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Pesos or Dollars

mitchandjeanette

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Should we exchange our cash to Pesos? If we should, where is the best place to do that?
 

Kenrabs

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I,wait,till,I,get,there,and,exchange,as,needed.Any,place,that,is,convenient.I,don't,worry,to,much,about,the,rate,as,long,as,it's
competitive.It's,not,worth,the,time,to,chase,a,few,extra,pesos.
 

T_R_Oglodyte

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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 80 pesos, they give you two 100 peso notes as 20 pesos change.
 
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aliikai2

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Both are accepted

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
 

aliikai2

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I want to go with you Steve, you get way more than I do

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:D
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.
 

T_R_Oglodyte

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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:D

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!!
 

aliikai2

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You crack me up.. lol

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!!

:rofl: :hysterical: :wave:

Greg
 

Fern Modena

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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

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
 

Jaybee

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When we go to Mexico, it's usually Cabo or Mazatlan..we go to an Amex office. We can get $200.00 worth of pesos charged to our Amex card, with no fees. Jean
 

aliikai2

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Hi Fern

Nope it was the Pueblo Bonito Emerald Bay, we when went to eat at the Sea Garden/MP the exchange rate was 10:1, not as good as the Amex rate though.
The strange thing was that the PB in town was also 10:1??? Guess they figured that since you were way out in EB they had you, I know the pumeria drivers figured that:( A regular cab would take you round trip to Mega for 200 pesos, one of the open air cabs wouldn't take less than 350:annoyed:

It is a great city to see, next time we will stay either at the PB Maz or possibly the Marina Del Rey.

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
 

PStreet1

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The peso is falling rapidly compared to the dollar. Yesterday it was 12 to 1, down one from the day before. Today, it was 13.7 to 1.

If you are getting pesos in the U.S., you might want to keep an eye on the rate.
 

x3 skier

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Use either an ATM for withdrawals or a Capital One CC for charges. Usually gets you the best rate with very small or no fees. Banks generally are a bad deal to get foreign currency because of the rate and fees they charge. You can use the ATM at the airport for small amounts until you can get much better deals in town at a Bank or Bank ATM.

I also use my ATM card from my Credit Union which also does not charge a fee.

My other CC and AMEX have started tacking on "Foreign charge fees" of up to 3% in addition to the exchange fees. I don't use them any longer overseas unless I have to.

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
 
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Passepartout

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I'd take no more than enough to get to your lodging. You can use the ATM at the airport. Right now the dollar is falling against the peso, so I wouldn't get much-if any, at home. Generally, the banks will give a better exchange than the cambios, and with no commission. The ATM's are the easiest. Make sure you have a 4-digit PIN on any ATM card you plan to use internationally. Many foreign banks don't use long PIN's. Get enough to last a couple of days at a time, otherwise the couple of dollars your bank charges and the couple that the foreign bank charges will really add up. Avoid credit card advances. The cc outfit will charge an advance fee and interest begins immediately, not at the end of the billing cycle as it does with purchases.

Bien Viaje...

Jim Ricks
 

Fern Modena

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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

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
 

Monica

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ATM....hands down. And now the usual 10:1 is not favorable to the tourist at all. It's worth changing.

I've used the ATM for years now. Sometimes I have 10 $1.00 bills in my purse when I leave the US and hit the ATM at the airport.
 

easyrider

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We load up at Bank of America. 3000 peso, 50 $2 bills 50 $1 bill. Then just the regular wad of cash you would take on any trip. It seems like $2 bills work great for tips.
 

x3 skier

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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

Seems that's just what I have left when I get back. Sometimes it is less but the total is around $100 ~ $150 in a combination of Euros, Pounds, Canadian Dollars and Pesos. Anything else either gets spent or donated to one of the charity collection points in most international airports. I even have about 10000 in old Lira (about $2? in back in the day). :D

Cheers
 

Fern Modena

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I'm going to be in Mazatlán for a day the beginning of December (on a cruise). I am going to make a purchase which will be somewhere in the neighborhood of $1000NM to $1500NM. Right now the peso is exchanging at somewhere around 12.5 to 1. I'll check the exchange rate at the cambio before I go to make my purchase, then see what the merchant will offer as an exchange for such a purchase. If they want to give me "gringo rate," (ie, 10 to 1) I will go to the cambio for my change before completing the purchase. Its an extra step, but that's too big a premium to pay.

Fern
 

Clintshare

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Exchange rate.

We go to MX with a little US cash (under 100 bucks if that), including about 20 dollars in 1.00 bills. When we get to MX we hit a "wall bank", at a real bank... Bancomer or Santander for example, not a freestanding unbranded machine.....and get, on average, 2000 pesos. Our ATM cards will reinburse the ATM fee AND does not charge the 3% foreign transaction fee, AND gives the best peso/dollar rate. We also carry a Visa and a Master Card for "emergency purposes", but shun using these because of the 3% foreign transaction fee.
 

pammex

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You actually get a better excahnge rate in the country where you need the excahnge. I know if you exchange US dollars to pesos at banks in US, they really give you a bad exchange rate.

When in Rome do as Romans do so thus if in Mexico use pesos. Right now the dollar is exchanging above the 10:1 ratio, so you lose if you use dollars, you gain by exchanging.

The best places to change money are Amex, as long as you are a customer, must have card but do not have to cash advance. Local banks in Mexico , then cambios.

Have fun!!
 
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