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Old 11-16-2016   #226 (permalink)
añejo
 
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Originally Posted by bruce sundance View Post
not on constituyentes, that changed half a year ago,
maybe longer.

in other news:
effective from tomorrow mexican interest rate up by 0.75 p.c.,
gives you 5.56 p.c. for your short term money investment before tax.
Actually, the ScotiaBank at 10th and Constituyentes is the one I'm talking about. The card is not swallowed by the machine - I just insert and withdraw it in one in-and-out movement, and then put it back in my wallet while I enter the numbers on the keypad and do the transaction. The card never leaves my hand...Same at Plaza de las Americas...Don't know about the one across from ADO bus terminal at 10th and Juarez.

I've never used the one at Centro Maya, Rick - didn't know even know they had a Scotia ATM there (I previously used Santander at Soriana in Centro Maya, but haven't been there since B of A switched from Santander to Scotia a few months ago). Thanks for the up-date.
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Old 11-17-2016   #227 (permalink)
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Originally Posted by beam-eye View Post
Actually, the ScotiaBank at 10th and Constituyentes is the one I'm talking about. The card is not swallowed by the machine - I just insert and withdraw it in one in-and-out movement, and then put it back in my wallet while I enter the numbers on the keypad and do the transaction. The card never leaves my hand...Same at Plaza de las Americas...Don't know about the one across from ADO bus terminal at 10th and Juarez.

I've never used the one at Centro Maya, Rick - didn't know even know they had a Scotia ATM there (I previously used Santander at Soriana in Centro Maya, but haven't been there since B of A switched from Santander to Scotia a few months ago). Thanks for the up-date.
Chip card? Both of these machines "hold" my card, and will not work unless it is left in the machine.
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Old 11-17-2016   #228 (permalink)
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Chip card? Both of these machines "hold" my card, and will not work unless it is left in the machine.
Same here - the ATM validates the chip and tells me when to withdraw the card, usually right before the cash is dispensed.

We have relied on our ATM cards for nearly 3 years for our cash needs in Merida with no problems - but we are selective with which ATMs we used.
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Old 11-17-2016   #229 (permalink)
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Chip card? Both of these machines "hold" my card, and will not work unless it is left in the machine.
No, I don't have a chip card, so I just slide it in and withdraw it in one motion (I wait a perceptible second to make sure it reads it), then put it away in my wallet and enter the numbers. (Here are the numbers I use: ****)

On the other hand, I do get an alarming number of 'can't read your card' messages before it finally works - sometimes 3-6 attempts are necessary, and one time it didn't work at all after multiple tries, so I switched to the ATM next to it, with the same result (I told the bank guy that they need to clean the card reader, but I have no idea whether that's the problem or not). Other than that, no problem.
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Old 11-17-2016   #230 (permalink)
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actually, Rob, no, especially as a foreign tourist you ARE buying money using an ATM in Mexico, Ron is right....you are buying a foreign currency with your Canadian funds in that account, based on that day's rate. It's only the source/method that differs from buying it at home or exchanging at a cambio.

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Originally Posted by deetee1000 View Post
So you are saying our canadian Scotiabank bank card will work at the ATM at the Scotiabank in Playa. Went there only once and the machine was not working. Had my bank card disappear in an ATM in Indonesia once. Not fun for the rest of my trip. Left a sour taste in my mouth.
But you guys are the best source of intel so I think I just might defer to you. Usually I just bring a ton of pesos with me and no I am not giving out my address. lol
Eventhough I am not going down until January, I was thinking this would be the best time to buy,

Apparently EVERYONE is thinking this is the best time to buy. I went into my bank (not Scotia; Credit Union) earlier this week to buy pesos for my trip (I leave tomorrow) and while they normally stock a bunch of pesos in the safe, they were almost totally cleaned out due to people coming in and buying them up for their winter vacations.

They would have ordered some in for me (and then you get that day's rate- not the rate when you pick them up- at least my bank does it that way). But they I would have to pay the service fee of $6 or $7 and I won't do that.

So I guess it's the ATM for me this trip. I, like you, prefer taking them with me because the money 'lost' is minimal (I go only 1-2 weeks a year), and it's a pain finding ATMs sometime, sometimes your card won't work or it's out of money, and sometimes you get stuck with all/mostly large bills and they can be a PITA to break. Oh and no worries about ATM fraud/skimmers.

Last edited by Rissask; 11-17-2016 at 09:39 AM..
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Old 11-17-2016   #231 (permalink)
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Not sure you have a Kantor Money Exchange where you are. It is a polish operation and there are three in the TO/Mississauga area. No fee for ordering and better rates than banks.
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Old 11-17-2016   #232 (permalink)
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actually, Rob, no, especially as a foreign tourist you ARE buying money using an ATM in Mexico, Ron is right....you are buying a foreign currency with your Canadian funds in that account, based on that day's rate. It's only the source/method that differs from buying it at home or exchanging at a cambio.
Agree Ris even the banks pay fees to each other.

I just purchased some pesos from AAA, you get the rate the day you buy and pay then.

They purchase thru Wells Fargo, I got $18.512 per dollar, it's nice to have pesos when arriving.
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Old 11-17-2016   #233 (permalink)
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Agree Ris even the banks pay fees to each other.

I just purchased some pesos from AAA, you get the rate the day you buy and pay then.

They purchase thru Wells Fargo, I got $18.512 per dollar, it's nice to have pesos when arriving.
If you withdraw from an ATM, you get the rate at that minute, not the rate of the day. The rate as of this minute is 20.107 pesos to the dollar (the peso is worth about a nickel).

http://www.xe.com/currencyconverter/...rom=USD&To=MXN

This is almost exactly the rate you will get at a no-fee ATM (Scotia Bank if you have a B of A card), but the bank collects a 3% foreign transaction fee (i.e., 3 USD for every 100 USD).

If you buy at your bank's rate of 18.5 per USD, you are paying 1.6 pesos for each dollar, or about 160 pesos for each 100 USD (20.107 - 18.512 = 1.6 pesos per USD, or 160 pesos per 100 USD), which at the current exchange rate is about 8.00 USD for each 100 USD, or 8%, which is almost 3X the 3% foreign ATM charge.

It's why we follow the daily exchange rate and use ATMs instead of using the cambios. It saves money.

Edited to add: the peso went from 20.107 to 20.176 in the time it took me to post this...

Last edited by beam-eye; 11-17-2016 at 11:11 AM..
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Old 11-17-2016   #234 (permalink)
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It's kind of important to note too, that there is a big difference between what is the best method of getting pesos for a short term vacationer versus someone living there full time, or the long term stay folks.

Obviously bringing pesos from home is not going to be a great option for the latter category.

But for the majority of people, those of us on 1 or 2 week vacations, the difference of paying a little bit extra to buy our pesos before we leave can be very well worth it to save time and hassle on our precious vacation time. Maybe 30 or so bucks extra to get my spending money before I leave? Pffftht, well worth it.



deetee- no, no Kantor forex place. There are a couple other forex places in Saskatoon but the locations are just inconvenient for me-I like that my banks stocks them and waives the fee, so I just go there.
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Old 11-17-2016   #235 (permalink)
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Originally Posted by Rissask View Post
the difference of paying a little bit extra to buy our pesos before we leave can be very well worth it to save time and hassle on our precious vacation time.
I don't know about T2, but in T3 the ATM is to your left as soon as you walk out of the doors past the customs area. It is literally 10 steps to the left. Before Mrs Rat is out of the restroom, which is another 15 steps down the hall, I've withdrawn my 6,000 pesos, which has cost me 30 pesos +/- in ATM fees/taxes, and $1.00 USD that my credit union charges me.

That seems like a lot less time, and a lot less hassle than a trip to the bank.
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Old 11-17-2016   #236 (permalink)
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Along the lines of bank fees:

How to Avoid Paying Bank Fees While Traveling
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Old 11-17-2016   #237 (permalink)
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I don't know about T2, but in T3 the ATM is to your left as soon as you walk out of the doors past the customs area. It is literally 10 steps to the left. Before Mrs Rat is out of the restroom, which is another 15 steps down the hall, I've withdrawn my 6,000 pesos, which has cost me 30 pesos +/- in ATM fees/taxes, and $1.00 USD that my credit union charges me.

That seems like a lot less time, and a lot less hassle than a trip to the bank.

Most of my trips are not to Playa. And actually the last time I was on this coast I did fly into T2 and at that time you had to go into a different terminal to find an ATM, I think? Maybe that has changed.

But yeah- most airports have ATMs. In Zihua I have found the two airport ATMs are often out of service or out of pesos, though (poorer state than QR). And then I'd be left peso-less for the taxi ticket booth. And the downtown ATMs are a PITA to get to.

So, yeah, it's less hassle to get them beforehand, at least going there. I have TIME at home before vacations for a ten minute bank stop, more time than I want to spend doing it on vacation.

but to each their own. It's really not a big deal, people should just do what works best for them.
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Old 11-17-2016   #238 (permalink)
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Originally Posted by landj3612 View Post
Along the lines of bank fees:

How to Avoid Paying Bank Fees While Traveling
The link mentions Santander as the B of A no-fee ATM - that changed to Scotia Bank on August 16, 2016 (this year).
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