Pesos VS Dollars What Do you think

It's been a while since we have cruised Mexico. Always shopped with dollars exchange was 10 or 12 Pesos to 1 dollar never worried much about it. At 16 to 1 that is significant.

Should I get pesos before I go. Converting 16 to one will be a pain don't want to bring a calculator or phone with me

We've just used dollars.

Keith

It's been a while since we have cruised Mexico. Always shopped with dollars exchange was 10 or 12 Pesos to 1 dollar never worried much about it. At 16 to 1 that is significant.

 

Should I get pesos before I go. Converting 16 to one will be a pain don't want to bring a calculator or phone with me

You were probably getting 10 to the dollar for convenience when the official rate was 12 or more.

Try 15 for ease of calculation. (as in 15, 30, 45, 60, 75, 90)

Try to find an ATM to get pesos before you board or at a port early on. If you have a BofA card/account, there should be ATMs (including one at the Cancun airport, Santander I believe), that don't charge a transaction fee and give a pretty good rate.

If you donot expect to spend a lot of money, just bring US$. Shops in general and also restaurants will give you a good exchange rate, which is often published. Vendors on the beach in general will give less.

However expect change to be given in Pesos, so bring bills no larger then US$ 10,- or 20,- better even 5 or 1.

Just got back from PV and Cabo.

Used $US in the restaurants. In PV it was 295 pesos or $19.60US, so about 15:1. Many places will give accept dollars and give change back in pesos. In Cabo we used American.

PV - some of the port flea market stores were giving 16:1. The little cambio at the port was giving 15.5:1 flat. The cambio in town was giving 15.69:1.

The official exchange rate is 16.47:1 right now.

Keep in mind that restaurants don't constantly update their laminated menus (often in both USD&Peso)prices to reflect the ever changing exchange rates.

Chances are that many menus were printed a couple of years back when the exchange rate was closer to 12/1(or even 10/1).

Just something to keep in mind as to whether paying in Pesos, or paying in USD at a restaurant/bar will provide one with a better rate.

The best way to exchange money is a withdrawal from a local atm. The Cambio(Xchange) places and their rates/fees are a ripoff compared to the nominal fee of an atm.

Some people are happy to just pay USD, and for a few purchases, it may not be worth the bother to quibble over paying a few dollars extra for a less than favorable exchange rate. However if one is planning on spending a few hundred dollars total in purchases (restaurants, bars, tours, souvenirs etc.), it may be worth it for some to save an extra 10-20% by paying in Pesos.

It's usually a rule of thumb, that one will usually get the best rate by paying in local currency all over the world. Vendors tend to round up/down in their own favor.

Interesting discussion. We would only add that for those planning on using US Dollars...make sure you know the exchange rate before you order in a restaurant or shop. While many merchants do offer reasonable exchange rates there are plenty that will take advantage of cruisers (who are often naive about exchange rates).

Hank

Don't waste your time getting pesos. I have been going to Mexico for over 35 years. Never once used pesos. You can save lots more money just by bargaining. The restaurants use the latest exchange rates. The few pennies you will save using pesos is not worth the effort.

Interesting discussion. We would only add that for those planning on using US Dollars...make sure you know the exchange rate before you order in a restaurant or shop. While many merchants do offer reasonable exchange rates there are plenty that will take advantage of cruisers (who are often naive about exchange rates).

 

Hank

Once again Hank, I think that you are spot on. We always carry both $US and $Pesos, and find that oddly enough, we are often offered a better rate for our $US.....but...not often enough....

A one day trip from a ship....$US....so long as your purchases are minor....if you intend to purchase high value items, then $Pesos, without question.

On our first cruise, we purchased a lot of Pesos before our cruise....got home with a lot of Pesos.

Once again Hank, I think that you are spot on. We always carry both $US and $Pesos, and find that oddly enough, we are often offered a better rate for our $US.....but...not often enough....

A one day trip from a ship....$US....so long as your purchases are minor....if you intend to purchase high value items, then $Pesos, without question.

On our first cruise, we purchased a lot of Pesos before our cruise....got home with a lot of Pesos.

For "high end" items you will often do best using a major credit card (Visa or MC). There are some cards such as the CapitalOne MC or the Andrews FCU Global Trek Visa that charge zero foreign exchange fees. Credit card transactions are done at current exchange rates (+ a hidden 1% fee charged by the expeditor who is often Visa International).

Hank