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SULLIVAN08 · Joined: 06 Jul 2008 Posts: 10 Location: UK

hey all this is a new post from me.
I will be going to mexico in a few months time to study TEFL, but i am considering what is the best / safest form of banking.
I have a debit card which has alot of benefits with barclays, but i am considering a HSBC credit card.
Which one would any of you suggest?? Very Happy

any opinions would be helpful

TheLongWayHome · Joined: 07 Jun 2006 Posts: 1016 Location: San Luis Piojosi

HSBC is here but it depends how long you'll be staying - you don't want to end up paying off a pounds credit card with pesos especially as HSBC charge you monthly for cash withdrawals regardless of when you made them and until you pay them off.

notamiss · Posted: Wed Jul 16, 2008 4:11 am Post subject:

Does it have to be one or the other? Each has its advantages and disadvantages.

Whether you use the debit card for purchases or ATM withdrawals, it's like making a withdrawal from your bank account at the moment you make the transaction. There is no borrowing involved, and therefore no interest (only a transaction fee). But you might not be able to use a foreign bank's debit card for purchases; i.e. it might only be good for ATM withdrawals.

You will probably be able to use a credit card for purchases, and it's like an interest-free loan IF you pay it off in full when the bill arrives and not just pay the minimum amount.

But watch out: if you use a credit card to withdraw from an ATM, interest will be calculated from the moment you make the withdrawal. This is different from when you use the credit card to make a purchase, where interest isn't charged until the due date, and only if you don't pay the balance in full.

Since you are at a great disadvantage using the credit card for ATM withdrawals, you won't want to be without a debit card, otherwise how are you going to get cash without paying credit card interest rates?

Phil_K · Joined: 25 Jan 2007 Posts: 2041 Location: A World of my Own

Barclays has an office in Mexico, but not branches. I'd suggest the HSBC as they have branches everywhere, and even if you are able to use the Barclaycard, charges are rising for using other banks' ATMs. Scotiabank has just informed me that they will be charging $20 (MX) per transaction. Sad

HSBC also has the advantage of not dispensing $500 bills in your withdrawal - you have no idea how difficult these are to change!

notamiss · Posted: Wed Jul 16, 2008 4:10 pm Post subject:

Regarding getting small bills at ATMs, it doesn't seem to depend on the bank but on the individual machine. At my local Scotiabank branch, for instance, there are two ATMs side by side. One always gives big bills (500's) and the other gives 100's and 200's.

Phil_K · Joined: 25 Jan 2007 Posts: 2041 Location: A World of my Own

notamiss · Posted: Wed Jul 16, 2008 4:37 pm Post subject:

MO39 · Posted: Wed Jul 16, 2008 4:52 pm Post subject:

If you want to avoid getting 500 peso bills, just make withdrawals of 400 instead!

SULLIVAN08 · Joined: 06 Jul 2008 Posts: 10 Location: UK

thanks for the 500 tip lol
ok so basically its best to have a debit card?? how is it with purchasing in mexico with international debit cards such as visas??? Laughing

MO39 · Posted: Wed Jul 16, 2008 8:02 pm Post subject:

TheLongWayHome · Joined: 07 Jun 2006 Posts: 1016 Location: San Luis Piojosi

And if all else fails, bring a wodge of money and keep it under your mattress!

Prof.Gringo · Posted: Thu Jul 17, 2008 9:16 pm Post subject: