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Charlie from Philly
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Post by Charlie from Philly » Wed Sep 29, 2010 12:18 pm

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?

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Post by gdremark » Wed Sep 29, 2010 4:53 pm

Check with your bank, mine have never charged me only the bank's ATM I was using. I have used former WAMU, BofA, Wellsfargo and F&M. Most only charged 10 pesos or something, wasn't much.

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Charlie from Philly
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Arrgh!

Post by Charlie from Philly » Wed Sep 29, 2010 6:28 pm

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.

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Post by gdremark » Wed Sep 29, 2010 9:53 pm

Change banks!

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Post by katnsocal » Thu Sep 30, 2010 2:20 am

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.

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Post by gdremark » Thu Sep 30, 2010 11:42 am

Go through all that while on vacation? Change banks, one trip to Western Union will take as long as opening up a new bank account and you WON'T have to do it while on vacation.

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Post by katnsocal » Fri Oct 01, 2010 8:16 am

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.

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Post by gdremark » Fri Oct 01, 2010 5:25 pm

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!

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Post by howard_jax » Fri Oct 01, 2010 11:39 pm

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.

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Post by gdremark » Sat Oct 02, 2010 2:29 pm

Who's name is first? JP Morgan! What stock are they listed under? JPM!

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Post by sfrancis » Thu Oct 14, 2010 3:32 pm

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!

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Post by katnsocal » Fri Oct 15, 2010 1:36 am

I have read that some of the banks are no longer accepting Traveler's checks. They certainly are making it harder for people on vacation.

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Post by sfrancis » Sun Oct 17, 2010 6:50 pm

Thanks for the reply--yes they are making it hard for people to get/spend money in Mexico. Too bad.

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Post by JeanieRich » Wed Nov 10, 2010 1:57 pm

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.

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Post by chrisnick » Wed Nov 10, 2010 5:03 pm

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..

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Post by Bahnyen » Thu Dec 23, 2010 2:54 pm

I'd carry cash with me and in case of emergency I will use credit card.

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Post by pvfunlover » Sun Jan 02, 2011 9:54 pm

Why is everyone trying to make this so hard? Take cash (USD) and change at a casio de cambio. The exchange rate is not as good as a bank but it isn't bad. Otherwise use an ATM card and withdraw the daily limit for least fees. It's not really that hard.

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Post by chrisnick » Sun Jan 02, 2011 10:16 pm

Just came back....wasn't hard at all.....:) Just used ATM machines. Charges have gone up thought.... between 60 and 80 pesos with a 9.,6 tax surcharge. Just take out the max you can.

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