Expat Exchange
Free MembershipSign In

Mexico Expat Forum

Credit Cards

New Topic Newest First
holeman61
  8/6/2019 12:48 EST

Hello my friends (mis amigos)!
We are on the four year track (hoping sooner than that) to move to Mexico. We are trying to stay well ahead of the game (i.e. Online City and State research, following Vlogs, talking to friends etc.). We'd rather spend more time researching ahead of time than running around like the proverbial 'chicken with our heads cut off' in the final year of planning. We've got trips planned to scout out the areas we are interested in which leads me to my question.
1. If you use a credit card from a US company which do you use and how widely accepted is the card?
2. Fees associated with foreign transactions?
3. Using your CC to pay bills in Mexico or cash advancing against your card; or getting a credit card in Mexico?

These are some of the questions but I'm sure there are others and if you have additional insight we would appreciate it.

Again, we are just trying to stay ahead of the game/move.

Have a good day!

Joel & Keri

cedelune
  8/6/2019 18:14 EST

Suggest you open accounts at Charles Schwab and/or Capital One since they reimburse ATM and foreign exchange fees. Do it while you have a U.S. address and maintain a U.S. billing address once you leave. Personally, I use my debit card to withdraw cash from ATMs to pay for most things, but haven't had trouble using US credit cards for things as needed.
Also, either arrange to have your mailing address in the US/Canada be someone 100% reliable to open, review and forward mail you absolutely need to have in Mexico, or choose a good mail forwarding service that will scan your mail so they only need to forward a few necessary things.

Welcome Home MexicoWelcome Home Mexico
Connect

Welcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.

Click connect to have our partner contact you via e-mail and/or phone.

Welcome Home MexicoWelcome Home Mexico

Welcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
Connect

Click connect to have our partner contact you via e-mail and/or phone.

RVGRINGO
  8/7/2019 09:59 EST

Use a debit card to get cash from ATMs, which you will find easily at banks and larger stores, etc. Credit card use should be avoided, as skimming is common. We just did not use them in Mexico, except for large appliance purchases in places like Home Depot, etc. Never let one out of your sight; even for a moment! Most smaller places wont take them anyway, and there is often an 'upcharge' of about 5% for using one.

Cozumeldeb
  8/9/2019 16:33 EST

Good advice Cedelune..We use Schwab too. We bought in 2001, our notary told us to never open Mexico bank account..never did. No problems ever.

dmexx
  8/10/2019 16:27 EST

10 ago 19

Hello Joel and Keri,

As others have suggested, using your US debit card for cash advances in pesos works very well. Most US banks no longer charge foreign transaction fees, so you should have no problems in locating such a bank or card you can use without fees in Mexico.
You will, however, make your withdrawals at a Mexican bank and they may change fees (which some US banks will reimburse), and you will obtain a better rate of exchange using your US card than the Mexican bank would give you. So, your US debit card is your means to cash.

I don’t like carrying more than $2000 to $3000 pesos in cash on me. So, I use my US credit cards to make most purchases in Mexico. That is at supermarkets, gas stations, restaurants, to pay utilities, bars and hotels.

I think as tourists you can do the same. Just make sure your card is always in sight. For instance, insist the waiter bring the machine to your table to record the charge. I usually have them add 10% as a tip to the charge to minimize use of cash.

In twenty years in Mexico, I have had my US credit card cloned three times. This may be no worse than in elsewhere in the world, but keep your wits and keep the cash you carry to a minimum of $2000 to $3000 pesos.

You ask about Mexican Credit cards. You shouldn’t need one for just visiting the country. Should you decide to become permanent residents, you may want to open a Mexican Bank account and hence get a Mexican credit card, but only as a last resort as fees and services in Mexican banks aren’t the best. Also, you have to make sure you maintain a bank balance of less than $10,000 USD to avoid reporting complications with the IRS.

However, as Mexico has moved into the digital age, the need for a Mexican credit card has become more necessary. I find online purchases in pesos from Mexican merchants, including Amazon.com.mx, Home Depot.com.mx, Palacio de Hierro.com.mx,
Liverpool.com.mx only works if you have a Mexican credit card. You can make purchases with your US credit cards in the stores, but not online. Why buy online? Better prices.

To summarize, I don’t think you need to make any changes to your debit/credit cards to visit Mexico on recon trips. Just make sure they are foreign transaction free. Avoid carrying more than $3,000 pesos in cash. Later, on after you are well-settled in you can explore a Mexican bank and credit card. I find Actinver and Banorte good choices. Actinver offers more personalized service, but is expensive. I tolerate it, because of the service.

Welcome Home Mexico
Welcome Home Mexico

Welcome Home Mexico helps you find the perfect home in Mexico.
Learn More

Welcome Home MexicoWelcome Home Mexico

Welcome Home Mexico helps you find the perfect home in Mexico.
Learn More

Living in Mexico GuideLiving in Mexico Guide

Our Living in Mexico Guide is an introduction to everything about the basics for moving to Mexico: best places to live, cost of living, pros and cons, healthcare and insurance, and more.

Mexico Forum Mexico Forum
Join our Mexico forum to meet other expats and talk about living in Mexico.

Contribute to Mexico Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Mexico.

Best Places to Live in Mexico Best Places to Live in Mexico

If you're thinking about living in Mexico, here are the 15 Best Places to Live in Mexico in 2023.

Healthcare in MexicoHealthcare in Mexico

If you're moving to Mexico or an expat living in Mexico, understanding the Mexican healthcare system is essential. We offer an overview of the public and private healthcare systems in Mexico, health insurance for expats in Mexico, hospitals and prescription drugs.

Cost of Living in MexicoCost of Living in Mexico

Expats offer insight into the cost of living in Mexico.

Moving to MexicoMoving to Mexico Guide

Expats in Mexico share important tips for people preparing to move to Mexico. From banking in Mexico to finding a safe city, read these 8 tips before moving to Mexico.

Real Estate in MexicoReal Estate in Mexico

Real estate listings in popular cities and towns in Mexico.

Pros Cons of Living in MexicoPros & Cons of Living in Mexico

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Mexico.

Retiring in MexicoRetiring in Mexico

Advice for people retiring in Mexico.

Visa and Residency MexicoMexico Visa & Residency Guide

If you plan to move to Mexico, you'll need to understand the process involved and the order in which requirements need to satisfied. Here is an excellent primer on what you'll need to do regardless of the amount of time you plan to spend in Mexico.

10 Tips for Living in Mexico10 Tips for Living in Mexico

If you've recently arrived in Mexico, here are 10 tips for digital nomads living in Mexico.

Welcome Home Mexico
Welcome Home Mexico

Welcome Home Mexico helps you find the perfect home in Mexico.
Learn More

Welcome Home MexicoWelcome Home Mexico

Welcome Home Mexico helps you find the perfect home in Mexico.
Learn More

Contribute to Mexico Network Contribute
Help others in Mexico by answering questions about the challenges and adventures of living in Mexico.

Allianz Care
Allianz Care

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal