Money
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- Charlie from Philly
- PV Fan
- Posts:17
- Joined:Fri Dec 14, 2007 2:29 am
Given that banks charge international ATM fees and credit cards add on international fees, what is the best way to change and spend money in Mexico?
- Charlie from Philly
- PV Fan
- Posts:17
- Joined:Fri Dec 14, 2007 2:29 am
Arrgh!
My banks are pirates! The ATM charge is 2.5% and the credit card charge is 3%. I guess the best way is to change money here in the US and take cash although I hate to carry cash.
Charlie,
I know you don't want to change banks so the only options you have are:
1. Open a travel account with BankofAmerica and use ATM's fee free at (Santandar or Scotia bank ATM's). All others you will pay a fee.
2. Take the maximum amount out of the ATM you can per withdrawal so that you withdraw the least amount of times.
3. If you are there for a long time send down a Western Union money transfer to yourself right before you leave and pick it up with your Passport for ID. Depending on where you are staying you may or may not have a safe in your room where you can leave the money. You can compare your banks fees and exchange rates with WU to see which one would give you the best deal. If you have someone at home you can have them continue to send you money through WU while you are down there. If you open a BofA account ATM account for your travel, you can do "Safe Send" transfers online to pick up at Santandar or Scotia bank, fee free.
Other than that, if you don't want to use an ATM you are allowed to exchange up to $1500 per person per month, so depending on how long you will be there that may give you enough, just exchange at a bank or cambio. The first time you exchange you will have to fill out an information form and after that the information will be in the computer and you will only need to use your passport to exchange. You can augement this amount by purchasing something at a grocery store using US dollars and you will get change back iin pesos.
I know you don't want to change banks so the only options you have are:
1. Open a travel account with BankofAmerica and use ATM's fee free at (Santandar or Scotia bank ATM's). All others you will pay a fee.
2. Take the maximum amount out of the ATM you can per withdrawal so that you withdraw the least amount of times.
3. If you are there for a long time send down a Western Union money transfer to yourself right before you leave and pick it up with your Passport for ID. Depending on where you are staying you may or may not have a safe in your room where you can leave the money. You can compare your banks fees and exchange rates with WU to see which one would give you the best deal. If you have someone at home you can have them continue to send you money through WU while you are down there. If you open a BofA account ATM account for your travel, you can do "Safe Send" transfers online to pick up at Santandar or Scotia bank, fee free.
Other than that, if you don't want to use an ATM you are allowed to exchange up to $1500 per person per month, so depending on how long you will be there that may give you enough, just exchange at a bank or cambio. The first time you exchange you will have to fill out an information form and after that the information will be in the computer and you will only need to use your passport to exchange. You can augement this amount by purchasing something at a grocery store using US dollars and you will get change back iin pesos.
Go through all what? The OP asked what his options were and I gave them to him, which is more than you did. You gave him bogus information. Wells Fargo, Chase (which was WAMU), F&M do not have parternships with Mexican banks that allow you to withdraw with no fees. You will pay whatever their fees are for withdrawing from a non-affiliated international bank along with the fees that ATM/bank charges. I guess you don't pay much attention to what you are being charged at an ATM in PV.
I gave him a list of options that he had. Some people don't want to hassle with opening another bank account and others don't want to use an ATM card, so what works for YOU might not work for someone else. Now he knows that his options are.
Have you picked up a Western Union Money Transfer in PV or picked up a money transfer at a bank in PV? I didn't think so.
I gave him a list of options that he had. Some people don't want to hassle with opening another bank account and others don't want to use an ATM card, so what works for YOU might not work for someone else. Now he knows that his options are.
Have you picked up a Western Union Money Transfer in PV or picked up a money transfer at a bank in PV? I didn't think so.
FYI Wamu is owned now by JP Morgan! And Wamu never charged me any fees along with my current bank F&M. Zero fees even when it isn't their bank!
I have sent money down by WU alot of times, I have a business in Aguas and a large family so we make alot of transfers. So don't assume!
When he even said his banks are "pirates" I would think that changing banks might be a good idea!
I gave options wether you like them or not doesn't really matter!
I have sent money down by WU alot of times, I have a business in Aguas and a large family so we make alot of transfers. So don't assume!
When he even said his banks are "pirates" I would think that changing banks might be a good idea!
I gave options wether you like them or not doesn't really matter!
- howard_jax
- PV Master
- Posts:719
- Joined:Tue Apr 10, 2001 7:57 pm
- Location:Jacksonville, Florida
Just so you have it all straight.
In 2000, J.P. Morgan & Co. merged with Chase Manhattan Corp., in effect combining four of the largest and oldest money center banking institutions in New York City (J.P. Morgan, Chase, Chemical and Manufacturers Hanover) into one firm called J.P. Morgan Chase & Co.
The purchase of WAMU was not until 2008.
The parent Corporation is J P Morgan Chase.
In 2000, J.P. Morgan & Co. merged with Chase Manhattan Corp., in effect combining four of the largest and oldest money center banking institutions in New York City (J.P. Morgan, Chase, Chemical and Manufacturers Hanover) into one firm called J.P. Morgan Chase & Co.
The purchase of WAMU was not until 2008.
The parent Corporation is J P Morgan Chase.
Money
Do the banks take travelers checks? Do they charge a fee to change them into pesos? My bank is going to charge me a fortune to use my ATM card in Puerto Vallarta and I, like others don't want to carry around a ton of cash until we get to the hotel.
Thanks!
Thanks!
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- PV Fan
- Posts:18
- Joined:Wed May 05, 2010 3:03 am
- Location:California
Thank You All
I just wanted to thank everyone for the great information on this topic, it's helped us a lot. Carol and Dave
katnsocal wrote:Charlie,
I know you don't want to change banks so the only options you have are:
1. Open a travel account with BankofAmerica and use ATM's fee free at (Santandar or Scotia bank ATM's). All others you will pay a fee.
2. Take the maximum amount out of the ATM you can per withdrawal so that you withdraw the least amount of times.
3. If you are there for a long time send down a Western Union money transfer to yourself right before you leave and pick it up with your Passport for ID. Depending on where you are staying you may or may not have a safe in your room where you can leave the money. You can compare your banks fees and exchange rates with WU to see which one would give you the best deal. If you have someone at home you can have them continue to send you money through WU while you are down there. If you open a BofA account ATM account for your travel, you can do "Safe Send" transfers online to pick up at Santandar or Scotia bank, fee free.
Other than that, if you don't want to use an ATM you are allowed to exchange up to $1500 per person per month, so depending on how long you will be there that may give you enough, just exchange at a bank or cambio. The first time you exchange you will have to fill out an information form and after that the information will be in the computer and you will only need to use your passport to exchange. You can augement this amount by purchasing something at a grocery store using US dollars and you will get change back iin pesos.
Just use an ATM card....I bank at a credit union in Canada. I get charged a fee for using the ATM but thats it! AND I always get the best rate at an ATM. Maybe set up a different acount for the vacation fund...
If I had a bank charging such high fees I would open up another account at a different bank...Call it your "Travel Bank"!! Lots of people use multiple financial institutions.. If you don't want to use the ATM you can bring cash...althought the better rate is from the ATM..
If I had a bank charging such high fees I would open up another account at a different bank...Call it your "Travel Bank"!! Lots of people use multiple financial institutions.. If you don't want to use the ATM you can bring cash...althought the better rate is from the ATM..
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- PV Fanatic
- Posts:60
- Joined:Wed Jun 14, 2006 3:56 pm
- Location:Phoenix