card chewing) at the airport or in town but then again it's not too bright to be carrying that much cash around. But I live in Las Vegas so I must be a gambler.

First off. Lets be honest with the readers here. The machine that "malfunctions" is rare. Also the machine that takes your card in fully is almost nonexistent. So many of the readers should NOT give their hard earned money away. I come down with two different ATM cards and do not think twice.

D

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Buying Pesos from Chase Bank

by Talley Ho @, Friday, December 22, 2017, 21:47 (29 days ago) @ midalake

YES!!!

We live here and travel internationally regularly. We ALWAYS use ATM's for our cash. Once, since ATM's started in the 1980's, we had an issue, the machine was out of cash, it recorded that it paid us. One single phone call to (gag, no longer use them) Bank of America, and all was well.

Modern technology is wonderful! Relax, enjoy your vacation, and get the best rate out there without worrying about details.

Buying Pesos from Chase Bank

by h4Dan, Saturday, December 23, 2017, 01:20 (29 days ago) @ Talley Ho

A few years ago my wife used the ATM inside Santander bank and it kept the card. It was after hours so the bank was closed and when we got back to our bungalow in la Madeira and checked on line her card had been used at a gas station on the way to Acapulco. We called and canceled the card but it was a PIA.

That said we still always use ATMs where ever we go

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Buying Pesos from Chase Bank

by frostbite ⌂ @, Hamilton MT, Saturday, December 23, 2017, 08:29 (29 days ago) @ Las Vegas Bob

Buying foreign funds at US banks gives the worst exchange rate. We always use ATMs.

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[image]
http://www.casa-amarilla-zihua.com

Buying Pesos from Chase Bank

by Paulf @, Mount Sterling, Ky 40353, Saturday, December 23, 2017, 08:44 (29 days ago) @ Las Vegas Bob

We started using a debit card when ETrade offered a no fee card and if a bank charges a fee for being out of network we are reimbursed for the fee. We have used our card all over the world with no problems- we are charged a small conversion fee when out of the States. Funny thing we arrived in England early and decided to hit the ATM at the air port. I with drew $500.oo US because we would be driving for 6 days and wanted cash. A couple of minutes later I had a call on my cell phone (800 number), normally I don't answer but this morning I did. It was ETrade wanting to know if I had just made a withdrawal and was I in England. My normal withdrawals are under $200. They knew I was in England but this was not a normal amount for me. We keep a small amount in our debit card money market account and transfer money from savings as we need to. Lot better than the old way of carrying American Express Checks.

Buying Pesos from Chase Bank

by Gringo Viejo @, Kansas/Zihuatanejo, Saturday, December 23, 2017, 09:12 (29 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.

Buying Pesos from Chase Bank

by K&B, Saturday, December 23, 2017, 09:30 (29 days ago) @ Gringo Viejo

Why is the airport atm not good?

Buying Pesos from Chase Bank

by DaveT, Saturday, December 23, 2017, 09:40 (29 days ago) @ K&B

We typically are in Z for 2-4 weeks. Before leaving I convert $125 USD into Pesos. All 20 & 50 peso notes. It might mean paying about the price of two beers for the for the conversion but it is sure as hell easier than breaking 500 peso notes.

While in Mexico we then use ATMS.

The smaller bills are typical for taxi's..tips...and small purchases.

And yes.................what's the problem with the Airport ATMS?

Last month I used the ATM there at the airport and the next day I used Scotia bank ATM in town. Took the same amount out of each and my bank reconcile was the same for both and the fee's were the same at each machine!

Buying Pesos from Chase Bank

by Gringo Viejo @, Kansas/Zihuatanejo, Saturday, December 23, 2017, 11:00 (29 days ago) @ DaveT

Every bank is different. Your bank fee for pesos before you leave may or may not be a good deal. For example, about a year ago B of A had a minimum charge of $35 for USDD/pesos BUT if you exchanged $1,000 there was no fee BUT there exchange rate was low.

I use Scotia Bank and a B of A debit card. I get a pretty high rate of exchange BUT they charge 3% bank fee which shows up as a separate bank charge. Even with this charge I have done "same day" transactions at the airport ATM and the Scotia Bank at Commercial Mexicana and got the best rate at the CM ATM.

Every bank and every ATM and every day can be different BUT for the average visitor the bottom line "out the door" difference for any of the ATMs with a major bank is very little.

I always confirm the fare for a taxi ride before I get in the taxi AND I confirm the driver has change. It is an old scam to say "No cambio (I don't have change) at the end of the trip when you offer a 50 peso bill for a 40 peso trip.

Buying Pesos from Chase Bank

by Greg in Rocky Mountain House, Alberta, Canada, Saturday, December 23, 2017, 09:56 (29 days ago) @ K&B

It's ways best to use a bank ATM. If per chance it does devour your card (I had this happen at a bank in Zihua) then you can go into the bank and retrieve the card without too much hassle. A stand alone ATM machine is a different story. Also be sure to sign the back of your debit card. I could never figure out why one would have to sign a debit card until the ATM ate mine. They retrieved the card for me but were unable to return it because I had not signed the card and they could not verify my signature. I had other ID with me but it wasn't sufficient. No signature - no return. Card was sent to Mexico City to be destroyed. :-|

Buying Pesos from Chase Bank

by Gringo Viejo @, Kansas/Zihuatanejo, Saturday, December 23, 2017, 10:45 (29 days ago) @ K&B

It is OK but the rate is a bit lower; it is not a bank ATM and will charge for the service just like an independent operator anywhere.

Buying Pesos from Chase Bank

by DaveT, Saturday, December 23, 2017, 10:53 (29 days ago) @ Gringo Viejo

Isn't the Scotia Bank ATM at the bank the same as the Scotia Bank ATM at the Commercial or the Airport.

Easy way to make sure you card doesn't get nailed by a thief is write "See photo ID" with a Sharpie on the signature line on the back.

Buying Pesos from Chase Bank

by Paulf @, Mount Sterling, Ky 40353, Saturday, December 23, 2017, 11:14 (29 days ago) @ Gringo Viejo

We have found out using the credit card, you get a better exchange rate- you get the rate for the day the card is processed. Using a debit card,2 banks can be across the street from each other and have a different rate. Who knows how the banks set their daily rate. We use the credit card more and more for 2 reasons, we don't need as much cash and helps generate more air miles for our flights.

Buying Pesos from Chase Bank

by Zbulldog @, Saturday, December 23, 2017, 11:48 (29 days ago) @ Paulf

Paul, do taxis and small restaurants take credit cards?

Buying Pesos from Chase Bank

by Paulf @, Mount Sterling, Ky 40353, Saturday, December 23, 2017, 14:20 (29 days ago) @ Zbulldog

No taxis and only a few small restaurants. That's the reason we go to a ATM for Pecos. We just use a card when we can and save on going to a ATM.

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Using Credit Cards in ATM

by Pelicano, Saturday, December 23, 2017, 11:58 (29 days ago) @ Gringo Viejo

It's best to check with your credit card issuer before taking cash from an ATM. Many cards treat that as a cash advance, and interest accrues as soon as it's posted to the account. There may also be hidden fees in addition...


:vivamexico:

Using Credit Cards in ATM

by Paulf @, Mount Sterling, Ky 40353, Saturday, December 23, 2017, 14:59 (29 days ago) @ Pelicano

Most of the small US Banks charge fees for both credit & debit card. Years ago we had a Mexicana Air Miles Card through BofA. We did not know that there would be International Charges for each time we used the card in Mexico. After that experience we searched for a card that could use in Mexico without all those fees. Now, we have been using a United Air Miles with Chase. We started out with a MC before the merger and then they offered us 50,000 air miles if we got a Visa. We are still using the MC which was good at Sam's Club before they started taking Visa. During the summer Kathie was offered a 50,000 Visa for her separate air miles number. She received it and we met the spending and received the 50,000 air miles- had enough for 2 1-way to Poland in Sept. I did not have enough on my account and had to purchase extra air miles.

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Buying Pesos from Chase Bank

by ZihuaRob ⌂ @, Zihuatanejo, México, Saturday, December 23, 2017, 14:37 (29 days ago) @ Las Vegas Bob

You did fine, Tocayo. You got a terrible rate but you've got your pesos and you won't need to fool around in the airport or a bank when you first arrive. Save some pesos when you leave so you'll have them next time you come to visit.

¡Diviértete y saludos!

Buying Pesos from Chase Bank

by Paulf @, Mount Sterling, Ky 40353, Saturday, December 23, 2017, 15:31 (29 days ago) @ ZihuaRob

Before we leave for the airport on our last day, we stop at a ATM and get about $100 US and when we get home, put the money with our pass ports. Sure makes it easier on our first day return to "Z".

Buying Pesos from Chase Bank

by Las Vegas Bob, Saturday, December 23, 2017, 15:49 (29 days ago) @ ZihuaRob
edited by Las Vegas Bob, Saturday, December 23, 2017, 15:54

Gracias Rob. I wish my wife would see things my way so easily. Granado Saludos

Buying Pesos from Chase Bank

by victorio, Saturday, December 23, 2017, 17:02 (29 days ago) @ Las Vegas Bob
edited by victorio, Saturday, December 23, 2017, 17:10

Hola
My wife has a Scotia Bank account in Canada. When she uses the ATM at the Scotia Bank in Zihua here with her Scotia Bank debit card, there are no fees at either end. Can't say what the exchange rates are like.