exchanging US dollars for Mexican pesos
 

I can no longer exchange dollars for pesos at resort and my last couple of trips to PV, when i went to the bank, it took forever to get pesos. I've bought pesos at storefront cambios around the malecon but now i'm considering getting pesos from an ATM, which i've never done before. My research suggests that ATM offers a better exchange rate but there are fee's. Cambios will exchange my dollars for pesos without a fee, but i'm guessing at a lesser exchange. Any thoughts on which approach is best, cambio without fee or ATM with fee? Also, is there a cambio you've found that offers consistently higher exchange rates? Finally, i'm planning to get $1000.00 worth of pesos or so because the exchange rate very good right now, 17.3 pesos per 1 dollar, not sure if that amount makes a difference.
thx!
Barry

ATM at a BANK are the best rate & safest. NEVER use a free standing ATM.
Also check with your US bank. They may have a Mexican partner bank who will wave any fees.

PS your bank may limit your withdrawal amount. Check to see, I had my raised last year to $800 US from a former $500.

Use the ATM at a bank.

Use ATMs at banks. Tell your bank you will be traveling. If your bank charges fees, get a new bank.

In general withdrawing pesos from an ATM will give you a far better deal than exchanging money. Just be aware that ATM transaction fees vary from bank to bank. I've seen fees ranging from under a dollar, to $8.00. The higher fees are usually in touristy areas. Use a machine that a lot of locals are using.

<cambio without fee or ATM with fee>
It depending on the fee your home bank charges, if it is substantial then these can be fairly similar.

I get peso 3 ways:

1. Order from BoA my bank at home in Seattle. Pay a service fee and get a slightly lesser rate of exchange, but have peso on hand for immediate use when i step off the plan.e

2. Use a BANK ATM after arrival, this previously was my primary method but last trip my new chip debit card would not work anywhere, so I don't rely on it solely.

3. Take USD and exchange them at cambios around town. Yes some are slightly better. Daily rates are posted so you just need to keep your eyes open for those near where you are staying.

This information is from my trips to Puerto Vallarta specifically.

Suze - ;) the disclaimer is needed on this board ;)

Thanks MichelleY. I am nothing if not honest :-)

@cybor - If you use a US CC in an ATM you'll start paying interest immediately on the cash advance. Surely you actually meant to say ATM or debit card? Or perhaps you come from a country where that is not the case?

Most people do not use a charge card at an ATM. Because for most accounts it is considered a "cash advance" with associated fees and high interest rate starting immediately. You want to use a regular debit card.

There is a line of 4 ATMs at PVR arrivals (so no reason you can't find one at the airport).

The airport taxis in PV are federally regulated with set rates by zone. You buy a ticket at a booth and they accept USD (so there wil be no instance of anyone insisting on peso).

Maybe things are different in other parts of Mexico, but this is how it is in Puerto Vallarta.

As a general rule, it's not a good practice to have a taxi take you to an ATM.

@cybor - most people's CCs are NOT issued by brokerages and DO charge interest immediately on cash withdrawals. If you are going to advise using CCs for cash withdrawals you need to make this distinction clear. You recommendation as stated was misleading - expensively so.

No one is suggesting not using ATMs. The issue is what card you put in the ATM. For the vast majority of people that should be an ATM or debit card, NOT a CC (credit card).

I found my new "chip" ATM card worked fine at all banks except Banamex. Now people I know who have a Banamex account have no trouble there using their card so I suspect it is just other bank cards that are rejected. No big deal as Lots of other banks around in GTO where I spend the bulk of my time.

cybor: the taxis at PVR are different from the rest of Mexico. Uber doesn't exist here and probably never will, our taxi unions are very strong politically here.
A lot of the new US chipped cards, don't work to well here, they are playing, catch up, Mex and CAN have had the technology for years.
ATM will always give the best rate, I have been using one for over 15 years, a PayPal card that charges 0.

Thanks everyone for your valuable suggestions. As i said, I've never used an ATM, not even here at home in California. I was planning on using a credit card at the ATM in PV. Now i know better get a debit card. Just to be clear, the only fee's I will possibly incur will be from my bank here at home in California, not at any bank in PV?
Thanks again!

"the only fee's I will possibly incur will be from my bank here at home in California, not at any bank in PV?"
Not true, if you're still talking about ATM cards. You will being paying a surcharge (or whatever you want to call it) unless your bank waives foreign fees (as in not their ATM type of foreign). And the fees will vary from bank to bank. As well, some banks will waive their fee, or give you X number of free transactions at foreign ATM's. Even so, the fees will be minimal; let's say you withdraw the equivalent of $500 US and you pay $5 in fees, that's (if my math is correct) 1/10 of a percent for the best exchange rate available. The ATM may be the greatest invention ever for travelers!

Ugh. My math was wrong, that'd be 1% @ $5. Still a good deal.

<the only fee's I will possibly incur will be from my bank here at home in California, not at any bank in PV?>

No, the Mexican bank will also have a small service charge too. Depends what bank you are at but most are no more than a couple dollars max.

Since you never use ATM machines and don't have a debit card, you COULD go with your original plan of getting the peso in advance and carrying them with you (and locking them in your room safe in PV).

Here now in PV. i didn't receive my atm card in time so i came with cash. Just returned from the plaza marina shopping center, located a block or so north of the marina entrance. There are 4 banks in the plaza, 3 of the 4 told me that they do not exchange dollars for pesos. Only Scotiabank would make the exchange. The person in the Bancomer bank told me that Scotiabank is now the only bank in PV that will exchange currency unless you have an account with the bank, then nearly all banks will exchange currencies.

Look for a currency exchange or bureau de change rather than a bank. Ask your hotel.

You just need a "casa de cambio" instead of a bank. They are all over town. Look for the signs hanging with the daily rates of various currencies posted.

If you are at a hotel, you can ask the front desk, some of them are willing to do exchanges and have decent rates.

Another way is to shop at a major grocery store like Soriana, Ley, Walmart, etc. They accept USD and will give change in peso.

(Sorry I see in you OP you said your resort doesn't do exchange.)

Just ask anyone where the nearest cambio is located, if you can't spot one yourself.

The bank will give you a better rate than the Cambios, just need your passport and a copy of the photo page.

<The bank will give you a better rate than the Cambios>

Only IF they exchange USD, which many do not these days.

Other currencies can be exchanged at the bank, only USD requires the passport at a bank like Scotiabank.

We always get ours at home now. My bank charges no fees for this because of the type of account. I used to be a hard and fast believer in ATM's until I got compromised and also one trip I couldn't get money "out of money", stood in line, out of order, etc. Was a huge PIA that trip, so now we order at home and it's sooooo much more convenient. If I was going for a month or more I would have to use the ATM, but we don't have the opportunity to go that long anymore, so cash it is:)