nukesafe

I have done a search here, but am unable to find any discussion on what the limit is in Mexico for an ATM withdrawal. If it is too little, I am going to have to bring more than the one card. (Well, maybe that is not such a bad idea, anyway.)

Does anyone know the answer?

Thanks,

Jed

The limit is not set by country but by your bank. If you want a larger limit, go to your bank, tell them you are going to Mexico, and ask for the limit you want. In any case, it helps to tell them where you are going, if you don't have a history of travelling.

nukesafe

Jed,

Thank you for your response, but that is not the information I am looking for. I, of course, know I have a daily withdrawal limit at my bank for my ATM card. I have increased that limit so I will be able to withdraw enough Pesos to cover some large expenses that must be paid in Mexican currency.

European, and American ATMs have their own limits on the amount one can withdraw from that machine/Bank at one time. This has caused similar problems in both France and Italy, when I needed to withdraw Euros to pay for rentals up front.

My question is if anyone knows for sure what that withdrawal limit is for Mexican banks/ATMs with which they have dealt. Other searches on the Web have given conflicting answers -- usually around 3,000 Pesos. If that is true, I may have to open one or two additional accounts so I have additional cards to draw from.

Thanks again,

suze

I think the information is conflicting because not all ATM machines in Mexico have the same bank imposed upper limit.

Jed

3000 pesos are about $285. Ain't much.

nukesafe

That's my problem, exactly!

Off to my bank to set up a couple of more accounts.

The alternative is to bring U.S. cash, and change it in Mexico at horrible exchange rates.

suze

Not all exchange rates in Mexico are horrible. Why do you think that, nukesafe?

Sometimes I use an ATM (in Puerto Vallarta) sometimes I change USD or travelers checks. Factoring in the $5 BoA gets me for on an ATM with their only slightly better rate of exchange, these 3 methods are about equal in my experience.

nukesafe

Suse,

I don't think all exchange rates in Mexico, or any other country, are equally horrible. I do know, however, the they are not all equal. In general, I have found "Cambios" all over the world to be quite expensive. I have been charged from 8% to 17% over the "Interbank" rate in currency exchange booths. I try to avoid them like the plague. Only use them when there is no other option. Hotels are even worse, IME.

In my case in Mexico, I need to get a reasonably large amount of cash quickly on a Sunday. I of course could take wads of $100 bills, and change them at a bank on Monday, but have you tried changing U.S. $100 bills at a foreign bank lately. You can see their eyes light up with thoughts of "Drug Dealer!" or "Counterfeit!". My experience, other than standing in long, slow, lines, is that there is a LOT of scurrying about in the back room, with the manager peering at the bills closely and running them through some sort of detector. Very time consuming.

The other option would be to stand in front of an ATM for long periods of time, entering the limit over and over with a multitude of cards. Other than being time consuming, if the ATM withdrawal limit is very low, I understand some Mexican ATMs charge a 1% or 2% transaction charge. If I were to use my Bank of America card, for example, the charge that BofA adds, plus the $5 additional charge would total a significant burden. Won't break me, of course, but it annoys my parsimonious soul.

BTW, the bank I use, in preference to my BofA account, charges zip for foreign withdrawals.

nukesafe

Got off track there on my original question. Still would like to know what the withdrawal limit (in general) for Mexican ATMs.

Another thread on the Latin American board says that the withdrawal limit in Argentina is 300 Argentine Pesos, or about $100 USD. If that is the limit in Mexico, I'll spend most of my time running from machine to machine.

marilynl

I guess I am having trouble understanding why you will be needing what sounds like fairly large sums of cash. I know this will vary, but my travel needs are met by using credit cards and ATMs in combination. I routinely request 3000 pesos, which is sort of equivalent to my $300 withdrawal patterns at home.

If you need a large sum, say for a rental fee or hotel bill, perhaps it would work best to purchase pesos before you leave US, and pay only one fee?

nukesafe

Marilynl,

Thank you for your input. At least it indicates that 3,000 Peso withdrawals are possible from Mexican ATMS. You do not need to understand my reasons for needing large sums; I do. No, I'm NOT buying drugs!

In any case, I found information, elsewhere on the Web, that may be helpful to others. One site said that Mexican bank ATMs have variable withdrawal limit; some as high as 5,000 Pesos per day. The "private" ATMs, i.e., those not connected to a bank, often have lower limits.

It also mentioned that the daily withdrawal limits have been instituted due to the uncomfortably high rate of kidnapping. Seems the kidnappers would grab "ricos" from the street and hold them for 24 or 48 hours to maximize the amount they could withdraw from ATMs.

The second point I found interesting was that Mexican banking rules say that if your card gets gobbled by a machine for whatever reason, the Bank may not return it to you, and MUST destroy it! Be sure to bring more than one card!

marilynl

Nukesafe, I don't really care why you need lots of cash, just trying to be helpful by suggesting possibility of bringing pesos with you. 3000 pesos is NOT the limit on the ATMs I used, just as $300 is not the limit on most US ATMs.

suze

Yes I have often taken 3000 peso at a time from an ATM in Puerto Vallarta.

But I hesitate to answer how this applies to other locations in Mexico or other banks than the one I use, as I have no idea.

What I was trying to say is that the rates at the cambios in Vallarta are NOT the rip-off you seem to think. And I've even gotten decent rates of exchange at certain locally owned hotels.

My assumption is that different banks have different limits on their ATM machines, same as in the U.S.