Save Money When Changing Dollars to Pesos
Posted by Larry F  on October 31, 2014, 11:54 am
70.66.229.133
Most of us foreigners who live in Mexico use credit and debit cards to get pesos from our bank at home. Recently, in preparation for heading south again, I went to my bank to find out what these transactions were costing me.
Using my debit card to get money out of an ATM (when the machines at Banamex actually work) cost me a 35 peso fee from Banamex plus a $3 fee from my bank at home. Six flipping dollars!
Use your credit card at Soriano or Walmart? Most credit cards charge a 2.5% foreign exchange transaction fee.
What I learned when I complained to my bank:
Get a no-fee debit card. No more $3 charged for every ATM visit. There are usually annual fees for this card, but there are ways to get these waived.
Don't use a credit card, or get one that doesn't charge the foreign exchange fee. There aren't many, but in Canada, for example, Amazon offers one that also has rewards as well.
Intercam, if you have an account with them, used to have a great service in getting your US and Canadian money into your pockets in pesos at excellent rates. Now that they are a bank, I'm not sure how it will work.
Looking for other ideas on maximizing the buck in La Manzanilla. Legal ones, of course.
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-----------------------------Re: Save Money When Changing Dollars to Pesos
Posted by Daniel H on October 31, 2014, 12:14 pm, in reply to "Save Money When Changing Dollars to Pesos"
187.148.40.18
Also with Intercam...over 6 months ago they made a $500 usd error with one
of my deposits. They admit it was their error but still have not refunded
me the money. I have been doing business with them for over 10 years and this
is not the only problem I have had. Now that my patience is running thin
I will begin to spread the word, be careful working with them.
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-----------------------------Re: Save Money When Changing Dollars to Pesos
Posted by Solomon on November 2, 2014, 11:38 am, in reply to "Save Money When Changing Dollars to Pesos"
172.56.13.103
It may also depend on your bank. For those of us who are US military veterans, or the children or spouses of veterans, USAA is a really great bank I've had the pleasure of banking with for some years.
They not only don't charge fees for holding my money, they refund ATM fees - even international fees such as those charged by Banamex ATMs. They give me free (simple, non-duplicate) checks and deposit slips, discounts when I buy both car and renter's insurance from them, and I have so far had excellent customer service, even when I've been out of the country. They're familiar with that, too, because many active service members are out of the country, so it doesn't perturb them in the least.
I've been quite happy with USAA. My only sadness is that they aren't open to everyone; I wish a bank this good could be.
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-----------------------------Re: Save Money When Changing Dollars to Pesos
Posted by Criss on November 3, 2014, 9:49 am, in reply to "Re: Save Money When Changing Dollars to Pesos"
67.142.164.21|
I too have USAA Auto insurance. The great thing is when I drive to L.M. I can put my U.S. insurance on "hold" for as long as long as I'm out of the country, and just call them up and let them know when I will be back to reinstate it. That way I'm not paying for insurance I don't need and it keeps the state off my back. As for money I use XE currency exchange. There is no charge.
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-----------------------------Re: Save Money When Changing Dollars to Pesos
Posted by Donna B on November 2, 2014, 3:22 pm, in reply to "Save Money When Changing Dollars to Pesos"
187.148.142.164|
WE have a Schwab One brokerage account and they offer an ATM card which refunds any fees, just like the one Solomon mentioned above and there is no annual fee.
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