Getting Clear on $ Exchange Options - Help!
Greetings - We're heading to Zihua/Barra in a couple of weeks and have been tracking the issues with ATMs, exchanging currency, ATM cards with chips not being accepted in ATM machines, etc....We've always brought a few hundred dollars in US currency and exchanged it when in Zihua and then just used ATM machines at Banomex or ScotiaBank to get pesos. We did this for safety, convenience, and good exchange rates.
Here are our questions:
We now have debit cards with chips embedded in them. Will they even work? If yes, where?
We don't have a bank account/ATM card with a Mexican bank. We're only here for a week's vacation. Can we withdraw money in pesos without a problem?
If we can withdraw money using our chip debit cards, where is the best place to do so in Zihua? Is it possible to withdraw US$250 or so per transaction?
If we can't do the above successfully, should we bring a bunch of US currency and then exchange it? Where can we do this, if we don't have a bank account?
Is it better to just get a ton of pesos here in the US and then bring them along?
Thanks much, just noodling over old posts and threads and trying to figure out what we should do.
Muchas gracias! Jackie M
RELAX!!!!!!
by Talley Ho 
, Playa la Ropa, Tuesday, February 17, 2015, 20:17 (4212 days ago) @ JackieMarvel
At the airport, as you come out, turn left. There will be 3 ATM's. Choose one, take out up to your limit at home. Then, if you need more, use an ATM again. No need for USD, or Canadian, they are difficult to exchange and you won't get a good rate.
When at Comercial, Merza or other grocery type stores, use your credit cards, assuming you don't have a foreign transaction fee. If so, use the pesos you got at an ATM.
Unless your home bank has an agreement with a bank here so you won't pay a small fee, it doesn't really matter who's ATM you use. You will get a great rate.
Welcome to Zihua, have a great time, don't sweat the little stuff, and it's all little stuff!
RELAX!!!!!!
by NJS , Tuesday, February 17, 2015, 20:35 (4212 days ago) @ Talley Ho
We just returned. Got pesos at Scotiabank and a place next to Banamex. No problems at all. Only thing you need to do is find out what your bank limit is for the ATM and be sure that you notify them that you will be in Mexico and the dates. It's not that big a deal. ATM is easier that trying to deal with US cash. Enjoy and don't get all hung up on the exchange rates. Remember a peso is only around 6 or 7 cents and it's not worth shopping the rates to save a few cents when you are not going to be there for long. Have fun!!!
Getting Clear on $ Exchange Options - Help!
Greetings - We're heading to Zihua/Barra in a couple of weeks and have been tracking the issues with ATMs, exchanging currency, ATM cards with chips not being accepted in ATM machines, etc....We've always brought a few hundred dollars in US currency and exchanged it when in Zihua and then just used ATM machines at Banomex or ScotiaBank to get pesos. We did this for safety, convenience, and good exchange rates.
Here are our questions:
We now have debit cards with chips embedded in them. Will they even work? If yes, where?
We don't have a bank account/ATM card with a Mexican bank. We're only here for a week's vacation. Can we withdraw money in pesos without a problem?
If we can withdraw money using our chip debit cards, where is the best place to do so in Zihua? Is it possible to withdraw US$250 or so per transaction?
If we can't do the above successfully, should we bring a bunch of US currency and then exchange it? Where can we do this, if we don't have a bank account?
Is it better to just get a ton of pesos here in the US and then bring them along?
Thanks much, just noodling over old posts and threads and trying to figure out what we should do.
Muchas gracias! Jackie M
Cards with chips do work in the ATM machines. Just follow the directions. You can withdraw whatever amount your bank says you can withdraw. My bank allows $500 USD
so I can usually get $7,000 pesos when I withdraw. I usually use my card at Scotia Bank. If you have a problem there the security guard speaks very good English and is willing to answer questions you might have. Cards with a chip work differently than those without and some of those people having problems do not read or understand Spanish so do not know what the message that keeps repeating is telling them. It tells you to leave your card inserted until it tells you to remove it.
Using US dollars at Comercial Mexicana gets you the very best exchange rate and they give you change in pesos. I have several friends who always do that so they get the good rate and and then have pesos when they get their change.
Getting pesos in the US will work but you do not get the same good exchange as you do using an ATM. Bring US dollars with you is fine, but to exchange you usually need your passport and a copy of it to leave with the bank. Several banks are not exchanging now. Scotia Bank is still exchanging but it is only $300. USD per day.
I have been here since December and have never had a problem getting money from the ATM or a problem using dollars to pay at Comercial Mexicana.
Good luck.
Getting Clear on $ Exchange Options - Help!
by B&S , Wednesday, February 18, 2015, 08:04 (4212 days ago) @ LadyM in Zihua
Do not get pesos in the USA. Friends here now decided they needed to arrive with pesos (against our advice) and paid about US$600 for 7500 pesos at their USA bank. That same 7500 pesos would have cost them a touch over US$500 at an ATM here. Big penalty!
Four easy steps
1) Contact the financial institutions of any/all cards you will bring to Mexico - charge and debit- and notify them of your travel plans
2) Use debit cards to withdraw cash from ATM's. Use charge cards where accepted.
3) If you bring any US currency as back-up make sure all bills are of latest vintage/design with no tears or markings as any imperfections may result in bill being refused
4) Enjoy your trip, ATM access and use is a non-issue if you follow 1 & 2
Four easy steps
by Paulf , Mount Sterling, Ky 40353, Wednesday, February 18, 2015, 09:01 (4212 days ago) @ CalBear
My bank charges a small foreign transaction fee, I'm reimbursed for any bank fee. We use a Chase United Frequent Flyer CC that does not charge any foreign transaction fees. Years ago had a C-1 that charged the transaction fees and I could not believe how much they charged when we got our statement. We use our CC for hotel and any restaurants that take CC's. Using the ATM for small purchases really works great. Before we leave, we hit a ATM to get Pecos to take home with us so when we land don't have to hit a ATM (the Pecos goes in the envelope with our reservations for the following trip down- been doing this for a couple of years after reading the suggestion here on the BB).
Four easy steps-point two
by Timmac , Steilacoom, WA, Wednesday, February 18, 2015, 09:36 (4212 days ago) @ CalBear
1) Contact the financial institutions of any/all cards you will bring to Mexico - charge and debit- and notify them of your travel plans
2) Use debit cards to withdraw cash from ATM's. Use charge cards where accepted.
3) If you bring any US currency as back-up make sure all bills are of latest vintage/design with no tears or markings as any imperfections may result in bill being refused
4) Enjoy your trip, ATM access and use is a non-issue if you follow 1 & 2
Unless your credit card does not tack on a foreign transaction fee, you're better off paying with Pesos, which you hopefully got with an ATM card that does not add a foreign transaction fee.
Four easy steps-point two
From an exchange rate standpoint paying in pesos is always the best way to go, if you have enough pesos. Several reasons to use credit cards, including safety and recourse in event of later dispute with merchant. CC companies get their mark-up from you, either with fees or with exchange rate, sometimes both. I have always found ATM withdrawal to have best rates and ease of use. Vacations, like life, are too short to sweat the small stuff; hit the ATM, get pesos and get on with the trip.
Four easy steps-point two
by Paulf , Mount Sterling, Ky 40353, Wednesday, February 18, 2015, 14:08 (4211 days ago) @ CalBear
I have found the credit card exchange to be the best- the exchange rate is based on the day the charge is made- with the exchange rate fluctuating day to day it will be different from day to day. My Chase United card has been better than the ATM- saw it in Europe last year and in Mexico Jan/Feb this year. We try to use our credit card when ever possible- I will say it was hacked at one of the restaurant's on the strip in "Z". We did not have Pecos to pay for dinner and found a restaurant that took a cc- the only purchase except paying our hotel bill. There were 2 charges made in Cal at a gas/convenience store, 1 for gas and 1 for food with a card. We had notified Chase of days in Mexico and the charges were made on the day we got back to the states.
Four easy steps-point two
"..........We try to use our credit card when ever possible- I will say it was hacked at one of the restaurant's on the strip in "Z"...."
There's the best reason of all for not using a credit card. And your experience doesn't seem to be all that rare down here.
My ATM pesos have never been hacked.
Four easy steps-point two
Credit Cards
by Talley Ho , Playa la Ropa, Wednesday, February 18, 2015, 16:52 (4211 days ago) @ Paulf
We have also found that the credit card exchange is the best, as long as you are NOT paying any fees for foreign use. We also have 1.5% cash back cards.
Hacking? Unfortunately, it happens all the time. First time for us, 50% of the Capital One cards were compromised. We were in Zacatecas, and they paid for our RV park fees for the 6 days it took to get the cards delivered to our coach. Since then, when it happens, we ask. The standard response is that it doesn't matter where you use it, it's a case of the odds. Look at the issues at Target, Lowes and Staples in the US. In our case, they have always caught it before us. For those of us that travel a lot, it's good to have two different cards just in case "stuff" happens.
We were last hacked 4 weeks ago. Our new cards were FedEx'd to us here, in 4 days, at no charge to us.
Credit Cards
If your ATM card has a Visa logo you are getting the same exchange rate as a Visa CC. Fees will vary depending on your bank but the rate will be the same.
Credit Cards
by Paulf , Mount Sterling, Ky 40353, Wednesday, February 18, 2015, 18:33 (4211 days ago) @ Tess
The ATM exchange rate depends on which bank you use to make a withdrawal. I have a bank ATM debit card and my bank is not a member of any Mexican banks. For me, the rate posted by the ATM may not be the rate I receive when making a withdrawal when checking my account.
Credit Cards
Paulf, I do not believe that the rate posted on the windows has anything to do with the rate you are getting from the ATM. The rate posted is the rate the bank will give you when you are exchanging dollars to pesos in their bank..and even that can be a little off from when they put the numbers up.
To check on this one day I took $1000 pesos out of three different bank ATM's here in Zihua. Each one of my withdrawals was exactly the same amount coming out of my account. I took money from Banomex, Bancomer, and Scotia. Try it yourself.
Credit Cards
Paulf, I do not believe that the rate posted on the windows has anything to do with the rate you are getting from the ATM. The rate posted is the rate the bank will give you when you are exchanging dollars to pesos in their bank..and even that can be a little off from when they put the numbers up.
To check on this one day I took $1000 pesos out of three different bank ATM's here in Zihua. Each one of my withdrawals was exactly the same amount coming out of my account. I took money from Banomex, Bancomer, and Scotia. Try it yourself.
If the info's still there, I could try digging through the archives, but I did the same thing last year, with entirely different results. Not only was the ATM service fee different at the three bank ATM's I tried, but so was the currency exchange rate.
Maybe your card has a VISA logo? If Tess is correct, you might expect to have the same currency exchange rate used at three different banks.
For the test, I used my Scotiabank debit card, which does not have a VISA logo, but is affiliated with the "PLUS" network.
(My card does have a "chip", if that's still a question for some people.)
If anyone can figure out how the service fees and currency exchange rates REALLY work, more power to ya. I can't.
atm vs debit cards
Apples and oranges
ATM Card vs Debit Card: The Differences You Need To Know
Posted by CreditCardGuru
Q: Why do some people call them debit and others say ATM cards? Are they the same thing or are there differences between the two?
A: Like you said many refer to them as one and the same. The truth is they are quite different.
What are ATM cards? These operate over a network of different banks connected together. Look on your card to find out which network(s) it can access: STAR, LINK, Cirrus, PULSE, PLUS, Interswitch, Interac. You will know you are making an ATM purchase/transaction because when you do so, you will be required to enter your PIN.
What are debit cards? These are much more common. You have the ATM capability mentioned above, as well as the ability to make purchases without a PIN over the Visa or MasterCard network, processed the same way as a credit card transaction (that’s why you have to select “credit” instead of “debit” to do this).
atm vs debit cards
by Paulf , Mount Sterling, Ky 40353, Thursday, February 19, 2015, 11:47 (4211 days ago) @ Tess
My card is a Money Market ATM and only has the bank Logo on the front- I only transfer money into the account as needed because if using a bank debit card and you have over draft protection, if the card is hacked the account can be drained. Kathie got caught by ordering a magazine subscription not reading the fine print and music charges showed up against her account she did not order- a group of bank customers had music down loaded against their DC and so the bank made good on the music but not her over draft( they told her never use her DC on line).
atm vs debit cards
by bob/medhat , medicine hat, alberta, Thursday, February 19, 2015, 21:51 (4210 days ago) @ Paulf
Of all the members posting on this board is there not someone that works in the bank industry that can clarify all this for us?
atm vs debit cards
Apples and oranges
ATM Card vs Debit Card: The Differences You Need To Know
Posted by CreditCardGuru
Q: Why do some people call them debit and others say ATM cards? Are they the same thing or are there differences between the two?A: Like you said many refer to them as one and the same. The truth is they are quite different.
What are ATM cards? These operate over a network of different banks connected together. Look on your card to find out which network(s) it can access: STAR, LINK, Cirrus, PULSE, PLUS, Interswitch, Interac. You will know you are making an ATM purchase/transaction because when you do so, you will be required to enter your PIN.What are debit cards? These are much more common. You have the ATM capability mentioned above, as well as the ability to make purchases without a PIN over the Visa or MasterCard network, processed the same way as a credit card transaction (that’s why you have to select “credit” instead of “debit” to do this).
Very confusing. Why would I choose a "credit" transaction if I want the funds to come out of my account, (i.e. a "debit" transaction)? Normally, if you use your credit card to withdraw funds, the interest charge meter starts running the second you make the withdrawal.
Credit Cards
by Talley Ho , Playa la Ropa, Thursday, February 19, 2015, 22:18 (4210 days ago) @ HolyMole
We use our credit cards whenever possible. Why? We get 1.5% cash back, even internationally. Without a balance, there are no charges whatsoever until the due date. Since we have our cards on automatic payment, full amount every month, we are ahead by 1.5% and don't have to do anything other than look at our statement regularly.
Let's be specific: We are leaving here the 23rd of February. Our billing period ends the 21st of February. That means that we don't have to pay for the gas it takes us to drive out of Mexico until the 18th of APRIL, and we still get 1.5% back. It's not much, but it all helps. Gives us time to work and make some money before the card is paid.
Money management takes some time and understanding, but does not have to be anything that costs.
Credit Cards
We use our credit cards whenever possible. Why? We get 1.5% cash back, even internationally. Without a balance, there are no charges whatsoever until the due date. Since we have our cards on automatic payment, full amount every month, we are ahead by 1.5% and don't have to do anything other than look at our statement regularly.
Let's be specific: We are leaving here the 23rd of February. Our billing period ends the 21st of February. That means that we don't have to pay for the gas it takes us to drive out of Mexico until the 18th of APRIL, and we still get 1.5% back. It's not much, but it all helps. Gives us time to work and make some money before the card is paid.
Money management takes some time and understanding, but does not have to be anything that costs.
Sounds good to me. But does you card have an annual fee? Our experience is that the currency exchange rate charged was very similar, whether we used our debit card OR our credit card.
(Incidentally, we stopped using our credit card in Los Cabos as soon as we discovered that most businesses added a 10 or 12 % charge for the "privilege" of using a credit card. When we returned to Canada, we complained to both VISA and MASTERCARD, who both insisted that it was a violation of the credit card agreement for any merchant to impose any additional charge for using a credit card. We suggested that the merchants in Los Cabos must have missed that memo.)
Credit Cards
by Talley Ho , Playa la Ropa, Thursday, February 19, 2015, 22:28 (4210 days ago) @ HolyMole
Nope. No fees for international use, either.
Credit Cards
by Paulf , Mount Sterling, Ky 40353, Friday, February 20, 2015, 06:31 (4210 days ago) @ Talley Ho
We a have 2 United Air Miles through Chase, 1 a MC and a Visa that has all the auto payments on so if the MC is hacked we don't have to make all the phone calls( Sam's Club here only takes MC and Discover). Yes we do pay the membership fees on both but using the cards for both home and business the air miles add up. We used the air miles last year for 2 r/t to London and 2 r/t to "Z". We find the air miles perks are worth the membership fees- there is no International Fee like some. Here in Lexington we are limited to which air line to use to fly to "Z" and have found United is the best using either Louisville or Cincinnati airport if we don't won't to drive to Chicago. When Mexicana was flying their air miles card was the best for miles and seats available.
Credit Cards
Talley Ho, everything you say is correct as long as you do not use your "credit" card for a cash withdraw which is a "cash advance" in which case interest is charged starting that day. In addition, a cash advance does not qualify for the 1.5% cash back. ATM or Debit cards are tied to a checking or savings account and some bank cards may be set up to act as either a debit card or a charge card, in which case you are asked by the merchant as to what type of transaction you are choosing for that purchase. Debit, meaning the funds are electronically take from you bank account immediately, or charge where they are payable upon your next charge card statement.
I don't know about Canada, but as for the US, this thread either would never have started or would have been only 2 responses long if our schools, starting with primary and continuing through college, taught finances and more basic (non electronic math. Tourists might even be able to figure currency conversion rates with using a calculator or counting on their fingers.
Spot on
by midalake , Friday, February 20, 2015, 08:21 (4210 days ago) @ Dabuilder
Talley Ho, everything you say is correct as long as you do not use your "credit" card for a cash withdraw which is a "cash advance" in which case interest is charged starting that day. In addition, a cash advance does not qualify for the 1.5% cash back. ATM or Debit cards are tied to a checking or savings account and some bank cards may be set up to act as either a debit card or a charge card, in which case you are asked by the merchant as to what type of transaction you are choosing for that purchase. Debit, meaning the funds are electronically take from you bank account immediately, or charge where they are payable upon your next charge card statement.
I don't know about Canada, but as for the US, this thread either would never have started or would have been only 2 responses long if our schools, starting with primary and continuing through college, taught finances and more basic (non electronic math. Tourists might even be able to figure currency conversion rates with using a calculator or counting on their fingers.
atm vs debit cards
Very confusing. Why would I choose a "credit" transaction if I want the funds to come out of my account, (i.e. a "debit" transaction)?
Because you don't have to use your PIN. You sign for the bill, like I do at CM (where they want to see my ID for over 500 pesos) or, say, if I used my card at Coconuts for drinks and tapas.
