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| *Travel Tips>>>General - Mexico Travel Tips |
Is it cheaper to use credit cards or Debit card when in Mexico? Is exchange rate better than using cash? |
Travel Info Is it cheaper to use credit cards or Debit card when in Mexico? Is exchange rate better than using cash? Travel Tips Usually it's cheaper to use a debit card than a credit card, especially if you're talking about getting cash (pesos) from an ATM. Depending on the issuing bank, for example, you may incur little or no service charge(s) using the debit card at an ATM plus you get competitive exchange rates, about the same as cash. ATM withdrawals using credit card also get great rates but the issuing bank might count these transactions as cash advances and charge extra accordingly. Some stores (i.e. Wal-Mart) may give you a slightly better exchange rate when you pay with dollars instead of pesos or debit/credit card. Taking time out to do the math in such cases though is the last thing I want to do while in vacation mode. I usually just pay with the debit card and be done with it. Source(s): Be there, done that, loved it, gone back. Other Travel Tips I'd say carry cash and exchange it to peso, then using credit or debit cards, cause the banks will deduct as is $. I prefer debit cards and most places accept them. The exchange rate is about 10 pesos to a dollar, a few cents more...it changes by cents on a daily basis. It's cheaper to take cash and convert it to pesos. The peso is about 10 pesos for 1 dollar right now...more or less. That's the cheapest way to do it. I would only use your credit/debit card at hotels and even then, I would use your debit card because with your credit card, not only do you have to deal with the transfer rate, but also with the interests. I just got back from Central Mexico and that's what we did. We go about once a year and we have found that that's what works best for us. We go every summer. I lived in Mexico for 8 months and took a debit card with me. If you go to the ATM it will give you your $$ in pesos. I took some cash with me, but just don't carry to much, I usually carried around 200 pesos which is about $20 mabye more these days. Make sure that your bank allows international ATM use ( with or without fees)(hopefully without) Just remember that your bank at home may charge surcharges and the ones in Mexico may as well. Banks almost always have the best exchange rate The exchange rate should be the same at a ATM as inside the bank, just be sure to ask. If your debit card says "cirrus" on it most ATM's will take it, also most places accept visa and mastercard. I didn't have a credit card (as I was 16) so i cant comment on that. Best of luck and remember to check around at different banks for the best exchange rate... and don't change money at the airport unless you have to, in my experience they had the WORST exchange rate. |
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