Traveling abroad for the first time, or just new to Playa del Carmen? Banking here can be a bit different than what you’re used to, and it’s important to understand how things work when you need to withdraw cash or manage your money. Based on years of experience living in the area, here’s a quick guide to help you navigate the local ATM and banking system, avoid common mistakes, and save some money along the way.
Decline the Currency Conversion Option
When using ATMs in Playa del Carmen, you’ll often be offered the option to lock in a conversion rate when withdrawing cash. It’s tempting to accept, but this is a trap that many travelers fall into. The conversion rates provided by the ATM are typically far worse than those offered by your own bank. In addition to foreign transaction fees, you’ll likely be charged a markup on the exchange rate by the ATM, which can add up quickly.
To get the best deal, always decline the conversion option and allow your bank to handle the exchange. They usually offer a much more favorable rate.
Watch Out for the Middle and End of the Month Rush
In Playa del Carmen, locals typically receive their paychecks twice a month: once in the middle and again at the end. These payday periods cause long lines at the banks, and ATMs tend to run out of cash or limit withdrawals. Fridays, particularly toward the end of the day, are also busier, so plan ahead and try to avoid peak times when possible. If you’re heading to Tulum, be aware that ATM access is more limited, and the situation can be even worse.
Two Lines, One ATM
It’s easy to be put off by the long queues outside some bank branches, but here’s a tip: don’t give up right away. Often, one line is for the tellers, while another, much shorter line is for the ATMs inside the bank. Before joining the long line outside, ask if it’s for the ATM (cajero automático in Spanish) or not. You might just find a quick route to getting your cash.
Have Backup Cards Just in Case
It’s always a good idea to travel with multiple cards to avoid the frustration of one not working. A credit card and debit card, ideally from different networks like Visa and Mastercard, are your best bet. While it’s rarer these days for cards to fail at ATMs, it still happens. Some banks are tied to only one network, so if you’re trying to use a Mastercard in an ATM that only supports Visa, you’ll need to find another machine.
Carrying multiple cards also helps if your card gets eaten by an ATM (which, sadly, happens). In Playa del Carmen, ATMs that swallow cards don’t usually return them—they get destroyed. It’s a hassle, but having a backup will save you time and frustration.
Avoid ATMs on Fifth Avenue
You’ll notice plenty of ATMs along Playa del Carmen’s popular Fifth Avenue, but these are best avoided. Many of these machines have been tampered with, putting your card at risk. Additionally, they tend to have some of the highest ATM fees, sometimes as high as $15 USD per transaction. If anything goes wrong, you’ll also find it easier to get help at a bank’s ATM rather than a standalone machine.
Be Aware of ATM Fees
ATM fees are alive and well in Playa del Carmen, so don’t be surprised by charges. Fees can vary significantly depending on the bank and your card, and you might end up paying different amounts even at nearby ATMs. For example, you could be charged $32 at one bank and $96 at another, just depending on your card and the bank’s policies. If your bank has a partnership with a Mexican bank, you may avoid fees altogether.
If you’re staying in Playa del Carmen for a while, it’s worth figuring out which ATMs charge the least. Over time, these small savings can really add up. Scotiabank typically has the highest fees unless you’re using a Scotiabank card from home, and ATMs on Fifth Avenue or those found in convenience stores tend to be expensive as well. On the other hand, Santander and Banamex tend to have the lowest fees.
By being mindful of these tips and doing a little research on the best ATM options, you can ensure your experience in Playa del Carmen is hassle-free and that you’re not wasting money on unnecessary fees. Happy travels!
