Learn to be a savvy Mexico traveler with the help of my tips and guides, informed by my experience as an expat in southern Mexico.
π²π½ say adios to foreign transaction fees
Hi Reader!
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This week I want to dig into a question that comes up over and over again:
How do you manage your finances while traveling to different countries? What cards do you use with low fees and good exchange rates?
This is such a great question for a couple of reasons. For one, it's really easy to overlook things like exchange rates and ATM fees when you're planning a trip, but they can add up really fast, especially on a long trip. On top of that, even if this is on your mind, there may be more solutions (and better ones) than you're aware of!
Ultimately, Mexico's economy is very much cash-based, and while you can use your credit card in many stores, etc, you will inevitably need cash for many purchases. With this in mind, I put together a list of bank accounts and other financial products that make it easy to access your cash. Some of them even offer perks!
There are new cards and money exchange tech companies hitting the marketplace all the time, so I'm sure the options I share below are just the tip of the iceberg. But hopefully, this will get you started!
Even if you already have a great checking account that doesn't charge foreign transaction fees, it's prudent to have an additional account to keep your travel fund separate from the rest of your assets. That way, if you lose your card, or it gets skimmed (not common, but it does happen) or stolen, you'll be protected. You can just cancel the card that has been compromised, transfer the balance of the account back to your everyday checking account, and carry on with your trip.
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Charles Schwab (available for US citizens)
βCharles Schwab is a bank that offers a no-fee checking account. They don't charge international transaction fees on your purchases, and they refund any ATM fees at the end of each month, making this a really fantastic option for travelers and expats. I have this account, and I LOVE it. They also have excellent customer service if anything ever goes wrong. I've used my Schwab card all over Mexico.
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Wise (available internationally)
Wise is a financial technology company that prides itself on offering super competitive exchange rates. They started out as a money transfer service, but now they offer accounts and debit cards too. With their debit card, you can make purchases or withdraw cash from ATMs in Mexico.
You can fund your account via Electronic Funds Transfer (EFT), using your debit or credit card, domestic wire transfer, and more options. Each option is very affordable. Plus, If you use this link to open an account, you'll get your first transfer (up to $800 CAD) for free!
This is a great option for anyone who isn't a US citizen and can't open a Charles Schwab account. According to Wise's website, their rates for withdrawing CAD in Mexico are 2X cheaper than other major Canadian banks-- so if you're Canadian, this might be the perfect option for you!
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Revolut (international)
Revolut is a financial technology company that offers a bunch of different products & services, including debit and credit cards and currency exchange. The company is based in London, but my understanding is that their products are available in many countries, including Canada and the US.
With Revolut, you receive a card that you can essentially pre-pay and then use to spend and withdraw money in 120 different countries, including Mexico.
There is a free account option but seems like the Premium version offers better perks, including 20% off international money transfer fees and up to Β£400 in fee-free cash withdrawals from ATMs (after that, they charge 2%). They also offer travel insurance and cashback on certain purchases.
βClick here to learn more!β
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Monzo (UK)
Monzo is an online bank based in the UK. Like many online banks, they offer really competitive fee structures. You can use a Mondo debit card anywhere that Mastercard is accepted, and they don't charge any foreign transaction fees. They also offer very competitive exchange rates.
Based on their website, Monzo appears to only be available for residents of the UK. If that's you, it's worth looking into their accounts!
βClick here to learn more about Monzo!β
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Travel rewards credit cards
Historically, travel rewards credit cards have been lauded as the best option for traveling internationally, and they do have a lot of perks. Usually they don't charge foreign transaction fees, they typically offer favorable exchange rates, plus you can earn rewards on travel purchases. In some cases, you can score discounts on air travel, hotels, experiences, and more when you book through their partners. Plus, they often include some rental car insurance.
However, a travel credit card isn't necessarily the best option for you unless you already have one. Applying for a new credit card can affect your credit score (temporary, but a bummer if you're trying to position yourself to qualify for a mortgage, etc). Plus, these cards typically have annual fees, so unless you travel frequently and can cash in on the rewards, it may not be worth having one.
On top of all of that, cash is king in Mexico, and the last thing you want to do is take out a cash advance on your credit card. The products listed above enable you to access cash easily, which is a huge perk. You can use credit cards in many places in Mexico-- especially large stores, hotels, and more, but you'll need cash for tips, taxis, street food, and other such things. So, if you plan to use a travel credit card in Mexico make sure you have a strategy to access cash too.
There are countless travel credit cards out there, so I won't even try to suggest any. The best option will depend on where you live, your credit score, and your travel preferences. Start by checking what your bank has to offer and go from there.
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If you're keen on more money tips for Mexico, this article continues the conversation!
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Have you tried any of these accounts or cards? Do you have other options you prefer? Hit reply and let me know!
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I'll be back soon with more Mexico travel tips and updates!
Hasta pronto!
Janine
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P.S. If you're...
- Planning a move to Mexico and would appreciate support, guidance, and accountability, consider joining the Savvy Women in Mexico Mastermind.
- Planning a trip and just want answers to a list of questions? Book a consultation call with me, and we'll work through them together!
Traveling Soon?
If you're planning a trip, these are the resources I use and recommend:
Travel insurance: SafetyWingβ
Flights: Skyscannerβ
Airfare deals: Dollar Flight Clubβ
Accommodation: Booking.com for hotels and Hostelworld for hostels
Rental Cars: Discover Carsβ
Bus tickets: Busbudβ
Airport transfers: GetTransferβ
Tours: Viator and GetYourGuide
Currency exchange: Wiseβ
Stay connected with an eSIM: Airaloβ
Learn Spanish: Rocket Spanish and iTalkiβ
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Click Here to π Shop My Favorite Travel Productsβ
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Read my blog π Janine in the Worldβ
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Janine in the World | Mexico Travel
by Janine DeVault
Learn to be a savvy Mexico traveler with the help of my tips and guides, informed by my experience as an expat in southern Mexico.
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