Beware ATMs!

Here is a receipt spit out of an Intercam Cashola brand ATM. After our reader inserted his credit card, he was asked if he would be OK with a $6.96 fee. He said yes. But after his 400 dollars came from his dollar account, he was allowed to see the true cost of his transaction. Where the receipt says "compensation for the fluctuating exchange rate" we can see he was dinged a whopping $27.80 additional charge. Yes, he got his $400, but Intercam took $434.27 out of his account, keeping $34.27 for the "convenience".

Bring cash, and exchange it, because it's easy to get short changed when you buy something in dollars and get change in pesos. Most retailers tell you right upfront what their exchange rate is, but they can't control what their clerks do with their happy hands. Hopefully you are better at math than we are and you can protect yourself.

Yes, we know, many banks will not exchange your dollars for pesos. This is due to tight money laundering restrictions on them. They can only take in so many dollars in a month. Try your hotel for exchanging money and don't snivel over their exchange rate, they are now stuck with dollars and they too have money laundering restrictions on them. And look at the alternative: Thieving Cashola machines.