Withdrawing cash in Mexico

T99SJC

Travelling to Mexico in a couple of months and wondering what is the best way to obtain cash. I have read that it is best to use mexician peso rather than US dollars, therefore i was thinking that it would be better to withdraw peso from a cash machine rather then take US dollars in travellers cheques. I only have a santander debit card so I'm thinking of applying for a credit card to use for this trip. What is the best card on the market for withdrawing cash from cash machines without incuring alot of charges? We tend to use cash mainly when away and not use debit/credit cards for making purchases, but I can find a credit card that is a good allrounder then I will use the card for making purchases as well. The card can be paid of in full on our return. Would it be a option to look at using a pre-loaded card? thanks

richardw

T99SJC wrote: »

What is the best card on the market for withdrawing cash from cash machines without incuring alot of charges?

There isn't one, they all incur a lot of charges.

pompeyrich

In our hotel, there were 2 cash machines, 1 for Peso and 1 for $US. Both charged a small fee on top for withdrawing cash. I was charged a £1.99 cash withdrawel fee by Santander, this is a 1.5% fee min £1.99 max £20, on a std debit card and 22.62 peso withdrawel fee locally. Ended up, with those charges, clearing a similar rate to the High Street here, so not brilliant but not horrendous either, considering the convenience.

casper_g

What Richard said. The cheapest way to withdraw cash is usually with a debit card. Alternatively, spend money directly on a credit card.

You're right about it being better to use Pesos than USD though. I went to Mexico last year and really struggled to understand why some people would withdraw dollars from special tourist-trap dollar cash machines (which skimmed plenty of profit off the exchange rate as they charged your account in pesos), then take the dollar cash into touristy shops which would then allow them to buy the goods priced in pesos using dollars at a poor exchange rate....

Toe-Jam

richardw wrote: »

There isn't one, they all incur a lot of charges.

Halifax Clarity Credit card (No Charge*)
Santander Zero Credit Card (No Charge*)
Nationwide Credit card (No Charge**)
N&P Debit card (No Charge)
Metro Bank Debit card (No Charge)
Cumberland BS Debit card (No Charge)
Santander Zero Debit card (No Charge)

* Interest may be applied from the moment you make a cash withdrawal until its paid off.

** I think there is now a 1% charge for outside the EU.

SkaterBwoii

I work as an Assistant Retail Manager for Thomson.
We absolutely recommend against taking your bank card to Mexico , purely due to acceptance problems. We have had numerous passengers come back saying that they cannot and have not been able to use their card, this is the same with traveller's cheques.
It is better to take a mixture of US Dollars for the entry/exit fee and Mexican Pesos

zagfles

SkaterBwoii wrote: »

I work as an Assistant Retail Manager for Thomson.
We absolutely recommend against taking your bank card to Mexico , purely due to acceptance problems. We have had numerous passengers come back saying that they cannot and have not been able to use their card,

For payments, or ATM withdrawals? Credit cards may not be widely accepted for payment but I'd be very surprised if bank ATM machines didn't take VISA/MasterCard credit/debit cards.

This article seems to confirm http://www.tripadvisor.com/Travel-g150768-c5116/Mexico:Atms.And.Credit.Cards.html

this is the same with traveller's cheques.
It is better to take a mixture of US Dollars for the entry/exit fee and Mexican Pesos

Which I'm sure you'll sell at a large markup over the VISA/MasterCard rate

zagfles

Toe-Jam wrote: »

Halifax Clarity Credit card (No Charge*)
Santander Zero Credit Card (No Charge*)
Nationwide Credit card (No Charge**)
N&P Debit card (No Charge)
Metro Bank Debit card (No Charge)
Cumberland BS Debit card (No Charge)
Santander Zero Debit card (No Charge)

* Interest may be applied from the moment you make a cash withdrawal until its paid off.

** I think there is now a 1% charge for outside the EU.

** applies to the old Nationwide card, the new one does have forex charges unless you spend a certain amount within the UK before using it abroad.

minimad1970

I've just come back from Mexico and when I tried to use my Lloyds debit card in 3 different cashpoints it wouldn't work. I phoned Lloyds and they had no idea why it wasn't working, the money was in there, I had told them I was going to Mexico, I had used it in the shops and to pay for excursions. I had to use my credit card instead.

Mk14:37

I went to Mexico in March, and took cash (Mx Pesos) from the UK. I did try to withdraw cash from my Santander account but I didn't tell them that I was going overseas, so they blocked my card. I used a credit card for hotel payments but it was a business expense so I didn't look at whether it was good value or not. You could ask about the Santander Zero account, but is there a particular reason that you wouldn't use cash?

Bear in mind that you'll have difficulty in getting much change even from a Mx$100 (£10) note in smaller (e.g. convenience) stores.

lady1964

minimad1970 wrote: »

I've just come back from Mexico and when I tried to use my Lloyds debit card in 3 different cashpoints it wouldn't work. I phoned Lloyds and they had no idea why it wasn't working, the money was in there, I had told them I was going to Mexico, I had used it in the shops and to pay for excursions. I had to use my credit card instead.

Hi,

Can I ask, did you try any of the ATM's at Cancun airport (assuming that's where you flew into?).

We're going on Saturday and I'm so disorganised for this holiday that I'm only now thinking about our currency. We're going AI so don't need lots, just for tips, buying a few bits and maybe a drink out somewhere. We had planned to withdraw cash at the ATM in Cancun airport but we're now re-thinking. I've advised my bank we're going but I'm now wondering if getting the cash prior to Saturday is the answer.....although I know my options are becoming more limited by the day!

Thanks
Lady1964