So I knew going in that the fees would be big. And I am ok with it, as its a learning experience. There were mixed reviews on it, but here is our take. I withdrew 200 US, at 11 fee for conversion, plus their fee and my own bank fee, ended up 260.12 the next day we did another withdrwawl of 200, at 11 fee for conversion, plus their fee and my own bank fee, ended up 260.07 So it cost me 120 and change to pull out 400 bucks. Rule of thumb, go to the bank and get money before you go. OR, to to the scotia bank down town. The previous year we pulled 400 USD from my credit card at the bank of Mexico on the Island, and it only cost me 420 US (If I remember correctly) The year before that we ordered USD from the bank and picked that up, with just the exchange fee, no other bank fees. So the cheapest way to get USD is to order from your bank directly. I wanted to check out the store machine just to see what the nasty fees would be, and its just not worth it, while convenient, the 120 could have been spent better elsewhere. Will have to go back in my CC statement and see what they charged us at the Island last year to be sure. W
I always get USD from my bank before leaving, and this year I discovered ICE currency exchange (at the airport and in mall locations), no fees when your order online and just pick it up over there. It's the best rate available, compared to banks/credit unions or other casa de cambio. Very good service also!
If you are canadian I wouls sugest using the Bank Of Nova Scotia machines, There is one in Cancun. You are only charged the normal service fee and exchange rate. I have opened a Scotia account, just for my trips to Mexico. No extra charges or fees, only problem is you getting funds in Peso's.
Just pulled out $500 today to take with us, $200 in $5's, $100 in 1's, and $200 in $20's. I hope it'll be good enough.
We bring cash with us, but we only use it for the Boobs Cruise, USA Transfers and tipping - so it's pretty easy to budget what we need to bring. We usually add up what we know we'll spend and then double it. If something comes up outside of that we decide to do, we'll use a credit card if at all possible.
So far so good, that account has little to no money in it anyway When I talked with the bank about the fees, they said its normal for these atm machines, my own TD rep told me to hit a scotia bank. I already knew this, just wanted to test it for myself. He also told me that we are not liable for fraudulent stuff, that the bank would take care of it. I could have gotten all my money back, but that would be bad too
