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

[LannyPC]

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

 

[PigsDad]

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

 

[Passepartout]

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

 

[pedro47]

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

 

[LannyPC]

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?

 

[PigsDad]

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

 

[Passepartout]

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

 

[Egret1986]

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?

 

[eabishop2]

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!

 

[Egret1986]

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.

 

[Passepartout]

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

 

[rpennisi]

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.

 

[pedro47]

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

 

[dioxide45]

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.

 

[Passepartout]

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.

 

[dioxide45]

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.

 

[Eric B]

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.

 

[Passepartout]

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.

 

[maddog497]

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

 

[rpennisi]

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.

 

[Egret1986]

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.

 

[Egret1986]

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.

 

[byeloe]

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