Something interesting to me in January/February was that running a CC in dollars got us a discount when we got the CC bill. The car rental and scuba diving were denominated in dollars and charged as dollars but the bill that came to us was for less dollars????
Money while in Cozumel
- Thread starter slice1357
- Start date
Please register or login
Welcome to ScubaBoard, the world's largest scuba diving community. Registration is not required to read the forums, but we encourage you to join. Joining has its benefits and enables you to participate in the discussions.
Benefits of registering include
- Ability to post and comment on topics and discussions.
- A Free photo gallery to share your dive photos with the world.
- You can make this box go away
PeterNBiddle
Contributor
We always get pesos at the bank cash machines (you should see a theme here) and pay for most stuff that way. Remainder goes on CC.
AZjohn
Contributor
I personally don't use any of my cards anywhere there. I pay for my room and diving online before i go and get $ and pesos from my bank the week before I leave to cover everything else.
I may spend a couple extra bucks (at most) for the pesos, which is nothing in the big picture (to me).
No matter where I travel around the world I always bring a credit card for emergencies and unexpected things, which I'm sure would be taken by most places there if needed.
Have a great trip!
John
I may spend a couple extra bucks (at most) for the pesos, which is nothing in the big picture (to me).
No matter where I travel around the world I always bring a credit card for emergencies and unexpected things, which I'm sure would be taken by most places there if needed.
Have a great trip!
John
diver42
Contributor
A credit card will get you a great exchange rate. Just be sure the merchant doesn't convert to dollars first, using a bad exchange rate. (This is a common trick.) Pay directly in pesos for items marked in pesos; pay directly in dollars (no conversion) for things marked in dollars. If you want cash, using a local ATM will work. But if you go to your local bank, you can usually get pesos before you leave the U.S. and—this is key if you don't go to Mexico often—de-exchange whatever you didn't use, when you return home.
I use the heck outta my Southwest Visa. Gotta get those points to fly. No fees and a great rate!
Pepe's got me one time on converting to dollars for the card. I missed it initially. Later I realized it cost me like close to $20 on the exchange rate.
For cash, I use Xoom to send it to myself and pick it up at Electra.
Pepe's got me one time on converting to dollars for the card. I missed it initially. Later I realized it cost me like close to $20 on the exchange rate.
For cash, I use Xoom to send it to myself and pick it up at Electra.
ChrisM
Contributor
Always use the enclosed (air conditioned!) atm on the southeast corner of the plaza. Never had any issues and always go home with most of the US dollars we bring (cuz we don't learn I guess)
gr8jab
Contributor
So, if you stick with US Dollars, and the bank's exchange rate is 18/1, restaurants 14/1, and taxi 10/1 then you are paying an extra 80% premium for a taxi and a 28% premium on restaurants.
What should be a 90peso taxi ride, you actually pay 162!
What should be a 360peso meal, you actually pay 460!
So, using US dollars seems like a bad idea. But, you can guarantee almost everyone will accept them, since it benefits them.
If I summarize what I've heard here from others, it would be:
- Get some cash in pesos at a bank or trustworthy ATM with a good exchange rate.
- Use a credit card without extra fees for international charges.
- Make sure credit card is charged in pesos (not pre-converted to dollars).
DjDiverDan
Contributor
Restaurants and hotels are not really trying to rip you off - well, not by as much as you think - by offering a bad exchange rate. Taxis - well, they are definitely trying to rip you off with a 10-1 exchange rate. Mexico imposes a currency exchange tax on businesses that exchange a lot of dollars. I think that the limit is $1500 dollars a month tax free, but once a business exceeds that amount, they pay a tax to Mexico (I don't know what the rate is) on every dollar they exchange over that limit. So, while Mexican restaurants, hotels, gift shops, etc. will always gladly accept your dollars, the exchange rate they give you has to be low enough so that they still come out ahead after the currency exchange tax. Pay in pesos, you'll save money and be doing a favor for the businesses you deal with.
Similar threads
