18 replies to this topic

[Diane]

My husband now no longer believes anything I tell him about the Baja.  Standard response is "How about if you post it on that expat blog you're always talking about??"

So...  for the sake of marital harmony, I'm asking.  Where is the best place to get your money exchanged?

Thanks!

[Klort]

ATM's the way to go.

[Miggiesmallz- TEXMEX]

Minus the ATM fee and international fees, ATM is by far the best.

[otayBill]

Find an arrangment where you are not charged a fee (or a low fee) to use a Mexican ATM.

Bank of America has arrangement where you are not charged to use Banco Santander Serfin ATMs in Mexico

Citibank account holders can use the Citibank in the Zona Rio with no fee.

Certain online banks do not charge 'foreign ATM' fees. Check their websites.

[Rosarito Gary]

My husband now no longer believes anything I tell him about the Baja. Standard response is "How about if you post it on that expat blog you're always talking about??"

So... for the sake of marital harmony, I'm asking. Where is the best place to get your money exchanged?

Thanks!

ATM is the best. You get the best rate also. with Bank of America you can also bank at Scotia for free. I use to exchange at the banks here but they do not exchange anymore. The exchange stands are usually the worst rates or charge you for exchanging.

[Miggiesmallz- TEXMEX]

Find an arrangment where you are not charged a fee (or a low fee) to use a Mexican ATM.

Bank of America has arrangement where you are not charged to use Banco Santander Serfin ATMs in Mexico

Citibank account holders can use the Citibank in the Zona Rio with no fee.

Certain online banks do not charge 'foreign ATM' fees. Check their websites.

Here is a recent transaction with my wife’s BOA debit card at a Banamex ATM.

We withdrew $1500.00 pesos from the ATM and here is what was on the bank statement afterwards.

$113.87 dlls withdrawal

$5.00 dlls non BOA atm fee (I am assuming this is so high because of an international fee?)

$1.14 dlls Banamex charge

Are you saying I could’ve avoided the bottom two charges just by going to Santander which was right next door in Plaza Coronado in Playas de TJ?

[Miggiesmallz- TEXMEX]

I've also noticed that ATM's in Mex that allow you to take out dollars charge a high exchange rate. I may be wrong because I've never done the math but thats what it seemed like to me the few times i've done this at a Bancomer ATM.

[Diane]

Thank you all! We do have a B of A account in the states, so I'll be checking out Scotia and Santander.

[BajaGringo]

If you live full time down here I suggest keeping a dollar account and a peso account with the same bank - I use Bancomer. I watch the rates and when favorable either direction I simply move the money from one account to another online and I get that rate. I use my ATM / debit cards for transaction or cash withdrawls as needed. Seems to be easier than driving around looking at the rates...

[otayBill]

Here is a recent transaction with my wife’s BOA debit card at a Banamex ATM.

We withdrew $1500.00 pesos from the ATM and here is what was on the bank statement afterwards.

$113.87 dlls withdrawal

$5.00 dlls non BOA atm fee (I am assuming this is so high because of an international fee?)

$1.14 dlls Banamex charge

Are you saying I could’ve avoided the bottom two charges just by going to Santander which was right next door in Plaza Coronado in Playas de TJ?

Exactly. I use Santander all the time and no fee. Its part of their, "Global ATM Alliance." Otherwise, Bank of America is the king of high fees.

I will have to try Scotia bank too; following Gary's advice.

[bajashrink]

HSBC only charges 7.5 pesos per ATM transaction for non-account holders.

I know you're in Rosarito, but if you're ever around downtown Tijuana and want to exchange pesos/dollars, the one located at the corner of 9th & Negrete offers the best exchange rate in town. There's often a line there because of it, which is why they always have 4 or 5 tellers on duty.

[mrsports]

I have an account with Banmex and they don't seem to have as good of a rate as other banks, however better than the casa de cambios. With a minimum balance of 1000 pesos I can withdraw free from the account, so if given enough time, I enter the bank, deposit the money in dollars, and then draw it out of the ATM.

I also keep both currencies with me as sometimes paying with dollars is less expensive.

[Rosarito Gary]

Here is a recent transaction with my wife’s BOA debit card at a Banamex ATM.

We withdrew $1500.00 pesos from the ATM and here is what was on the bank statement afterwards.

$113.87 dlls withdrawal

$5.00 dlls non BOA atm fee (I am assuming this is so high because of an international fee?)

$1.14 dlls Banamex charge

Are you saying I could’ve avoided the bottom two charges just by going to Santander which was right next door in Plaza Coronado in Playas de TJ?

Yes you would not been charged for the last 2 items.....

[Rosarito Gary]

The only problem I have about opening accounts in a local bank here, is the ATM card does not have your name inprinted on it. If you were to lose that card anyone could use it. I opened an account at Bankcomer 2 years ago and they handed me the card and I asked about the card not having my name on it. The clerk said you sign the back of the card and it is checked against your ID when you use the card. I used it twice, once a Walmart and once at Costco. Neither clerk checked any for of ID. Just swiped card and gave it back, so I decided not to carry that card with me. Finally I just went in and closed the account. In the states, if you lose your card, you are not responsible for charges put on it by others, That is not true in Mexico.

[BajaGringo]

I agree that is one thing that bothers me about the local system here...

[Miggiesmallz- TEXMEX]

Yes you would not been charged for the last 2 items.....

Saweeet!!! Thanks Otay Bill and Gary, I used the wife's BOA ATM card this weekend at Santander and was not charged any fees, WHY DIDN'T ANYONE TELL ME THIS 5 YEARS AGO!!!??? haha.

I also now have a INGDIRECT atm card, they don't charge any ATM fees on their end but I wonder if they are connected with any MX bank so that the MX bank doesn't charge either.

[Diane]

Saweeet!!! Thanks Otay Bill and Gary, I used the wife's BOA ATM card this weekend at Santander and was not charged any fees, WHY DIDN'T ANYONE TELL ME THIS 5 YEARS AGO!!!??? haha.

I also now have a INGDIRECT atm card, they don't charge any ATM fees on their end but I wonder if they are connected with any MX bank so that the MX bank doesn't charge either.

Ditto the thanks. $6+ per transaction can add up. There is now a drive through latte place by our house with lattes at about $2. So that's 3 lattes! Now we're talking real money.

[zunigan]

I have Household internet account and can use it in Tijuana. I have used my Chase debit card to get money from one of the banks there. How do you go about opening an account with one of the banks there? Do you need some kind of visa? Are there any other banks in the usa that are also in Mexico that I could open an account here in the usa. I don't speak much spanish. thanks

[bajasouth]

I have Household internet account and can use it in Tijuana. I have used my Chase debit card to get money from one of the banks there. How do you go about opening an account with one of the banks there? Do you need some kind of visa? Are there any other banks in the usa that are also in Mexico that I could open an account here in the usa. I don't speak much spanish. thanks

All you need to do is go online and open a Bank Of America account.
Use your USA mailing address if you have one they will send you a debit card.

Then transfer money from your other USA accounts to your BOA account and use your debit card at Santandar to get peso's out at a great exchange rate and with no fees...

You do not need to open up a Mexico bank account.