Changing Money...

[tinydancer21]

I know I'll pay for my excursions and stuff like Randi with TC's but I'd like to change some money into peso's right away so I can haggle better (I had a good learning experience the first time I was in Mexico I was 14 years old and I bought a postcard from a little 5 year old for like 10 American bucks! What a sucker! haha) Anywho, it is easier to haggle with pesos so where should I change my money in each port? A bank?

 

 

Thanks!

[CruisnMom007]

Good question Tinydancer.

 

So, Randi takes Travelers checks???

[tinydancer21]

Yea, she said she takes TC's, Peso's or USD's. I was just going to pay with TC to her so I can include a tip.

 

I just don't want a peddler to come up with something cool I want and have to say "well, can you break a $50 dollar travlers check?" after I just haggled him down to $2 bucks. ;)

[suziehmkr]

I think there are usually "exchanges" in the ports. I know for sure that there is one in Mazatlan right in the middle of all of the shops right on the pier. This is where Randi goes to do her own exchanges. In PV, the place that we bought our vanilla happened to be an exchange also. I imagine if you were looking for one, they would be fairly easy to spot.

[98Charlie]

Do you need to change from dollars?

 

We have cruised the caribbean including Mexico (3x) and have never exchanged money in any port.

 

I do check the exchange rate before cruising so that I know how to convert locally priced items but have never been refused when paying in US Dollars.

 

We also use our credit card whenever possible to get the best exchange rate. The transactions are sent through in bulk by the credit card company and qualify for a very favorable exchange rate.

[srphnx]

Use an atm, your bank will automatically get the best exchange rate, get a fairly large amount in one shot if possible to keep fees down.

[Splinter]

Virtually all stores/street vendors/tour operators will take US$ without any problems in the common ports. Some stores have a surcharge for using a credit card...always ask.

[tinydancer21]

It's just a lot easier to barter with peso's because if you talk someone down to a really low price then give them a $20, that's just rude. :(

[jfishe]

I agree tinydancer ! We go to Mazatlan every november and always just use an ATM to grab some pesos. If we have any left over, we just change them at the bank when we get home. There are quite a few vendors who don't accept credit cards, and the pesos are just easier for everything !

[98Charlie]

It's just a lot easier to barter with peso's because if you talk someone down to a really low price then give them a $20, that's just rude.

I don't know if I would call it rude. If you go to a flea market or yard sale in the US and bargain down that beautiful lava lamp from $8 to $4 would you feel bad about giving them a $20?

 

Having said that, I wouldn't do it in a foreign country. Chances are you are going to get change, at least in part, in local currency at the vendors exchange rate.

 

When shopping ashore I carry cash in several pockets. I know how much I have in each pocket. I never have to pull out my wallet or show how much money I am carrying. When we bought a mahogany purse in Honduras for our niece we went from $20 to $8. I pulled out a five from one pocket and 3 ones from another. Done deal.

 

Many vendors prefer the hard US dollar over their local currency. I've talked to some small shop owners who watch the rates and exchange their local currency into dollars on a regular basis.

[DesertSailors]

Use an atm, your bank will automatically get the best exchange rate, get a fairly large amount in one shot if possible to keep fees down.

 

 

Agree with you - this has worked well for us in other countries. We will be in PV, Mazatlan, Cabo - are the ATMs all over the city and easily located?

[cactusrose]

I also agree that ATMs are the best rate you can get. I've been in banking for 38 years and have spent a lot of time investigating this. My DH says I have a COD when it comes to getting the best deal.

[98Charlie]

We just got back from Cabo, Mazatlan, & PV. I didn't check out any ATM's. We had brought cash (US) to make purchases. With the vendors wanting to go with a 10 to 1, I used the nearest cambrio (they were giving 11.20 to 1) and paid in pesos.

 

No ATM fees and very few leftover pesos.

[Splinter]

When I cruise to Mexico I always stop by the bank at home and get either $50 or $100 in $1 bills. This is what I take ashore for tips, taxis and small purchases. Nearly always you get any change in local money. I have never had any problem with people taking my USA $ in Mexico, and this way I don't have to worry about being stuck with a lot of pesos at the end of the day or wasting time running around trying to change money.

[bzy1]

Just so you know there is a 5% to 6% charge for credit card purchases in MX plus possibly an additional 1-3% charge figured in by your bank for International use. (They hide it in the exchange rate) Best bet, do not use a credit card unless it is a major purchase.

 

As far as US dollars, yes, places will take them but you are at their mercy as to what they charge for an exchange rate as someone else mentioned in an above post. Right now, the dollar is 11.30 pesos on the street to a dollar, 11.44 at the bank- a taxi driver, vendor, shop or restaurant may only give you 10 pesos to a dollar.... so, best bet is to use pesos if you plan on spending more than $100 US or so in Mexico.

 

Businesses like dollars because they can make money off the exchange rate....waiters, maids, (anyone you tip with dollars) do not prefer dollars for tips because just like you, they have to exchange them into pesos, or use the dollar just like you at the mercy of the taxi driver, bus driver, shop, restaurant, etc.

 

At the end, if you have pesos left over, save them for your next Mexico vacation, then you have money right when you land for a taxi or a beer! :)

 

BTW: the BEST place to get some pesos is walk over to WalMart and buy something small (like a few soft drinks or sunscreen) there- use a large bill like a $50 US and get the change (in pesos) as WalMart gives the best exchange rate! They do NOT take $100 US bills.

 

Also, in Mexico, your dollars must not be ripped or torn!!! They will not accept bills that have tears or writing on them... and one more tip, no foreign coin is accepted in Mexcio (quarters, dimes, etc) and please do not use US or Canadian coins as tips, they are worth nothing here in Mexico and cannot be exchanged.