Do we need to exchange our money???

[kmbrlyb]

My DH and I are embarking on Saturday for our first cruise. I've been reading reviews for the Sapphire Princess, and have seen it mentioned several times, that many of the merchants in the ports we'll be stopping next week prefer American money. Is this true? Should we exchange some money?

 

Thank you in advance for answering my silly question! :p

[quincytoo]

I have been told that many banks in Puerto Vallarta have stopped exchanging USD. I know for a fact HSBC and Bancomer will NOT exchange USD for pesos any longer. Casa de Cambios all exchange US Dollars for pesos at a higher rate then what Banks give. I have been told they are trying to stop drug money from being laundred, it has nothing to do with the exchange rate. Most places are refusing TC as well.

 

It is going to get harder and harder for the Mexicans to exchange USD for pesos. We use our debit cards at ATMS to withdraw pesos when we are in Mexico.

 

PS it is NOT a silly question at all :)

[househunter]

Most vendors and restuarants will accept US dollars in Cabo but you will get a much better deal by exchanging. The rate is currently 14/1 but many of the merchants are still using the old 10/1 rate. The easiest thing to do is just use a cash machine to withdraw what you will need. The banks and cambios in Cabo will exchange for you as well. There is a large cambio located in the Tesoro resort right on the Marina. You can't miss it, it is the HUGE resort with the lighthouse that you will be walking toward as you leave the tender pier.

[bobnsofi]

this is an ongoing topic in this forum with our taking the $ side. Exchanging $ to peso is a hassle and time consuming, both ways, near most cruise ports. The Cabo line last month was 50+ persons long; an easy hour in a 7 hour port visit. If you are staying in mexico for an extended period of time (say a time share), and you had lots of spare time and need to purchase lots of street items and street food; then pesos are the way to go. On a cruise, we stay in port for a few+ hours. We do not buy a whole lot of items.

 

We are frugal and tenacious bargainers. For instance. It is a good price to get a taxi from the cruise port to old town Puerto Vallarta for $5 for 2+ people (there are no meters in yellow Nissan Sentra Cabs). You might have to talk to several cabs before you get that rate. I'm not sure how that translates to pesos, but $5 is a good deal for that ride. When we shop, we bargain in dollars on the street, and bargain in Pesos and use credit cards in nice stores (we even use credit cards in the super markets). In most restaurants you can use credit cards.

 

In Mexico, street shopping is for trinkets. It matters more where you shop for trinkets, that with what you pay for them. Near the cruise terminal or on the Malecon, trinkets are going to cost you top dollar (or top peso). If you get off the beaten track like Bucerias in PV (pic below) you can get great trinkets for minimal $'s.

 

Getting change in Mexico from a seller is time consuming and can be trouble. On the other hand, many folks like the experience of using local currency.

 

In los Cabos last month, we stopped in a small store to get some beer before we sat down at a taco stand. The young man charged me $3 for two quarts of delicious Mexican beer. After I walked out, I returned to get a few plastic cups. His mom was mad at him because $3 was not fair to her. So I handed her another dollar, she gave me 2 plastic cups, we all smiled, no time wasted, and we were off to eat tasty street tacos and wash them down with delicious Mexican beer. In Mexico, the beer bottle is a valuable return item for deposit. NO TIME FOR THAT. I leave them as a tip at the taco stand, and I always carry plenty of $1 bills

 

Your choice

 

on cruises, to the mex riviera, we carry ample small usa bills, expect no change, and move on.

 

[househunter]

I personlly would never use my credit card in restaurants or stores. They print the entire account number on the receipts not just the last 4 numbers like here in the US. This makes it very easy for anyone who works in that establishment to get your account number and commit fraud. There are tons of stories of fraud in Cabo at least and I wouldn't risk it. We have never seen the large lines in Cabo at the cambio at the Tesoro and we are often there when a cruise ship is in town. There are also plenty of ATMs.

[quincytoo]

I personlly would never use my credit card in restaurants or stores. They print the entire account number on the receipts not just the last 4 numbers like here in the US. This makes it very easy for anyone who works in that establishment to get your account number and commit fraud. There are tons of stories of fraud in Cabo at least and I wouldn't risk it. We have never seen the large lines in Cabo at the cambio at the Tesoro and we are often there when a cruise ship is in town. There are also plenty of ATMs.

 

Same here in PV....actually many local restaurants and stores do not take CC....

 

Once again, Recently in Puerto Vallarta MANY banks will NOT exchange USD for Pesos.....also if a bank will exchange you need a passport.

 

I just can not believe ANYONE would still want to use another countries currancy knowing how hard it will be for Mexicans (in Puerto Vallarta at least) trying to exchange USD to pesos.

 

LOL.....don't even get me started on someone leaving beer bottles instead of a tip.....:mad:

[bobnsofi]

yep, we take along a low balance VISA card and it works great. Any problem and we just challenge it. Easy stuff, excellent exchange rate. I just had my last VISA card that I took on a cruise in Feb. send me a new card as a precaution. They must not like having their card used in Mexico, but we did not have any bad charges, and they still sent me a new one with a letter saying it was a precaution. On we go!

[martinsfo]

Use an ATM card or a credit card. You will get the best exchange rate possible. If you need cash for the best deals, go to the ATM.

[gomexico]

The currency is the Mexican Peso, and that's what you should be using. Not only is it the most economical way to travel, it's a matter of respect for Mexico and attempt to pay in US$ and you'll be considered a fool.

[quincytoo]

The currency is the Mexican Peso, and that's what you should be using. Not only is it the most economical way to travel, it's a matter of respect for Mexico and attempt to pay in US$ and you'll be considered a fool.

 

I so agree :)

 

In PV HSBC and Bancomer will no longer exchange USD for pesos....which means that every USD that is given to a Mexican by a cruiser ..well...it will be that much harder for the Mexican people to have to exchange for pesos. I have heard Scotia bank is next to refuse USD.

 

Please people use the pesos....we get them at ATM machine and use them in Mexico as it is Mexico's currancy :)

[Shipyard Cruiser]

I so agree :)

 

In PV HSBC and Bancomer will no longer exchange USD for pesos....which means that every USD that is given to a Mexican by a cruiser ..well...it will be that much harder for the Mexican people to have to exchange for pesos. I have heard Scotia bank is next to refuse USD.

 

Please people use the pesos....we get them at ATM machine and use them in Mexico as it is Mexico's currancy :)

 

Do you feel the same way about USD in Canada?

[CoffeeNerd]

We are doing the Mexican Riviera cruise on the Mariner on July 5th. The first stop is Cabo, is there any banks close to the port where I could use a ATM to get some Peso's? Preferably a bigger bank like HSBC or the Scotia Bank that I may have heard of.

 

Thanks.

[quincytoo]

Do you feel the same way about USD in Canada?

 

To a lesser degree I do, most Canadians can exchange USD quite easily, Mexicans truly can not.

 

That said, I do think we all should use our own currancy at home and then use the currancy of whatever country we are in. For me it is respect thing, I would never assume I could use Canadian in The States.

 

Maybe if it were just as easy to use other currancies in The States but it is not. I just wish that it was mandatory to use each countries own currancy.

 

But for me in Mexico, I use only Pesos as I know how hard it is for them to exchange, especially now that (inPV at least) the banks are refusing to exchange.

[Shipyard Cruiser]

To a lesser degree I do, most Canadians can exchange USD quite easily, Mexicans truly can not.

 

That said, I do think we all should use our own currancy at home and then use the currancy of whatever country we are in. For me it is respect thing, I would never assume I could use Canadian in The States.

 

Maybe if it were just as easy to use other currancies in The States but it is not. I just wish that it was mandatory to use each countries own currancy.

 

But for me in Mexico, I use only Pesos as I know how hard it is for them to exchange, especially now that (inPV at least) the banks are refusing to exchange.

 

I can only speek to what I know.

 

Here in San Diego most places take Pesos with no problem and don't really care one way or another, business is business.

 

Seems to be that way along the bordor on both sides.

 

And never seemed to have any problem with USD in Victoria and Vancouver. I think I used both and never had an issue that I was aware of.

 

Somewhat suprised to here it's such a big deal in Mexico.

[househunter]

It is not a big of a deal in Cabo- in fact many of the merchants and almost all of the taxis will only quote in US dollars as they know that is what the tourists will carry. Almost all of the resturants show the prices on the menus in both pesos and US. It is very easy to exhange in Cabo and the merchants know that they can charge 10/1 to an unknowing tourist and then exhchange at 14/1 at their bank. So yes, in Cabo some merchants do prefer US dollars because of the high exchange rate.

 

That said, we exchange our money so we can take advantage of the rate ourselves.

[mking8288]

Another suggestion is at the airport's currency exchange, we flew out of JFK to LAX non-stop and depending on international flights, the exchange (trying to recall whether it's Thomas Cooke or what not) will be open & you can get some pesos to start (and it's better than 10/1 ratio even with the discounting or fee involved - and they will buy it back) The ship's organized excurison will not wait for you just because you need to get some USD exchanged.

 

For small purchase, paying USD with 10:1 is fine but if you are spending a bit more, why pay a 30 to 40% surcharge on the conversion - plus, you can haggle prices & doing it in terms of their local pesos.

 

The line at the exchange in Cabo could be long (and it was long when we tendered in) but Maz. & PV are not a problem as you will be docking & have more time to do it - and we skip the ATM's completely since banks are playing the games of charging fees for ATM w/d in foreign denominations.

 

Toward the end of the cruise, we also tip the excurison folks with the local currency if we have foreign $$$ remaining that we don't want or need to bring them or keep (plus, we've done it by "tipping" the ship's crew for their services) - as these folks have ways of easily converting & using it up.

[quincytoo]

I can only speek to what I know.

 

Here in San Diego most places take Pesos with no problem and don't really care one way or another, business is business.

 

Seems to be that way along the bordor on both sides.

 

And never seemed to have any problem with USD in Victoria and Vancouver. I think I used both and never had an issue that I was aware of.

 

Somewhat suprised to here it's such a big deal in Mexico.

 

LIke I have said before, I can not speak for the rest of Mexico BUT in PV many of the banks are refusing to exchange USD for Pesos.

 

 

Which is going to make it hard for the small town vendor, server in small restaurants or shop keeper to exchange the USD given to them by US cruisers. Will they refuse it?? No, like we Canadians, they are much too polite.....Heck I have had friends down there tell me that the locals will say USD, when asked if they prefer USD or pesos, BECAUSE they think that is what you want to hear.

 

I guess if you must use USD because withdrawing pesos from an ATM is a hassle or too time consuming then at least use the old 10/1 ratio. It seems only fair.

 

We try to save 500 pesos for our next trip to PV....:)

[Shipyard Cruiser]

LIke I have said before, I can not speak for the rest of Mexico BUT in PV many of the banks are refusing to exchange USD for Pesos.

 

 

Which is going to make it hard for the small town vendor, server in small restaurants or shop keeper to exchange the USD given to them by US cruisers. Will they refuse it?? No, like we Canadians, they are much too polite.....Heck I have had friends down there tell me that the locals will say USD, when asked if they prefer USD or pesos, BECAUSE they think that is what you want to hear.

 

I guess if you must use USD because withdrawing pesos from an ATM is a hassle or too time consuming then at least use the old 10/1 ratio. It seems only fair.

 

We try to save 500 pesos for our next trip to PV....:)

 

The point is I have traveled for many years and until I read your post I never was aware that this was such a big issue.

 

I usually use whatever currency I have at any given time. Each country is a littler different so I try to stick to the local custom.

 

In Asia and Canada I usually use a CC for most everything. In Mexico I usually use cash and have used USD and Pesos with no problem that I was aware of.

 

I am very suprised that it's such a big deal in Canada. I made a point of asking the last time I was up there and no one indicated any problem with using USD.

[cruiserbryce]

didnt know the exchange was becoming an issue...we were there in Feb and never had any issue with using USD

[pulledporky]

So all I have to do is tell all the peddlers that all I have is USD's and they will leave me alone?

 

I don't think that's going to work to well.

[newsman]

Every place we visited in Cabo, Maz and PV were more than happy to take dollars. The street vendors prefered it.

[hcat]

What are the avg fees for using a CC? Our BOA Card just raised it to 3% & I think that is what our other cards also charge.

 

I think for security we'll be using cash--most of our excursions are pre-paid & include some meals/beverages.

 

No ATM charge from our bankcard to get exchanged funds down there or should we get some pesos before we leave N.Y.?

 

If that is preferred for tips or "trinkets" we would want to have some with us... When we were in Costa Mayo & Cozumel the dollar was fine--but maybe things have changed recently??

[MSN-Travelers]

What are the avg fees for using a CC? Our BOA Card just raised it to 3% & I think that is what our other cards also charge.

 

I think for security we'll be using cash--most of our excursions are pre-paid & include some meals/beverages.

 

No ATM charge from our bankcard to get exchanged funds down there or should we get some pesos before we leave N.Y.?

 

If that is preferred for tips or "trinkets" we would want to have some with us... When we were in Costa Mayo & Cozumel the dollar was fine--but maybe things have changed recently??

 

The US and Canadian dollar is accepted everywhere tourist hang out. The answer to the question; "Do I need to bring pesos?" is no. The desire to have/use pesos is based on how much of the dollar's buying power are you willing to give up. The USD is at near record highs vs. the Mexican peso (around 14:1). The average Carlos on the street or in a taxi will only give you 10:1.

 

If you don't like to bargin with vendors/taxi drivers and you don't mind giving up 10-30% of the USD's buying power ... take USD's and pay what they charge you.

 

Those of us that spend time in Mexico on a regular basis always have pesos in our pockets when we arrive and use ATM's to get pesos while there. It is just the most cost effective way to spend any time in Mexico.

[Shipyard Cruiser]

The US and Canadian dollar is accepted everywhere tourist hang out. The answer to the question; "Do I need to bring pesos?" is no. The desire to have/use pesos is based on how much of the dollar's buying power are you willing to give up. The USD is at near record highs vs. the Mexican peso (around 14:1). The average Carlos on the street or in a taxi will only give you 10:1.

 

If you don't like to bargin with vendors/taxi drivers and you don't mind giving up 10-30% of the USD's buying power ... take USD's and pay what they charge you.

 

Those of us that spend time in Mexico on a regular basis always have pesos in our pockets when we arrive and use ATM's to get pesos while there. It is just the most cost effective way to spend any time in Mexico.

 

I live about 8 miles from the US/Mexico border and aroud here you can use Pesos or USD and receive whatever the exchange rate is for the day. Just about all business is set up to accept both.

 

I guess it must be different in the tourist areas where all the cruises and most Americans go.

 

I do go to the local Costco and exchange a few dollars into pesos just for walking aroud money when I go to Mexico.

[WarmWaters]

Very informative thread. Thank you for everyone who has taken the time to post, I have learned a lot so far already.

 

I have a few questions please :

 

Does Canadian banks like CIBC charge a fee for cash withdrawls from an ATM in Mexico ? If they do, how much ?

 

We plan on using public transit in all the cities. Does the bus drivers accept US $ ?

 

Can I exchange Cad $ for pesos at the airport in Calgary for instance or is it better to do this at LAX ?

 

And how much do I lose using the exchange places at the aiports versus using an ATM in Mexico to get pesos?

 

Thank you kindly in advance