A critical piece of advice is being shared with increasing urgency: avoid the unbranded ATMs that dot the tourist landscapes. They might be convenient, but that convenience could cost you an entire day’s worth of margaritas.
So, What’s a “Unbranded” ATM Anyway?
An unbranded ATM, is a stand-alone cash machine that isn’t part of a major, reputable bank. You’ll find them in hotel lobbies, inside corner stores, or just sitting on the sidewalk. Their siren call is convenience, promising quick cash without having to search for a proper bank.
Punch One: The Jaw-Dropping Fee. The first thing that hits you is the service fee. While your bank at home might charge a few dollars for an international withdrawal, these private ATMs tack on their own hefty fee. It’s not uncommon to see charges of $10, $15, or even more in US dollars, just for the privilege of using the machine. That’s an expensive convenience fee before you even get to the main event.
Punch Two: The Sneaky Exchange Rate Scam. This is the knockout blow. After you enter your PIN, the machine will offer you a “helpful” choice. It will detect your foreign card and ask if you want to be charged in your home currency (e.g., USD) or the local currency (Mexican Pesos, MXN). It might look like this: Withdraw 4,000 MXN or Withdraw $260 USD?
So be a little picky about where you get your cash. Look for ATMs that are attached to major national banks, like Banorte, BBVA, Santander, Scotiabank, CI Banco. You can often find reliable ATMs inside large grocery stores like Soriana. The five-minute walk to find one of these could easily save you $30 or more on a single withdrawal.
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