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joaquinx wrote:

1.50 usd doesn't sound like a "ton of money"

Hi yeah it's not a lot of money, but getting charged around $16 total for retrieving $200 is a lot. I'm not sure how much of that is foreign exchange fee and non-my bank fee, but if we are paying our rent with money from the atm it will get expensive, especially since we have to do multiple withdrawls and each one gets these big charges. I don't want to just give away money at the atm.

mexicogc wrote:

Hi, to calculate a final exchange rate,one must consider the following :

1st, the cash exchange rate is never the one you see one internet sites such as but is 4% less (ie: 20 pesos for 1$USD equals 19.2 pesos).
2nd, is to know how much you are charged by your bank for an ATM withdraw (ie: my Canadian bank charges 3$).
3rd,  is to know how much you can withdraw per day, also how much the ATM allows  (ie:  my bank allows me 1200$/day and 1000$/withdraw while the mexican ATM'S are Banamex 6000$ pesos, HSBC 10000$ pesos .
4th, the mexican Banks fees are somewhat expensive also they accept only international transfert.

So, I am using my foreign bank ATM card even if I am looking to become a permanent resident of Mexico.

GyC.

Hey good info thank you.

MTinHCMC wrote:

Hmm ok. Thanks joaquinx. That's interesting. I read that Bancomer lets you set up an account with just a tourist visa...any thoughts there?

The ability to open an account with a tourist permit varies from bank to bank and from office to office. Be prepared to be refused a few time, but don't give up. You will still need to show your passport and proof of residence. Generally, the proof of residence or known as a comprobante de domicilio, is an electric bill. It doesn't have to have your name on the bill as most renters will get a bill from their landlord with the landlord's name on it.