Mexico city ATM best practice
 

Going from Sweden to Mexico City one week in August, and as not all places accept cards, we need cash.

I have Googled some, and have found this info.

• A ATM is called Cajero.
• When withdrawing money, decline exchange rate: “When the ATM asks you if you would like to accept their exchange rate, click DECLINE!!!!!!!!!! I cannot emphasize this enough. You should always decline their conversion offer and process the transaction normally”. according to https://beachpleasemexico.com/pesos-...in-mexico-atm/
• Good cajeros are the ones that are owned by the banks, like the bigger ones:
  • Santander
  • Banorte (~45 pesos)
• Also
  • Intercam
  • Inbursa
  • CIBanco
  • Banco del Bajío
• Banks, but higher fees
  • BBVA Bancomer (~100 Pesos)
  • Scotiabank (partnered with Bank of America)

1. I will use my Wise VISA card to withdraw money. Do any of you have experience that says I should use any specific bank of the ones above?

2. Are there any differences between the ATMs in the airport and the ones in the city, like maybe there are some extra fees on the ones in the airport? Or does it not matter if you withdraw money at the airport or in the city?

This information is definitely wrong. BBVA and Scotiabanks are the worse with their fees. But if you're a BoA customer it may be ok. Both of these banks have high fees. BBVA is the worse bank in Mexico for fees.

Banorte and Santander are the best and the only ones I use with low fees. I use a Wise card too. The fees in the airport could be a little higher haven't ever used them. But not enough to make a difference as you may need pesos to tip the taxi or bellhop at your hotel if you have one. Just stay away from BBVA.

For instance Banorte (the only bank ATM I use) charges approximately 45 pesos per transaction no matter how much money you withdraw. BBVA the last time I checked was over 100 Pesos.

Thank you very much! There is a limit of what you can learn thru Googling, real life experience is always better. I felt your info was so important, so I have edited the first post.

I found here https://www.nomadicbackpacker.com/lo...es-mexico.html a list of ATM fees:

• There are no ATMs in Mexico which offer free withdrawals.
• BanCoppel bank ~ 29 Pesos
• Banorte ~ 46 Pesos
• CitiBanamex ~ 30.74 Pesos
• Santander ~ 36 Pesos
• Scotiabank ~ 100 Pesos
• BBVA bank ~ 174 Pesos.

I also found here https://www.inthatpostcard.com/withd...yinmexico.html this info about Mexico atm withdrawal limits.

• Cibanco allows 10000 pesos (around 500 USD)
• HSBC allows 15000 Pesos per withdrawal
• Santander atms in Mexico can give you 9000 pesos per day
• Banamex atm withdrawal limit is 6000 pesos per transaction.

But as I am a flyertalk noob (not 90 posts), I can't update the wiki :-)

Thanks for the research. Those other banks you listed with lower fees, you won't find as many locations just walking around. Santander and Banorte are everywhere and that's why I use them the most.

Also, Banco Azteca (which is located in the airport and in the city) has really good exchange rates for people exchanging cash, USD to MXN pesos. Way better than the other money exchange locations in the airport. But, with anything their footprint is small and most people wouldn't want to go out of their way. And besides that they're not located in the most trendy neighborhoods. And for instance Citibank is always packed and that's why I've never gone there to save a few pesos. I used to stand in an hour long line to get money out of the ATM inside the lobby at Santander bank and then have to go inside upstairs to stand in another hour long line to get change and coins for the month. Now i just walk straight into Banorte in Roma Norte and use the ATM, o and no line and then walk inside and either go straight to the teller or wait less than 5 minutes to get change. I rather pay a few more pesos not to deal with lines😀

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I would post your info in the wiki but these fees change quite often and right now some could already be outdated. It's hard to believe that BBVA's fees are now that high. That's insane! I remember when it was about 80 pesos back in 2017, and i thought that was high

I've been to some banks in Latin America with fees approaching US$10. As I get a Schwab rebate, I don't pay much attention (other than only using real bank ATMs). As for "best practice," regardless of fees, is to get your $ inside the airport terminal at a bank ATM (which I typically do prior to getting a car), as it is probably the safest place in the City to use an ATM. (I've never had a real security issue in Mexico City after dozens of visits over 3 decades, but I still prefer not to use ATMs, especially at night, while alone.)

My best ATM practices regardless of the country/city is to use an ATM attached to a real bank, and before using check out the terminal for fraudulent equipment that could be used remotely which happens in basically every city worldwide and only use it during the time the actual bank is open to be able to report any issues. That's why I always use the same bank/ATM 99% of the time. I never use standalone ATMs, like never ever never 😀

I was in Oaxaca last year and went into a BBVA branch to get cash from the machine. I have a Schwab card so I get all my ATM fees refunded, but the fee was so high that I canceled the transaction and left as a matter of principle. Banorte or Citibanamex have in my experience offered the lowest fees, and they're pretty omnipresent in most places.

I also have Schwab rebate. It is a really nice feature. I did make sure that I only left a certain amount of money in that checking account when I traveled to Mexico and used that car in ATMs over there. Just to be on the safe side.

Keep in mind that the Schwab checking account is linked to a Schwab brokerage account. Overdrawing the checking account will cause an automatic transfer of funds from the brokerage account. Not sure if that feature can be turned off.

We use Intercam and Banca Azteca ATMs. That said in our little town there is only one ATM that accepts foreign cards. So be aware some ATMs are for Mexican based cards only.

Chase offers private banking clients a free from fee card as well.

ATM fees in mexico December 2023
 

These are the latest ATM fees in Mexico: December 2023

1. Inbursa - 22.04 Pesos

2. BanBajio - 23.20 Pesos

3. BanCoppel - 29 Pesos

4. CitiBanamex - 30.74 Pesos

5. Banco Azteca - 34.80 Pesos

6. Santander - 36 Pesos

7. Banorte - 46 Pesos

8. HSBC - 81.20 Pesos

9. ScotiaBank - 100 Pesos

10. BBVA - 174 Pesos

my blog post is being continually updated: on NomadicBackpacker

Today, the ATM fee at "Banorte" is now $58.00MEX. I would assume most of the above fees have gone up since this post was prepared. I used Banorte last month and it was still $46.00MEX.

My latest post blog contains fees as of January 2 2024:

1. Inbursa - 22.04 pesos 2. BanBajio - 23.20 pesos 3. Banca Mifel - 26.68 pesos 4. BanCoppel - 29 pesos 5. CitiBanamex - 30.74 pesos 6. Banco Azteca - 34.80 pesos 7. Santander - 34.80 pesos 8. HSBC - 35.84 pesos 9. Banorte - 46.28 pesos 10. Multiva - 67.28 pesos 11. BBVA - 174 pesos

Yes the Banorte was 46.

I will check ALL atms again on Feb 1

Thanks

I will update here on Feb 2