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Money

ontario, canada
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309 posts
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Money

Would anyone know if I took out 3000.00 pesos at the ATM, what would be the total cost including the transaction fee? I always look to this forum for answers to my ?'s . Just got 3000.00 pesos from exchange place in hamilton, Ontario and it cost me 275.00. Is the ATM still a better deal?

Always,

Thank You All for Your time

Puerto Vallarta...
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28,777 posts
5 reviews
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1. Re: Money

You could do better than that at a Cambio (currency exchange booth) here in town. and, even with your bank's charges and local ATM fee, you can beat the Cambio rate, if you take out the max. to even out the fees.

Ont.Canada
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3,964 posts
35 reviews
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2. Re: Money

We opened a Scotia bank account & have a debit card on that account, if we maintain a min balance of $3000 there are no ATM fees, transfer fees, bank fees, as long as you use a Scotia bank ATM here in PV.

Again as JR said,find out where the Scotia bank ATM is located & withdraw max 6000P at a time to maximize savings & trips to machine.

ALWAYS COVER THE KEYPAD WHEN ENTERING PIN #

ontario, canada
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309 posts
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3. Re: Money

Thanks JR. You are my TA guru.

Puerto Vallarta...
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12,470 posts
67 reviews
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4. Re: Money

If you don´t have a Scotia account then you have to factor in whatever your bank charges for foreign ATM withdrawals plus a local charge. The local charge is App. $25.00 pesos (someone can correct the exact change).

If it´s just a short trip and you only need a limited amount of pesos, $275 for $3000 pesos isn´t bad and is convenient.

ontario, canada
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309 posts
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5. Re: Money

So the question...get the rest of my pesos in Canada or at a Cambio in PV ?

Puerto Vallarta...
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410 posts
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6. Re: Money

get your pesos in pv at an ATM

iwithdraw 6000 pesos and the total fees for the transactions are about 5 dollars for 6000 pesos

ontario, canada
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309 posts
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7. Re: Money

My question now is why would it be cheaper to get pesos from mexican ATM even with bank charges and local ATM fee than to get my pesos directly in Canada. I know I will go DUH when I hear the answer. Thanks all.

Huntington Beach...
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3,150 posts
74 reviews
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8. Re: Money

My bank charges a 3% foreign transaction fee. So for your 6000 pesos withdrawal It would be roughly $14.75 not $5

Puerto Vallarta...
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410 posts
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9. Re: Money

my bank does not charge a foreign fee.itn charges a flat 3 dollars for a withdrawl of 6000 pesos,plus there is a charge of 2 dollars at the atm nachine for a total of 5 dollars

if your bank charges a 3percent fee it may be because you are using a credit card and not a debit card

Huntington Beach...
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3,150 posts
74 reviews
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10. Re: Money

No,its a debit card!