Financial advice for newbies

Discussion in 'Temptation Cancun' started by Sultryfox, Oct 23, 2011.

  1. Canadian Dos Equis fan

    Canadian Dos Equis fan Cancuncare's Most Interesting Man Registered Member

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    Afraid I have to disagree on that one. Markets like that one, or Market 28 which I prefer are a bit of a throwback culturally. Much of the world conducts day to day business in markets like those. I think many people miss out if they don't spend at least a little bit of time in a market. Haggling can be fun, at least that's my take on it.
     
  2. Sultryfox

    Sultryfox Guru Registered Member

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    Everyone has their preference, but I have no interest in shopping where I am pestered constantly about things I don't want, and then told I am not being nice when I won't go into a store where I don't want anything.

    I don't like it when salespeople "hover" in America and I hated trying to shop in Mexico with that type of begging, hovering, and constantly and obnoxiously pestering me about stuff I don't want or care about. I just wanted to look, and don't mind bartering, but they are like a swarm of mosquitos sucking the life out of shoppers, made me never want to go back to any market like that.

    Honestly, I don't care if the rest of the world shops that way, I have no interest in it. There were others in the market who left when we did and were saying the same thing - it was suffocating!

    Thank God for Internet shopping anyway, if that is how the world markets are!!
     
  3. Waste

    Waste Moderator Registered Member

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    Additional suggestions

    - Debit Card - Check w/ your bank as to which partner services they are affiliated with. I know my debit card has the same logo as the ATM machine at the store 1 door south of the the hotel. I would pull about 4000 pesos a shot. Transaction fees were about $3 and conversion rate was +1.2% to +1.9% depending on the day.

    - Debit Card - be sure to use an ATM affiliated w/ a bank and not from a private company. Many of the private ATMs are not debit machines, but cash advance machines, which most financial institutions charge a lot more for. btw - that just doesn't apply to ATMs in Mexico.

    - Credit Card - get a travel card. Some are free, others can be cheap. Read the fine print on conversion rates. I know my card charges -1% on bank posted foreign exchange rates, which means it's cheaper for me to use my credit card than cash.

    If you do travel frequently, a good travel card is definitely a benefit. Many will provide trip cancellation insurance, delayed flight insurance, car rental insurance, free traveler's cheques, emergency travel fees, zero hassle fraud claims, lounge access and free upgrades to just about anything travel related - hotel, car, flight... I spend about $180 a year on my card and the flight delay insurance alone more than pays for it... for any flight delayed by more than 2 hours, which happens at least once a month (sometimes twice a day), I get a free meal... at an average $30 a shot, the card is more than payed for... add the covered car rental fees, lost/delayed luggage and all the other airport mishaps that seem to be happening more and more, sometimes the card pays for itself 5 fold in a week.

    but back on topic... I'm not a fan of hotel safes when I know the hotels hand out override devices to minimum wage employees. I've never had an issue in Cancun, but I have in other parts of Mexico, Dominican and the US. And pulling out a wad of cash at 4:30am to pay for your street meat is not recommended by most travel sites :D

    I'm a big fan of using plastic on my travels. If planned properly w/ the right travel cards and bank plan, costs can be minimal with many benefits including the additional security.
     
  4. Harpers

    Harpers Guest

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    Great advice, however if youare coming fromt the UK get yourself a Post Office credit card and you will pay no charges for foreign transactions and you also get the interbank exchange rates and not tourist ones. the only ever time yuo pay charges is if you withdraw cash from an ATM (and who does that with a credit card unless you are being mugged at knife point!). the other credit card in the UK to have no charges is the SAGA card but you have to be over 50 to get that.
     
  5. mexipat

    mexipat Newbie Registered Member

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    ATMs are the best way to get cash and you shouldn't have to pay an exhorbitant charge. I use Bank of America and they have an arrangement with Banco Santander where you change for absolutely no fee.
     
  6. RandM

    RandM Regular Registered Member

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    Are you sure about that Mexipat?? We use Bank of America also and I was dreading all this crap we keep hearing about cash/cards etc!! Is the Banco Santander a bank or atms? Is there one near the resort?
     
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