Best way to exchange money for pesos?

My wife and I are going on the carnival miracle in January. I haven't cruised for 12 years and this is my wife's first. Do we need to exchange money before going on the cruise or is there a better way to get pesos without losing value rate?

In general us$ are accepted, but not always at a great exchange rate. Unless you intend to spend a lot stick to dollars or use ATM to get Pesos.

We agree with Ine that ATMs are the best way to get Pesos. There are also some "Cambio's" scattered around PV who will exchange money, but not at the best rates. If yo do plan on using an ATM we offer these tips. Notify your issuing bank (whoever gives you the ATM card) of your itinerary, prior to the trip, and mention that you might use your card in Mexico. And in PV we strongly recommend using bank owned ATMs (there are also quite a few private ATMs around town). There are some fees charged with any Mexican ATM withdrawal and they will show on your receipt. These fees (taxes and mandated fees) are generally in the $2-$3 dollar range. Your own bank may or may not charge additional ATM fees (my US banks charge no fees).

Hank

Check your home bank. Most US banks offer foreign currency services. AAA also has foreign currency available. You can get pesos when you arrive but it may be more convenient for you to have pesos in your pocket when your feet hit the dock.

BofA has a fair rate but they charge $7.50 delivery fee (Fedex 2 day). Getting pesos ahead of the trip is part of the fun.

If your going to Mazatlan there is a cambio in the terminal that has a very fair rate and they buy back "excess" pesos if needed.

Or just use the good ol' USD.

I agree with Ine. Unless you expect to buy expensive items, just use $US. If you buy Pesos before you leave, you will typically incur extras costs from your bank. Be certain to notify your bank that you will be in Mexico, before you leave, and if needed, use your Debit card at an ATM that is in, or connected to, an actual bank while there.

A cambio will do, in a pinch, but be certain to have your Passport with you if you decide to purchase Pesos there. As to buying Pesos, and then selling them back....keep in mind that you will most likely pay a charge, both times.

Better (IMO) to take the small loss when paying in $US.

Just my $0.02P worth.

If you plan on doing any excursions outside of the ship, eating at local restaurants priced in pesos or shopping at local places like walmart, (for souvenirs and other items), taking cabs or buses then I think it's worth taking a little for the money you save when negotiating. We ended up spending the equivalent of $200-$250 US and exchanged it in advance. We never bought anything expensive.

There are a number of cambios and ATMs around the ports, but if you don't want to deal with that when you're over there, just try your local bank. Mine is Wells Fargo and there were no additional fees and there was pickup at certain designated branches the same day. Rate was 1 USD to 15.4 pesos a few weeks ago

If you do pick up any, perhaps make sure the majority are smaller bills i.e 200 or below. A number of vendors wouldn't break 500. A lot of 20s and 50s are also useful for tips

AAA sells Tip Packs. Usually available for sale for US$100 Not the best exchange rate.

We go to a supermarket or Walmart. Pay in U.S., get change back in pesos. There is a limit to how much you can get back.

To us it seems it's not worth the effort to exchange the accepted US Dollar into Pesos.

Are we WRONG thinking this way? :confused:

LuLu

To us it seems it's not worth the effort to exchange the accepted US Dollar into Pesos.

Are we WRONG thinking this way? :confused:

 

LuLu

I don't think there's any wrong way. And just having dollars worked fine for some folks I spoke to. It just seemed like vendors were very quick to quote a price in dollars, but when you ask about pesos, a discount was almost always implied, without even asking. It just made the subsequent conversation and negotiation a lot easier. But we never spent a huge amount. I think if you get the pesos in advance of the trip, and a reasonably small amount, it's really not too much effort. I certainly didn't want to spend any time in Mexico, finding a bank or lining up or checking out how the ATM works. I just wanted to vacation and use what I had and if I ran out, so be it

Ok, lets toss out some reality. For a cruiser that is only spending 2 or 3 port days in Mexico, there is a good case not to get Pesos. When in places like Puerto Vallarta, Cabo or Mazatlan just about every local vendor will accept US dollars. However, many are not going to give you the best rate or exchange and some places will screw you out of 20-30% (and more). Personally, we do not blame the vendors as dollars are not the preferred currency. For those of us who live in Mexico for more then a few days (we are there about 2 months) the idea of using dollars makes as much sense as using Pesos in the US or Canada.

So a cruiser needs to weigh the benefits of paying lower prices in Pesos with the cost and hassles of exchanging money or using an ATM. There really is no right or wrong and its simply a personal preference.

Hank

To us it seems it's not worth the effort to exchange the accepted US Dollar into Pesos.

Are we WRONG thinking this way? :confused:

 

LuLu

Yes. The exchange rate at many restaurants and stores is 10 pesos to the dollar. 10:1, the ATM or cambios are selling pesos for approximately 16:1.

We'll be on the Miracle soon with three stops in Mexico. We purchased 4800 Pesos at our bank for $313 dollars. We paid about $20 Dollars in exchange rate differences and fees. (Ended up getting a final rate of 15.3 Pesos per Dollar.) We should make up the $20 Dollars, and then some to come out ahead using Pesos due to poor exchange rates at restaurants and bars.

Mostly we just want the convenience of using Pesos! If we use Dollars we are forced to use the restaurant's exchange rate, which might be as low at 10 to 1. There is no arguing with them if they want 6 bucks for a 66 Peso menu price.

It will be fun using pesos rather than dollars, all part of the experience. We don't want to spend time going to the ATM, and not sure if it will have an English feature either, so we just paid the fee at our bank.

Any leftovers will be used on our Christmas cruise!

I think we saved around 30% in using pesos. But regardless of the saving, it was 'more fun' and felt 'more real' when we saw prices in pesos. Certainly if you're going to be eating at local places with local menus or taking in a few excursions off boat, where you can negotiate, pesos will definitely come in handy. Plus if you're shopping at walmart and getting a whole bunch of t shirts or trinkets, you'll end up using them again

One thing to note that there are increasing reports of ATM skimming in Mexico. My recommendation is to only use ATM's from major banks in major centers.

Here is a link that talks about what is going on in the Cancun area. It gives me pause regarding using ATM's from non well known banks.

http://krebsonsecurity.com/2015/09/whos-behind-bluetooth-skimming-in-mexico/

One thing to note that there are increasing reports of ATM skimming in Mexico. My recommendation is to only use ATM's from major banks in major centers.

 

Here is a link that talks about what is going on in the Cancun area. It gives me pause regarding using ATM's from non well known banks.

 

http://krebsonsecurity.com/2015/09/whos-behind-bluetooth-skimming-in-mexico/

A great point with which we totally agree. Living in PV a few months a year means we need lots of cash. So I routinely need to withdraw Pesos from local ATMs. I actually walk a bit out of my way (about 4 blocks) to use ATMs that are located at major banks. I avoid remote ATMs (those not attached to the actual bank) and also prefer withdrawing money during banking hours (if my card were to get eaten I can go inside the bank and have them retrieve the card). The most popular ATMs on the southside (Romantic Zone) of PV are 3 co-located bank ATMs along Olas Altos. Folks use those bank ATMs night and day. But they are remote from their bank so if something goes wrong and it eats your card..you must call a posted phone number and wait (and pray) that somebody shows up to retrieve your card.

I should also mention that we routinely travel in Europe and try to use our same "rules" there as well as in the USA. Card skimming is becoming a more common problem throughout the world (it even happens in the USA). In fact the US Secret Service estimated that in 2008 there was more then 1 Billion Dollars skimmed within the USA.

Finally, we strongly recommend that everyone simply Google "ATM skimming" or something similar and learn about this practice, and what simple precautions can minimize your risk. And by the way, the most simple precaution is having somebody watch your back, and hold a hand over the keypad when you key in your PIN. These are good rules everywhere!

Hank

So, you can exchange money here. Very easy, profitable, quickly and comfortable. I always use http://*******/2lOvXid

My wife and I are going on the carnival miracle in January. I haven't cruised for 12 years and this is my wife's first. Do we need to exchange money before going on the cruise or is there a better way to get pesos without losing value rate?

So, you can exchange money here. Very easy, profitable, quickly and comfortable. I always use http://*******/2lOvXid

Is there somewhere (bank or peso currency atm) close the Long Beach Carnival terminal where you can grab a few pesos?