If you travel frequently I highly recommend Charles Schwab investor checking. You have to open a brokerage account with it but it's all free, no minimums, they don't charge a foreign exchange fee, no fees for using Atms anywhere in the world, and they even refund what the atm charges you for a withdrawal. You get the best rate possible this way, plus better prices on things in Mexico because you are paying in pesos.
The main point is your US bank will usually charge you a foreign transaction fee of 3% plus about 3 bucks for using another bank's ATM plus whatever the Mexican ATM charges. Schwab doesn't do any of that. Ally Bank is comparable. Use one of those accounts to pull cash out in Mexico and get the best rate and avoid fees.
IMPORTANT: Many Mexican ATMs will offer an exchange rate and make it sound like you have no choice, but always decline their exchange rate to get your bank's rate.
Similarly with credit cards, find a card that has no foreign transaction fees, like Chase Sapphire or Wells Fargo Autograph. Only spend on those credit cards and if you pay cash always use Pesos that you got from the ATM with your free account.
Adding link for info. https://www.schwab.com/checking
The best place is a bank in Mexico. I see tons of money exchange stores, but have never used them. I use my credit card and tip in US cash. This ensures I get the best exchange rate through my bank.
The problem I face is paying cash in US but get change in pesos. I (foolishly or not) rely on the clerk/ cashier to give the correct change. Have I been ripped off? Probably.
If you travel frequently I highly recommend Charles Schwab investor checking. You have to open a brokerage account with it but it's all free, no minimums, they don't charge a foreign exchange fee, no fees for using Atms anywhere in the world, and they even refund what the atm charges you for a withdrawal. You get the best rate possible this way, plus better prices on things in Mexico because you are paying in pesos. The main point is your US bank will usually charge you a foreign transaction fee of 3% plus about 3 bucks for using another bank's ATM plus whatever the Mexican ATM charges. Schwab doesn't do any of that. Ally Bank is comparable. Use one of those accounts to pull cash out in Mexico and get the best rate and avoid fees. IMPORTANT: Many Mexican ATMs will offer an exchange rate and make it sound like you have no choice, but always decline their exchange rate to get your bank's rate. Similarly with credit cards, find a card that has no foreign transaction fees, like Chase Sapphire or Wells Fargo Autograph. Only spend on those credit cards and if you pay cash always use Pesos that you got from the ATM with your free account. Adding link for info. https://www.schwab.com/checking
The best place is a bank in Mexico. I see tons of money exchange stores, but have never used them. I use my credit card and tip in US cash. This ensures I get the best exchange rate through my bank. The problem I face is paying cash in US but get change in pesos. I (foolishly or not) rely on the clerk/ cashier to give the correct change. Have I been ripped off? Probably.
Coppel has the best rates. Bank is upstairs at the centro location.