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Lilmsmaggie

Jul 3, 2015, 3:05 PM

Post #1 of 23 (18649 views)

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Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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Hi,

Will be spending a week in Puerto Vallarta this month. Not sure if I should buy and bring peso's with me before arriving in PV or once I get there. I've received some conflicting info about the acceptance of dollars in PV.

One piece of information seems to be consistent: Don't exchange currency at the airport. ATM's give the best exchange rates followed by cambio's.

I belong to a credit union so using an ATM may be a problem but I need to contact the credit union and ask. I already know I can't purchase pesos from them.
Dwain (aka Lilmsmaggie)

rvgringo

Jul 3, 2015, 3:41 PM

Post #2 of 23 (18644 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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The airport will have ATMs where you can get pesos upon arrival, as well as an exchange (Cambio) for a somewhat poorer rate.
Trying to spend dollars is problematic and, in any case, will get you the absolute worst exchange rate and the label of a fresh-off-the-boat-tourist to be fleeced. Use pesos for everything and you will soon note that ATMs are everywhere; banks, larger farmacias, grocery supermarkets, etc., etc.

jreboll

Jul 4, 2015, 3:08 AM

Post #3 of 23 (18625 views)

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Re: [rvgringo] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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I have never had problems using my credit union ATM card. I always withdraw the same amount and use the same ATM so I can keep track for my records

Teo

Jul 4, 2015, 12:31 PM

Post #4 of 23 (18594 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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We travel Mexico frequently and PV quite a bit. In fact we are in PV now. Getting pesos is no problem in Puerto Vallarta. You really don't need to bring any US dollars for exchange. Just use your ATM card at most any ATM machine - although I would recommend using an ATM attached to or inside a bank, NOT the free standing ATMs.

Before you leave for Mexico, It would be a good idea to let your credit union know you are leaving the USA so they won't freeze your card thinking it is being used fraudulently.

Lilmsmaggie

Jul 4, 2015, 1:37 PM

Post #5 of 23 (18583 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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Stopped by my CU yesterday. Informed them that I would be in Puerto Vallarta and when. This was a follow-up visit after a TC earlier in the week.

I can use an ATM while in Mexico. I asked if I needed to use a specific ATM, e.g. Bananex, etc. and I was told no.

I may just purchase pesos here from a Wells Fargo bank near where I work.
I contacted them and spoke to a manager yesterday (I don't have a Wells Fargo acct). I just need to call before I go to make sure they have someone on duty that handles those types of transactions.
Dwain (aka Lilmsmaggie)

chinagringo

Jul 4, 2015, 1:46 PM

Post #6 of 23 (18579 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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Based on our experience with two different NOB banks, the exchange rate plus the fees make buying Pesos NOB a losing proposition. We do far better tipping the luggage handlers in the airport with either leftover Pesos from a previous trip or USD. At the Guadalajara Airport, there are ATM's in the airport lobby and we hit one of them before heading into the City.
Regards,
Neil
Albuquerque, NM

Lilmsmaggie

Jul 4, 2015, 1:56 PM

Post #7 of 23 (18574 views)

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Re: [chinagringo] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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Yes, I would imagine that Wells Fargo is probably less than ideal. The other option is Travelex. They're probably a last resort.

My CU stated that they would charge 1% of the amount + whatever fees I would incur by using the ATM's. Either way, I can't get around fees. The trick is keeping the fees to a minimum.
Dwain (aka Lilmsmaggie)

(This post was edited by Lilmsmaggie on Jul 4, 2015, 2:00 PM)

chinagringo

Jul 4, 2015, 2:20 PM

Post #8 of 23 (18566 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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We are far more pleased with today's exchange rate of $15.7225 than to concern our selves with a few minor "cost of enjoyment fees". Many remember the days when it was $10.00 or even lower.
Regards,
Neil
Albuquerque, NM

DavidHF

Jul 5, 2015, 10:51 AM

Post #9 of 23 (18545 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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Most banks and credit unions charge 1%, mine does. The ATM fees here in Chapala are $29 Pesos, about $2US. DO NOT buy Pesos in the USA, get some at the airport after arrival. You'll find many ATMs all around PV. Just relax and enjoy your visit!

Lilmsmaggie

Jul 6, 2015, 6:05 PM

Post #10 of 23 (18511 views)

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Re: [DavidHF] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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My niece is tellng me that some ATM's in Puerto Vallarta are charging as much as $5 U.S. Seems a bit high especially if you need to use one more than once.

Is there a maximum daily withdrawl amount? Not that I would be using one often but would be good to know.

Not sure where she's getting this info. She's been hanging with some expats there. Not sure if she's getting it from them or her own personal experiences.

IHere's Wells Fargo's web site:

https://www.foreignexchangeservices.com/...amp;serviceType=rate
Dwain (aka Lilmsmaggie)

chinagringo

Jul 6, 2015, 6:41 PM

Post #11 of 23 (18506 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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$5USD would be $75+MXN and I am going to guess that these ATM's are privately owned as opposed to bank owned? Your daily maximum is set by your bank but may require multiple transactions (with fees) to reach that amount. Our rule of thumb is to always withdraw the ATM maximum per transaction to keep the costs down.
Regards,
Neil
Albuquerque, NM

RickS

Jul 6, 2015, 6:42 PM

Post #12 of 23 (18506 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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The daily maximum is a function of your debit-card holder... i.e. your bank or credit union sets this limit (which you can change by giving them a call).

JRinPV

Jul 7, 2015, 9:27 AM

Post #13 of 23 (18479 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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Local ATM charges are around 30 pesos, some not bank affiliated, like Cashola which mostly dispense US$, still don't understand that ?, are way more expensive, avoid them.
ATMs will give you the best rate and most do not take your card into the machine, so little risk of it getting eaten.

Lilmsmaggie

Jul 7, 2015, 10:16 AM

Post #14 of 23 (18471 views)

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Re: [chinagringo] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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The daily maximum is a function of your debit-card holder... i.e. your bank or credit union sets this limit (which you can change by giving them a call).

Yes, my niece didn't elaborate on whether it was dollars or pesos. I had a case of "sometimers" (a phrase I picked-up from a Latina acquaintance a couple of years ago) with the daily withdrawal amount. Too much on the brain at the moment.

In Reply To

Local ATM charges are around 30 pesos, some not bank affiliated, like Cashola which mostly dispense US$, still don't understand that ?, are way more expensive, avoid them. ATMs will give you the best rate and most do not take your card into the machine, so little risk of it getting eaten.

Good to know about Cashola -- Gee, just the name says: "Don't use me - Don't even think about using me."

Since my CU has given me the green light to use ATM's and they know I'll be in Mexico, looks like I'll be using an ATM at the airport in PV once I land.
Dwain (aka Lilmsmaggie)

Lilmsmaggie

Jul 7, 2015, 10:30 AM

Post #15 of 23 (18470 views)

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Re: [chinagringo] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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So, I should see ATM's for Banorte, Scotiabank, Bancomer and HSBC at the airport in Puerto Vallarta correct?

Can you give me an idea where these machines will be located in the airport?
Dwain (aka Lilmsmaggie)

AlanMexicali

Jul 7, 2015, 11:03 AM

Post #16 of 23 (18465 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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So, I should see ATM's for Banorte, Scotiabank, Bancomer and HSBC at the airport in Puerto Vallarta correct?

Can you give me an idea where these machines will be located in the airport?

Banorte charges $69.00 pesos for the transation fee and Banamex charges $29 pesos. The problem is a US credit/debit card sometimes does not have a RFID chip and Mexican cards do. So when you swipe the card it might not read it in a Mexican ATM the first time as they sometimes do not service the magnetic card readers in these ATMs and rely on the RFID chip to acknowledge the card instead.

I have found ATMs that work everytime and also I have found some that need to have me insert the card several times to work and others that will not work at all with my US debit card. So if it won´t read the card the first time try again and if after a few tries go to another ATM even right in the same room at a bank branch where they have several ATMs.

(This post was edited by AlanMexicali on Jul 7, 2015, 11:04 AM)

DavidHF

Jul 7, 2015, 2:27 PM

Post #17 of 23 (18448 views)

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Re: [AlanMexicali] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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My cards do not have RFID chips and the machines I use frequently (3), each from a different institution, read them every time.

chinagringo

Jul 7, 2015, 7:48 PM

Post #18 of 23 (18416 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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Since I/we have never flown into the Puerto Vallarta Airport - I won't guess/speculate what ATM's they might have! We stick with the recognized banks and prefer those machine where one swipes their card rather than the ones which pull the card into the ATM and hopefully give it back when the transaction is over.
Regards,
Neil
Albuquerque, NM

hunteradvisor

Jul 8, 2015, 3:09 AM

Post #19 of 23 (18408 views)

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Re: [Lilmsmaggie] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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There are at least 4-5 ATM with Sanatander, Banamex, 2 others I don't recall. I will be there Fri. and will try to check. Location is near the exit from the secured area where the domestic flights arrive, also close to the airline desks for check in. If you are coming on an international flight, ignore all of the time share/taxi and other change places before the exit from the secured area. Come through the last door of the secured area and go right down the hall almost to the end. The machines are in your right.
Use to be Bank of America did not charge for withdrawals from Santander machines, but I just checked and I was charged in Spain about $5.00 on every withdrawal. In Mexico I always take the max to help,offset the fee.
Don't change cash, the exchange is abominable. I also try to use my AmEx wherever I can or Capitol 1, no conversion fee, pretty decent exchange and I earn miles for flying back for visits.
If you are here for awhile you could also consider using Xoom. $4.95 and you can pick up in a dozen convent locations. Withdraw up to $2900 U.S. For $4.95.
Isabel
www.RanchoSolyMar.com

AlanMexicali

Jul 8, 2015, 6:41 AM

Post #20 of 23 (18399 views)

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Re: [DavidHF] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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My cards do not have RFID chips and the machines I use frequently (3), each from a different institution, read them every time.

I live in an area of Mexico where there are no USA foreigners, [maybe 150 to 300 total, just a guess] only Nationals, and I presume the banks service the magnetic card readers in the ATMs only when they recieve complaints otherwise they might let them stay unserviced and in that case they only work with the RFID chip reader. I would probably be the only person complaining in a city of 1.4 million people in this case and I don´t bother. I find an ATM that reads the magnetic strips. In other areas where US citizens live/visit and have old technology non RFID debit/credit cards they might want your business. I read Canadian banks went to RFID cards some time ago.

(This post was edited by AlanMexicali on Jul 8, 2015, 6:43 AM)

La Isla

Jul 8, 2015, 10:37 AM

Post #21 of 23 (18384 views)

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Re: [hunteradvisor] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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Use to be Bank of America did not charge for withdrawals from Santander machines, but I just checked and I was charged in Spain about $5.00 on every withdrawal.

Maybe a year ago, Bank of America started charging a 3% service fee for withdrawals made from Santander ATMs.

Lilmsmaggie

Jul 8, 2015, 1:02 PM

Post #22 of 23 (18376 views)

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Re: [hunteradvisor] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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I read a Mexperience post from Aug. 2013, where a person commented that in addition to his financial institution's nominal $2-3 transaction fee for using an ATM in Cancun, there was a $45 fee associated with the ATM withdrawal. He stated that his bank told him that all he could do was to contact the Mexican bank.

The poster doesn't state where in Cancun or which ATM he used.

I used an ATM machine across the street from the Royal Mayan Resort in Cancun on Kukulcan Blvd. back in 2013. It was located just outside a Bank (don't recall which one) and I was only charged about $29 pesos for the transaction.

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Dwain (aka Lilmsmaggie)

fpeg

Jul 28, 2015, 6:54 PM

Post #23 of 23 (18226 views)

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Re: [AlanMexicali] Coming to Puerto Vallarta - Foreign Currency Exchange advice needed

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where do you live