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jmparks

Apr 21, 2004, 7:57 PM

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changing dollars for pesos

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We are planning a trip to Mexico in about 10 days. What is the best way to exchange dollars to pesos? Should we exchange a lot of cash before we leave the US or should we only do enough to get us to our hotel in Mexico City and change more there? We will probably use credit cards as much as possible but must have some cash for incidentials. Does any one know where we can get the highest exchange rate?

Don

Apr 21, 2004, 8:08 PM

Post #2 of 14 (556 views)

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Re: [jmparks] changing dollars for pesos

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I would suggest you bring a small amount to get you to your hotel them use an ATM card for your cash needs. That is where you will get your best conversion rate. You can also make an ATM withdrawal in the airport after you land. Make sure you have more than one ATM card with you. Don't depend too heavily on your credit cards. Mexico has a cash economy and smaller businesses normally don't accept them.

Estanislao

Apr 22, 2004, 7:04 AM

Post #3 of 14 (522 views)

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Re: [jmparks] changing dollars for pesos

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Ditto on Don's advice about credit cards - they will hit you with healthy surcharges when you use them.
--
"It is advisable to look from the tide pool to the stars and then back to the tide pool again."
John Steinbeck and Ed Ricketts - The Log From The Sea Of Cortez
--
Estanislao

jmparks

Apr 22, 2004, 8:27 AM

Post #4 of 14 (504 views)

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Re: [Don] changing dollars for pesos

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Thank you for the info. What about traveler's checks? Are they widely accepted? In paying hotel bills, it will be difficult to pay in cash. Do hotels add high surcharges for credit card payments? At present we have only one ATM card and it has a daily limit. I have a call into my bank right now to see what they have to offer. You guys are great. So much better than learning the hard way on the road.

Marlene

Apr 22, 2004, 8:58 AM

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Re: [jmparks] changing dollars for pesos

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Many hotels will take credit cards no problem, and the larger places such as Walmart, Sam's, Home Depot etc., Mega, Frabricas de Francia, and Gigante will also just to name a few. Here in Mazatlan I have encountered an occasion or two when a merchant wanted to charge the visa fee back to my card. I log airmiles, so for me, on a large purchase it is worth my while to use the card anyway.

Travellers cheques are difficult to cash, and you should expect a run around. ATM access to your home bank is a good solution as mentioned, and a duplicate card is definitely something you should not travel without. We speak from experience on this one.

Texwheel

Apr 22, 2004, 9:04 AM

Post #6 of 14 (492 views)

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Re: [Marlene] changing dollars for pesos

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The reason you want to have 2-3 ATM cards is that the machines in Mexico that you have to insert the cards into tend to eat cards on occasion. And if they do, you can't get them back. I have never had that happen to me in the US.
Tom Williams
Georgetown, Texas
Texwheel@aol.com

Texwheel

Apr 22, 2004, 9:11 AM

Post #7 of 14 (488 views)

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Re: [Texwheel] changing dollars for pesos

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Whoops! Marlene, I know you're aware of this, but I wasn't sure JMPARKS understood the reason for your suggestion.
Tom Williams
Georgetown, Texas
Texwheel@aol.com

Marlene

Apr 22, 2004, 9:22 AM

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Re: [Texwheel] changing dollars for pesos

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No problem. This is a good topic to remind folks about often. The other thing is, there are more and more stand alone "swipe" machines available here than previously. It is always a good thing if you don't have to insert your card, especially outside of banking hours. The chances of getting a card back, like you say, are pretty slim and banking laws say they cannot return it to you. It has to be the right combination of who you talk to in the bank, the amount of charm used or tears shed, identification in your possession at that moment(who carries a passport around with them?) as well as your timing, in order to have a shot at getting the card back. Not worth the attempt usually as it leaves you more frustrated than you already were. Use your back up card in a different machine and order a new one from your bank to replace the other.

SteveInPVR

Apr 22, 2004, 10:05 AM

Post #9 of 14 (479 views)

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Re: [Marlene] changing dollars for pesos

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Two friends of mine had their ATM cards "eaten" by the same bank machine. It took 3 days for one person, and 2 days for the other, after repeated visits to the bank, to get their cards back. Look for the ones where you can "swipe," and avoid potential hassles.

Steve
Steve

jmparks

Apr 22, 2004, 10:22 AM

Post #10 of 14 (476 views)

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Re: [SteveInPVR] changing dollars for pesos

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Thanks again. Your information is invaluable. We are ordering backup ATM cards from our bank. If we arrive in Mexico City without a pesos to our name and head for the ATM machine in the airport, I assume we shouldn't have any trouble (aside from having the machine eat the card). Of course, if the madhine is "out of order" we would be stuck with dealing with the exchangors in the air port. Although they charge more we would at least have cash to pay a taxi to our hotel. I have another question, does anyone know about renting cell phones in Mexico? It is such a hassle finding a pay phone and using a phone card. We would like to be able to call home while we are out of the country without all that trouble.

Cynthia7

Apr 22, 2004, 11:48 AM

Post #11 of 14 (459 views)

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Re: [jmparks] changing dollars for pesos

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Bring a cell phone from home. They will re program it and you can buy a card with so many minutes. See if some one has an old phone and use that. Get a book of 20 $1.00 bills from your bank. They will suffice for tips, taxis and other services.

Apr 22, 2004, 8:33 PM

Post #12 of 14 (405 views)

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Re: [jmparks] changing dollars for pesos

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jm parks writes:
....If we arrive in Mexico City without a pesos to our name and head for the ATM machine in the airport, I assume we shouldn't have any trouble (aside from having the machine eat the card). Of course, if the madhine is "out of order" we would be stuck with dealing with the exchangors in the air port....

Bank-operated ATMs offer a more favorable exchange rate, but the numbers I've seen posted at currency exchange booths in Mexican airports aren't the hideous gouge I've seen at similar booths in US airports. Although personally I go the ATM route, one plus to using the exchange booths is that you can ask for smaller denomination bills like $20s and $50s, in comparison to the $200s and $500s the ATMs most commonly disburse (yeah, there's the dollop of $100s the machine grudgingly tops the disbursement off with, but that's still a big bill for many street vendors to break, especially early in the morning). If you factor in the tchotchke you often end up purchasing to break a big bill in a store, the savings you achieve from a bank ATM over a currency exchange booth is further diminished.

With regards to obtaining smaller denomination bills,you might also want to make a mental note to break a couple of the ATM's large bills into smaller units when you purchase your taxi ticket at the airport booth. I'd definitely go this route over purchasing one of the hideously marked-up "Mexican Peso Starter Packs" from a bank or travel service in the US.

One final consideration on the money exchange front is what I posted to another thread recently - the taxi booths in most tourist-destination Mexican airports will also accept US dollars, albeit with a couple of dollar markup. Particularly after a long trip, when you're schlepping a lot of luggage taking this approach may be easier if the ATMs in your direct path between baggage claim/customs and the taxi stand aren't functioning. Once your luggage is secured in the taxi and you're enroute to your lodging you can ask the driver to stop off at a bank ATM along the way. When I've done this the driver has been nice enough to ask if I wanted a particular brand of bank, and I've even had a driver reject the first ATM we passed because "it didn't look safe". Tip the driver to compensate for the extra time spent, once you reach your destination.

(This post was edited by ET on Apr 22, 2004, 8:35 PM)

Apr 22, 2004, 8:48 PM

Post #13 of 14 (401 views)

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Re: [Estanislao] changing dollars for pesos

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Estanislao writes:
....Ditto on Don's advice about credit cards - they will hit you with healthy surcharges when you use them.....

If you're going to use a credit card to pay for a lot of purchases (say hotel bill, car rental, and a some upmarket meals out) and you have multiple credit cards one thing worth checking before you leave home is the actual exchange rate your credit card servicer is going to charge you. Both Visa International and Mastercard charge a 1% fee on the exchange to cover their conversion and operating costs. Unfortunately, in recent years some of the servicers of the more popular credit card (such as the airline affinity cards) have started tacking on their own revenue-enhancing "service fees" which range from an additional 0.5 to 3%. Although you can find the foreign currency exchange rate offered in the TOS of your credit card it's a lot faster to just call their customer service and ask flat out.

TomG

Apr 23, 2004, 7:40 AM

Post #14 of 14 (376 views)

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Re: [ET] changing dollars for pesos

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smaller denomination bills like $20s and $50s, in comparison to the $200s and $500s the ATMs most commonly disburse (yeah, there's the dollop of $100s the machine grudgingly tops the disbursement off with, but that's still a big bill for many street vendors to break, especially early in the morning).

Uncharacteristically you failed to note and important detail, ET: the enjoyment of the web of unpredictable social interaction you fall into when you try to buy something with a 50 or 100 peso bill from a vendor. It as rich as trying to find a pencil and torn scrape of paper to write down you phone number or address for someone you are talking to. You can get a whole combi full of people interacting in notime with this one. This leads directly to comparing local cooking methods...after you've explained where you came from and how beautiful it is here in (fill in the blank with the name of where the conversation is taking place); and allow time for them to explain how tranquil, calm and pacific the people around (fill in the blank with the name of where the conversation is taking place) are.

Anybody not had that conversation?