Pesos from ATM

[newt98]

has anybody done this lately? the exchange rate is about 14.7 to 1 right now. so if i go to withdraw 100 us dollars, would i actually get 1470 pesos?

[TheVegasMan]

Yes, the Mexican ATMs dispense Mexican pesos. And the amount you withdraw will be in pesos, not $$. So, if you want to take out about $100 worth, you'd choose 1400 or 1500 pesos.

[lcalle]

as i recall.. correct me anyone if im wrong.. they take dollars in cozumel...

 

if this is the case.. i would recommend having cash or using your card there as opposed to using any ATM either on the ship or in cozumel.

 

the exchange fees that your bank will charge you will make your jaw drop.

 

I am going on a cruise in 2 weeks and will be bringing cash and staying away from the atms

[MoCookies]

Unless you're going to be someplace that has specifically asked you to bring $ in pesos, there's really no reason to change your money. I've been to Cozumel numberous times, and the vendors seem to prefer US dollars. They'll occasionally give you your change in pesos though.

[sddiver]

Folks,

 

Some bad information and advice being given here.

 

Newt- yes you can get pesos from most any ATM on the island. I have for years. My bank in the US is a credit union. There is a chance yours won't work, but a remote chance.

 

lcalle - the opposite is true in regards to charge cards and ATM's. In Mexico there is a much bigger service fee to just use charge cards. Most vendors won't take them or will want to add a fee of 3-5% to cover what the banks charge them for the transactions. You will get a good exchange rate on the transaction, similar to ATM transactions.

 

ATM withdrawals get processed at the interbank rate in effect that day between your bank and the Mexican bank who owns the ATM. The current rate is 14.25 pesos to the dollar. So as noted earlier around 1400 to 1500 pesos is roughly $100. Depending on who your bank is and the ATM network(s) it is a member of you most likely will get a fee of a few bucks charged as well.

 

Here is why it can be a good idea to get pesos. The locals when they quote prices most usually use 10-1 as an exchange. So a 100 peso cab ride becomes 10 bucks. But if paid in pesos it is actually around $7. The $45 dollar lunch in pesos turns out to be about $31. So the bottom line is everyone takes dollars, but in doing so you can pay upwards of a 30% premium to do so. I guess it depends on your viewpoint if you think that's fair and or a good idea.

 

Personally I don't like paying 30% more for just about anything. Keep in mind there are certain purchases that may not take pesos. Dive shops, excursion companies ect may only except dollars for payment. If not sure ask them via email in advance if you can pay with pesos. Cabs, beach clubs,bars and restaruants all take pesos.

 

Either way, have a good time

 

Rich

[newt98]

Folks,

 

Some bad information and advice being given here.

 

Newt- yes you can get pesos from most any ATM on the island. I have for years. My bank in the US is a credit union. There is a chance yours won't work, but a remote chance.

 

lcalle - the opposite is true in regards to charge cards and ATM's. In Mexico there is a much bigger service fee to just use charge cards. Most vendors won't take them or will want to add a fee of 3-5% to cover what the banks charge them for the transactions. You will get a good exchange rate on the transaction, similar to ATM transactions.

 

ATM withdrawals get processed at the interbank rate in effect that day between your bank and the Mexican bank who owns the ATM. The current rate is 14.25 pesos to the dollar. So as noted earlier around 1400 to 1500 pesos is roughly $100. Depending on who your bank is and the ATM network(s) it is a member of you most likely will get a fee of a few bucks charged as well.

 

Here is why it can be a good idea to get pesos. The locals when they quote prices most usually use 10-1 as an exchange. So a 100 peso cab ride becomes 10 bucks. But if paid in pesos it is actually around $7. The $45 dollar lunch in pesos turns out to be about $31. So the bottom line is everyone takes dollars, but in doing so you can pay upwards of a 30% premium to do so. I guess it depends on your viewpoint if you think that's fair and or a good idea.

 

Personally I don't like paying 30% more for just about anything. Keep in mind there are certain purchases that may not take pesos. Dive shops, excursion companies ect may only except dollars for payment. If not sure ask them via email in advance if you can pay with pesos. Cabs, beach clubs,bars and restaruants all take pesos.

 

Either way, have a good time

 

Rich

 

that's what i was kind of thinking, the exchange rate is so good right now, that i can save some money by using pesos, i am just not that certain about the atm rate or fees. are there places to exchange the money at a bank or something like that, and if so, what kind of charges are there?

 

thanks for your help.

[lcalle]

I know that using your card in mexico can also incur a fee... but its better than withdrawing directly from an ATM in mexico or worse: on the ship.

 

I think bringing cash from the US. whether its converted to pesos or whether its just dollars is a better way to go.

[sarcasticgirl]

as i recall.. correct me anyone if im wrong.. they take dollars in cozumel...

 

if this is the case.. i would recommend having cash or using your card there as opposed to using any ATM either on the ship or in cozumel.

 

the exchange fees that your bank will charge you will make your jaw drop.

 

I am going on a cruise in 2 weeks and will be bringing cash and staying away from the atms

 

While I've never used an ATM in mexico, but I have in 7 other countries (mostly all in Europe) and I've never had "jaw dropping" fees. You'll be charged an ATM fee (if your bank does that) and a "currency conversion fee" which might add up to a couple dollars depending on how much you take out

if you use your bank card as a credit card, you'll still be chanrged a currency conversion fee.

 

check with your bank, find out the percentages they charge. in my 6 years of international travel i've never gotten anything big enough to make my jaw drop.

[sarcasticgirl]

that's what i was kind of thinking, the exchange rate is so good right now, that i can save some money by using pesos, i am just not that certain about the atm rate or fees. are there places to exchange the money at a bank or something like that, and if so, what kind of charges are there?

 

thanks for your help.

 

you can always contact your banks, find out what their rates are. Some banks will do currency exchanges with small fees and you'll have pesos with you before you go. it all depends on how much you plan on spending. sometimes it's not worth it.

[TheVegasMan]

that's what i was kind of thinking, the exchange rate is so good right now, that i can save some money by using pesos, i am just not that certain about the atm rate or fees. are there places to exchange the money at a bank or something like that, and if so, what kind of charges are there?

 

thanks for your help.

You will get the best rate at a bank, they will want to see your passport and you will have to wait in line, plus it has been reported that you are limited to $500 in exchange at a time. After that, there are cambios (Exchange houses) you will know them by the sandwhich sign on the sidewalk that shows their current buy and sell rates for different currencies. For convenience and best rate ATMS are recommended. Make sure your bank knows you'll be in Mexico or there maybe issues using your card.