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Mexican Pesos vs. US Dollar


CaityMarie
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Most places will take US dollars. However, you will get a better exchange rate if you pay in pesos.

 

We've done this cruise at least once a year since the 80's. We've done it both ways, dollars and pesos. We're going again next week. We got $120 worth of pesos. May wife says it was too much. We don't buy stuff any more, just beer, food, bus and water taxi fare.

 

Cheers

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If you're staying in the tourist area, then $$ are fine. You might pay a little more, but not much. The exchange rate will be about 2 pesos less than at a cambio. If you plan on going out of the tourist zone, then get pesos. The exchange rate might be 10-12 pesos to the dollar.

 

We are also like the above posters. We don't buy stuff. We just buy food and drink. And usually out of the tourist area. So we get pesos while in Mexico.

 

If you decide to exchange dollars for pesos at a cambio in Mexico, you will need to bring you're passport to show them the cashier.

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Agree with Laurie. We live in PV for 2+ months a year and would never dream of using US Dollars (except at the Cheeky/Sea Monkey's where they give a fabulous exchange rate). If you want to pay a premium (in most places) then use US Dollars. If you decide to get Pesos,,,then using an ATM is easy and will get you the best rates....unless your home bank charges you ridiculous fees (in which case you need a new bank).

 

Hank

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Agree with Laurie. We live in PV for 2+ months a year and would never dream of using US Dollars (except at the Cheeky/Sea Monkey's where they give a fabulous exchange rate). If you want to pay a premium (in most places) then use US Dollars. If you decide to get Pesos,,,then using an ATM is easy and will get you the best rates....unless your home bank charges you ridiculous fees (in which case you need a new bank).

 

Hank

 

Where are the ATMs in PV? Never seen one, but I haven't looked too hard.

Neither have we seen any in Cabo or Mazatlan.

 

We pay a bit more for the convenience and change at the unofficial Cambio at the PV port or buy something at Walmart and get pesos back as change.

We'll also go to the various supermarkets as they usually have good rates (Soriana, Gigante, Calimax)

 

Last January the PV and Cabo port shops were using 16:1 exchange rate when the official rate was around 18:1 (bank rate that us mere mortals cannot get.) The worst rate we encountered was at one restaurant that was using 14:1 (we used our pesos)

Edited by SadieN
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We bank with Wells Fargo, and we can order foreign currency, so that was my plan. When I looked on Google today, it said $100 equaled 1,960 pesos. Since this is our first time in Mexico, we will probably buy stuff. I know I'm hoping to go to The Glass Factory in Cabo.

 

Caity

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Port time is precious so we get the pesos from our bank before we leave. We buy food, drinks, taxis and some shopping with the pesos. You will get about $1 less on the exchange rate compared to while in mexico but we hate to spend any time looking for a secure bank to exchange. We're get off the ship, get a taxi and are able to pay in pesos from start.

 

$1 less exchange rate on a $200 exchange isn't that much for us for the convenience. It's about $11 so I guess that's the fee we pay.

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Port time is precious so we get the pesos from our bank before we leave. We buy food, drinks, taxis and some shopping with the pesos. You will get about $1 less on the exchange rate compared to while in mexico but we hate to spend any time looking for a secure bank to exchange. We're get off the ship, get a taxi and are able to pay in pesos from start.

 

$1 less exchange rate on a $200 exchange isn't that much for us for the convenience. It's about $11 so I guess that's the fee we pay.

We are also going to bring a travel credit card as well, specific for the trip. But I've heard its always good to have cash.

 

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Where are the ATMs in PV? Never seen one, but I haven't looked too hard.

Neither have we seen any in Cabo or Mazatlan.

 

We pay a bit more for the convenience and change at the unofficial Cambio at the PV port or buy something at Walmart and get pesos back as change.

We'll also go to the various supermarkets as they usually have good rates (Soriana, Gigante, Calimax)

 

Last January the PV and Cabo port shops were using 16:1 exchange rate when the official rate was around 18:1 (bank rate that us mere mortals cannot get.) The worst rate we encountered was at one restaurant that was using 14:1 (we used our pesos)

 

There are ATMs in many locations, although we personally stick with the bank ATMs. Right along the Malecon (about a block from McDonalds there is a major bank with several ATMs (accessible 24/7). In the southside (Romantic Zone) there are 3 bank ATMs located right on Olas Altas (these 3 ATMs are quite popular). You have bank branches of Banamex (they have ATMs just off the main square on the Malecon, HSBC, Santander, Scotiabank, etc. In addition, there are many privately owned ATMs scattered around town..although we personally stick to only bank owned ATMs. Here is a link to a bank list (and map) that should help:

http://www.puertovallarta.net/fast_facts/banks.php

 

PV is a pretty friendly place...so if you happen to be walking around town (or near the port) you can just ask folks where to find an ATM. With ATMs you need to factor the fees as every ATM does have some fees (Mexican taxes) which are usually disclosed before you finalize a transaction. This can cost you $2-$5....which is not a big deal when we withdraw 8000 Pesos....but is more of a factor for a tourist withdrawing a small amount. Even with the fees, an ATM will usually give you better rates then the "cambios."

 

Hank

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Thanks for the info and the link.

 

We typically change no more than US$60 each cruise. Our method works for us while cruising. In January Walmart's exchange rate was .5 pesos off the official exchange rate.

Edited by SadieN
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Thanks for the info and the link.

 

We typically change no more than US$60 each cruise. Our method works for us while cruising. In January Walmart's exchange rate was .5 pesos off the official exchange rate.

 

Must admit we have never understood why a cruiser (with limited port time) would spend even 10 minutes going over to Walmart. My goodness, we live in PV for a few months a year and try to avoid Walmart like the plague. Some folks who visit Walmart have been known to wear a disguise so that they are not recognized by friends/neighbors :).

 

Hank

Edited by Hlitner
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We are also going to bring a travel credit card as well, specific for the trip. But I've heard its always good to have cash.

 

Sent from my BNTV400 using Forums mobile app

 

I got the travel credit card when I went to Europe in May. When I got home I discovered I was charged $5.00 for withdrawing from a non-Wells Fargo ATM. Isn't that the point of a travel card? :confused:

 

If you are going to make a big purchase your credit card will give you the best exchange rate. Just make sure they don't charge a foreign transaction fee. Capital One is one of the best.

 

Do not use the ATM'S that line the marina in Cabo. Too easy for someone to put a card scanner in those. There is a bank ATM behind the Tesoro hotel. Another safe ATM is in the casino on Marina Blvd, the main street behind the marina.

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Must admit we have never understood why a cruiser (with limited port time) would spend even 10 minutes going over to Walmart. My goodness, we live in PV for a few months a year and try to avoid Walmart like the plague. Some folks who visit Walmart have been known to wear a disguise so that they are not recognized by friends/neighbors :).

 

Hank

 

 

Because Mom likes a certain coffee candy and a dry Mole' that we cannot find in any of the Mexican/Latin markets in our area.

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Because Mom likes a certain coffee candy and a dry Mole' that we cannot find in any of the Mexican/Latin markets in our area.

 

We hear ya :). When it comes to "Mom" you do what you have to do!

 

Hank

Edited by Hlitner
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I got the travel credit card when I went to Europe in May. When I got home I discovered I was charged $5.00 for withdrawing from a non-Wells Fargo ATM. Isn't that the point of a travel card? :confused:

 

If you are going to make a big purchase your credit card will give you the best exchange rate. Just make sure they don't charge a foreign transaction fee. Capital One is one of the best.

 

Do not use the ATM'S that line the marina in Cabo. Too easy for someone to put a card scanner in those. There is a bank ATM behind the Tesoro hotel. Another safe ATM is in the casino on Marina Blvd, the main street behind the marina.

We will be researching major credit cards with the best benefits, such as Capital One. We won't go with the travel card through WF. I also used to work for Chase bank and managed the ATM and I'm good at pointing out scanners attached to ATMs. [emoji6]

 

Caity

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  • 2 weeks later...

I wonder what sort of "travel card" you got from Wells Fargo??

We bank with them too but I know when I buy currency from them they never give you the rate that you get at an ATM. You can find the daily rate on the Wells foreign currency site and compare it to the Google international bank rate to see what I mean.

IF you withdraw from a foreign ATM Wells charges a 3% currency exchange fee(like many other banks)+$5 for using a foreign ATM.

For pesos we usually get them from a cambio.

For other travel currencies when I am on land for a week or more I buy some to start from Wells and then use my ATM card in the country I am visiting.

Banks make money selling you currency so don't expect to get it for "free".

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I wonder what sort of "travel card" you got from Wells Fargo??

We bank with them too but I know when I buy currency from them they never give you the rate that you get at an ATM. You can find the daily rate on the Wells foreign currency site and compare it to the Google international bank rate to see what I mean.

IF you withdraw from a foreign ATM Wells charges a 3% currency exchange fee(like many other banks)+$5 for using a foreign ATM.

For pesos we usually get them from a cambio.

For other travel currencies when I am on land for a week or more I buy some to start from Wells and then use my ATM card in the country I am visiting.

Banks make money selling you currency so don't expect to get it for "free".

We aren't going to get the travel card at Wells Fargo. Probably Capital One.

 

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I wonder what sort of "travel card" you got from Wells Fargo??

We bank with them too but I know when I buy currency from them they never give you the rate that you get at an ATM. You can find the daily rate on the Wells foreign currency site and compare it to the Google international bank rate to see what I mean.

IF you withdraw from a foreign ATM Wells charges a 3% currency exchange fee(like many other banks)+$5 for using a foreign ATM.

For pesos we usually get them from a cambio.

For other travel currencies when I am on land for a week or more I buy some to start from Wells and then use my ATM card in the country I am visiting.

Banks make money selling you currency so don't expect to get it for "free".

 

You bring up a great point...which is about commercial banks. Most do a wonderful job ripping off their retail customers with various fees. They essentially charge their customers (YOU) for the right to spend/invest your money (which is the primary way that banks make a profit). We do not understand why normal folks are willing to bank with these institutions, pay their fees, deal with their lousy customer service, etc. So many years ago we started looking around for banks that helped their customers rather they simply used them as money machines. And we found that major credit unions were the way to go. So now, I have accounts with 2 different credit unions (in 2 states). They have no fee credit cards, no fees for credit card withdrawals (even outside the USA), and they even rebate most fees charged by ATM machines. One of those credit unions actually pays the members (me) at the end of the year.....essentially giving back their profits to the members. In simple terms they pay me to bank with them...not the other way round....like most commercial banks.

 

As to Wells Fargo, you might have seen that they have been in the news lately....for further ripping off huge numbers of their customers. Yet, most of those same customers will simply shrug their shoulders and continue to bank with those crooks. And to make matters worse, now that Wells Fargo got caught cheating their customers....they have fired thousands of their own employees who were simply doing the bidding of upper managment..most of who keep their jobs and get bonuses based on the crooked account creation. Chase also has a history of issues with their customers. There are entire web sites devoted to these banks and how badly they treat their customers.

Banks understand that most consumers are idiots when it comes to finance, and will put up with getting ripped off...rather then take their business elsewhere.

 

Hank

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You bring up a great point...which is about commercial banks. Most do a wonderful job ripping off their retail customers with various fees. They essentially charge their customers (YOU) for the right to spend/invest your money (which is the primary way that banks make a profit). We do not understand why normal folks are willing to bank with these institutions, pay their fees, deal with their lousy customer service, etc. So many years ago we started looking around for banks that helped their customers rather they simply used them as money machines. And we found that major credit unions were the way to go. So now, I have accounts with 2 different credit unions (in 2 states). They have no fee credit cards, no fees for credit card withdrawals (even outside the USA), and they even rebate most fees charged by ATM machines. One of those credit unions actually pays the members (me) at the end of the year.....essentially giving back their profits to the members. In simple terms they pay me to bank with them...not the other way round....like most commercial banks.

 

As to Wells Fargo, you might have seen that they have been in the news lately....for further ripping off huge numbers of their customers. Yet, most of those same customers will simply shrug their shoulders and continue to bank with those crooks. And to make matters worse, now that Wells Fargo got caught cheating their customers....they have fired thousands of their own employees who were simply doing the bidding of upper managment..most of who keep their jobs and get bonuses based on the crooked account creation. Chase also has a history of issues with their customers. There are entire web sites devoted to these banks and how badly they treat their customers.

Banks understand that most consumers are idiots when it comes to finance, and will put up with getting ripped off...rather then take their business elsewhere.

 

Hank

Good morning,

 

I really appreciate your concern about banks. I used to work for Chase and they were horrible. Yes, I do bank with Wells Fargo, and yes I know they have been in the news. I live in a small town and the bank/credit unions are very slim pickings around here. I also know that I can choose an online bank, which I also have USAA. I get great customer service from USAA, but it isn't always feasible. I enjoy banking with my local Wells Fargo, they are kind and offer amazing customer service.

 

However, my question on this forum was simply asking whether or not I should consider having Mexican Pesos on me for the trip. Feel free to continue your tips on this subject and refrain from talking about Wells Fargo and other specific banks.

 

Thank you!

Caity

 

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Good morning,

 

I really appreciate your concern about banks. I used to work for Chase and they were horrible. Yes, I do bank with Wells Fargo, and yes I know they have been in the news. I live in a small town and the bank/credit unions are very slim pickings around here. I also know that I can choose an online bank, which I also have USAA. I get great customer service from USAA, but it isn't always feasible. I enjoy banking with my local Wells Fargo, they are kind and offer amazing customer service.

 

However, my question on this forum was simply asking whether or not I should consider having Mexican Pesos on me for the trip. Feel free to continue your tips on this subject and refrain from talking about Wells Fargo and other specific banks. The current official exchange rate is better then 19:1.....but many taxis (and other vendors) will likely offer you prices based on something akin to 15:1. Last winter when the rate was around 18:1 we witnessed a local shop offering 10:1 to a cruise ship passenger...knowing that many cruisers are somewhat uninformed.

 

Thank you!

Caity

 

Sent from my SM-T580 using Forums mobile app

 

The Peso question has been asked/answered here many times over the years. Bottom line is that it is possible to do a pacific Mexican itinerary without using a single peso. On the other hand, using Pesos will generally mean you pay less for just about everything in Mexico...since most vendors are not going to give you the best exchange rate when you use dollars. As far as where to get Pesos, we live in Puerto Vallarta for part of the year and get all of our Pesos from local ATMs. In the past 10 years (living in Mexico) we have never changed a penny at a cambio or local bank. And we certainly do not buy Pesos in the USA, where exchange rates are generally awful.

 

The importance of having some Pesos does increase proportionally to how much you plan to do on your own...as opposed to excursions (which can be paid in dollars or put on credit cards). If you do plan to rely on dollars we do suggest having a lot of smaller bills...because otherwise, you might get change in Pesos at a less then ideal exchange rate. Also keep in mind that in Mexico, many things are negotiable so if paying for something in dollars...agree on the price before you buy. This is especially true if using taxis. The current official exchange rate is near an all time high of better then 19:1 (US Dollars to Pesos). But some local merchants (and taxis) will try to use rates of 15:1 or even worse. So be aware...and do not hesitate to say NO....and bargain for a more favorable rate.

Hank

Edited by Hlitner
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  • 1 month later...

We are booked January 7

Coming in from Canada we will find an ATM at a bank and use our us money to exchange at Cabo.

The biggest concern about using us money is the extra exchange. But if you pay in US $. do they give pesos back in change or US $?

A 10 day cruise would 120.00 peso be enough for some shopping and incidentals

Julie

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