money question

[Headstone]

With money market fluctuations lately, and the Mexican governments view to american money should we bring US, Canadian or Pesos?

[tout.prest]

If you are from the USA, Just leave your money in USD format. No need to exchange, as American money is accepted most everywhere you would go near Desire. The same can't be said for other countries currencys though (no Mexican wants Canadian loonies .lol) , so If you have to convert , just convert once into mxp pesos.

Steve

[Piglet&Porky]

We found most people automatically quote the price in US$ and have to get the calculator out if you want to pay MXN

[asd1]

Whatever you do, DO NOT even think about using the ATM at the resort. Complete and total rip-off.

[BottomsUp]

Whatever you do, DO NOT even think about using the ATM at the resort. Complete and total rip-off.

How so?

[tout.prest]

Whatever you do, DO NOT even think about using the ATM at the resort. Complete and total rip-off.

How so?

The foreign exchange rate is ridiculous bad through the ATM ! Far better decision is to bring enough with you that you had converted back in Canada at your local bank.

Steve

[CokeMann]

The foreign exchange rate is ridiculous bad through the ATM ! Far better decision is to bring enough with you that you had converted back in Canada at your local bank.

Steve

Generally you will find the conversion rates for any currency(other than USD) to be very unrealistic in Mexico ie - at the cambios(exchange booths), ATMs, hotels, etc

Steve the ATM rate is actually no worst than what Desire offers at the front desk - lol

Back on the May trip (when the loonie was worth $1.04 US) I exchanged just enough CAD for Pesos at the Desire front desk to do the taxi to and from Claudia's place in Pto. Morelos - the Desire rate was at least a year out of date, same as the ATM

[Piglet&Porky]

I think Americans might find it worse than the rest of us. I'm from the UK and althoigh the exchange rate wasn't great, it was OK for the convenience

The ATM only gives out US$ (not Mexican) so I think they git hit with a charge because the "bank" can't make a comission on the exchang rate.

I can see that if you normally use US$ and you take out $200 you might not be happy at paying $220 (I'm guessing - don't actually know the charge) whereas the rest of us don't notice because it looks like we're just getting a slightly lower conversion rate than we might get from a bank at home

[CokeMann]

I think Americans might find it worse than the rest of us. I'm from the UK and althoigh the exchange rate wasn't great, it was OK for the convenience

The ATM only gives out US$ (not Mexican) so I think they git hit with a charge because the "bank" can't make a comission on the exchang rate.

I can see that if you normally use US$ and you take out $200 you might not be happy at paying $220 (I'm guessing - don't actually know the charge) whereas the rest of us don't notice because it looks like we're just getting a slightly lower conversion rate than we might get from a bank at home

Our rule on thumb over all the years we have traveled in any country is that for ANY cash purchases, do those ONLY in the local currency - it will always work out to your advantage

The following happened numerous times to us with both shopkeepers and taxis in Mexico.

When you when you asked how much something or a taxi ride from point x to point y would cost they would of course always quote you in pesos.

The exchange rate at the time was very similar to today ie 1USD=13.xxxMXP

As a real world example - So the taxi ride was quoted at 130 MXP and I tried to pay them with $10 USD they refused, saying I owned them more money - I would then take the $10USD back and pay them from the other side of my wallet 130 MXP - they then were happy and we went on our way

Just goes to show that the old (wrong)paradigm of 1 USD = 10 MXP still exists in most of the local peoples minds - LOL

For those of us that don't live in the USA it's better to get some Pesos before you leave home for immediate needs.

Your funds will go farther by using Pesos than an intermediate currency like USD

As an example for those from the UK, most local Cancun business, taxis etc only offer a 1 to 10 conversion for USD to Pesos
- so if a taxi trip costs 200 Pesos and you pay in USD it will cost you $20 USD.

By converting directly from £ to Pesos, here is how much the taxi ride will really cost you
200 Pesos @ 21.59 to the £ = £9

By converting £ to USD and then paying in USD, here is how much the taxi ride will really cost you
$20 USD @ 1.57 to the £ = £13

So you would be saving £4 that you could use for something more important, like clubs and drinks !

Even folks from the USA lose out as well by using USD in Mexico
- so if a taxi trip costs 200 Pesos and you pay in USD it will cost you $20 USD.(the old (wrong)paradigm of 1 USD = 10 MXP still exists in most locals minds)
By converting directly from USD to Pesos before you leave the USA, here is how much the taxi ride will really cost you at today's conversion rates
200 Pesos @ 13.91 to the USD = 14.3735 USD
Bottom line is that those from the USA that pay in USD are really paying $6.00 extra for the convenience of not exchanging into Pesos and using Pesos for that the taxi ride

[asd1]

Whatever you do, DO NOT even think about using the ATM at the resort. Complete and total rip-off.

How so?

First off, the ATM displays a message saying that the transaction fee is $6.95, or $695 pesos. Can't remember which. No problem, even though we just needed money for cab fare, which was less than $60 USD.

Then, we realize that the machine is giving out USD. Fine, so we press the $60 key and figured that was that. Then, it shows an exchange rate of 15.1 to $1. Now we're confused. Why is is giving an exchange rate when it is giving us USD. At this point we figured we'd get pesos, and that was a really good rate.

Wrong. At that point it spits out the USD, and I realize what just happened. We actually bought Mexican pesos, which were then converted to USD at a not-so-good rate, along with a hefty service charge, which of course was taken out of our Canadian dollar account, implementing a further conversion fee. All told, almost $80 CAD for $60 USD... lol.