Buying Pesos Before Trip

[dioxide45]

Not true (perhaps a typo?). I had no problem getting 6000 pesos from a Santander ATM in December.

I think I just wasn't clear. I meant $1000 USD in Pesos, which would be about $20,000 Peso, that would require at least two ATM withdrawals.

 

[Passepartout]

I can't argue with the convenience of laying in a supply at your local bank. There is a cost to this. In Bill's example above, the rate was 20.20 pesos/USD vs. whatever the official exchange rate was on the day of the transaction. But for the OP- who started this ball rolling- this is for a first trip to Mexico. They are not going to know how much to exchange. For many of us who travel regularly, having a little 'carry-over' local currency- Pesos, or Euros, to take care of 1st day expenses until we get to our preferred exchange place is great. But for those on a first trip- who may never go back- the odds of having foreign currency that feel 'forced' to spend before leaving (I have some Saki from Japan just because of this) increases the cost far above an ATM fee.

 

[dioxide45]

I can't argue with the convenience of laying in a supply at your local bank. There is a cost to this. In Bill's example above, the rate was 20.20 pesos/USD vs. whatever the official exchange rate was on the day of the transaction. But for the OP- who started this ball rolling- this is for a first trip to Mexico. They are not going to know how much to exchange. For many of us who travel regularly, having a little 'carry-over' local currency- Pesos, or Euros, to take care of 1st day expenses until we get to our preferred exchange place is great. But for those on a first trip- who may never go back- the odds of having foreign currency that feel 'forced' to spend before leaving (I have some Saki from Japan just because of this) increases the cost far above an ATM fee.

Even for a first trip, buying Pesos in advance for those first few days expenses is advisable. There certainly isn't anything wrong or negative about it. It will still be cheaper in most cases than paying US$ for those same expenses. $5000 Pesos doesn't really go that far. It is very unlikely that you will end up with leftovers at the end of your trip.

 

[Passepartout]

Even for a first trip, buying Pesos in advance for those first few days expenses is advisable. There certainly isn't anything wrong or negative about it. It will still be cheaper in most cases than paying US$ for those same expenses. $5000 Pesos doesn't really go that far. It is very unlikely that you will end up with leftovers at the end of your trip.

Most of us wouldn't have any trouble spending the roughly $250USD in pesos in a week, but for some people- particularly if going to an all-inclusive resort, or uncomfortable in a 'foreign' country they might have leftovers. Yes, we know that one can use pesos to pay down the inevitable departure bill, or spread them around as gratuities. Using Bill's example, he bought nearly double your suggestion and his guests ended up acting as an exchange for other travelers with much of the money. He didn't mention what rate they got.

In the end, there is no ONE correct answer of whether to exchange at home or on arrival, and/or how much is appropriate. It's a personal choice. The ONLY absolute is that the FOREX booth at the airport is the WORST POSSIBLE exchange place.

Jim

 

[SciTchr]

We just use the ATM's. With our Chase debit card that we only use for travel, all ATM fees are rebated. In PV all ATM's give the same rate of exchange, so the airport ATM's are fine. There is one in the bank of ATM's that will give out a larger amount of pesos. We are there for 3-4 weeks, so that is a good one for us to use. Saves time later.

Jim, is the Forex booth a Cambio?

 

[Passepartout]

Jim, is the Forex booth a Cambio?

I apparently mis-spoke. The worldwide bugaboo at darn near every international airport is Travelex. https://www.travelex.com/ Might as well be a cambio (which actually means exchange). Sorry for the confusion.