I realize this subject has been written about more then a few times, but I still need some clarification about finaces. We are comming for an extended stay and need to figure out the best, economical and easiest way to get funds from our US accounts while in Cozumel. We are arriving on a tourist visa this time, so we can't open up a local bank account...or so I've read. Here our our options:
1. Bring a ton of travelers checks. According to this website, yes, you can cash them, but the banks have "Very long lines" and they "don't like to cash them" What does that mean?? Lines out the door and around the block and they don't smile when they cash them?
2. Get an account at BAF...with the association with Banamex (I think) they charge less or no foreign transaction fee. I did read that that might/will change in the early spring.
3. Use ATM's We bank with Wells Fargo. They charge a flat $5.00 per transaction but the atm's Bank will charge a foreign transaction fee...which is how much? ; Is it 3% everywhere?
4.Use Western Union Their website says free to wire funds from US if you can wait a day. You can use your bill pay to transfer the money.
5. HSBC, I could open an online account and get an debit card from them...any drawbacks?
6. Use Xoom online to transfer funds. $4.99 per transaction...but when you pick up your cash at "Elektra" don't they want a piece of the pie? and sorry, What is Elektra?
Is it possible to transfer money from the US at all without getting hit with allot of fees? If thats the way it is, so be it., but if there I'd really appreciate knowing what your ideas are, I'd sure like to know. THanks for taking the time to read all the way through this!
5. Use Xoom online to transfer funds.