Forums > General > Traveling Mexico

TBo

Dec 4, 2010, 3:43 PM

Post #1 of 13 (3419 views)

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Currency question

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We'll be visiting Guanajuato capital in a couple of weeks. Can we get pesos from an ATM there using our U.S. bank's debit card? Limit? Is there a better way to do this? Thanks.

Rolly

Dec 4, 2010, 3:57 PM

Post #2 of 13 (3413 views)

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Re: [TBo] Currency question

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The daily limit is set by your home bank, not by the ATM.
Most ATMs have a $5,000 peso limit per transaction, not per day.
The ATM will make a small charge for using it.
Your home bank will set the exchange rate and any other fees.
ATMs are the best way to get pesos from you home bank.
Many of us live here using only ATMs to draw money from our foreign banks.

Before you come, inform your bank that you will be using your ATM (and credit) cards in México.

Rolly Pirate

(This post was edited by Rolly on Dec 4, 2010, 4:00 PM)

TBo

Dec 4, 2010, 4:39 PM

Post #3 of 13 (3398 views)

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Re: [Rolly] Currency question

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Thanks for the clear and prompt answer, Rolly.

chicois8

Dec 4, 2010, 5:59 PM

Post #4 of 13 (3385 views)

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Re: [TBo] Currency question

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I use Banamex from a citibank account in the USA, I can withdraw $2000 USD a day, I insert card and hit other amount and put in 10,000 Pesos, I repeat and get another 10,000 Pesos then I do a third for 4,000Pesos...that gives me 24,000 pesos which is just under $2000 USD,without any fees and at 12.40 x $1....I am building a house and am paying for workers and material...I also do the same with a Schawb bank account and BanamexUSA, all with out fees or other costs...........

TBo

Dec 4, 2010, 7:08 PM

Post #5 of 13 (3370 views)

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Re: [chicois8] Currency question

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Thank you, chicois8. That's a lot of of US$ a day.

chicois8

Dec 4, 2010, 7:25 PM

Post #6 of 13 (3368 views)

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Re: [TBo] Currency question

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Your are right but costs of labor and material are not going down, when I leave the ATM I list to the left..I take out another 12,000 Pesos from Schwab and 4000 Pesos from BanamexUSA per day...The abobe is 30,000 pesos right off the bat and the antique doors and mesquite window shutters cost.....

Anonimo

Dec 5, 2010, 2:16 AM

Post #7 of 13 (3339 views)

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Re: [chicois8] Currency question

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Interesting info, thank you, chicois8.
But I need a clarification, please.

Are you saying that you are drawing on your (CitiBank) Banamex USA account from a Banamex Mexico ATM; or are you withdrawing funds from a Banamex Mexico account, using a Banamex Mexico ATM? Or some variation on that? Let's leave Schwab out of the picture for the moment.
Thanks.

Saludos,
Anonimo

chicois8

Dec 5, 2010, 7:43 AM

Post #8 of 13 (3302 views)

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Re: [Anonimo] Currency question

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I do not have a Banamex account, I only use their ATM's...

I have a BanamexUSA account where I can withdraw $300.00USD per day..

I have a Citibank account where I can withdraw $2000.00 USD per day...

And Anonimo, you look good behind bars.........Rick

gpkgto

Dec 5, 2010, 8:35 AM

Post #9 of 13 (3296 views)

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Re: [chicois8] Currency question

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If you transfer over $10,000 from your Banamex USA account to a Banamex Mexico account you get a better rate. The way you are spending I think you would save some money.

(This post was edited by gpkgto on Dec 5, 2010, 8:36 AM)

chicois8

Dec 5, 2010, 10:31 AM

Post #10 of 13 (3277 views)

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Re: [gpkgto] Currency question

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I do not want a Banamex account, I can withdraw $3300.00USD a day with out fees and at the bank rate, I check online the same day and it is always within a few centavos of the days rate...I believe the rate when you do a transfer is less...

chicois8

Dec 5, 2010, 8:03 PM

Post #11 of 13 (3220 views)

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Re: [gpkgto] Currency question

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Just to test your theory I looked at the Banamex website and it showed the compra/buy was 12.10 x $1, the Venta/sell was 12.50 x $1, for an
adverage of 12.30 x $1.....I then went to my local Banamex ATM and withdrew pesos at the exchange rate of 12.30 x $1..I then went on the BanamexUSA site and hit Pesos for the Dollar to Peso $10,000 transfer and the exchange rate was 12.10 x $1....It may take me 3 days to withdraw $10,000 but even 20 centavos to the dollar adds up when you are building...

In Reply To

If you transfer over $10,000 from your Banamex USA account to a Banamex Mexico account you get a better rate. The way you are spending I think you would save some money.

Anonimo

Dec 6, 2010, 2:25 AM

Post #12 of 13 (3202 views)

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Re: [chicois8] Currency question

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Thanks for the detailed explanation.

Saludos,
Anonimo

gpkgto

Dec 6, 2010, 6:58 AM

Post #13 of 13 (3172 views)

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Re: [chicois8] Currency question

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I just did a US$25000 transaction a couple months ago and I got about .20 pesos above the posted rate. You also have to request the transfer over the phone--not from the website--and maybe it has to be OVER $10000.