# Recommendation to get Pesos prior to Cozumel Trip versus using US Currency



## MULTIZ321 (Oct 6, 2017)

I'm interested in suggestions as to whether to get a supply of Pesos prior to our Cozumel Trip
or is using US Currency sufficient?


Thanks


Richard


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## klpca (Oct 6, 2017)

We always take pesos out at the airport atm upon arrival. Otherwise you are paying more if you use US dollars. It's not hard using pesos. Give it a try.


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## dioxide45 (Oct 6, 2017)

You can also order Peso from your local bank so you have some when you land. US currency will also be accepted and a bunch of one dollar bills is also good for tips since it is uncommon to get a bunch of small bills from an ATM or when you order currency.


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## geist1223 (Oct 6, 2017)

We take a bunch of USA $1 & $5 for tipping. Otherwise we try and use only Pesos.


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## Passepartout (Oct 6, 2017)

Richard, when we travel, no matter where, we NEVER order foreign currency from our home (or any other) bank. The exchange rate sux and then they hit you with shipping costs. There is a row of ATMs near the arrival area at Cancun and any other airport. Just select a BANK ATM. Usually there's a little American or British flag to press to select English, and proceed. You will be told that there is a charge for using the ATM, just press YES, or SI, or the green button- the charge is about $1.50 or equivalent. The current exchange is just over 18 pesos/$, so 2,000 pesos (they use a dollar sign ($) so there is room for confusion) is just over $108 US. You will get the best price for everything, taxis, meals, tchotchkes, by paying with pesos.

Don't sweat  having too many pesos, you will be able to use them when you leave to pay your hotel bill for the extras before putting thee rest on your credit card.

Adios! Have fun.

Jim


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## Passepartout (Oct 6, 2017)

Here's a printable currency converter cheat sheet: Not the most elegant one I've seen but it will work. https://www.moneycurrencyconverter.com/printable-cheat-sheet-from-mxn-to-usd.html


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## beach.bar.bob (Oct 6, 2017)

Passepartout said:


> Richard, when we travel, no matter where, we NEVER order foreign currency from our home (or any other) bank. The exchange rate sux and then they hit you with shipping costs. There is a row of ATMs near the arrival area at Cancun and any other airport. Just select a BANK ATM. Usually there's a little American or British flag to press to select English, and proceed. You will be told that there is a charge for using the ATM, just press YES, or SI, or the green button- the charge is about $1.50 or equivalent. The current exchange is just over 18 pesos/$, so 2,000 pesos (they use a dollar sign ($) so there is room for confusion) is just over $108 US. You will get the best price for everything, taxis, meals, tchotchkes, by paying with pesos.
> 
> Don't sweat  having too many pesos, you will be able to use them when you leave to pay your hotel bill for the extras before putting thee rest on your credit card.
> 
> ...



You've already rec'd the perfect answer. 
This is exactly what you need to do !! It's what I do and advise everyone else to do. 

Enjoy!! 

bbb


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## pianoetudes (Oct 6, 2017)

When using ATM in Cancun airport, don't use credit card to withdraw cash. The APR for cash withdrawal is usually high. But use your ATM card of your checking or saving account in US. Be aware your own bank may also charge a fee.


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## dioxide45 (Oct 6, 2017)

Passepartout said:


> The exchange rate sux and then they hit you with shipping costs.


You need a different bank. The exchange rate from ordering Peso or any foreign currency will be the second best rate you can get for physical currency and the third best rate for purchases. ATMs do have a slightly better exchange rate, but in our experience it only worked out to a few dollars on $5000 pesos. I have ordered Pesos from two different banks and neither charged me for shipping.


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## remowidget (Oct 6, 2017)

You might check your credit cards to to see if they charge a foreign transaction fee. We have been surprised to find that when haggling we usually get a better deal when we pay with pesos.

Sent from my SM-T580 using Tapatalk


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## dioxide45 (Oct 6, 2017)

remowidget said:


> You might check your credit cards to to see if they charge a foreign transaction fee. We have been surprised to find that when haggling we usually get a better deal when we pay with pesos.
> 
> Sent from my SM-T580 using Tapatalk


For small vendors, you will always want to use cash. We only use our credit card at large restaurants and the grocery stores.


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## remowidget (Oct 6, 2017)

dioxide45 said:


> For small vendors, you will always want to use cash. We only use our credit card at large restaurants and the grocery stores.


I guess I should have separated that. It was two thoughts on my end. Sorry.

Sent from my SM-T580 using Tapatalk


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## pedro47 (Oct 6, 2017)

Buy your pesos in advance at an atm machine that do not charge you a high transaction fee.

Suggestion only buy between $100 to $200 in pesos and carry in cash about $50.00 dollars in 1 & 5 dollar bills.

This suggestion is based upon visiting Cozumel on various cruise ships over 5 times:time in port time 8 to 10 hours.


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## rpennisi (Oct 6, 2017)

Passepartout said:


> Richard, when we travel, no matter where, we NEVER order foreign currency from our home (or any other) bank. The exchange rate sux and then they hit you with shipping costs. There is a row of ATMs near the arrival area at Cancun and any other airport. Just select a BANK ATM. Usually there's a little American or British flag to press to select English, and proceed. You will be told that there is a charge for using the ATM, just press YES, or SI, or the green button- the charge is about $1.50 or equivalent. The current exchange is just over 18 pesos/$, so 2,000 pesos (they use a dollar sign ($) so there is room for confusion) is just over $108 US. You will get the best price for everything, taxis, meals, tchotchkes, by paying with pesos.
> 
> Don't sweat  having too many pesos, you will be able to use them when you leave to pay your hotel bill for the extras before putting thee rest on your credit card.
> 
> ...


Jim, No offense intended, but we think Chockis are better than Trikitrakes


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## dioxide45 (Oct 6, 2017)

pedro47 said:


> Buy your pesos in advance at an atm machine that do not charge you any fees.


I am not aware of any ATM that doesn't charge a fee. The good thing is that in Mexico the fee is usually quote low, about $30 pesos. Of course, your bank may charge a fee also. You also can't buy pesos in advance at an ATM, it would be hard to find an ATM in most US cities that dispense pesos


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## rpennisi (Oct 6, 2017)

Use a bank ATM credit card that doesn't charge the 3% foreign transaction fee and no transaction fee (i.e. Capital One).
However, do bring a few hundred dollars in US currency, because a Vidanta doctor we used once wanted to be paid in dollars.  Others have reported the same.


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## remowidget (Oct 6, 2017)

rpennisi said:


> Jim, No offense intended, but we think Chockis are better than Trikitrakes


Why no offense? Chockis are delish. Lol

Sent from my SM-T580 using Tapatalk


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## Passepartout (Oct 6, 2017)

rpennisi said:


> Jim, No offense intended, but we think Chockis are better than Trikitrakes


Why would I be offended by something that doesn't exist? I assume you are referring to tchotchkes as in souvenirs etc.? Chockis are a type of cookie. Trikitrakes doesn't score a hit.


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## bobpark56 (Oct 7, 2017)

pianoetudes said:


> When using ATM in Cancun airport, don't use credit card to withdraw cash. The APR for cash withdrawal is usually high. But use your ATM card of your checking or saving account in US. Be aware your own bank may also charge a fee.


Right...but make sure it's a bank ATM you are using. Others often have high fees. There is a red Santander ATM to the left after you exit customs and start down the hall that will do well...if it has not run out of pesos.


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## rpennisi (Oct 7, 2017)

Passepartout said:


> Why would I be offended by something that doesn't exist? I assume you are referring to tchotchkes as in souvenirs etc.? Chockis are a type of cookie. Trikitrakes doesn't score a hit.


Sorry thought you were referring to the cookies, my bad.


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## cubigbird (Oct 7, 2017)

rpennisi said:


> Use a bank ATM credit card that doesn't charge the 3% foreign transaction fee and no transaction fee (i.e. Capital One).
> However, do bring a few hundred dollars in US currency, because a Vidanta doctor we used once wanted to be paid in dollars.  Others have reported the same.



I always get Pesos prior to traveling.  The big banks like Chase, Bank of America and Wells Fargo can typically do this and the markup is small with no commission.  That is your best bet.  ATMs will cost a lot more.

If you must exchange outside of the US, your best bet is at a bank.  Otherwise whoever you exchange with - hotel, airport, can make up with they want for exchange rate.  Banks are largely regulated.


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## Passepartout (Oct 7, 2017)

cubigbird said:


> I always get Pesos prior to traveling.  The big banks like Chase, Bank of America and Wells Fargo can typically do this and the markup is small with no commission.  That is your best bet.  ATMs will cost a lot more.
> 
> If you must exchange outside of the US, your best bet is at a bank.  Otherwise whoever you exchange with - hotel, airport, can make up with they want for exchange rate.  Banks are largely regulated.


You are free to do what you wish, but the information you present is incorrect. The big American banks ALWAYS charge an exchange rate that is beneficial to THEM, not you. By the very regulations you mention, BANK ATMs give the lowest cost exchanges when you access money you already have on deposit via a DEBIT card. In Mexico, where the OP is going, banks cannot exchange currency unless you have an account at that bank. This law was instituted to combat money laundering from the drug traffickers. Carrying a quantity of currency with you is ONLY the best bet for a thief who wants to relieve you of it.

No offense meant, but you know not of what you speak.

Jim


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## klpca (Oct 7, 2017)

We have an account at Charles Schwab bank and they reimburse all ATM fees, although we have never had any fees on any foreign ATM transactions in Europe or Mexico. There are many ways to get foreign currency, but the bank ATM's at the airport are very convenient and competitive with respect to the exchange rate. You won't be bringing any pesos home - just apply them to your bill at checkout.


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## T_R_Oglodyte (Oct 7, 2017)

dioxide45 said:


> I am not aware of any ATM that doesn't charge a fee. The good thing is that in Mexico the fee is usually quote low, about $30 pesos. Of course, your bank may charge a fee also. You also can't buy pesos in advance at an ATM, it would be hard to find an ATM in most US cities that dispense pesos


If you have a Bank of America account, you can use a Scotia bank ATM to withdraw pesos, at bank exchange rates and with no ATM feel. 

We usually arrive with some pesos on hand to handle any immediate needs at the airport.  Then at our earliest convenience we find a Scotia ATM to make a larger withdrawal.  

We try to avoid pesos before we leave because of the service fee tacked on by than bank to make the transaction.


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## dioxide45 (Oct 7, 2017)

Passepartout said:


> In Mexico, where the OP is going, banks cannot exchange currency unless you have an account at that bank.


No one is saying for the OP to exchange money at a bank in Mexico, but rather to order Pesos ahead of time at their bank in the USA. The exchange rate on this type of transaction isn't quite as good as what you will get at at the ATM in Mexico, but it isn't far off. You can also come out ahead if you win the exchange rate bet. We bought Pesos when they were closer to 20/1. We still have some pesos left from our last trip that we will use the next time we go. We try to use our credit card where we can since that exchange rate will always be the best you can get. Also try to avoid the currency exchange huts you will see in the tourist areas, their rates are not competitive. If one does plan to use an ATM or credit card in Mexico, be sure to let your bank know so they don't block any transactions.

I do believe however that you can exchange money at a bank if you provide your passport and there is a limit to the amount you can exchange.


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## pittle (Oct 7, 2017)

We have a Capital One checking account that we use just for vacations.  They do not charge a foreign transfer fee when we use the Debit Card. So, the only cost for our Pesos is the small amount that the Mexico bank charges.   We always use Pesos in Mexico and try to bring some home for our next trip.  I tend to bring back as many as I took.


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## cubigbird (Oct 7, 2017)

Does anyone know of any banks such as HSBC that you can access or deposit cash in US AND Mexico for no fee?  Essentially using them in either country?


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## MULTIZ321 (Oct 8, 2017)

cubigbird said:


> Does anyone know of any banks such as HSBC that you can access or deposit cash in US AND Mexico for no fee?  Essentially using them in either country?


Check out Bank of America, HSBC, and Santander to see if they meet your needs.

Richard


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## pianoetudes (Oct 9, 2017)

T_R_Oglodyte said:


> If you have a Bank of America account, you can use a Scotia bank ATM to withdraw pesos, at bank exchange rates and with no ATM feel.



It used to be Santander bank which is more convenient because they are more Santander ATMs in Mexico. But since Bank of America (BOA) switched to Scotia, I don't like it. PV airport has Scotia ATM, but not Cancun airport. I have to go to Playa del Carmen to find Scotia ATM.



Passepartout said:


> Richard, when we travel, no matter where, we NEVER order foreign currency from our home (or any other) bank. The exchange rate sux and then they hit you with shipping costs.



I did use BOA foreign currency exchange service when traveling to Asia. The $10 shipping is an extra cost but I can exchange multiple currencies all in one shot (Thai Baht, Malaysian Ringgit, Indonesian Rupiah, and Singapore dollar). For Mexican Peso, getting the money from airport ATM is easier.



dioxide45 said:


> We try to use our credit card where we can since that exchange rate will always be the best you can get.


Yes. Charge everything to CC. You'll get the reward points and best currency exchange (better than ATM).


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## klpca (Oct 9, 2017)

Check Charles Schwab Bank. They refund all ATM fees, anywhere.


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## T_R_Oglodyte (Oct 10, 2017)

pianoetudes said:


> It used to be Santander bank which is more convenient because they are more Santander ATMs in Mexico. But since Bank of America (BOA) switched to Scotia, I don't like it. PV airport has Scotia ATM, but not Cancun airport. I have to go to Playa del Carmen to find Scotia ATM.



We travel to PV annually, and Scotia is more convenient than Santander.


pianoetudes said:


> Yes. Charge everything to CC. You'll get the reward points and best currency exchange (better than ATM).


Our Alaska Airlines VISA also does not charge foreign transaction fees.  No reason not to use CC as long as you are comfortable giving the credit card to the vendor.


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## Phydeaux (Oct 10, 2017)

I monitor exchange rates throughout the entire year, and buy them from my local bank here at home before we leave. I come out ahead nearly every time.

Oh, and remember to remove your hat before entering a bank in Mexico.


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## easyrider (Oct 10, 2017)

We buy pesos at Bank of America before we head to Mexico. For us, our credit card pays for most items such as resort charges which often include activities , groceries and rental car. Pesos are used mainly at the local businesses and for tips. 

A few years back the Mexican Government, God bless them, decided to limit the amount of pesos you can exchange each day. They also decided to require a passport. The limit was about $300 if I remember correctly. The ATM's didn't require the passport to get pesos but you had to find one and the transaction had a limit. I don't like looking for the ATM because the only safe ATM in Mexico is at the bank. All other ATM's are hackable and these ATM hacks are happening at many places tourist frequent. 

Buying pesos at our Bank of America is pretty easy but they do need to order the pesos for us and it does take a few days. There is no fee on orders of $1000. Bank of America will buy the pesos back but we save the left overs for the next Mexican trip. 

https://www.bankofamerica.com/foreign-exchange/buying-foreign-currency-faq.go

Bill


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## Helios (Oct 15, 2017)

Use the nearest ATM upon arrival and bring small USD bills.


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## LannyPC (Dec 3, 2017)

What would be the best option for paying a cab to get from CZM to anywhere on the island?  US dollars?  Credit card?  Pesos?


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## PigsDad (Dec 4, 2017)

LannyPC said:


> What would be the best option for paying a cab to get from CZM to anywhere on the island?  US dollars?  Credit card?  Pesos?


Pesos.  When we were there 1.5 years ago, I think the exchange rate was about 17:1, but when I asked what the cab fare was in pesos and then USD, the cabbie quoted me a 10:1 exchange rate for USD (probably because it was just easier).  I don't think credit card was an option.

We got pesos from an ATM in the airport when we arrived -- the screens were in both Spanish and English so it was no problem.

Kurt


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## PigsDad (Dec 4, 2017)

LannyPC said:


> What would be the best option for paying a cab to get from CZM to anywhere on the island?  US dollars?  Credit card?  Pesos?


BTW, you cannot take a taxi *from *the CZM airport -- they are not allowed to pick up there, only drop off.  Instead, they have group vans, where you purchase a ticket at a counter inside the airport right by the exit door, and then they load you up w/ other people going the same general area.  I read that sometimes it can take a while to get to your place because they make other stops.

The other option is to just walk out of the airport and across the street from the main entrance to a little taco stand there (less than a 1000' walk), and from there you can catch a cab.  It was an easy walk and the food at the stand was quite tasty as well!

If you didn't want to do the walk, I'm sure the vans would be fine.

Kurt


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## LannyPC (Dec 5, 2017)

Thanks, that's good to know.


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## bobpark56 (Dec 5, 2017)

dioxide45 said:


> I am not aware of any ATM that doesn't charge a fee. <snip>


Our local Costco has an ATM that does not charge a fee. Are there others?


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## bobpark56 (Dec 5, 2017)

Helios said:


> Use the nearest ATM upon arrival and bring small USD bills.


Wrong advice. Use the nearest *BANK* ATM upon arrival. Santander is a good one. Transaction fees at bank ATMs in Mexico are less that half of the going rates in the US. Do not be put off if it says the fee is $30 or so. That's pesos. Beware non-bank ATMs. Fees there can be high. Bringing some small US bills to tide you over is not a bad idea. But keep in mind that the folks you give them to will just have to take them to a money changer, who will charge them a fee to convert to pesos.


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## pittle (Dec 7, 2017)

Always use a Bank ATM - Sandanter, BBVA/Bancomer, Banamex, HSB, Scotia are the ones you will most like see.  We just got back and would generally get 6000 pesos at a time.  That was $318.30 in US Dollars.  Many places posted 15 pesos to the $1, ($400 US for the 6000 pesos) but the bank gave us 18.84 pesos per $1.  

We brought back enough for taxi & Mega shopping trip at Riviera Maya in April.   We always bring home $250-$300 in USD equivalent for our next trip.


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## Helios (Dec 7, 2017)

bobpark56 said:


> Wrong advice. Use the nearest *BANK* ATM upon arrival. Santander is a good one. Transaction fees at bank ATMs in Mexico are less that half of the going rates in the US. Do not be put off if it says the fee is $30 or so. That's pesos. Beware non-bank ATMs. Fees there can be high. Bringing some small US bills to tide you over is not a bad idea. But keep in mind that the folks you give them to will just have to take them to a money changer, who will charge them a fee to convert to pesos.


Wrong?  I guess if you din’t specify bank ATM in the advice that makes it wrong.  I get it, Mexico is dangerous...The US is safe and you can use random ATMs without fear of your card info getting stolen...like my CCs and debit cards number have been stolen in the US and never in MX...

I travel 10+ times to Mexico per year and have NEVER had an issue with ANY ATMs...Same thing with 12+ international trips per year in addition to Mexico...but, what do I know...Just a lucky guy living on the edge recklessly...

As a side note, beware of CCs that charge international fees...@bobpark56 please feel to correct my advice as you see fit.


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## PigsDad (Dec 7, 2017)

Helios said:


> As a side note, beware of CCs that charge international fees.


Another note about credit cards -- some merchants and hotels will convert your purchase to USD and then charge your CC in USD.  Don't let them do this -- have them charge in Pesos, as you will get the bank exchange rate, not the rate the merchant uses.  

When we checked out of NV Grand Mayan a couple of weeks ago, they initially presented the bill and had converted the total to USD and wanted to charge that.  I told them to run it as Pesos and they did.  When I got home, I checked my CC account online to see the actual conversion rate I got, and the charge would have been over $50 more if charged in USD!  This was on a ~$1,100 bill.

Kurt


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## Helios (Dec 7, 2017)

PigsDad said:


> Another note about credit cards -- some merchants and hotels will convert your purchase to USD and then charge your CC in USD.  Don't let them do this -- have them charge in Pesos, as you will get the bank exchange rate, not the rate the merchant uses.
> 
> When we checked out of NV Grand Mayan a couple of weeks ago, they initially presented the bill and had converted the total to USD and wanted to charge that.  I told them to run it as Pesos and they did.  When I got home, I checked my CC account online to see the actual conversion rate I got, and the charge would have been over $50 more if charged in USD!  This was on a ~$1,100 bill.
> 
> Kurt


I agree, I always check the charge is in pesos.


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## T-Dot-Traveller (Dec 7, 2017)

PigsDad said:


> Another note about credit cards -- some merchants and hotels will convert your purchase to USD and then charge your CC in USD.  Don't let them do this -- have them charge in Pesos, as you will get the bank exchange rate, not the rate the merchant uses.
> 
> When we checked out of NV Grand Mayan a couple of weeks ago, they initially presented the bill and had converted the total to USD and wanted to charge that.  I told them to run it as Pesos and they did.  When I got home, I checked my CC account online to see the actual conversion rate I got, and the charge would have been over $50 more if charged in USD!  This was on a ~$1,100 bill.
> 
> Kurt



AND - if your from Canada , UK etc : ALWAYS have the resort charge it in Pesos  ( or you will have 2 currency conversion charges)

I have a Chase Canada Marriott card that charges no foreign transaction fee , and gives a decent currency conversion rate .
I try to put all our significant charges on that card while in Mexico .


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## LannyPC (Dec 7, 2017)

That's excellent to know!


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## bobpark56 (Dec 8, 2017)

Helios said:


> Wrong?  I guess if you din’t specify bank ATM in the advice that makes it wrong.  I get it, Mexico is dangerous...The US is safe and you can use random ATMs without fear of your card info getting stolen...like my CCs and debit cards number have been stolen in the US and never in MX...
> 
> I travel 10+ times to Mexico per year and have NEVER had an issue with ANY ATMs...Same thing with 12+ international trips per year in addition to Mexico...but, what do I know...Just a lucky guy living on the edge recklessly...
> 
> As a side note, beware of CCs that charge international fees...@bobpark56 please feel to correct my advice as you see fit.


I agree with everything you say here. But your initial advice could have led folks bit astray, as non-bank ATMs in Mexico can charge rather high fees. Your advice as to credit cards and foreign exchange fees is on point. There are many good cards that do not charge card fees for foreign exchanges. But there is still the ATM fee to keep one's eye on.


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## Passepartout (Dec 8, 2017)

bobpark56 said:


> But there is still the ATM fee to keep one's eye on.


Yes, there is, but it's generally quite small. Even though in Mexico, they use the 'dollar' sign($) to denote pesos, so that screen on the ATM where you agree to the fee, it might say that its $15 or $20- or even $30, but it's PESOS and amounts to under 2 US dollars. So if you are following Phyllis' example and getting 6,000 pesos (over $300 USD) the bank fee as a very reasonable 0.5%

Jim


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## byeloe (Dec 8, 2017)

T-Dot-Traveller said:


> AND - if your from Canada , UK etc : ALWAYS have the resort charge it in Pesos  ( or you will have 2 currency conversion charges)
> 
> I have a Chase Canada Marriott card that charges no foreign transaction fee , and gives a decent currency conversion rate .
> I try to put all our significant charges on that card while in Mexico .



And also for Canadians, you can get the Amazon Visa(Chase)  which has no annual fee and does not charge the foreign fees.

I am pretty sure that the Marriott card and Amazon are the only no foreign transaction fee options for us Canucks


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## Helios (Dec 8, 2017)

Also, depending on your bank and account, you may get the fees reimbursed.  Mine reimburses ATM unlimited fees.


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## LannyPC (Dec 19, 2017)

What would be better to use paying taxi cabs?  They do accept USD bills, right?


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## PigsDad (Dec 19, 2017)

LannyPC said:


> What would be better to use paying taxi cabs?  They do accept USD bills, right?


Pesos is the best.  While they will reluctantly accept USD, the taxi drivers will give you an awful exchange rate.

Plus, I think it is just more courteous.  How would you feel if a Mexican national tried to pay you for a service you provided in Pesos in Canada?

Kurt


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## Passepartout (Dec 19, 2017)

LannyPC said:


> What would be better to use paying taxi cabs?  They do accept USD bills, right?


Probably. But at an abysmal exchange rate. They would likely count each dollar as worth perhaps 10-12 pesos whereas the official rate is north of 17 per USD. Just get a stash of pesos from a  BANK ATM as soon as you arrive. No point making this difficult. If you pay a taxi or tip a baggage handler in dollars, THEY have to exchange it and will make the exchange from you worth their inconvenience.

Jim


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## pedro47 (Dec 20, 2017)

To a cab driver, I would prefer the American dollar. The Dollar is worth more than pesos. No changes my amigo passenger.


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## LannyPC (Dec 20, 2017)

So if a foreigner were to withdraw cash from an ATM, would it be more advisable to get it from one at the airport or away from the airport?  Would that answer depend on which bank you use back home?


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## PigsDad (Dec 20, 2017)

We've never had any issue getting Pesos at any airport ATM in Mexico, and I can't imagine it would depend on your home bank.  There has always been a small (<$3-4) fee, but we have always gotten a good exchange rate and have never had any problems w/ fraud.

Kurt


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## Passepartout (Dec 21, 2017)

Lanny, Using an ATM at the airport is fine. Perhaps better if you find one from a bank that your home bank is associated with (might save you a couple of bucks-ask your home bank which one to use), But the semi-important thing is to use a BANK ATM, not  something like CASHBox or some other cute name. Big banks in Mexico are Banamex, HBSC, Santander. All the ATMs will be clustered together outside the baggage carousels/customs/red-green light button/timeshare body snatchers etc. They will be in the area accessible to the public outside the secure area of the airport.

This isn't difficult. Don't overthink it.

Jim


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## Egret1986 (Dec 21, 2017)

We're going to Cancun for the first time.  It will really be our first time in Mexico using Pesos,  

I know it will end up being easy peasy once we get used to using a different currency.  Do you remember when you used a foreign currency for the first time?  What was the easiest and quickest way to convert in your head?  Does the average tourist grasp this fairly quickly?  I would like to appear more savvy than I am and avoid overpaying or initially underpaying, or being short-changed myself.  I also don't want my husband and I standing there attempting math problems and feeling "stupid" while attempting to pay for something. 

I've taken the stress out of renting a car and us both getting wigged out driving in unfamiliar territory.  My husband has anxiety issues with these types of situations, even if it's just in the next town over from where we live,  GPS doesn't necessarily help.  I always have him drive on vacations because I don't want that anxiety  I try to assist with getting us where we need to go, but I'm not always the best navigator.

So, I would say the next thing on the "do not stress" list is dealing with a different currency than my own,  I've never done it nor he, and I just want it to be as stress-free as possible.

I am going to my bank today to notify them about my upcoming international travel and the accounts I will be using while away.

I know that I need to utilize only the Bank ATMs at the airport after clearing Customs near Baggage Pick-up where I will be accosted by timeshare body-snatchers.  Too many warnings over the years here on TUG about developer timeshare sales in Mexico.  I warned my Mom several years ago, but she still came back home having bought one.    I did my best to help her, but she finally told me to "STOP".  I guess she chalked it up to "lost money" and didn't want to fight to possibly get money back.  Looking back, she probably made the right choice in just moving on.  She never used it.  You just pay the maintenance fees for the years that you use it.  It's a racket.  I can pay my way for tours, restaurants, etc.  Any offers would not entice me. 

So, Tuggers, what's the fastest and easiest way to learn to use a foreign currency?


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## eabishop2 (Dec 21, 2017)

Mentally, 200 pesos equals 10 dollars.  And 20 pesos equals 1 dollar.  If you keep this in mind it's pretty easy to do the math in your head most of the time.  (i.e. a menu item shown as $220 is 11 dollars).  Remember, they use the $ for pesos as well so it can be confusing, but it's pretty clear with context and almost always means pesos.  If something is priced in dollars it will usually say US Dollars.  The actual currency itself is as easy to use as any currency.  It has numbers on it.  Unlike US currency, it's size tells its relative value, and the colors are different.  Just treat a 200 peso note as if it's a 10 dollar bill, and a 500 peso note as if it's a "25 dollar bill".  The smallest bill is 20 pesos.  Coins take a bit of time to get used to, so you kind of have to look like a tourist if you want to pay with coins....but you are a tourist!


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## Egret1986 (Dec 21, 2017)

eabishop2 said:


> Mentally, 200 pesos equals 10 dollars.  And 20 pesos equals 1 dollar.  If you keep this in mind it's pretty easy to do the math in your head most of the time.  (i.e. a menu item shown as $220 is 11 dollars).  Remember, they use the $ for pesos as well so it can be confusing, but it's pretty clear with context and almost always means pesos.  If something is priced in dollars it will usually say US Dollars.  The actual currency itself is as easy to use as any currency.  It has numbers on it.  Unlike US currency, it's size tells its relative value, and the colors are different.  Just treat a 200 peso note as if it's a 10 dollar bill, and a 500 peso note as if it's a "25 dollar bill".  The smallest bill is 20 pesos.  Coins take a bit of time to get used to, so you kind of have to look like a tourist if you want to pay with coins....but you are a tourist!



Thank you.  Divide by 2 and knock off a zero.  We'll practice our new currency skills on the plane ride there to while away some time.


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## Passepartout (Dec 21, 2017)

Here is a printable currency converter. It works either way, USD/MXP or MXP/USD. https://www.moneycurrencyconverter.com/printable-cheat-sheet-from-usd-to-mxn.html

Jim


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## rpennisi (Dec 21, 2017)

Egret1986 said:


> Thank you.  Divide by 2 and knock off a zero.  We'll practice our new currency skills on the plane ride there to while away some time.


My method is similar...move the decimal left and divide by 2 (for US currency).  So, 300 pesos becomes 30 and divided by 2 becomes 15 dollars.


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## pedro47 (Dec 21, 2017)

rpennisi, I like your methodology and it is so simple.   Thanks


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## dioxide45 (Dec 23, 2017)

pedro47 said:


> To a cab driver, I would prefer the American dollar. The Dollar is worth more than pesos. No changes my amigo passenger.


Of course they would, especially when the offer a poor exchange rate like 1:10 or 1:12. This is why it is always better to use Peso.


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## Passepartout (Dec 23, 2017)

rpennisi said:


> My method is similar...move the decimal left and divide by 2 (for US currency).  So, 300 pesos becomes 30 and divided by 2 becomes 15 dollars.


Even easier, just look at a 100 peso note as $5, a 500 peso note as a $25 bill, one peso coin is a nickel, 10 pesos is 50 cents and so on.


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## dioxide45 (Dec 23, 2017)

Passepartout said:


> Even easier, just look at a 100 peso note as $5, a 500 peso note as a $25 bill, one peso coin is a nickel, 10 pesos is 50 cents and so on.


Which one is easier is objective. I find the math easier to do on the fly than remembering each individual note. It is the same result after all.


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## Eric B (Dec 23, 2017)

There’s an app for that!  The rules of thumb work now, but when the exchange rate changes (after we build the wall/exit NAFTA) they won’t....  I picked a free app for my phone that updates the exchange rates and does the calculations for me.  Makes it easier to see how good an exchange rate at a resort is, too.


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## Passepartout (Dec 23, 2017)

dioxide45 said:


> Which one is easier is objective. I find the math easier to do on the fly than remembering each individual note. It is the same result after all.


True. After a day or two using any foreign currency, my mind stops trying to do a conversion and just uses the currency at hand as it is. in other words if a restaurant bill says 1600 pesos, I just dig out the notes rather than do the mental gymnastics to figure out what it converts to. OTOH, when I see a billboard offering a car for millions of pesos, I'll do the math to get a comparison figure- not that I'm going to buy a car, just to answer my morbid curiosity.


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## maddog497 (Dec 23, 2017)

We used an app. The one we used would give use the current exchange rate if we had data, and if we didn't it used the exchange rate from the last time it did.

To easy really.

We take a little bit of Canadian (not on purpose, just what is on us), America cash (not alot, 4-500), also  America debit/Visa, and the rest is Paseo's.

We don't drink, smoke and with my wife's food allergies we don't eat regularly.  We will hand pick some local restaurants that she can pick off the menu since safe items.  As such, we don't spend a large amount so it's not too difficult for us to manage the exchange. 

Sent from my M6 Note using Tapatalk


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## rpennisi (Dec 23, 2017)

Passepartout said:


> True. After a day or two using any foreign currency, my mind stops trying to do a conversion and just uses the currency at hand as it is. in other words if a restaurant bill says 1600 pesos, I just dig out the notes rather than do the mental gymnastics to figure out what it converts to. OTOH, when I see a billboard offering a car for millions of pesos, I'll do the math to get a comparison figure- not that I'm going to buy a car, just to answer my morbid curiosity.



I look at your example of a meal of 1600 pesos and go 160, then to 80 US dollars just as an example of relative cost.


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## Egret1986 (Dec 24, 2017)

Passepartout said:


> Here is a printable currency converter. It works either way, USD/MXP or MXP/USD. https://www.moneycurrencyconverter.com/printable-cheat-sheet-from-usd-to-mxn.html
> 
> Jim



Thanks, Jim.  Good "black and white" to have handy.


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## Egret1986 (Dec 24, 2017)

rpennisi said:


> I look at your example of a meal of 1600 pesos and go 160, then to 80 US dollars just as an example of relative cost.



Yeah, knock a zero off and divide by 2.  Pretty easy.  Much ado about nothing, I guess.


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## byeloe (Jan 16, 2018)

byeloe said:


> And also for Canadians, you can get the Amazon Visa(Chase)  which has no annual fee and does not charge the foreign fees.
> 
> I am pretty sure that the Marriott card and Amazon are the only no foreign transaction fee options for us Canucks



Update on this:  Chase is canceling their agreement with Amazon.ca effective  Mar 15th 2018.   As well the Chase Marriott is no longer taking new applications, so likely only a matter of time before that card goes also.

There is a new player Home Trust preferred Visa, no annual fee, no foreign transaction fees and 1% cashback, so a decent alternative for us Canucks


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