Updated: Dec 25, 2020
We’ve been in Mexico for just under 6 months, and during that time, I have not needed to set up a local bank. I use the ATM of any bank I choose, and the ATM fees are refunded to me. I gain points on all purchases, and best of all, I get a fantastic exchange rate when I convert money. How is all of this possible? I use a combination of online services called Transferwise, from the US, and Rappi in Mexico. Let me explain:
Transferwise is a great source for holding money in many different currencies. You can transfer money to your Transferwise account using your regular US bank in US dollars. You can then convert that money at the best exchange rates over time into Mexican Pesos or 60 different other currencies. Once you have the money into the local currency, you can then use the Transferwise Green MasterCard to buy items using local currency at the highest exchange rate. This solution was simple and worked great for the first two weeks; I had my Transferwise green card. However, after two weeks in Mexico, I left the ATM card, and the machine destroyed my card. Therefore, I had to come up with an alternative solution. Here comes plan B.
For Plan B, I discovered that one of my favorite services in Mexico, Rappi, had a cash account component. Rappi is an amazing service that lets you order everything from food to cash. You can literally have someone roll up on a motorcycle and bring you cash if you have a Rappi account linked to your credit or debit card. Talk about convenience. However, the feature that I use the most is the Rappi Pay capability.
Rappi Pay allows you to transfer money into an account using a standard clabe, Mexican bank account number. You also get a red Rappi Visa debit card, which is delivered by one of their motorcycle couriers. Once approved and activated, you can then transfer money from your Transferwise account in pesos. Here is where it gets good. For every purchase you make with your Rappi pay Visa card, you earn 1% in Rappi credits. Those credits can be used for anything on Rappi. Secondly, you can use your visa Rappi card everywhere that Visa is accepted. Finally, the best part, when you use your Rappi pay card at any bank‘s atm, the fees are refunded. You heard me; every atm transaction is totally free.
So if you want to get started, please help me out by clicking on my referral link for your Transferwise account. Transfer Wise Referral Link
Also, please help me by using my code when you signup for Rappi. ¡Use my coupon code: zw327125790!
Until Next Time,