Scotia Bank prides itself on doing business in Canada, the US and Mexico. As I don't have a credit card and am notorious for losing my ATM cards, I prefer using travelers checks. Being aware that Scotia Bank had locations in Playa del Carmen and Merida, it never crossed my mind that I'd run into complications if I purchased Canadian travelers checks, instead of American. It was a much better deal to purchase them in Canadian, as our dollar was so strong.
In Playa del Carmen, we could cash our checks anywhere. We did notice that the money exchange by our hotel (Calle 30) offered a lower rate than the Scotia Bank and surrounding exchanges that were close to the center of Playa del Carmen.
One tip for not getting ripped off by money exchangers is to verify how much you're going to get before you hand over your check. One woman charged an "exchange fee" when we didn't do this - and in all the years I've traveled there, she's the only one who's ever charged this. I think a calculator is a great thing to have in your purse, if you're not great at math!
Scotia Bank was giving us between 9-9.5 pesos to the dollar in Playa del Carmen. It's a good thing I exchanged some money before we left for Merida, because when we got to Scotia Bank there, I was told "Sorry, we can't exchange this. Your money isn't worth anything."
I asked her if she could check the currency exchange online, but instead she called a manager, who wasn't able to help me. I gave her the website for currency exchange and told her that I hoped she looked into it. I must say, it's pretty bad when bankers are unable to look up international currency rates!
This was the only money exchange in Merida where I could cash my money, for a mere 6.5 pesos to the dollar! It just so happened that the girl working here was on her way to Vancouver, Canada - which is very close to where I live. Even-so, she wasn't able to give me a fair rate at all, but at least she was able to give me something!
Moral of the story: Scotia Bank may have branches in Canada, the US and Mexico, but that doesn't mean their branches are connected. Always use American travelers checks if leaving the touristy areas.
Moral of the story: Scotia Bank may have branches in Canada, the US and Mexico, but that doesn't mean their branches are connected. Always use American travelers checks if leaving the touristy areas.
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