Job Discussion Forums

Joventud3 · Joined: 30 May 2010 Posts: 11

Can anyone recommend a good debit/ATM card to use in Mexico to avoid fees at ATM machines?

A good credit/debit card to buy things?

Thanks,
L

Isla Guapa · Posted: Wed Jun 02, 2010 3:38 am Post subject:

I have a Bank of America account, and money deposited in it in dollars in the States can be withdrawn without any fees being levied at any Santander or Scotiabank ATM in Mexico.

Joventud3 · Joined: 30 May 2010 Posts: 11

I was reading about bank of America. Is there still the conversion fee if you use it? Or no fees at all?

Isla Guapa · Posted: Wed Jun 02, 2010 4:22 am Post subject:

jaimem-g · Joined: 21 May 2010 Posts: 85 Location: The Desert, CA

I used to bank with B of A, but went to credit unions years ago. I may just have to suck it in and go back or pay a lot of fees in Mexico. Any other suggestions?

What about credit cards? Any recommendations there?

Samantha · Joined: 25 Oct 2003 Posts: 2038 Location: Mexican Riviera

The problem with using your foreign credit card in Mexico is that you have to figure out a way to pay your bill each month.

jaimem-g · Joined: 21 May 2010 Posts: 85 Location: The Desert, CA

Good point - using a foreign issued card would only be good for the short term unless you have something set up for auto-pay.

I was wondering more about losing on the exchange rate. Is it always better just to pay cash?

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

Paying cash is easy enough for just about anything. You'd want to have a credit card for hotel bookings and car rentals though.

Joventud3 · Joined: 30 May 2010 Posts: 11

I just opened a checking account with Schwab. After calling both Bank of America and Schwab I found out that Bank of America will waive atm fees if you use a santander ATM machine, however there is still a 1% currency exchange fee. Schwab will waive fees and does not include the 1% currency exchange fee.

I read a bunch of online stuff and decided to go with schwab.

Only thing is if you open a checking account with schwab it comes paired with an investment account. You don't have to have any money in it, but it is there. There are no minimums with schwab and no fees at any atms internationally.