Playa del Carmen, Mexico's virtual guidebook written by locals
 

Go Back   www.Playa.info > General discussion > General - Playa del Carmen
FAQ Calendar Search Today's Posts Mark Forums Read

Reply
 
LinkBack Thread Tools
Old 06-18-2014   #16 (permalink)
aņejo
 
Join Date: Feb 2012
Posts: 5,391
Ditto.
beam-eye is offline   Reply With Quote
Old 06-18-2014   #17 (permalink)
aņejo
 
bobsmartx's Avatar
 
Join Date: Mar 2014
Location: THE Round Rock, TX
Posts: 1,925
Quote:
Originally Posted by himynameisjan View Post
Yes, at the banks in Playa. I don't find it convenient in the least, and I get a better exchange rate when I withdraw cash at ATM's. You can exchange dollars for pesos at Santander's, but not all of them.
yeah, we do most of our banking through a couple of Credit Unions. They're not, as far as i know, forgiving of the ATM fees. That and i have a fear of sticking my card in one of those things. I'll call the CU today to find expected fees for ATM withdrawals.

I'll also call XOOM to find out if it's legit to send money, for pickup, to myself. For $5USD, i can get $1500USD transferred at an exchange rate of $1USD=$12.85MXN. I wish someone had experience with this. After everything i've read, it seems too good to be true.
bobsmartx is offline   Reply With Quote
Old 06-18-2014   #18 (permalink)
aņejo
 
canadiense loco's Avatar
 
Join Date: Oct 2009
Location: Red Deer,Alberta,Canada
Posts: 2,124
This poor horse is starting to take a pretty good beating again...
IMHO...unless you are coming down for a very long time and taking out a pile of dough it is not going to make a huge difference or worth your time running around trying to save point here or there, or 2 bucks on a transaction fee.
I have an ATM card and account designated for my vacation that is not linked to my other accounts. For my 2 to 3 weeks I don't stress to much about fees and I am confident I get a decent exchange at the ATM's I use. (Santander, Scotia Bank, HSBC)
My two cents...or is it three

Hey beam-eye...you can add this thread to your next list.

Last edited by canadiense loco; 06-18-2014 at 09:40 AM..
canadiense loco is offline   Reply With Quote
Old 06-18-2014   #19 (permalink)
aņejo
 
bobsmartx's Avatar
 
Join Date: Mar 2014
Location: THE Round Rock, TX
Posts: 1,925
alright. honestly, i didn't want to make the list. i thought i had a unique sort of inquiry.

i plan to exchange around $1500USD. the difference in local exchange rate (11.1-1) vs XE, XOOM, ATM (>12.5-1) seems great enough to make it worthwhile. roughly 2100 pesos. fair number of drinks in there methinks.
bobsmartx is offline   Reply With Quote
Old 06-18-2014   #20 (permalink)
aņejo
 
gingele's Avatar
 
Join Date: Dec 2006
Location: Chicagoland
Posts: 12,825
Send a message via Skype™ to gingele
Quote:
Originally Posted by bobsmartx View Post
yeah, we do most of our banking through a couple of Credit Unions. They're not, as far as i know, forgiving of the ATM fees. That and i have a fear of sticking my card in one of those things. I'll call the CU today to find expected fees for ATM withdrawals.

I'll also call XOOM to find out if it's legit to send money, for pickup, to myself. For $5USD, i can get $1500USD transferred at an exchange rate of $1USD=$12.85MXN. I wish someone had experience with this. After everything i've read, it seems too good to be true.
Why don't you simply open a separate, vacation-only checking account with a financial institution like Charles Schwab, mentioned above, that offers free checking and no ATM fees (or like one of these), transfer your $1500 to that account and use that ATM card in Playa to withdraw cash as needed?

Last edited by gingele; 06-18-2014 at 10:26 AM..
gingele is offline   Reply With Quote
Old 06-18-2014   #21 (permalink)
aņejo
 
canadiense loco's Avatar
 
Join Date: Oct 2009
Location: Red Deer,Alberta,Canada
Posts: 2,124
You are correct bobsmartx, 11.1 compared to 12.85 or so is quite a difference. I guess what I am saying is by using ATM I have always got a nice exchange rate and I find it to be the easiest way.

And it is not so bad making the list....someone else will certainly come along with the same inquiry. Pretty sure I did once.
canadiense loco is offline   Reply With Quote
Old 06-18-2014   #22 (permalink)
playa maya guy

 
ryberg's Avatar
 
Join Date: Sep 2002
Location: Playa del Carmen
Posts: 29,378
If anyone thinks this is beating a dead horse, well I'd suggest taking a look at the TripAdvisor forum for Playa. THAT is where folks know how to beat a dead horse till it's 6 feet under and no burial is needed, when it comes to popular topics like this one. This discussion has nothing on that action over there.

I believe the most commonly cited advantage of the Capitol One card is the lack of international transaction fees when using it outside your home country. I could be wrong.

I had someone try to wire us money via Xoom once (personal side, not for a stay or anything), and it didn't work even between 2 points within the US. You had to set up things with them on the receiving end as the recipient but it wouldn't work. I forget now what all the problems were but I remember I spent quite some time trying to do that and their system being unable or unwilling to accept and recognize our account. We finally gave up and the sender just cancelled the transaction and sent us a check. You might not have that problem if sending to yourself, I don't know.
ryberg is offline   Reply With Quote
Old 06-18-2014   #23 (permalink)
aņejo
 
bobsmartx's Avatar
 
Join Date: Mar 2014
Location: THE Round Rock, TX
Posts: 1,925
Quote:
Originally Posted by canadiense loco View Post
You are correct bobsmartx, 11.1 compared to 12.85 or so is quite a difference. I guess what I am saying is by using ATM I have always got a nice exchange rate and I find it to be the easiest way.

And it is not so bad making the list....someone else will certainly come along with the same inquiry. Pretty sure I did once.
In hindsight, i wish i've booked our vacation in reverse. We're staying at a highly rated hotel in Playa for 6 days then moving, at my wife's request, to an all inclusive. at a previous all-inclusive, we got good exchange rates at the customer service counter, 12.5MXN-1US.

We, however, need pesos when we arrive for all the dining and excursions prior to arrival at the all-inclusive.

I may ask the proprietor of the hotel in Playa if they can offer a similar service. doubtful, yes?
bobsmartx is offline   Reply With Quote
Old 06-18-2014   #24 (permalink)
reposado
 
VermiciousKnid's Avatar
 
Join Date: Aug 2012
Location: Pittsburgh, PA
Posts: 1,044
Quote:
Originally Posted by ryberg View Post
If anyone thinks this is beating a dead horse, well I'd suggest taking a look at the TripAdvisor forum for Playa. THAT is where folks know how to beat a dead horse till it's 6 feet under and no burial is needed, when it comes to popular topics like this one. This discussion has nothing on that action over there.
Yep, thats some next level horse beating over there.
VermiciousKnid is offline   Reply With Quote
Old 06-18-2014   #25 (permalink)
beachaholic
 
RTL44's Avatar
 
Join Date: Aug 2012
Location: Q.Roo!
Posts: 480
Quote:
Originally Posted by ptm View Post
Hi Bob, I know this won't be much help to you on this trip but for future reference, you should definitely get yourself a free High Yield Investor Checking Account from Charles Schwab.

Link: Charles Schwab HYI Checking Account

It's free to apply, no account minimums, and no monthly service fees. The best part? No ATM fees worldwide.

I know it sounds like I work for these guys, but I do not. I'm simply their most satisfied customer. I've had an account with them since 2007, I've been around the world and I've yet to pay a single ATM fee.
This is very cool. I just signed up for one. I just hope I receive my ATM card before we leave!

RTL44 is offline   Reply With Quote
Old 06-18-2014   #26 (permalink)
playa maya guy

 
ryberg's Avatar
 
Join Date: Sep 2002
Location: Playa del Carmen
Posts: 29,378
Quote:
Originally Posted by bobsmartx View Post
In hindsight, i wish i've booked our vacation in reverse. We're staying at a highly rated hotel in Playa for 6 days then moving, at my wife's request, to an all inclusive. at a previous all-inclusive, we got good exchange rates at the customer service counter, 12.5MXN-1US.

We, however, need pesos when we arrive for all the dining and excursions prior to arrival at the all-inclusive.

I may ask the proprietor of the hotel in Playa if they can offer a similar service. doubtful, yes?
Not sure what precisely we could do for you along these lines, but let us know! (Thought about PMing you but since you show in your sig file that you're staying with us, seemed kind of pointless. )

If you are just interesting in exchanging USD for pesos, we ourselves will refer you to the cambios or (if possible for you) ATM use; as you'll get better rates that way...
ryberg is offline   Reply With Quote
Old 06-18-2014   #27 (permalink)
playa maya guy

 
ryberg's Avatar
 
Join Date: Sep 2002
Location: Playa del Carmen
Posts: 29,378
Quote:
Originally Posted by VermiciousKnid View Post
Yep, thats some next level horse beating over there.
yep!
ryberg is offline   Reply With Quote
Old 06-18-2014   #28 (permalink)
way into it
 
stevesul's Avatar
 
Join Date: Jul 2009
Location: Western NY
Posts: 217
Quote:
Originally Posted by bobsmartx View Post
yeah, we do most of our banking through a couple of Credit Unions. They're not, as far as i know, forgiving of the ATM fees. That and i have a fear of sticking my card in one of those things. I'll call the CU today to find expected fees for ATM withdrawals.

I'll also call XOOM to find out if it's legit to send money, for pickup, to myself. For $5USD, i can get $1500USD transferred at an exchange rate of $1USD=$12.85MXN. I wish someone had experience with this. After everything i've read, it seems too good to be true.
We do our banking through a credit union as well. The foreign ATM fees are not refunded but they are small. 1% fee withdrawn and then it's less than $2 a withdrawal. It is not worth opening another account since we only go down there 1-2 weeks a year.

Waiting on line at a bank to exchange or pickup a xoom xfer is the last thing I want to do on vacation. I don't understand the fear of using an ATM. Just use a bank ATM and look the machine over. Yank on where you put your card in, etc.

You mentioned withdrawing $1500 US in pesos total. I take out an ATM withdrawal every 2-3 days. Taking Roni's example of 12.9 at Satlander at the airport this morning, take out $500 in pesos at the airport. Assuming your credit union has the same fees, it will be a $5 foreign transaction plus the ~23 peso ATM fee. $7 total. If you did three ATM transactions during your trip, you are spending a lot of energy to save around $20 in ATM/Foreign transaction fees. With both fees, that drops your rate of that $500 US withdrawal from 12.9 to 12.72. You mentioned banks offering 11.1.

How is doing a xfer with xoom.com at $1 US to 12.85MX with an additional $5 US fee any better? Using the 12.9 Roni got, you spent $507 US to get 6450 pesos out of an ATM. On Xoom, you spent $505 to get 6425. It's a wash.

So xoom isn't too good to be true...it is just a waste of time compared to punching your pin # into an ATM and collecting your pesos.

Enjoy your trip!
stevesul is offline   Reply With Quote
Old 06-18-2014   #29 (permalink)
aņejo
 
WaterRat's Avatar
 
Join Date: Jan 2010
Location: Vancouver, Washington
Posts: 2,252
Quote:
Originally Posted by stevesul View Post
We do our banking through a credit union as well. The foreign ATM fees are not refunded but they are small. 1% fee withdrawn and then it's less than $2 a withdrawal. It is not worth opening another account since we only go down there 1-2 weeks a year.

Waiting on line at a bank to exchange or pickup a xoom xfer is the last thing I want to do on vacation. I don't understand the fear of using an ATM. Just use a bank ATM and look the machine over. Yank on where you put your card in, etc.

You mentioned withdrawing $1500 US in pesos total. I take out an ATM withdrawal every 2-3 days. Taking Roni's example of 12.9 at Satlander at the airport this morning, take out $500 in pesos at the airport. Assuming your credit union has the same fees, it will be a $5 foreign transaction plus the ~23 peso ATM fee. $7 total. If you did three ATM transactions during your trip, you are spending a lot of energy to save around $20 in ATM/Foreign transaction fees. With both fees, that drops your rate of that $500 US withdrawal from 12.9 to 12.72. You mentioned banks offering 11.1.

How is doing a xfer with xoom.com at $1 US to 12.85MX with an additional $5 US fee any better? Using the 12.9 Roni got, you spent $507 US to get 6450 pesos out of an ATM. On Xoom, you spent $505 to get 6425. It's a wash.

So xoom isn't too good to be true...it is just a waste of time compared to punching your pin # into an ATM and collecting your pesos.

Enjoy your trip!
Good post.

Our credit union charges us $1.00 USD per transaction.

I withdraw $5,000 - $6,000 MXN at a time, further reducing my costs per peso, and increasing the exchange rate.

I've been told that if you go into a bank in Mexico, plan on an hour to conclude your business. I've never validated the information, but when I've looked in, that seemed like a reasonable estimate.
WaterRat is offline   Reply With Quote
Old 06-18-2014   #30 (permalink)
aņejo
 
bobsmartx's Avatar
 
Join Date: Mar 2014
Location: THE Round Rock, TX
Posts: 1,925
Quote:
Originally Posted by WaterRat View Post
Good post.

Our credit union charges us $1.00 USD per transaction.

I withdraw $5,000 - $6,000 MXN at a time, further reducing my costs per peso, and increasing the exchange rate.

I've been told that if you go into a bank in Mexico, plan on an hour to conclude your business. I've never validated the information, but when I've looked in, that seemed like a reasonable estimate.
well, that makes good sense. my problem so far is that i don't have an ATM card with an account i care to gamble with. the only ATM capable account i have at the moment is tied to a much larger account. if someone scammed us, it could be very costly. i also hadn't read enough to have any expectation of a wait at a bank. i've become far too accustomed to no waiting. :-)

i think i've found another account, an old account, nearly forgotten, that i can use at the ATM. all the good folks here have convinced me that it's the way to go. i was just worried that the ATM fees would stack up but, in the end, it's a small amount to concern myself with.

Thank you all!

Last edited by bobsmartx; 06-18-2014 at 07:23 PM.. Reason: clarification
bobsmartx is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


All times are GMT -5. The time now is 09:57 AM.


Powered by: vBulletin
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.