What is better to bring on Vacation to Cancun, MX? Travelers Checks or Credit/Debit Card?

Question

I am going on vacation this coming weekend and i haven't gotten a clear enough answer whether to bring travelers checks or credit card. Im coming from the United States.

Thank you

Answer 1

Neither,  Maybe take some traveller's cheques in case of emergency. American Express is the most easily accepted.

Use your ATM card -  the best exchange rate.  Hotel and street exchanges do not give you the best rate.

Check the logos at the Automated teller for one associated with your bank card - like Interac - to avoid a $5 withdrawl charge.  ATM max is usually 3000 to 4000 pesos per day.  You request and recieve currency in pesos.

Some businesses in Mexico tack on the fee the credit card company charges them for the transcation (1-3% of the transaction).  I also heard stories where hotels have put on 'additional' charges that were not requested or used.

Answer 2

Traveler's checks are often difficult to cash down here, even in the cambios.  I've heard that there are even banks that refuse them.  Credit cards are NOT widely accepted here, either, except in "corporate" type stores/restaurants/resorts.  In addition, credit card companies often charge a substantial conversion fee for international use.  The absolute best option is to bring an ATM card and use it to withdraw pesos as needed.  Keep in mind that, if you want the equivalent of US$300, you will need to enter the amount of $3000 of the local currency.  In other words, tack on a zero to whatever US dollar amount you need.  ATMs are easy to find in most locations and often even in your hotel lobby.

Regardless what cards you bring/use, be sure to notify your financial institution that you will be using them outside of the country.  Otherwise, they may put a hold on the card and prevent you from using it during your trip.

Answer 3

Credit card is your best and safest bet. If you should lose your travelers check it would hard if not impossible to get your money back.

Answer 4

I've actually taken both with me before...however, I found that I have more luck with my cards.  Just make sure to call the issuing banks BEFORE you leave and let them know where and when you will be going.  The travelers checks are good to use to pay for excursions when you meet with your travel rep at your hotel though...Just make sure to bring plenty of small bills (ones and fives) for shopping and tipping.  Be safe and have fun!

P.S. Most hotels will exchange your money into pesos for you--there really isn't a need to go to the bank unless you need to get out more cash.  But keep in mind that the ATM machines will only give pesos back so don't get out too much at one time!

Answer 5

Unless you can get peso traveler's checks, forget them.  You'll be going to the bank in Cancun and cashing the checks  for pesos at whatever exchange rate the bank gives you, and it won't be good.  worse yet, you will have to cash them at your hotel if the banks are closed.  Take a credit card for hotel and meal expenses, and your ATM card for cash  If you have a pin for your ATM card that works internationally (4-digit, check with your bank), you can withdraw cash at ATM's in Mexico.  Exchange rate is OK, but you'll get a fee, so withdraw enough money that you don't have to go back for more for a few days.  Be sure to notify your credit card company and your bank that you are going to be in Mexico, and when.  They might shut down your cards if they think they have been stolen and they can't reach you to find out.

Answer 6

Why not Western Union yourself the money. It will be given to you in pesos at the correct current exchange rate when you retreive it at your destination.

Atm has some big fees. Credit cards we all know have that pesky intrest rate :)