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Mexico Travel Money
Small Town Mexico: a Cash Only Society
Most small town business will only accept cash transactions. ATM's in Mexico generally dispense cash in denominations of 200 and 500 Peso notes. This is not normally a problem when paying for accommodation but for all small purchases it can become a nightmare. It is important to try to maintain a selection of 20, 50 and 100 Peso notes at all times as often businesses cannot make change.Purchasing Foreign Currency before the trip
As you may have discovered, many Canadian banks do not have foreign currency on hand due to the constant fluctuations in exchange rates. Before leaving home we went to a Foreign Currency Exchange company where it was suggest we take thousands of dollars in cash for our trip as we would get a far better exchange rate at home.Having traveled internationally for many years, I was not about to risk carrying too large an amount but I also realized that Travelers Cheque's are becoming less and less of an alternative. I now carry a relatively small amount that I could split with my wife.
Obtaining Cash from an ATM in Mexico
Many smaller communities do not have a bank and those that do often will not cash Travelers Cheque's. Many small communities do have an ATM which will permitted you to access cash via Interac and credit card. As you can imagine there is a high demand placed on these machines so they do run out of money from time to time.We spent a tense couple of hours on a Monday morning wondering if the ATM would be refilled before we had to buy our bus tickets. We got the cash with ten minutes to spare.
Should I use Interac or a Credit Card?
My preference was originally Interac until the ATM malfunctioned. I asked for 4,000 pesos but only 2,000 were dispensed. I checked my bank account online and discovered that I had been charged for 4,000 pesos.Reporting an ATM Error
Armed with the transaction receipt and my online bank statement I went to the nearest bank where I was told that they were well aware that this particular ATM regularly malfunctions. I was told that I would need to report the error to my bank who would endeavor to resolve the problem. As this was an Interac transaction the matter took several months to resolve.I have since been assured by my credit card company that had I used their card my account would have been corrected much sooner. From that moment on my wife and I resolved to only use a credit card with Mexican ATM's
How Much Should I Withdraw?
Here are a number of considerations to keep in mind:
- How difficult is it to get to the ATM?
- How much will I be charged in service charges?
- What is the likelihood of the ATM running out of money?
- Your bank may charge you up to $4 for each International ATM transaction