mitchandjeanette
TUG Member
Should we exchange our cash to Pesos? If we should, where is the best place to do that?
The best and easiest place to exchange dollars for pesos is probably at your bank, before you leave the US. Otherwise in MX the best exchange rates will be at banks. Since few US banks keep pesos at local branches (unless the branch caters to a Mexican clientele), you will probably need to put in a request several days in advance so that the bank can send the pesos to the local branch where you bank.Should we exchange our cash to Pesos? If we should, where is the best place to do that?
The best and easiest place to exchange dollars for pesos is probably at your bank, before you leave the US. Otherwise in MX the best exchange rates will be at banks. Since few US banks keep pesos at local branches (unless the branch caters to a Mexican clientele), you will probably need to put in a request several days in advance so that the bank can send the pesos to the local branch where you bank.
When traveling I always prefer to use local currency. To me that's part of experiencing different cultures and areas. Also, most businesses that do take US dollars make a bit of extra money on the transaction. For example if pesos are trading at 11:1, most merchants treat a dollar as worth ten pesos. You give them $US10 to purchase an item that costs 800 pesos, they give you two 100 peso notes as change.
So I can give them a $10 and get 200 pesos in change for a 800 peso purchase.![]()
$10=100 pesos at 10:1
$10=110 pesos at 11:1
Greg![]()
Not bad, eh???? Some deals like that on a grand scale and I might be able to buy some MX timshares!!!! Corrections to my previous post!!
in most of Mexico, you may find a slight benefit from using Pesos, depending upon the exchange rate.
When we were in Mazatlan the resort was only giving 9.6 to one, where at Amex in town they were paying 10.51 to 1.
It all depends.
Greg
Was the resort Mayan Palace or Sea Garden? They are known for stricking it to 'Mericans on the exchange rate...they've been doing that for years. I went out there to look at something six or eight years ago and they were giving a much lower exchange rate than anybody else even then.
Costa de Oro, on the other hand, gives the same rate as the Cambios, which surprised me. The best place to exchange money in Mazatlán, and the most convenient, is the Casa de Cambios, if you have cash. Otherwise you'll have to use an ATM. If you do that, remember that $300 means 300 Pesos, not $300US., and that's what you'll get, $30.US worth of pesos. Using an ATM you want to get $3,000. It will come out in various denominations, some of them $500. bills.
Fern
I always keep $40-$50 in foreign currency after a trip to use on the next trip. If I never go back (highly unlikely), its not that big a loss.
Cheers
You keep $40-50. US in foreign currency until your next trip? Wow. Right now I have about 85 pesos. Its rare that I have more than that, usually even less...I'll spend these up on my next trip to Mazatlán.
Fern