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

[MULTIZ321]

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

 

[klpca]

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.

 

[dioxide45]

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.

 

[geist1223]

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

 

[Passepartout]

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

 

[Passepartout]

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

 

[beach.bar.bob]

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

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

 

[pianoetudes]

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.

 

[dioxide45]

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.

 

[remowidget]

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

 

[dioxide45]

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.

 

[remowidget]

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

 

[pedro47]

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.

 

[rpennisi]

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

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

 

[dioxide45]

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

 

[rpennisi]

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.

 

[remowidget]

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

 

[Passepartout]

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.

 

[bobpark56]

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.

 

[rpennisi]

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.

 

[cubigbird]

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.

 

[Passepartout]

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

 

[klpca]

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.

 

[T_R_Oglodyte]

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.

 

[dioxide45]

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.