Banking in Playas Baja California Mexico

There are ATMs everywhere here in Playas.  HBSC Bank has ATMs that dispense USD and also have instructions in English.  An FM3 Visa is required for a bank account with a Mexican bank but having a bank account here is not necessary.  US bank debit cards a(Visa) are widely accepted.  Most US banks charge a fee for foreign bank withdrawals.

Wells Fargo charges 5$.  The Mexican bank whose ATM you use charges less than $1.  Your US bank determines the amount you can withdraw daily.  This amount can be changed on application to your US bank.  However, stick to low limits in case you lose your card.  $500 daily should be sufficient.  THere is always tomorrow.  Know where your card is at all times and if you lose it, report its loss immediately. Most USA banks also charge a 3 per cent on purchased made on a debit card as well as an adjustment on the rate of exchange if necessary....usually this is very small.

Withdrawing money from a Mexican Bank ATM that uses only pesos can be tricky until you get the hang of it.  Putting in 500 pesos when you need $500 is a common problem when first using the Mexican ATMs.  Keying in 5000 is a bit scary at first.  Unfortunately if you make a mistake and get 500 pesos back ($50US) when you need 5000 (500$ US) you have to pay the bank charge twice.

Most expats cross the border at least once a month to bank in either San Ysidro, Chula Vista or downtown San Diego.

Both San Ysidro and Chula Vista have branches of most US banks found in Southern California.   Major banks in downtown San Diego's business district are not open on Saturday.

 Most companies that change money will not charge you to change US dollars into pesos.  THe US dollars are quite desireable.  If you want to get US dollars for you pesos, you will have to pay an exchange rate.

There is a Western Union office just as you exit the US customs bldg (entry to USA) at the border trolley stop across from MacDonalds.   HBSC banks will handle Western Union in Mexico but it is not without peril.  The money must be sent to the exact name on your driver's license and passport (two IDs required). The Mexican penchant for using one's middle name as a  last name and the last name (in Mexico it is one's mother's maiden name) can add to the confusion. 

If you want to get money via Western Union best to get it right across the border.  The "ELECTRA" stores (big yellow,hard to miss and many locations) also are Western Union agents. They are open until 8 pm, long after banks close.  Again counting on getting money in a hurry at any Mexican location is subject to problems.  Again best to go across the border.

US credit cards are taken readily in larger stores and some larger restuarants.  Small shops and rmost estuarants rarely take them.

Dollars are taken as readily as pesos and the rates of exchange are posted in most business establishments.  For the past two years the dollar has been close in value to 10 pesos.  Most people just operate on that premise.

Coins are a bit of a nuisance and hard to get used to using.  There are half peso coins and tiny silver colored 1/10 peso coins about as useful as American pennies.  I have found just holding out a handful of coins to a cashier and letting them help themselves is the most expeditious way of getting through the check out lines and not keeping others waiting.   I have an idea of which coins they SHOULD be taking and have not had any problems with this method.

The most common bills are  20 peso, 50 peso,  100 pesos, 500 pesos.  There are 10 peso coins.  Just move the decimal point over to your left on space and think of 2$, 5$, 10$ and 50$.   Do the same thing when shopping in stores.  And since the basic conversion (always changing a few points up or down but really consistently close) is 10 pesos to 1 dollar, the money situation is not difficult.

For money orders, best to go across the border.

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