# What type of money should I bring to Mexico?



## gdlmx91221

All of my banking accounts are at Wells Fargo, which told me that they do not have a corresponsing bank in Mexico. I will be in Guadalajara for a TEFL certification course during the month of April and I will begin to teach English after I complete the course. I will most likely not receive a paycheck for a month or two, so I will need to be able to access money from my account. I am trying to figure out how I can aviod as many conversion and ATM fees as possible. Depending on my employer, I may never be able to have a Mexican bank account.

Does anyone have any suggestions about how I should manage my finances? What type of money should I bring when I arrive in Mexico (dollars, pesos, traveller's checks, etc.)? Does anyone have any advice on Express Send Accounts through Wells Fargo or other options for remittances without huge fees?

Thank you!


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## RVGRINGO

The best exchange rates are at ATM machines, and they are everywhere. If you arrive by air, they are at the airport so that you can get pesos upon arrival. Mexican banks are not 'user friendly' and their fees are high. Keep your present account, get a debit card and a credit card (you'll seldom use it) and inform your bank that you will be living in Mexico. You may also want to ask them to raise the daily limit for ATM withdrawals. Travelers checks are a thing of the past; although they are still available, they are very hard to cash now in Mexico. Simply bring some initial cash in dollars and use your ATM card after that. I haven't seen a dollar in years.
Everyone pays a 1% foreign exchange fee which can't be avoided. ATM fees will depend upon your bank and the owner of the machine. Since it is 'per transaction', avoid small daily withdrawals and get your maximum each time to reduce the cost.


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## gdlmx91221

RVGRINGO said:


> The best exchange rates are at ATM machines, and they are everywhere. If you arrive by air, they are at the airport so that you can get pesos upon arrival. Mexican banks are not 'user friendly' and their fees are high. Keep your present account, get a debit card and a credit card (you'll seldom use it) and inform your bank that you will be living in Mexico. You may also want to ask them to raise the daily limit for ATM withdrawals. Travelers checks are a thing of the past; although they are still available, they are very hard to cash now in Mexico. Simply bring some initial cash in dollars and use your ATM card after that. I haven't seen a dollar in years.
> Everyone pays a 1% foreign exchange fee which can't be avoided. ATM fees will depend upon your bank and the owner of the machine. Since it is 'per transaction', avoid small daily withdrawals and get your maximum each time to reduce the cost.


Thank you for the information! Has anyone had any problems using a Visa check card in Guadalajara? Are they accepted at most places? Are the transactions always secure?

Thank you for your help!


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## masmgt

*Accessing money*



gdlmx91221 said:


> Thank you for the information! Has anyone had any problems using a Visa check card in Guadalajara? Are they accepted at most places? Are the transactions always secure?
> 
> Thank you for your help!


Acceptance varies. Large shops usually accept, smaller ones do not. It is mostly a cash economy. Very differnt from the US where it is all plastic!

Transactions are secure - I have had no problem in my 10 years here. There may be a surcharge for using a card at some stores, however.

US banks vary on their currency fee. Some charge 1%, some up to 3%, per transaction, plus an ATM fee. I have 2 debit card accounts - one at Wachovia is 2% & one through Vanguard is 0%. Guess which I use!

You may want to check around before you leave the US. If you have more than one account, be sure you can move money between them by computer. Also, that you can review and pay any charge card accounts by computer. Mail is SLOW, and you will pay many late fees if you wait to receive your statement and then pay it by mail.


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## gdlmx91221

masmgt said:


> Acceptance varies. Large shops usually accept, smaller ones do not. It is mostly a cash economy. Very differnt from the US where it is all plastic!
> 
> Transactions are secure - I have had no problem in my 10 years here. There may be a surcharge for using a card at some stores, however.
> 
> US banks vary on their currency fee. Some charge 1%, some up to 3%, per transaction, plus an ATM fee. I have 2 debit card accounts - one at Wachovia is 2% & one through Vanguard is 0%. Guess which I use!
> 
> You may want to check around before you leave the US. If you have more than one account, be sure you can move money between them by computer. Also, that you can review and pay any charge card accounts by computer. Mail is SLOW, and you will pay many late fees if you wait to receive your statement and then pay it by mail.


Thank you!


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## RVGRINGO

Definitely shop US banks for the lowest fees possible and I agree with the 'variability' of card acceptance and the fact that you will frequently pay more by using a card. This is definitely a cash society. There are also frequent incidents of credit card theft, often in restaurants, sometimes in grocery chains, where the numbers are taken by a clerk and passed on to an accomplice who shops, transmits your number to others in other cities and, before you are out of the building, your card has been charged several thousand dollars, all in small chunks, while it was 'safely' back in your pocket. We hardly ever use a credit card here, only in major stores for major purchases of a large appliance, automobile, etc. Everything else is cash from the ATM.
Definitely check your accounts frequently online and pay by funds transfer or bill pay features of online banking. Set that up and learn how to use it before you leave.
You are going to love Guadalajara.


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## drblanke

If you have an account with Bank of America, you can use Santander ATMs to withdraw 4000 pesos per visit for only 7 pesos--Bank of America won't charge you anything (they own 25% of Santander Serfin).

Also, you can use Bank of America "Safe Send" to wire money to Mexico for free (max of $1500 per transfer twice a month). You can send it directly to a Mexican bank account (Santander and a few others) or even just have it available for pick up (never tried that, but I imagine that is how it usually is done). It's for Mexicans to make remittances to family members but works for gringos too. 

As you can tell, Bank of America is trying really hard to get business from Mexicans. It is also a good bank for general international travel--they have lots of ATM agreements with foreign banks.


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## gdlmx91221

drblanke said:


> If you have an account with Bank of America, you can use Santander ATMs to withdraw 4000 pesos per visit for only 7 pesos--Bank of America won't charge you anything (they own 25% of Santander Serfin).
> 
> Also, you can use Bank of America "Safe Send" to wire money to Mexico for free (max of $1500 per transfer twice a month). You can send it directly to a Mexican bank account (Santander and a few others) or even just have it available for pick up (never tried that, but I imagine that is how it usually is done). It's for Mexicans to make remittances to family members but works for gringos too.
> 
> As you can tell, Bank of America is trying really hard to get business from Mexicans. It is also a good bank for general international travel--they have lots of ATM agreements with foreign banks.


Unfortunately, I don't have an account with Bank of America but it sounds much better than Wells Fargo, which is where all of my accounts are. 

Do you have to open an account at Santander in order to use their ATMs for a fee of only 7 pesos? If so, can you open an account with only a tourist visa?

To use Bank of America's "Safe Send," do you have to have a Mexican bank account?

I will be teaching English and my understanding is that I won't be able to open a Mexican bank account unless the school opens it on my behalf rather than pay me in cash.

Thank you!


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## RVGRINGO

You may want to consider opening a BofA account. If you want to keep your present accounts, you can always transfer money online using 'Bill Pay', or some such, to send yourself an electronic check from one bank to another. That way, you could reduce your local ATM costs. Virtually every expat lives from the ATM system. Checks aren't used, or trusted, much in Mexico and few expats put up with the expense and hassle of a Mexican bank account. We don't, either. However, for emergencies, one may open an account in an investment house, such as Actinver-Lloyd, Multivalores, Intercam, etc. They will allow you to cash checks, accept wire transfers, etc.
You do not need an account to use any ATM at any bank or other location.


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## masmgt

Something is wrong here. You say you will be paid for teaching English and will be on a tourist visa. It is illegal to work for pay on a tourist visa (FM-T). Even an FM-3 requires a special waiver if you are going to work. Check carefully with your employer to be about your immigration status. Banking may be the least of your problems!

Anyone can get cash at most Mexican ATMs for a 7.25 peso fee. Your bank may/will charge a fee plus a currency surcharge, as discussed previously.


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## RVGRINGO

That's an excellent point. You must have, at minimum, an FM3 Visa with a working endorsement. Your employer will need to participate in obtaining that endorsement and it is specific to a particular position in a specific location. You may apply for the FM3 at your nearest Mexican Consulate or in Mexico at INM (Immigration) offices at your destination. You will have to show proof of foreign income and/or resources to support yourself while in Mexico, so bring the necessary bank statements, etc. for the last three months prior to application.


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## gdlmx91221

masmgt said:


> Something is wrong here. You say you will be paid for teaching English and will be on a tourist visa. It is illegal to work for pay on a tourist visa (FM-T). Even an FM-3 requires a special waiver if you are going to work. Check carefully with your employer to be about your immigration status. Banking may be the least of your problems!
> 
> Anyone can get cash at most Mexican ATMs for a 7.25 peso fee. Your bank may/will charge a fee plus a currency surcharge, as discussed previously.


I am not totally positive what my employment situation will be because I have to complete the TEFL certification course in Guadalajara first. Although it is technically illegal, many English teachers I know have been paid in cash on a tourist visa. I have heard that schools sometimes arrange the paperwork for legal status for their international teachers but it seems to be fairly uncommon.

So, most Mexican ATMs only charge 7.25 pesos (or $0.7) to withdraw cash? According to Wells Fargo, I would be charged $5 per ATM transaction plus the fee for the ATM. Obviously Bank of America would be better for ATM withdraws if I only had to pay $0.7.

Do most people use cash for everything as opposed to credit cards?

Thank you!


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## RVGRINGO

Yes, most people use cash for everything, as mentioned before.
I cannot suggest that you consider teaching illegally 'only a technicality'. Immigration is getting more strict, and the various teacher's unions might react harshly to some foreigner taking a job away from a Mexican national. There have even been recent warnings about teaching voluntarily; I got one and you can believe that I quit immediately. We own a home and being forcibly deported is not an attractive prospect; nor is the wait in jail. Please, when in Mexico, abide by the laws and customs.


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## sigler311

I had a Wells Fargo account about a month before I left for Mexico but once I read about the BoA and Santender relationship, I closed my account and moved it to BoA. The exchange rates for pulling money out of a Santender account are great and I thought they didnt charge me anything! I received my FM3 about 2 months ago and opened a Santender account and they have been nothing but professional and courtous. But I would complain about the wait times when inside the bank, 20-30 minutes is normal.


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