Money while in Cozumel

[ibj40]

The coin pesos you get in change sometimes seem to be mostly useless as currency from what I can tell. Banks around here won't exchange them. I cleaned them up in an ultrasonic, and my girlfriend gave them out to her elementary students when they did a unit on Mexico.

We usually leave the coins as part of the tip for the maids.

 

[backprop]

The hardest thing in Mexico isn't getting pesos - it's getting them in SMALL denominations, or getting change for large bills.

Still haven't found a good trick for the latter:

• sometimes the hotel can break a larger bill - but not always, and that doesn't help when you're staying at a villa
• sometimes Mega will be able to break e.g. a 500-peso bill on a 150-peso purchase. But usually it takes several rounds of "anything smaller?" followed the three managers coming over, fretting over the bill, and finally giving you back a USD $10 note and some assorted smaller pesos
• cabbies will never have change for larger bills; of course, this is where most of the small denominations wind up!
• ordering currency online before leaving regularly means that you're only getting large bills or, at best, a mix

I'd pay a good premium if I could just order a custom stack of 100s, 50s, and 20s!

 

[gr8jab]

The hardest thing in Mexico isn't getting pesos - it's getting them in SMALL denominations, or getting change for large bills.

Still haven't found a good trick for the latter:

• sometimes the hotel can break a larger bill - but not always, and that doesn't help when you're staying at a villa
• sometimes Mega will be able to break e.g. a 500-peso bill on a 150-peso purchase. But usually it takes several rounds of "anything smaller?" followed the three managers coming over, fretting over the bill, and finally giving you back a USD $10 note and some assorted smaller pesos
• cabbies will never have change for larger bills; of course, this is where most of the small denominations wind up!
• ordering currency online before leaving regularly means that you're only getting large bills or, at best, a mix

I'd pay a good premium if I could just order a custom stack of 100s, 50s, and 20s!

Last time I went, I pre-ordered the exact denominations I wanted from my local US bank. Not that I knew any better, but I got a mix of large and small.

 

[backprop]

My bank(s) say that I can request denominations, by they're not guaranteed and I won't know until I order and pay. Unfortunately none in the area have a walk-in capability where I can buy it on the spot only if I'm happy with the mix. I believe that they all use Travelex as their supplier, and that's Travelex's policy as well.

 

[gr8jab]

My bank(s) say that I can request denominations, by they're not guaranteed and I won't know until I order and pay. Unfortunately none in the area have a walk-in capability where I can buy it on the spot only if I'm happy with the mix. I believe that they all use Travelex as their supplier, and that's Travelex's policy as well.

Ah... I didn't pay close enough attention to catch that.

 

[cvchief]

That is very kind DJDD, but saw restaurants who exchange rate was 30% off of the going rate. I think you have far too generous in defending them. Some of it is lazy I am sure where they stick a lower rate so they don't have to worry about it or they just didn't bother to follow the rate as it rose. For some thought, taking dollars is a profit center. It is Mexico though where the peso is the local currency and taking dollars is a service.

 

[mmmbelows]

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.

You're kind of making the assumption that businesses all operate more above board then may be the reality, by assuming every dollar coming in the door goes through a bank. I assure you there are plenty of dollars that never see a bank, they go unreported and they go right back out to pay cash for products and services or into the owner's mattress. The exchange rate game goes on in every heavily tourist zone of Mexico, Cozumel, Cancun, PDC, Puerto Vallarta, Cabo.... it's a huge profit center, instant easy profit fleecing the gringo. Businesses net profit like a restaurant on the square is probably 10-15% net on the service they sell, I guarantee they make that again just in the currency game. There are expats on this board who operate businesses there, if they wanted to they could tell you what's going on.

 

[Mossman]

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).

How many extra bucks? When I did that once, my bank only waived the transaction fee if I ordered $600 or more worth, and I still got reamed on the conversion rate. I think it set me back $25 or so on the $600. ATMs at Mega worked great for me the last time, though I still charged whatever I could.

 

[slice1357]

I have a Visa CC with no foreign transaction fees. If I use it are there other fees that may be tacked on by the business I use it at?

 

[slice1357]

And what do you guys do with your extra peso if you have a large amount left over?