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Every shop, restaurant, etc that I've been to in Cozumel gladly took my American $$$$. I guess it's changed. I imagine that they'll fix this soon as otherwise the local economy will be loosing lots of revenue.
Did you read the thread you posted? Here's the rules from that thread?
see
Summary of New Mexican Regulation
The SHCP has issued the new regulations, in consultation with the Mexican financial supervisor, the Comisión Nacional Bancaria y de Valores, pursuant to Article 1157 of the Mexican Law of Credit Institutions, to be included among other AML requirements for banks issued pursuant to article 115. (See Annexes for a copy of the new regulations as issued, and an unofficial translation into English.) The regulations provide that Mexican banks shall be prohibited from receiving U.S. currency for transactions involving currency exchange, and for receipt of payment for services, or transfers or remittances of funds, subject to the following conditions:8
* For legal entities (in Spanish "personas morales") and trusts that are customers, U.S. currency transactions will be prohibited, unless such customer is based or conducts most of its business within a tourist area (to be identified by SHCP at a later date), within twenty miles of the U.S. border, or within the States of Baja California or South Baja California; in which cases the bank may receive an aggregate limit of $7000 in U.S. currency from its customer per calendar month.
For legal entities and trusts that are non-customers, all U.S. currency transactions will be prohibited.
For individuals who are customers, the aggregate limit in U.S. currency that the bank may receive from its customer per calendar month shall be $4000.
For individuals who are non-customers, the aggregate limits in U.S. currency that the bank may receive from the individual shall be $300 per day, and $1500 per month. Only the monthly threshold of $1500 per person will apply to non-Mexicans (e.g., foreign tourists); the daily threshold will not apply. For all transactions for individuals who are non-customers, the Bank will be required to receive certain identification information from the transacting person.
Ironically, I put parts of the above set of rules in quotes in Google search and the only place it found them was on the link you posted above. I would think that something like this would have more media on it.
Did you read the thread you posted? Here's the rules from that thread?
Ironically, I put parts of the above set of rules in quotes in Google search and the only place it found them was on the link you posted above. I would think that something like this would have more media on it.
Sure, I read the thread, which is why I'm questioning it vs. posting as fact. Post number 17 indicates Panchos Backyard, Coconuts and Carlos and Charlie's wouldn't accept US dollars which surprised me considering the $4,000 limit.
I agree that something like this would/should have more media attention. Hoping someone in Cozumel might have more info....
Sure, I read the thread, which is why I'm questioning it vs. posting as fact. Post number 17 indicates Panchos Backyard, Coconuts and Carlos and Charlie's wouldn't accept US dollars which surprised me considering the $4,000 limit.
I agree that something like this would/should have more media attention. Hoping someone in Cozumel might have more info....
Pam
If they're only allowed to deposit up to $4000 in US currency a month, that could leave a place like Carlos & Charlies left with a lot of USD.
The rules for deposits and currency exchange started changing a couple years ago. The changes were in response to the increasing drug activity and money laundering. I've always opted for pesos regardless of whether a destination in Mexico widely accepted USD or not. You're in Mexico. Their currency is pesos. You can't come to the US and expect to spend pesos, right?
The antibiotics sales change to Rx only was in the Mexican papers a few months ago already. That sucks. DH and I have gotten the same thing prescribed at home for ear or sinus infections forever. It was great to just go to the farmacia in Mexico and pick some up. Much cheaper then at home. I haven't been down since I read about the changes. I would be interested in hearing from someone who has, or someone who lives there on this one - is it actually in effect already and is it being adhered to?
Every shop, restaurant, etc that I've been to in Cozumel gladly took my American $$$$. I guess it's changed. I imagine that they'll fix this soon as otherwise the local economy will be loosing lots of revenue.
Didn't we go over this a couple of weeks ago?
I'm not saying that the poster over on cruisecritics is not being truthful, but it seems to me that the language in the rule expressly exempts transactions in "tourist areas". I would imagine that Cozumel qualifies as such.
But Coconuts, Pancho's, etc. not accepting US$? That sounds like BS to me.
The regulations concerning corporations are accurate -- a corporation can't take US currency to a bank, exchange it and deposit it into its peso-denominated account. To deposit USD, it must own a USD-denominated account, which may corporations in Cozumel do. Also, in Cozumel, the amount of US currency it may deposit each month is limited to $7000.
I'm surprised that businesses are refusing to take USD but I can't speak to that as, except for diving, I live exclusively on pesos.
Misunderstandings do frequently arise for credit card transactions in which dollars are usually converted to pesos before the charge is run.
I would be interested in hearing from someone who has, or someone who lives there on this one - is it actually in effect already and is it being adhered to?
The antibiotics rule is in effect and adherence is spotty regarding tourists, though the papers indicate that authorities have come down against some farmacias. Locals definitely need Rx's -- even for veterinary antibiotics. The rule is in reaction to widespread antibiotic use by the public during last spring's H1N1 scare. Not only were the country's health directors concerned that people were self-medicating with inappropriate drugs to fight the virus at a time when flu cases should have been brought to doctors but also they want to minimize occurrences of antibiotic-resistant bacteria.
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Originally Posted by mike_s
Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. - H. L. Mencken