If it’s your first time traveling outside the country or you’re new to Mexico, there are some quirks about banking here that you should be prepared for. Banks in Playa del Carmen are not necessarily going to be like what you find at home and ATMs in Playa also have their own quirks.

After four years living here and experience with visitors trying to navigate the banks around town, here are my top tips to help you avoid the mistakes I made and hopefully save you some money as well.

ATM and banks in Playa del Carmen guide

Decline the conversion 

One thing I’ve noticed here more than in other places I’ve traveled is ATMs and banks in Playa del Carmen will often give you the option to lock in a conversion rate when you’re withdrawing cash and even sometimes when you’re buying from restaurants and stores.

This is one way banks make money on top of all those fees they like to charge you. So you might be paying the Mexican bank’s ATM fee, your bank may have international transaction fees and then the Mexican bank will add this exchange rate markup on top of the real exchange rate.

In most cases, you should decline the ATM’s conversion rate. Usually, it’s a very unfavorable exchange rate and you could end up forking out much more than you anticipated. You can confirm with your bank but more often than not their rate is closer to the real exchange rate.

Watch out for the middle and the end of the month

This is one quirk about banks in Playa del Carmen that I didn’t pick up on until I actually started living here. Locals usually get paid twice a month: once in the middle and once at the end of the month. You’ll notice long lines at banks as everyone is getting their pay packet at the same time.

The most troublesome part about this situation, besides having to wait in a line, is that ATMs will often run out of cash or there will be a limit to how much you can withdraw. In general, the end of the day and Fridays are also busier times so it’s a good idea to plan around these if you can. If you’re traveling to Tulum as well, this can be even worse because there are less ATMs around and banks can be more spread out.

There are usually two lines

So often in the past, I would walk past a bank desperate to get some cash out and keep moving when I saw a long line snaking outside the branch. It wasn’t until I had to get money out one day to pay for my rent that I joined the end of a long line, beholden to my fate, and started chatting with the person in front of me.

Luckily I did because she pointed out that she was waiting for a teller in the bank and if I wanted the ATM, there was a much shorter line inside. Facepalm to me because once I actually walked through the doors into the refreshing AC, there was only one person waiting to use the ATMs.

So the moral of the story is, always ask at the end of the line if it’s for the ATM (cajero automatico in Spanish) or not. Chances are you will get to avoid a long wait.

Your card might not work in some ATMs

This is a given for anywhere you might be traveling and is one of my top travel tips. You should always travel with multiple cards in case one doesn’t work. If possible, you should have at least a credit card and a debit card but also, a Mastercard and a Visa.

Your card not working is less common compared to 10 or 15 years ago but I do see it still happening now. And it’s not fun when you need to take out a bunch of cash for a tour to Chichen Itza and you’ve left it to the last minute. Cue me running around the city at 7 in the morning trying to figure out why my card doesn’t work.

Some banks are only associated with one type of financial institution, either Visa or Mastercard, also known as the Plus and Cirrus networks. So if you try to withdraw money using a Mastercard and the machine only accepts Visa, then you won’t be able to use it and need to hunt for another ATM.

The network could be one issue or it could just be that the two banks don’t talk to each other (my technical term). Either way, if you’ve tried a couple of times and you’re getting no luck, then try a different card type or move on to a different ATM.

Having multiple cards also helps in the unfortunate situation of your card getting stolen or the ATM eating your card. The practice in banks in Playa del Carmen (and nearby Cozumel) is if something goes wrong and your card gets taken by the ATM, then they won’t return it to you, it will get destroyed.

Don’t use ATMs on Fifth Avenue

While out exploring all the things to do in Playa del Carmen, you might notice all the conveniently placed ATMs dotted along Fifth Avenue. My suggestion is to avoid these like the plague.

Many have been tampered with in the past leaving you with a greater chance of getting your card read. They also have the highest ATM fees that you’re likely to find. I’ve seen upwards of USD$15.

Likewise, if there is a problem with your transaction or your card gets eaten by the ATM, you’re much more likely to get help if you use a machine connected to or inside a bank.

Watch out for ATM fees

Unlike some countries where ATM fees have mostly been abolished (hello, Australia), these fees are alive and well in Playa del Carmen. Not only that but depending on which ATM or bank you choose, you might end up paying two or three times as much as a bank right next to you.

Each bank not only has its own ATM fee but you might also have a different fee depending on which card you’re using.

So my Card A might attract a fee of $32 at Bank A and a fee of $96 at Bank B while Card B could have a fee of $50 at Bank A or $17 at Bank B. If my bank has a relationship with the Mexican bank, I might not get charged a fee at all. Clear as mud, right?

If you’re going to be in Playa for a while, it’s worth a little effort to figure out which banks charge you the least as this could add up to savings in the long run. As a long-term traveler, I know how important it is to not only save and budget for your holiday but also to keep costs down while you’re on the road as well.

Generally speaking, Scotiabank seems to have the highest fees overall, unless you have a Scotiabank card from home. Any ATM on Fifth Avenue or non-bank ATMs in convenience stores are also way up there fee-wise. Likewise, watch out for any standalone ATM near the ferry to Cozumel.

Meanwhile, Santander and Banamex seem to have the lowest fees. You’ll need to do your own experimentation of course, but these are a good place to start.

ATM and banks in Playa del Carmen guide

I’ll keep adding to this list as I come across new and wonderful changes to the banks here in Playa. If you know of anything that should be added or if you have any questions, please add it to the comments below.