Taking funds to Mexico ?

hillcats

Can anyone suggest the best way to take funds to Mexico ?
Was thinking along the lines of a prepaid card but can't find a pesos option online...
I'd like to think I could have the option of reasonably priced cash from atm also...
Thanks

benjus

You won't find a prepaid card denominated in Pesos. You'll have to use a Sterling-denominated one that converts the currency each time you spend.

But that's not a bad thing, since a good Sterling-denominated card is better than a Euro/Dollar card, even when used to spend in Euros/Dollars.

Cards to consider are:

TravelEx Cash Passport Globe (http://www.travelex.co.uk/uk/cash-passport-globe.aspx) - 1.49% load on the wholesale exchange rate, no cash withdrawal fee

Kalixa card (http://www.kalixa.com/en-GB/Guest-Areas/Entry/Homepage/) - no load on the wholesale exchange rate, but a cash withdrawal fee and a fee to top up by debit/credit card.

One thing to watch out for is if you buy one of these by debit card, some banks will charge you for it, so check the T&C of your bank account/debit card. Both cards can be topped up by bank transfer, but the initial purchase of the TravelEx card must be by debit/credit card.

redmalc

Hi Hillcats been to Mexico a number of times,i would suggest the majority in $ and a small amont of Pesos,first year we went i only took $ and had to change some to Pesos

-2-

We're going to Mexico next week and have been advised by a few travel agents to just take cash as Peso's so were doing that.

benjus

Each to their own, but I feel much more comfortable carrying cards than having lots of cash on me. Plus a card gives a better exchange rate, if you get the right one.

TakeThis

Amazing that people are still not getting that they don't need to change the money. More ridiculous that they suggest buying US$.

Perhaps they get their advice from package holiday companies...

Look here and then here if a mainstream card such as the Metro Bank debit card or the Halifax Clarity is not open to you.

benjus

TakeThis wrote: »

Amazing that people are still not getting that they don't need to change the money. More ridiculous that they suggest buying US$.

Buying US$ could actually be cheaper than buying Pesos. If you buy Pesos cash here in the UK the very best spread on the exchange rate you're likely to get is 3.5%. If you buy USD cash you can get as tight as 0.7%. I've never been to Mexico, but from experience elsewhere in LatAm the cash exchange rate spreads to USD are very tight (and that's not even including the countries with a black market where you can get better rates than the Visa/Mastercard wholesale rates due to currency exchange restrictions).