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US-MEX Exchange Rate

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Onalaska, Wisconsin
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US-MEX Exchange Rate

We are traveling to Zihua next week and are wondering what is the current exchange rate at ATM's in Zihua? Are there fees for withdrawls on a debit card? Is it a problem getting money anytime you need it? We an get pesos in the US from our bank ahead of time but there is a $20 USD fee and the rate is 1.62 USD = 20.00 MXN.

Vernon
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1. Re: US-MEX Exchange Rate

Yes you can get money anytime from bank machines. Most of the time your bank will charge you a fee for using the machine and so will the bank your using the machine from. I don't think it is anywhere near $20. That seems really high.

I would wait and just use a bank machine there.

The exchange rate will

Minnesota
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2. Re: US-MEX Exchange Rate

Your bank is charging you 20 bucks for a fee, and then taking a cut on top of that fee with a lower exchange rate! (currently 1.52 to 20 pesos)

Use The ATM.

Keith

Edited: 25 March 2014, 17:12
Minnesota
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3. Re: US-MEX Exchange Rate

Here is my take on it!

(previously posted here)

Money! Money! Money!

So now that you are heading out of the country (pick one) to Mexico, you need to think about how to exchange your funds to Mexican Pesos.

Yes, you have heard that a great deal of the commerce in Ixtapa/Zihuatanejo can be done in the good ol' U.S. Dollar.

To that I say PHOOEY! You are going to take it in the shorts on the exchange rate, and while you think it is such a small thing, here are some numbers for you to digest!

Should you choose to use the Dollar while in Ixtapa/Zihuatanejo, most businesses are going to give you an exchange rate of 10 to 1. With the current rate of exchange running right around 13 to 1 on the Dollar you are losing 3 Pesos on that exchange.

Big deal huh?

YES IT IS!

Extrapolate that out to $1000 U.S. worth of money exchanges, and you have just flushed around $3000 Pesos, or around $230 Dollars down the Porcelain Buddha! (at today’s rate)

In my world, that is the cost of an entire days fishing trip in Zihuatanejo. What is it in yours?

A high class dinner?

That pair of swanky sneakers that the yard monkey wanted?

Okay so maybe I have some of your attentions out there now, and you are wondering “fine, how do I go about not getting hosed?”.

Did I hear someone ask?

I think so, so here ya go!

ATM/Debit card!!

Yes it is just that simple.

Using your ATM/Debit card at the local ATMs will give you that days rate of exchange. Be it 13 to 1, or like we experienced in March of 2009 15.7 to 1 !!!!!!

We had funds to frolic with!!!

Here are things you need to be aware of:

1, Your banks fees for International Exchange. Some have none; some have rates that will need you to make the maximum daily withdrawal since they are charged on a per transaction basis.

2, Do Not Use A Cash Withdrawal From A Credit Card! The fees and interest will kill you more than a 10 to 1 exchange rate!

3, The first of the local ATMs that you can find are right there at the Zihuatanejo Airport just outside of Customs. Hit the ATM first BEFORE you purchase a Taxi Ticket! Do you want to pay $32 US for the Taxi or $320 Pesos?

4, If you cannot, or do not wish to troll the boards for ATM locations, simply ask at your hotel’s front desk for directions to the nearest ATM. (in Ixtapa there is a nice mini-bank/24 hr ATM right between the Dorado Pacifico and the Emporio hotels on Ixtapa Blvd.)

5, Traveler’s Checks!! While great for Emergencies are a pain in the hinder to have cashed in the area. The local banks of late are requesting a Passport to cash them, and they need to be filled out EXACTLY as the name on the Passport. In Emergencies they can be cashed at most of the hotel’s front desks but there again, you will get hit with a reduced rate of exchange. (yes I always bring them, and deposit them when we return, as my bank issues them for no fee)

6, Some of, not all, the local banks are now declining to exchange U.S. Dollars for Pesos for walk in clients (meaning no account there, no exchange) leaving you at the mercy of a reduced rate of exchange elsewhere if you decided to travel with cash.

Have A Great Trip!!!

I hope that this has been helpful, and that it gives you that much more pleasure in your trip!!

Always remember to contact your bank before Travel!!

You don't want your cards cut off!

Keith (aka Labrat)

Edited: 25 March 2014, 17:17
Vancouver BC
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4. Re: US-MEX Exchange Rate

1.62 USD = 20.00 MXN is a rate of 12.35. Today's interbank rate that no one can use is 13.14 discounted 4% in the market to 12.62 which is probably what the ATM will provide today. That puts the ATM at at least a few percentage points better than your bank before the $20 fee. Of course you have to take off the international ATM fee that you bank charges, say $5, and whatever the ATM owner charges, say 20 pesos. Bottom line is the fees as a percentage of a withdrawal are tiny and the exchange rate is better than your bank. I'd buy 1000 Pesos at the departing airport at their lousy rate and get more from an ATM shortly after arrival.

blaine, mn
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5. Re: US-MEX Exchange Rate

I was in Zihua in Feb. Went to Banamex and used my ATM card. I was charged 30 pesos to use the machine (About $2.25US) and $1.87US for a cross border transaction fee to withdraw 3000 pesos. Even with those charges, the exchange rate was 13.15/dollar

Zihuatanejo, Mexico
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for Ixtapa, Zihuatanejo, Cabo San Lucas
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6. Re: US-MEX Exchange Rate

DEAH69...remember when you use the ATM it will be showing pesos...so if you hit 500...you will be getting pesos...which is about $40USD!!! So hit 5000 instead...it will be the same fees for using the machine...some banks will charge you a 3% international fee..so check with your local bank. You can find institutions that will NOT charge you any fees...like Schwab...and they will reimburse you also for the Mexico bank fees as well.

Call your ATM holder and give them the dates you will be using your card in Mexico...and tell them the places you will be visiting, if there are more than just Ixtapa/zihuatanejo...but list both, as your bank might not know they are the same location. Clients have had their card stopped because they only listed Ixtapa, then tried to use their card in Zihuatanejo!!

Lewiston, California
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7. Re: US-MEX Exchange Rate

The rate changes constantly. The guy in line ahead of you may get a different rate then you get. The ATM rate is what the international exchange rate is at that Moment.

Airdrie, Canada
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8. Re: US-MEX Exchange Rate

check out www.oanda.com and look at the atm rate.

When you use the machine and complete your transaction it should tell you what the fee is.

For Scotiabank it is 9.5 pesos per transaction.

Zihuatanejo, Mexico
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for Zihuatanejo
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9. Re: US-MEX Exchange Rate

Was just in centro & passed the bank...rate today is 13.45 for US.

Zihuatanejo, Mexico
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for Ixtapa, Zihuatanejo, Cabo San Lucas
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10. Re: US-MEX Exchange Rate

Linda...are you sure that rate is correct?? It is way high from the bank rate posted for today. Oanda is showing 13.11...as are two other charts that I watch.

Edited: 28 March 2014, 00:13