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Pesos?!?

Discussion in 'Mexico Timesharing' started by Ianneyan, Jun 15, 2018.

  1. Ianneyan

    Ianneyan TUG Member

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    Going to Cabo on Sunday with my hubby for 6 nights. ☺️When we went last year it seemed that most merchants preferred dollars over pesos. Is that what you have found, too? Running to get some pesos now. Figure I should have some for tipping and vendors who prefer pesos. How much should I get?!? And how much do you tip for various svcs? Staying at Fiesta Americana.
     
  2. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Don't run around getting them here. Just hit a BANK ATM at the airport- they're just outside the customs area in the 'main' airport area. Of course they prefer US dollars! But they'll screw you with the rate. Amount? it's up to you. The exchange rate is close to 20 to the dollar. If you get too many, you can pay your bill at the resort with them as you check out. My personal choice is to get 'em in about 3,000 peso increments. (+-$150).

    Go to this site: https://www.oanda.com/currency/converter/ and print out a cheat sheet to carry with you.
     
    whitewater and Ianneyan like this.
  3. whitewater

    whitewater TUG Review Crew TUG Member

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    same here. I do 7000 pesos and pay final bill with remaining currency the diff. with visa.
     
  4. pittle

    pittle Tug Review Crew: Rookie TUG Member

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    Pesos are much better for you! As Passepartout said - it is right at 20 Pesos per dollar for exchange rate at ATM, but 12-16 per dollar for conversion rates at shops and restaurants. They LOVE dollars because they get extra money when they deposit them into their bank account. We always use Pesos that we get from an ATM using a Capital One Online banking account that has no foreign fees - we use this for our Vacation Account and add to it all year long. We hit a bank ATM when we arrive in town, but always have some to take home for when we go to another Mexico spot. We want pesos for taxi, meal, and beverages the first day. :)
     
  5. oldbuyer

    oldbuyer Guest

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    DO NOT get your pesos from an ATM that is not owned by a bank (as is the case in the stand alone machines near the bars or on the marina). Bank ATMs are regulated by Visa to make sure you get the spot forex rate of the moment that your bank then adds a 2-3% service fee to plus the local ATM fee of about 20-25 pesos. Non bank ATMs can exchange at any rate the owner selects - even 15 to 1 which is a 25% ripoff!
    To avoid excessive ATM fees it's best to take larger amounts per transaction. Today's closing forex rate was
    USD/MXN (MXN=X)
    20.624-0.2217 (-1.06%)
    At close: 12:33AM BST

    You will save about 10% by paying in Pesos.

    Cab drivers always quote fares in USD- offer them their dollar rate times 16 and they should accept it AND you save 20% at the current exchange rate of 20:1 net.

    Restaurants must display a national menu in Pesos. Avoid any restaurant that refuses to provide a National menu. Mauros and Ecocat are two that I walked out of in January when they refused to provide the National menu (illegal in Mexico)

    Always tip housekeeping and staff in MXN as they get ripped off by the resort or currency exchange when they exchange it back to MXN which is what they pay their bills in. If you are buying trinkets again you will save 10% or more if you have pesos.
     
  6. am1

    am1 TUG Member

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    I was going to start a side business of buying up Canadian money from restaurants, bars, workers. But I would have to live in a Mexico resort town and the risk of being robbed would be high.

    I did once exchange us money for pesos with a group of Americans who wanted to splash around us money but the ATM only had pesos. They were happy even if in the end it cost them more.
     
    Last edited: Jun 16, 2018
  7. T-Dot-Traveller

    T-Dot-Traveller TUG Member

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    Housekeeping - $ 6 USD per day x current exchange rate = 120 pesos a day .

    Some resorts have the same person do the same floor everyday . If so : I learn the person's name and give the tip 2 days or so before checkout .I
    I also try to catch the person who does the main housekeeping person's day off & tip them that day .

    I have found that if you have left over/usable groceries ( things like partially used jam / cooking oil etc / etc ) they are happy to accept it , if I offer .
    (- whether used by the recipient or shared )
    I box it or bag it & write a note saying it is for xx and sign it and put our room number .
     
  8. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    I think T-Dot is more generous than I am. for a 1 bedroom I give 100 pesos per day to the daily housekeeper- into her hand. Ask what her day off is and tip her separately. They appreciate it, and you will see more coffee, soaps, flowers, bed changed more often, etc. Also at the grocery store, tip the baggers at least a peso per bag. They are not paid an hourly rate. Do not tip taxis. Tip waiters 10% IF you don't see 'servicio incluido' (service included) on the bill. At restaurants, you won't be given the bill until you ask for it, say "La Cuenta (kwenta) por favor" (the check please). To automatically bring the bill is tantamount to asking a guest to leave. It's considered impolite. Cabo is very Americanized, so traditional Mexican etiquette sort of falls by the wayside. My rule- if the place has a menu in English, go somewhere else.

    Jim
     
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  9. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    Or just say "Check please" :). Chances are if you made it through ordering and the meal in English, no need to switch right at the end.
     
  10. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Yeah, if you find yourselves at an Americanized eatery, that'll work, but if you're so fortunate as to be in a traditional 'mom 'n' pop' restaurant like in a Mexican residential neighborhood, an effort at the local language is appreciated.
     
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  11. davidvel

    davidvel TUG Member

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    That's quite an exchange: Dollars for pedos. How much did you pay for their pedos?:D

    Sorry, couldn't help myself. :cool:
     
  12. T_R_Oglodyte

    T_R_Oglodyte TUG Lifetime Member

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    Airport ATMs generally offer unfavorable rates, as do most money exchange cambios. You will get the best exchange rate using banks, or charging to a credit card - try to use a credit card that does charge international exchange fees.

    Your best option is to determine if your bank has a relationship with a Mexican bank that will allow you to withdraw from your checking account without ATM fees and at favorable exchange rates (e.g., Scotia Bank for Bank of America customers; if Canandian Scotia Bank customers should be able to access Scotia Bank ATMs directly).
     
  13. PigsDad

    PigsDad TUG Member

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    I have not found that to be the case at all, as long as you use a known bank ATM (such as Scotiabank, Banamex, BBVA, etc.). We always get cash at the airport when we travel to Mexico, and checking the CC charge after our trip, we have always gotten the intra-bank exchange rate (or whatever it is called).

    Kurt
     
  14. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Steve, the OP was just looking for some pesos for making tips and small purchases. A BANK ATM at the airport will still offer the interbank rate. Yes, there is a roughly $1.50 charge (it shows up as a +- $30 peso charge you have to approve (continuar), that could be avoided if their banks are in cahoots. but that should serve the OP well.

    Jim
     
  15. T_R_Oglodyte

    T_R_Oglodyte TUG Lifetime Member

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    Yes - you are correct as regards bank ATMs. I forgot about those. But do not use non-bank ATMs (not only because of the exchange but also to prevent your credit card info from being stolen) and do not use the cambios (money exchangers).
     
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  16. pittle

    pittle Tug Review Crew: Rookie TUG Member

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    Once we get our Pesos from a Bank ATM, we do get smaller bills at the front lobby of our resorts as needed for tips and bus fare. Often the ATM machines give you just 500 and 200 Peso bills as we tend to get 5000 or 6000 Pesos at a time and keep most in our room safe. We just take out how much we think we will need when we go out.
     
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  17. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    We do the same. It's funny- odd funny, not ha ha funny, that change to smaller notes is necessary. Actually, a 500 peso note today is just the equivalent of $25 and a 200 peso note is a $10. You would think those denominations would be common, but they aren't. What amazes me is that centavos are still in circulation. With one peso being roughly a nickel, 10 centavos is darn near nothing. Yet you sometimes get them in change.
     
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  18. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    So next Spring we're doing a cruise to the Yucatan, stopping in Cozumel and Progreso (Merida.) We'll only be on the ground those two days, but we expect to be visiting local shops and restaurants. For payment, taxis, and tips for such a short time, is it worth hassling to get Pesos, or should we just deal in Dollars? How would we find a place to get Pesos without paying big fees? I presume the ship's front desk would exchange money, but I'd expect the rates won't be very competitive. And if we do end up with Pesos, can the final cruise bill be paid in combinations of Pesos/Dollars, as you might a timeshare bill? How do you folks do that?

    Dave
     
  19. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    For a cruise, I would just stick to dollars. You may pay a small premium, but that premium may be less than the fees or additional Pesos that you end up left with in the end. You could also just order some Pesos from your local bank. It won't be as good a rate as you could get from an ATM in Mexico, but they will usually provide smaller denominations in what they deliver. There may or may not be a fee for this. Call your local branch to get the details.
     
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  20. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Dave, the cruise desk won't have pesos. Or take them. If you take ship's tours, it'll be paid in dollars. There will be an ATM at the terminal (or where the bus that takes you from the ship to 'town') where you can exchange a modest amount. That 30 peso ($1.50ish) charge to use the ATM is the same whether you take $20 worth or $500 so that's kind of expensive percentage wise, but if $1.50 causes you anxiety, I'll help you with that food stamp application. If you have a few left over, I'll buy them, or give 'em to the taxi driver or a street begger in Merida. Or buy a trinket or snack.

    Jim
     
  21. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    Jim, you and I both know why they don't send donkeys to school: Because nobody likes a smart A$$. LOL! :p

    It isn't the money, it's the potential hassle. In those areas, dollars seem like they'd work fine, but I'm not experienced in this cruising thing. I've read where paying in dollars results in a much lower exchange rate than what is current, which benefits the local merchant. I'm not against that, per se, for the occasional purchase. But if I buy an expensive item, and pay in dollars, losing 25% on the exchange rate could add up fast. Also, we'll be four people, not just myself. So you could compound the losses by a factor of four. :shrug:

    The bigger issue is if I exchange for Pesos and don't use them, what do I do with the excess? I bank at a credit union that is cashless in my town. I don't know where I'd go to exchange the Pesos back after I got home.

    Dave
     
  22. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    Your credit union may not even deal in foreign currency. Since they don't have direct access to the Federal Reserve, many don't handle foreign currency exchanges. For larger purchase, just use a credit card if the merchant accepts it. For tipping on a cruise excursion, just use US$. For Merida, you may actually want Pesos but since you "bank" at a credit union, you may not be able to get them ahead of time from them. So your only option may be an ATM which will spit out larger bills. In Cozumel, you should be fine to use USD just about anywhere, they may have prices listed in US$ and Pesos at many of the shops.
     
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  23. Passepartout

    Passepartout TUG Review Crew: Veteran TUG Member

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    Use credit cards for purchases. If you are planning a meal or two ashore you can use a credit card for those too. And to answer the above quoted text, After you get home, I'm sure that I or another TUGger would happily take them from you at the more-or-less current rate of 20/$1 and nobody will get either wealthy or hurt too badly in the transaction.

    I have a jar sitting on my dresser (thieves pay attention here) of orphan currency and coins from all over the world that are not used anymore (Lira or pasetas, or drachmas anyone?). It's fun in a perverted sort of way to remember your travels.

    Jim
     
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  24. T-Dot-Traveller

    T-Dot-Traveller TUG Member

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    [QUOTE="DaveNW, post: 2152501, member: 12565" ]

    It isn't the money, it's the potential hassle . :shrug: .....

    The bigger issue is if I exchange for Pesos and don't use them, what do I do with the excess? I bank at a credit union that is cashless in my town. I don't know where I'd go to exchange the Pesos back after I got home.

    Dave[/QUOTE]

    *************

    I would trade them with a vendor for USD $ .

    Lets say you have 400 pesos = $ 20 USD at the current bank rate .
    My guess is you can easily strike a deal for $ 17 . Throw in the coins you have left & everyone is very happy .
     
    Last edited: Jun 17, 2018
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  25. DaveNW

    DaveNW TUG Review Crew: Expert TUG Member

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    Thanks, all. Like Jim, I also have a collection of foreign currency and coins, left over from my Navy days. I always tried to leave each country with the least amount of money, because I didn’t know if I was going to get back there.

    I forget about using credit cards in Mexico. I’m not there nearly enough. This needs to change.

    Dave
     
    Last edited: Jun 17, 2018

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