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Atm Fees

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Vancouver, WA
2 posts
1 review
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Atm Fees

I am leaving for Puerto Vallarta Tuesday morning (April 14th) and was wondering about ATM fees. I'm planning on leaving all of my money in my checking account and getting cash from an ATM periodicaly. Is this the best way to do things?

One more work day and I'm outta here!! So excited :]

SoCal
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9,405 posts
2 reviews
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1. Re: Atm Fees

We use our ATM card almost exclusively to get pesos. I suggest call your bank ASAP and tell them your dates in Mexico so they don't shut it off for possible fraud.

The fees charged are set by your bank so ask them what it is when you call. Our bank charges $5 for each international transaction, so I try to withdraw the daily maximum, the ATMs there will probably inform you of a 7 peso charge, but that is only applied to Mexican bank accounts.

Enjoy your trip!

Riviera Nayarit...
Destination Expert
for Bucerias, Riviera Nayarit
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9,755 posts
40 reviews
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2. Re: Atm Fees

Welcome to the Trip Advisor! You might want to check with your bank and see if they have agreements with any banks in the PV area. My debit card is with Bank of America and they have agreements with Santander and Scotiabank. No fees at all when I use their ATM's.

Nederland, Colorado
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291 posts
4 reviews
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3. Re: Atm Fees

I sure hope your screenname is "needs a tan" and not "need satan" :-)

don't know about Canadian banks, but our credit union charged no fee for ATMs in Mexico. But since it's a VISA debit card, VISA charged a 1% transaction fee. But we got excellent exchange rates through the ATM as well.

Seattle
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42,181 posts
14 reviews
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4. Re: Atm Fees

The fees come from your own home bank (or not), so you need to ask them because they're all different.

In addition to an ATM card, I also carry a couple hundred in cash, that I can exchange at a cambio. Yes ATM is the best way to go, but things can happen like a certain machine runs out of cash over the weekend (happens to the one down on Olas Altas near the beach) or whatever and I like a backup method.

Oregon
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3,115 posts
24 reviews
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5. Re: Atm Fees

I had the same experience as Elenamex. I have a Bank of American account and incurred no fees when using a Santander ATM.

Seattle
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42,181 posts
14 reviews
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6. Re: Atm Fees

Yes, me too. BoA customers have no charges at all when they use Santanders ATMs in Mexico.

Vancouver, WA
2 posts
1 review
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7. Re: Atm Fees

Thank you everyone! You were all so helpful. And yes the name is "needs a tan" haha. Calling my bank right now!

Leaving for PV in early morning!! Yay

Carol Stream...
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49 posts
8 reviews
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8. Re: Atm Fees

Yeah me too. I bank with Bank of America and I stayed at the Grand Mayan in Nuevo Vallarta. It was so convenient because the Grand Mayan has Santander ATM's all over the resort so I paid no fees at all.

Northern Michigan
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325 posts
3 reviews
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9. Re: Atm Fees

I'm leaving tomorrow. Called the bank and they said there would be a $3 fee each Atm transaction and a 3% conversion charge. I'm taking cash.

Toronto Canada
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145 posts
11 reviews
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10. Re: Atm Fees

Like KJR, my own bank at home also charges a $3 fee per transaction and 2.5% on the exchange rate. Despite this, I do better by using the ATM to withdraw pesos than by exchanging cash from home at the cambios. Obviously, the cambios have to make money on comparatively smaller amounts of exchanged funds, so their rates are often off from the interbank rates by 5-10%. If you really, really look hard and do lots of searching, you will find some cambios have better rates than others, but I've never found one that gives me as many pesos for my dollars as using an ATM, despite the nasty bank fees.

You can minimize the expense of using an ATM by withdrawing large amounts (usually up to 5000 pesos), instead of withdrawing small amounts frequently, each with the accompanying $3 fee from your home bank.

You can reduce the amount of cash you need by using credit cards when possible, since they normally incur only the 2.5-3% exchange premium, and no "per use" fee, but be aware many places do no accept credit cards, a few charge you a premium to use one, and some travelers don't like using their credit cards. I've used mine at a couple of restaurants, Wal-Mart, and for tours with no problems, so I didn't have to use up my cash quite as quickly.