If you have a checking bankcard, credit card or debit card, you will find ATM machines at every bank, in or near many supermarkets, in shopping malls, grocery stores, and occasionally in hotel lobbies. Most ATMs are linked to Cirrus and Plus networks, and are available 24 hours a day.
In addition to being convenient for quick withdraws, ATMs carry out their transaction at the wholesale banking rate. This means you will typically get a better exchange rate by using an ATM than you would with cash or traveler's checks at a bank.
The ATM's in Puerto Vallarta are in English and Spanish, but the money amount will always be shown in Mexican Pesos. If you want $200 US in pesos, you need to type in 2000, otherwise if you type in 200, you get roughly 20 bucks in pesos.
The amount you are allowed to withdraw is the amount your bank allows you per day. The withdrawal fee is whatever fee your bank charges for international or out of network usage. ATM’s in Mexico do not charge a fee.
Most ATMs will also accept your Visa or MasterCard (if you have a PIN number, and can withdraw money from the card) for a cash advance. It is good to know that most ATM's in Mexico only accept four (4) digit PIN numbers, this includes Debit Cards and Credit Cards. If you do not have a 4 digit PIN number, it is advised you speak with your bank before traveling.
Even if you don't plan on using a credit card, it's a good idea to bring one along to have in case of emergency, or a great shopping spree, and it is safer than carrying around large amounts of cash.
What most people do not know is that there is a 5% or 6% credit card fee when you use your credit card in Mexico. Most retailers or hotels add this into the final price so you never notice it.
Another reason to keep an eye on your credit card is cloning. Credit card cloning has become an epidemic world wide, and can wreck a vacation. Make sure if you use your credit card, anywhere, you have your eye on it the entire time, or pay directly the cashier yourself. It is not the carbon sheets or the receipts that are of issue, it is the actual card and a cloning machine.
When you use any credit card internationally you are charged a 1 percent fee by the Visa/MasterCard clearinghouse, no matter what country you are in. Most people are unaware of this fee. It is imposed at the currency exchange level as part of the transaction. But in addition to the clearinghouse fee, some issuers have begun to charge an additional 2 to 5 percent fee for international credit card transactions.
American Express charges a 2 percent fee for international transactions with its card. Before you rely on plastic as your major means of money while on vacation, check with your credit card company about their international policies. In the end, you may be paying 10% more than if you would have paid with cash.
