Villa Group Update: 5 Things to Consider When Using Money Outside of Your Country
As you plan for your upcoming vacation, get all financial concerns out of the way prior to your departure so that you can fully rest and relax while on vacation. In order to have the best travel experience possible, please read the below factors to consider when using money outside of your country.
- Factor in currency exchange rates. When exchanging your country’s cash for Mexican pesos, you will be charged a small fee for exchanging currency. If you are withdrawing cash to exchange this for Mexican pesos, you will also be charged an ATM fee in addition to the exchange fee. We recommend withdrawing cash back at home before your trip to avoid this ATM fee.
- Contact your bank and let them know about your travel dates and destinations so that they do not put a Fraud Alert on your card. Fraud Alerts lock your account so that you do not have access to your money.
- Know the terms and conditions of your credit card. Many credit cards charge a foreign transaction fee of 1-3% of the purchase price for every purchase made while traveling internationally.
- Be aware of ATM fees when using debit and credit cards abroad. Generally, withdrawing cash at an ATM not associated with your bank requires an additional 2-5% fee per transaction. If you are withdrawing cash with a credit card, there will be an additional cash advance fee, which is stated in the terms and conditions of your credit card agreement.
- If you will be paying for your purchase in cash and with US dollars, there is a limit of $250 USD per transaction. If you pay using Mexican pesos, credit card, or debit card, there is no limit to the amount you can spend.
Prepare for your trip beforehand so that you can fully relax! This photo showcases the Village Spa at Villa del Palmar Cancun.