Pre buy Peso's or just exchange while there ?

[JBRES1]

Giong to Cancun next yesar, and wanted to know the best way to exchange US dollars for Peso's .
Should I get them here in the US or wait till I get to Cancun ?
Where would I get the best exchange rate ?
With the Mexican government's policy about US dollars, I wanted to be prepaired.

Thanks, Jim Breslin

 

[TSandM]

We just use the bank ATMs and get our pesos that way. (You have to be careful about the free-standing ATMs, apparently.)

 

[islanddream]

We never get pesos before going to Mexico. The US dollar is accepted in many places; however, if you are given change it's usually in pesos. It's good to know the current exchange rate before arriving in Mexico.

 

[ocdiver1]

No need to get pesos before you arrive. Cheapest way is via atm, as long as you have no fees. Good idea to check with your bank before you go to see if they have a no fee arrangement with any Mexican banks...for example I bank with B of A and there is a bank I can use with no fees. Otherwise I'd exchange as needed while in Mexico, you'll get the best rate that way. Everywhere will accept dollars, but it will always be at a worse exchange rate which definitely adds up over time.

 

[Dirty-Dog]

We've never taken any pesos or exchanged any dollars after arrival. My USD or plastic have never been turned down. Change is pretty much always given in pesos. And I agree it's good to know the current exchange rate. Naturally, there's an app for that.

 

[ccannon707]

Whatever you do, don't change money at the Cancun airport Casa de cambio - the rate is terrible. If you feel it's necessary change $20 at most. You can take a bunch of $1's & $5's and use dollars to get to your hotel. Then go from there. You can change dollars at either a local bank (the best rate but sometimes a long time in line) or a Casa de cambio in town. The people at the desk of your hotel can tell you where to go that is nearby. As stated above, knowing the general rate is a good practice. ATMs work very well but check with your home bank about fee's including the currancy exchange fee... It cost me $7 to get pesos out of an HSBC ATM on Isla Mujeres and I only got $100... :shocked2:

The bank ATM that works with BofA debit cards is Santander Bank - no fees. I dislike BofA but I have a free student account and keep it for this reason only. Going inside to a bank to change money will also mean taking your passport along and having them make a copy of it. This does not happen at Casa de cambios or at ATMs.

I always CYA and know the pin # of my credit card as well in case I have an emergency and need cash - like my ATM card being chewed up, lost etc... The rate is horrible but it did actually save me once..

Capital One credit cards do not charge currency exchange fees. I only use my credit card for places I know & trust though, like my dive shop.

 

[jennfl]

Definitely use the ATMs when you get there. I calculated our savings during our last trip, and we saved about $150 by using the ATMs instead of the cambios. Yes, there can be issues with identity theft or whatever, but I don't think it's the norm overall. We had no problems in Cozumel by using them and we have used them two different times on two different trips.

 

[DandyDon]

Definitely use the ATMs when you get there. I calculated our savings during our last trip, and we saved about $150 by using the ATMs instead of the cambios. Yes, there can be issues with identity theft or whatever, but I don't think it's the norm overall. We had no problems in Cozumel by using them and we have used them two different times on two different trips.

I have a separate debit card just for trips. I keep a couple of dollars in it most of the time, then move some funds to it before a trip and try to use it only. Limits vulnerability.

My bank does not charge me fees on my main account, while their system does on this one - but one phone calls gets those refunded after a trip. Oh yes, I have had credit cards abused after I left which is why I bother.

As far as exchanging for Pesos, not usually. Depends on where I'll be going, as you do get better prices with Pesos at times. The Peso is down to 14:1 against the USD but you usually get 10:1 if you spend USD.

 

[ajtoady]

Depending where and when I went on jobs though out Mexico, I would use either the bank ATM's or if convenient there was a zero exchange in the Mexico City Airport. Reputable restaurants and hotels that accepted the usual credit cards, Visa, Mastercard, American Express, I would card it and my statements would reflect the current exchanges.