Recommend Credit/Debit Card w/no Foreign Transaction Fees

Rensar New member

8POSTS

7 years ago

I am planning on visiting San Miguel de Allende in June/July. Then, I will probably be moving there. I'd like some comments, opinions and/or recommendations on what credit/debit card is best (no foreign transaction fees on purchases or using ATMs, currency exchange, etc. A friend has suggested Charles Schwab. Any others...please let me know. Gracias

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jamesr3939 Serial expat

226POSTS

7 years ago

This topic gets discussed a lot and there is no "one size fits all" from what I can tell. You might want to also look at www.qroo.us He has discussed that topic and related ones several times.

Personally, I want to insulate my Schwab account and main Wells Fargo accounts from any outside transactions especially in a foreign country. I will probably open an account in MX and transfer from my main accounts into them when the exchange rate is good for me and not good for somebody else. Like when it's 20 to 1 and not 17.5 to 1. My plan would be to only do 1-2 transfers a month and therefore limit the transaction and exchange fees. We will be close to the border so even if I have to physically go to San Diego and get money (US or MX) and bring it to MX and deposit I can do that.

You will be told that you can't open a MX bank account as a non-resident for various reasons. That's not totally correct and if you read the above www site he addresses that from personal experiences.

Rensar New member

8POSTS

7 years ago

Thanks so much for the info....very helpful. I need to continue to research so much before I make the big move. Banking was at the top of my list. Next will be all the "insurance" stuff, health, car, etc.

Thanks again and best of luck to you.

GuestPoster1197023 Guest

0POSTS

7 years ago

Hi, this is my personal experience.
First, I am a Canadian and thus being considered a non-resident of Canada a permanent resident of Mexico since 2017
Secondly, to avoid any question on the part of the SAT/RFC, we don't have a Mexican bank account.

So using my Canadian debit card (TD BANK, $3ca/withdrawal) and using ATMs from Mexican banks charging the less fees and a maximum of pesos withdrawal ($15000 pesos) in the last 12 months the average international rate for Canadian $ was 14,805 and my net average exchange rate was 14,427 taking in consideration all fees. The difference is a lost of less the 3% (14,427 is equal to 97,445% of 14,805.

In conclusion, got a good rate will check again at the end of 2019.

Adios y buen dia a todos, GyC

GuestPoster1197023 Guest

0POSTS

7 years ago

Sorry, forgot to write the link for average rate
https://cad.fxexchangerate.com/mxn-exch … story.html

Adios, GyC

Rensar New member

8POSTS

7 years ago

Thank you very much for taking the time to share your info. The more I know, the better.

Gracias / Merci
Robin

EHHackney Active member

30POSTS

7 years ago

We are from the U.S. and use a Capital One Quicksilver Visa and our Costco Visa. Both are rewards cards, have no yearly fees or foreign transfer fees. I think the everyday rewards on the Cap 1 card are a tiny bit better. We tend not to use them at restaurants because I have heard that restaurants in Mexico sometimes charge fees and don't give market exchange rates. (I have not checked this myself. ) We just pay in pesos. We have used our credit cards at Costco, Mega and LaComer. There were no fees and the exchange rate seemed right.

We get cash in pesos from Mexico's ATMs using our U.S. credit union ATM card. The free is around $3 per transaction and the exchange rate seems close to the market. The machines I have used will allow you to take out 4000 to 7000 pesos each time. I don't know if that is the daily limit.

Bueno dia.

GuestPoster1197023 Guest

0POSTS

7 years ago

Hi Robin, forgot an option.

If you can kept a US address on your US bank account (being a Canadian non-resident I can't) then you could create an account with WORLDREMIT www.worldremit.com and send yourself money via their services has "pick-up" option at the "Electra/banco Azteka" the fee for WORLDREMIT is $3,99 no fee from "Electra/banco Azteka" and good exchange rate.

Adios y buen dia a todos, GyC.

jamesr3939 Serial expat

226POSTS

7 years ago

mexicogc wrote:
Hi Robin, forgot an option.

If you can kept a US address on your US bank account (being a Canadian non-resident I can't) then you could create an account with WORLDREMIT www.worldremit.com and send yourself money via their services has "pick-up" option at the "Electra/banco Azteka" the fee for WORLDREMIT is $3,99 no fee from "Electra/banco Azteka" and good exchange rate.

Adios y buen dia a todos, GyC.

I just saw that my Wells Fargo accounts have something similar. They have several MX banks they will transfer to and several cash pickup points, also. The fee is $5. I haven't deep dived into it yet but looks like the exchange rate is on a sliding scale depending on how much you transfer. They do the transfer in the currency you want. Obviously it would be pesos for my MX account.

jamesr3939 Serial expat

226POSTS

7 years ago

#10

EHHackney wrote:
We are from the U.S. and use a Capital One Quicksilver Visa and our Costco Visa. We tend not to use them at restaurants because I have heard that restaurants in Mexico sometimes charge fees and don't give market exchange rates. (I have not checked this myself. )

We get cash in pesos from Mexico's ATMs using our U.S. credit union ATM card. T

My limited experience with restaurants supports that. After our 2nd visit we started paying in pesos. I will have to try my credit union ATM card next time we are there. We had a Cap 1 VISA but closed it out a few years ago. I might have to look at that one again. I did like the reward program.

travellight VIP Member

2460POSTS

7 years ago

#11

jamesr3939 wrote:
EHHackney wrote:
We are from the U.S. and use a Capital One Quicksilver Visa and our Costco Visa. We tend not to use them at restaurants because I have heard that restaurants in Mexico sometimes charge fees and don't give market exchange rates. (I have not checked this myself. )

We get cash in pesos from Mexico's ATMs using our U.S. credit union ATM card. T

My limited experience with restaurants supports that. After our 2nd visit, we started paying in pesos. I will have to try my credit union ATM card next time we are there. We had a Cap 1 VISA but closed it out a few years ago. I might have to look at that one again. I did like the reward program.

I don't recommend using credit cards except for hotels, I use my debit card to get cash.. Why ? because I have had charges I didn't make on my card twice. I use my card only for major purchases in a well-known business like a hotel. I wouldn't dream of using the card at a restaurant in any country. My first card hack was a restaurant in Georga for a business expense. When the bill came with charges in NY. where I have never visited. I stopped even business charges in the restaurants. I have successfully avoided that since then. The two card hacks in Mexico were businesses not far from the hotel in Cancun. Use cash only everywhere except for booking hotels.

Rensar New member

8POSTS

7 years ago

#12

Glad to hear about Cap 1. Another friend of mine recommended that one also. I thought there was a card that would let me get pesos from ATM machine, but didn’t charge a fee? Maybe that’s only if I get a Mexican bank account and a debit card from that bank.

I would be researching more of this and going to my own bank, but I’m traveling in an RV in Florida and won’t be home until March.

Thnx for your input.
Robin

jamesr3939 Serial expat

226POSTS

7 years ago

#13

travellight wrote:
I don't recommend using credit cards except for hotels, I use my debit card to get cash.. Why ? because I have had charges I didn't make on my card twice. I use my card only for major purchases in a well-known business like a hotel. I wouldn't dream of using the card at a restaurant in any country. My first card hack was a restaurant in Georga for a business expense. When the bill came with charges in NY. where I have never visited. I stopped even business charges in the restaurants.

Only twice? You're very lucky. Seems like overkill to me. I have had more hacks on my CC in the US than foreign. I have no issue using my CC or DC at the Walmart or Calimax in MX and I could get cash back, but since we aren't there long enough I don't. The pesos I usually buy at the local US Wells Fargo before we go down, but again we only go for 5-7 days currently. I might try getting some next month down there using my credit union ATM card and see how the rates work out. I can't imagine not using my CC at any restaurants in foreign locations.

GuestPoster1197023 Guest

0POSTS

7 years ago

#14

Hi to all, I, personally, still use my CC when ever I can.
The CC exchange rate is the closest to the international one.
Because all frauds are refunded if ever.

Since 2010, my bank advised me to always enter the card myself in the machine never give it to a clerk/waiter.

.

Adios y buen dia a todos, GyC.

1happkamper Active member

34POSTS

7 years ago

#15

Capital One 360. Never a foreign ATM fee and conversion rate is exactly what it should be.

Also no minimum balance.

Rensar New member

8POSTS

7 years ago

#16

I’m definitely going to check on Cap. One and Charles Schwab. I’m hoping maybe Chase has something new to offer since I already have a couple of cards with them. Also Wells Fargo. It would make life so much easier. But, i’ll Do whatever is best. Thanks again for your input!

Thecolorguy Member

11POSTS

7 years ago

#17

Charles Schwab is great. There is no foreign transaction fee for purchases and they repay all the fees if you use their debit card for ATM withdrawals

There are a lot of credit cards that charge no foreign trans action fees, I use Barclay card. Remember if you use a credit card in an ATM they charge you interest immediately as soon as you have made the withdrawal.

Also check out various ATM's because their exchange rates vary as much as a peso per dollar.

Anthony Held Active member

26POSTS

7 years ago

#18

Charles Schwab all the way for me. You can use any bank's ATM and pay no fee. I pay only in cash.

Rensar New member

8POSTS

7 years ago

#19

I opened a Charles Schwab account two days ago. It sounds too good to be true with all the No fees --No minimum balance, No ATM fees, No foreign transaction fees and you can open the account(s) with as little money as you want....unbelievable. AND, they give you $100 bonus when you open the account. I wish I had known about them sooner. I would say the only negative is they don't have banks/locations. However, having them as a back-up bank will be perfect for living or visiting in Mexico. Oh, and they also give you the Visa Platinum Debit Card! I heard that Barclay was good also. Thank you and everyone that responded to my request for a recommendation.

Muchos gracias,
Robin (soon to be in SMA)

jamesr3939 Serial expat

226POSTS

7 years ago

#20

Wow, that's a great deal from Chuck. I have been a Chuck client for years and I guess got complaciant on checking out "new' deals.

mtmysels Active member

27POSTS

7 years ago

#21

Charles Schwab is fantastic! Also, 3 free transfers per year.

In addition, when you use your debit card, especially at Costco tell them it is a debit card. Otherwise, they will charge you the credit card % transaction fee.

Bubba2shoes Active member

48POSTS

7 years ago

#22

Yes, Robin, in Mexico Schwab is hands-down the way to go with a Schwab One Account and attached debit card for access to substantial cash withdrawals at countless urban and rural ATM outlets all over the country. I opened our account while living in San Francisco and simply switched to international account status upon moving to Mexico some 20 years ago. I suggest that, if you move down here permanently, you also open a service charge free Mexican bank account, preferably with a Mexican bank with nationwide branches as did we years ago at BBVA Bancomer. If we need large amounts of pesos as we did when we purchased a home and a car down here, we simply had Schwab wire the funds needed to our Bancomer account , purchased cashiers’ checks there for the amounts needed and affected the transactions hassle free. Oh, and, by the way, not only is the Schwab Account service charge free but I speak with customer service in the U.S. frequently over their toll free customer service line. Their service has been consistently outstanding over the years and I haven’t set foot in the U.S.since 2003. When I opened our Schwab account back in 2001 in San Francisco prior to moving to Mexico, it was a good idea to open the account while still resident in the U. S. but I don’t know the situation today. Incidentally, as one of us is French, we travel to Europe often and have no problem accessing ATMs over there for all of our cash needs in Euros- no questions asked whether we are using our U.S. or Mexican debit cards and converting to Euros from USD or MXN.

mtmysels Active member

27POSTS

7 years ago

#23

You are right on! I have experienced the same with Schwab. However, I need to open a local MX account. It makes life easier in paying monthly fees with CFE, etc.

Bubba2shoes Active member

48POSTS

7 years ago

#24

A good point about opening a Mexican bank account if you choose to reside here permanently as did we years ago. We have service charge free savings and checking accounts at both Bancomer and Citibanamex which are large nationally chartered Mexican banks with branches all over the country. This is important as we live in two separate Mexican communities quite distant from each other. We pay all utility bills through Bancomer automatically through our savings account there and this service is quite important to us as we reside in far flung towns.

One more point. We are both retirees and receive monthly U.S. social security benefits. Mine are electronically deposited to our U.S. Schwab account in U. S. Dollars and my spouse’s benefits are electronically automatically deposited to one of our Mexican bank accounts in Mexican Pesos at current currency exchange rates. No sweat.

christiannavarette Member

3POSTS

7 years ago

#25

A suggestion not yet seen in this thread. Pick a card from a bank that is physically located in both the USA and Mexico. Personally, I bank at BBVA; here in Mexico it's known as BBVA Bancomer and in the USA it's known as BBVA Compass. I can use my debit card at ATMs in both the USA and Mexico without paying any fees at either. A second point to consider: looking for a card with ***no fees*** shouldn't be your only consideration. The rate of exchange the card applies to your transactions should also be on your mind. For example, Travelex offers a MasterCard that you can use without any fees in Mexico. But they make their money off the exchange rate. Whereas BBVA might give you 18 pesos to the dollar Travelex will be at +/-17 to the dollar. So do your homework on the how the card issuer makes it money - fact is, if they're not charging ATM fees they're likely hitting you with a below market exchange rate. Nothing is free, particularly when we're talking about banks. Right? As a customer of BBVA I use the ATM's without fee and the exchange rate is at market. In addition to BBVA, here are a couple of other banks that have operations in both the USA and Mexico: Citibank (known as Citibank in USA and as Citibanmex here in Mexico) and HSBC.

mtmysels Active member

27POSTS

7 years ago

#26

Nothing beats Charles Schwab.

Bubba2shoes Active member

48POSTS

7 years ago

#27

T is right.Schwab has no physical bank presence in Mexico and for 20 years I have banked there service charge free in Mexico where we live full time as citizens. Opened the account in San Francisco while still living there switching to an international account when we changed our address to Mexico. The change was simple and simply required we sign a few documents. No problems instantly accessing cash in any currency anywhere in the world we have travelled at just about any ATM. No problems with receiving favorable currency exchange rates at ATMs or with wired money transactions anywhere.