Pesos or dollars?

[eliza899vt]

Hi there,

I'm wondering if it's best to exchange dollars for pesos and is the airport a good place to do that? If not, where would you suggest.

Are dollars accepted at restaurants/beach bars? Credit cards? Or pesos only?

Finally, how much cash do you normally bring for a 7 day stay?

Thanks!!

Liz

[TnTWalter]

I think at the airport you can only get 1500 pesos. We went to atm in pueblo also and got 3000 pesos twice [once to help pay balance of room].

the exchange rate is really good right now. it's easier to deal in pesos, some will take dollars but who knows what exchange rate you'll get and some prefer pesos. most do not take credit.

i believe we hit bank 3 times; 1 at airport and 2 at atms in [Tulum town and PDC sam's club]...so $750 but we were only in PDC/Tulum 6 days/5 nights and $250 of it was to settle hotel...so $500 for spending. We ate and drank very well. It's easy to hit an atm in town plus Ana y Jose is getting one [dont know when or what the fees might be] so just get it every few days.

Heck we might have gotten more...can't remember now....
ENJOY.

:beerchug:

[beachreader]

No credit cards, and I only bring enough cash to get me through renting the car and down south. Then I use the ATMs. Very good rates and you don't have to stand on line or show your passport at the bank (as you would if exchanging cash). I never use an "exchange" place other than a bank, I believe you'll pay a lot more in fees or with a worse rate.

[minniemex]

Ditto!!

I do exactly the same most times. The last time we were down we did take extra cash and exchange it at the bank, but it made me nervous having the extra dollars on us. In the future it is as BR said. Enough cash to cover the car rental and the rest from the ATM's.

Very few places take CC's at all. I am now in the habit of just paying cash for everything when down there. With the rate changing so much daily, I would only deal in pesos. You can use some US 1's for tipping but that would be the extent of using US dollars for me.

[Kenster]

I like to operate with pesos. For the past couple of years, most places will take US dollars at the rate of 10 pesos to the dollar. So, if I ran low on pesos, even when the exchange rate was 10.80 or so, I would use dollars sometimes at 10:1 just to save the hassle and fees of going to an ATM or bank. But with the exchange rate now closer to 14:1, I think I'll keep pesos on hand.

How much cash to take? I think that would be impossible for anyone to suggest. Do you eat big meals three times a day? Do you consume a lot of alcohol? Shopaholic? I tend to have a very light breakfast. Juice and some sort of small breakfast roll. Fairly light, cheap lunch (like one of those grill chicken places) then splurge a bit at dinner time. A few beers scattered throughout the day and I'm good. I don't shop. So, I don't spend a lot of money when I'm there.

I somewhat disagree with the idea of handing out dollar bills as tips. This just makes the receiver of the tip have to go stand in line at the bank, and take a hit on the exchange fees, to get their money.

So, I tend to tip in pesos, also. I keep a pocket full of ten peso coins.

Speaking of tips, pay attention to la cuenta when you're paying your restaurant check. Many places include the tip, la propina?, in the check.
Usually it's only ten percent so you can always add a bit to it but people who don't notice will end up paying 25 to 30 percent total tip!

I'm loving the current exchange rate. I'm leading a tour of southwest Mexico and Copper Canyon next month. I think I'll stock up on pesos at that time so I'll have them with me for my April trip to Tulum.

[El Jefe]

So, you can really only get 1,500 pesos per transaction at the ATM? That's about $113 or so, right? Doesn't seem like much. We're staying Nueva Vida beginning Monday and trying to figure out where and how much cash we need to find.

[Mindy in Tulum]

Just a heads up that the banks here no longer exchange dollars. There are only the little casitas set up throughout town. I have noticed when I travel to the USA to visit that the rate is ok at the airport but that they charged like $7. Now granted that is only $7 but every dollar matters. I would definitely bring some pesos with you but then use the atms 1 or 2 times as needed.

If you can I would tip in pesos. My husband has a job where he is tipped in dollars and sometimes it can be very hard to get them changed.

most places will take dollars and currently most give you a 12 peso exchange rate.

Also.. about tipping, The economy here has been largely effected by the whole swine flu scare and there are many families that cannot make it. Ourselves included (tonight's dinner is a head of broccoli and a cucumber with some rice- and tomorrow we will be reusing our coffee filters) Trust me... tip! It will go light years for your karma. I know that all of us here who survive on tips would really appreciate it.

Also remember... if you are in town and you have children I have started to babysit. Let me know if you want more info!

[beachreader]

Mindy, what do you mean the airport was charging $7? Are you talking about changing cash at the cambio? Yes, those guys always charge a lot.

I found the ATM at the airport to have the best exchange rate of the trip because they didn't charge me any fees (I'm a Bank of America customer and Santender is a partner), so I will max out the airport ATM on my next trip. Then I'll use the ATMs in town as well, now that someone told me there's a Santender ATM near the bus station.

ATMs are definitely the way to go, and they will allow you to take out far more than 1500 or whatever was said earlier. I think I can take out about 4000 at a time, and that's plenty for a while.

[Margoinmexico]

:wave::wave:Use ATM's, I take out $5,000 pesos at a time regularly you just have to tellit you want to take a different amount than what is programmed,

I use USD's at the grocery store, big hardware stores and stuff like that, they give great rates......

Banks don't exchange anymore like Mindy said, dollars are a hastle. but hey, we won't turn down cash.

many places do take credit cards, but make sure you check before you order if it's important........had guests go to Pasada Margharita and they didn't have any money, really!

Bring lots, pretend we just had a hurricane and you want to help!

Need a massaage?

[El Jefe]

:wave::wave:Use ATM's, I take out $5,000 at a time regularly you just have to tellit you want to take a different amount than what is programmed,

I use USD's at the grocery store, big hardware stores and stuff like that, they give great rates......

Banks don't exchange anymore like Mindy said, dollars are a hastle. but hey, we won't turn down cash.

many places do take credit cards, but make sure you check before you order if it's important........had guests go to Pasada Margharita and they didn't have any money, really!

Bring lots, pretend we just had a hurricane and you want to help!

Need a massaage?

Thanks, Margo. That helps clear things up. I was worried we'd have to find an ATM like 2-3 times during the week. NV said we could pay with credit card at the end of the stay, but they credit company would charge a 7% fee.

[Margoinmexico]

Thanks, Margo. That helps clear things up. I was worried we'd have to find an ATM like 2-3 times during the week. NV said we could pay with credit card at the end of the stay, but they credit company would charge a 7% fee.

I just edited my post so that every one understands that I meant $5,000 pesos.............not dollars. Poco diferente no?;)

[Mindy in Tulum]

just a little different Margo! hehehe.

Okay, I am going to say this... I hope no one is offended- my husband came home last night and someone had tipped him in USA coins. Please do not do this. as they are totally useless. Do not get me wrong, the tip is appreciated - but still cannot feed our family. It is my opinion that tips should never include coins unless it is the change from the check and then there is still a bill. The exception to this is buying a cup of coffee. This is my opinion formed from living in SF, CA but I think that the cost of living is such, even here in Mexico, that those who live on tips cannot live on coins.

I hope that did not come off rude, that was not my intention, but I thought that it was worth mentioning. :)

[Margoinmexico]

I don't exactly throw US coins away, but they are useless here, the banks and cambios will not exchange them, so unless you are going back to the states, they are useless to people here........:o

[beachreader]

Mindy, maybe you can hook up with someone heading back to the US and they can give you paper money for those coins.

I think it's OK to tip in coins, but only in the country that uses those coins, otherwise it's completely useless to the person being tipped. Perhaps the customer only had coins left and was trying to make the gesture? Still, I hope you can find someone who will give you paper in exchange.

[Mindy in Tulum]

Beachreader, that is a good idea. I might do that. Thanks for the idea.

[El Jefe]

I just edited my post so that every one understands that I meant $5,000 pesos.............not dollars. Poco diferente no?;)

No problem. I assumed you meant pesos. ;-)

[Margoinmexico]

:wave:I was in town the other day with a friend and we were able to exchange money at Scotia Bank. They gave us a good rate, don't remember what it was, didn't require a copy of the passport, but they did want to see it. I think there was a $500 dollare limit.

Just wanted to update this as earlier I'd said that no banks in Tulum were exchanging dollars. cant say for the other banks..............:beerchug:

[Brandi]

Can anyone tell me what the average ATM fee is?

My CU is telling me that I can use my regular debit card up to 5 times with no charge from them, we just have to pay the ATM fee. At first we were going to do one of those prepaid travel money cards, but after reading those fees ($2 + ATM fee each time, + 2% currency exchange fee, + the initial $5 for the card) I think I may just use my bank debit card...

[Margoinmexico]

:wave:I never pay attention to ATM fees, I figure it is one of those things I can't change......

Just thougth I'd update this a bit, Scotia is still the only bank doing exchange, and the rate today was 12.55. They will only do $400usd a day. Need your passport, although I did see a guy use a driverslicense from Ireland one day....

[minniemex]

Can anyone tell me what the average ATM fee is?

My CU is telling me that I can use my regular debit card up to 5 times with no charge from them, we just have to pay the ATM fee. At first we were going to do one of those prepaid travel money cards, but after reading those fees ($2 + ATM fee each time, + 2% currency exchange fee, + the initial $5 for the card) I think I may just use my bank debit card...

I just got back and I got charged $2 from both the HSBC and the Bancomer using my Debit/Check card.

[beachreader]

My Bank of America ATM card got NO fees charged at the Santander machines at the airport (or any Santanders, but the airport is the one I use--they don't have any in Tulum yet, though Playa has several). I usually get hit like $5 plus 1% when I use Bancomer or HSBC, haven't tried Scotia yet.

[andera1]

Hi everyone,

A couple of questions... FIRST, for the exchange rates that you guys are getting at the ATM's...how do they compare to the wholesale rates published on yahoo Finance, for instance? I called my bank today (Suntrust), and they gave me a rate of 11.24 pesos/dollar, although the wholesale rate was 12.40/dollar. Seems like quite a spread, but I'd like to know if this is customary, or if my bank is giving me a bad deal. SECOND, if you use an ATM, does your home bank hit you with a currency exchange fee? Suntrust's fee is 3%, and I'd like to avoid it if possible. I'm reading that Bank of America does not charge an exchange fee if using the Santender ATM. brandi mentioned that her CU says no fees for up to 5 withdrawals....what is CU?

Sorry for the questions, but I'm just confused!!

[beachreader]

Was your bank quoting you a rate to sell you pesos at home? Such a rate will not usually be very good, as carrying foreign currency is a hassle for them. Generally, you'll get the best rate through an ATM, though some folks have found decent buy-at-home rates.

Ask Suntrust (or check their website) if they have any partner banks in Mexico. That's how I found out about the BoA/Santander deal. When I don't use Santander, my exchange fee is 1% of the transaction (plus the ATM fee of up to $5). I think 3% is a HUGE fee, Suntrust should be spanked.

Oh, and "CU" means "credit union".

[Brandi]

OK...I'm gonna make this quick or I'll get lambasted for not posting my trip report yet :)!

CU is Credit Union. I used the Santander machine in the little strip mall where we picked up our rental car, so I am assuming this will cover all Santander machines. I took out $2000 pesos. When I got home and looked at my account, they debited me $156.93 USD and I paid what my statement is calling an international transaction fee of $1.25 USD. No other fees. That was the only time I used an ATM (long story) but would have done it the whole trip if I could of at that rate.

We also had money wired to us while we were there and it seems it was closer to 14/1 also. I did notice though that when I exchanged pesos for dollars at the airport before we left it was more like 11/1. Hope that's helpful!

[andera1]

Brandi, wow what a great rate you got, and you can't beat the extremely low fee. I hope I am so lucky. Beachreader-yes that would have been an exchange here locally. Glad to know that I can get better if I wait until I get to Mexico. Can someone tell me if the ATM will let me know what exchange rate I will get before I process my withdrawal? I'll keep pressing suntrust for more info on rates at atm's in Mexico-I may just have to open a bank of America account!

[minniemex]

No, you won't find out until you get home and check your statement.

I think the rate the bank down there charged for a withdrawal was 7.50 pesos. Every bank back here charges the customer something different it seems. There are no set rates that we know of.

[andera1]

No, you won't find out until you get home and check your statement.

I think the rate the bank down there charged for a withdrawal was 7.50 pesos. Every bank back here charges the customer something different it seems. There are no set rates that we know of.

minniemex, I meant will the ATM give you the exchange rate in advance. For instance, it will advertise to you that it will give you 12.5 pesos for every dollar?

Thanks

[Margoinmexico]

:wave:no banks exchanging in Tulm right now, and the casa de cambios are all at 12.00 right now, just thought I´d let you know.....:cool:

[minniemex]

minniemex, I meant will the ATM give you the exchange rate in advance. For instance, it will advertise to you that it will give you 12.5 pesos for every dollar?

Thanks

No, there is no advertising. Even your receipt doesn't have the exchange rate you get. I think somewhere I saw something in the window of the bank showing exchange rates, but I think that just applies to inside the bank and not the ATM. We have just learned from traveling down there that we are getting the best rates possible thru the ATMs. As Margo just said, the cambios are only giving 12 right now and I think I just read a post where they got close to 13 from the ATM.

[beachreader]

No, the machines do not tell you what rate they're giving, not even on the receipt after the fact. I always figure it out by doing the math after I get home. My bank statement tells me how much I was charged, plus whatever fees, on two or three separate lines. I add them all up and divide by the number of pesos I took that day and that gives me the true exchange rate. It's not the same as the advertised rate, because I believe that you need to include all the fees to get the real deal.

So you could get a 13.5 rate, but with the fees added in, it drops to 12.5 or something like that.

I think it's worth doing the pre-trip research to find out if you can find an ATM with no fees for your card, but I wouldn't worry too much about it. Since most hotels take deposits and payments via Paypal, and your rental car will be paid in dollars (probably), your cash peso needs will mostly be for food and drink. If I end up paying a few dollars more on one or two exchanges, I don't think it's worth sweating too much. Like I wouldn't go driving up to Playa to find a fee-free ATM, since the savings would be like $5-$6. Not insignificant, but convenience is worth a lot to me on vacation.

[Mindy in Tulum]

Mindy, maybe you can hook up with someone heading back to the US and they can give you paper money for those coins.

I think it's OK to tip in coins, but only in the country that uses those coins, otherwise it's completely useless to the person being tipped. Perhaps the customer only had coins left and was trying to make the gesture? Still, I hope you can find someone who will give you paper in exchange.

I came up with an even better plan. All our US coins are now are for my kids math homework. When we need to practice adding and subtracting. It worked out really well.

[Mindy in Tulum]

if you have USD and you want pesos. Super San Francisco is usually really good about having a good rate. They keep up areally well with the changing rate and print the exchange on your reciept. This has been really helpful when I need change since the casa de cambio is further into town.

[Jorge&Marcia]

I think it's worth doing the pre-trip research to find out if you can find an ATM with no fees for your card, but I wouldn't worry too much about it. Since most hotels take deposits and payments via Paypal, and your rental car will be paid in dollars (probably), your cash peso needs will mostly be for food and drink. If I end up paying a few dollars more on one or two exchanges, I don't think it's worth sweating too much. Like I wouldn't go driving up to Playa to find a fee-free ATM, since the savings would be like $5-$6. Not insignificant, but convenience is worth a lot to me on vacation.

Beachreader, do you know if you can pay the balance of your reservation at NVR on a credit card or is it all due in cash or pesos? We would prefer not to have to carry so much cash on us. Also, we were planning on transferring our vacation funds to Marcia's HSBC account. Do you know if there are any HSBC ATM's at Cancun airport or in Tulum?

Thanks.

[andera1]

According to travelyucatan.com, there is an HSBC ATM in Tulum

[tbpeaceful]

There is an HSBC in Tulum.

http://peacenjoy.smugmug.com/photos/801282437_SGScF-M.jpg

The maximum withdrawal is $6000.00 pesos which at the time was $470.33 USD, or a 12.75 exchange. My credit union refunded the whopping $2.63 USD fee they charged me.

The ATM at the airport was close to the same rate, but the withdrawal limit much less. ~ $3000.00 I believe.

[andera1]

Tbpeaceful, did you use the HSBC ATM, or go inside the bank when you got this rate? When was your trip, if you don't mind my asking?

Thanks!

[tbpeaceful]

I did use the ATM. There are actually two machines just inside the door on the right side. We traveled Feb 20 ~ 27 this year.
In the photo, the people are coming out of the main bank area. The ATM is right of the 2.63 on the window.

[beachreader]

I'd just use the ATM to get the cash to pay for your room, I guess that depends on how much you're going to owe at the end of the trip. Half of our stay was only a couple hundred dollars, not too much to get from an ATM.

And as Margo said earlier, many banks no longer accept US cash for exchange, so the ATM is your best bet anyway. Great that you can use HSBC with no fees (I assume that's true if you have an account, right?).

[Jorge&Marcia]

andera1, tbpeaceful and beachreader-thanks for the info.

[Serenity]

No credit cards, and I only bring enough cash to get me through renting the car and down south. Then I use the ATMs. Very good rates and you don't have to stand on line or show your passport at the bank (as you would if exchanging cash). I never use an "exchange" place other than a bank, I believe you'll pay a lot more in fees or with a worse rate.
Sorry amiga, the banks don´t change dollars for tourists anymore. I usually suggest that my guests order their pesos from their local bank. The rate is better and you don´t have to do it once you get here. But if you need to change money, casa de cambios do charge commission. The best one I´ve found is in front of the Sorianna store in Centro Maya, Playa del Carmen. For ATM,s you can often have your bank increase your daily withdrawal amount up to 500.00 (around 5,000 pesos) I think Bancomer has the best ATM service charge but I could be wrong. And make sure your money is clean and not damaged. Alot of times they won´t accept those marked bills we get from the ATM´s in the states. Just sayin´....

[beachreader]

Thanks, Serenity. You'll notice that my comment was made two and a half years ago, and the most recent post to this thread was over a year ago. Things have certainly changed in Tulum since then, and I'm sure there are more recent threads on this topic that reflect that.

This is always the challenge on the internet. Once things are posted, they're here forever, so when people do a search on any board, I hope they check the dates of the posts to ensure they're getting the most up-to-date information!

[Margoinmexico]

Sorry amiga, the banks don´t change dollars for tourists anymore. ....

:wave:Hi, I thought that was true as well, but was in town last week with new chica on the block Shelly, and I told her that and she said, "maybe, but I just did it at Scocia bank yesterday!!!!!!" She then drove me there and low and behold, I got pesos for dollars!!!! I do not remember the rate right now, but it was better than the 11% at the casa de cambios right now!!! :o