Exchanging dollars for pesos

Hi everyone !

My husband's staff suggested that we should use pesos while we are in Mexico ( they are from the area and know we have a better chance of not getting ripped off ) I was wondering where we should exchange for the best rates . We lived in Europe and money exchanges where everywhere ... We're not so familiar with Mexico .

Thank you !!

Hi everyone !

 

My husband's staff suggested that we should use pesos while we are in Mexico ( they are from the area and know we have a better chance of not getting ripped off ) I was wondering where we should exchange for the best rates . We lived in Europe and money exchanges where everywhere ... We're not so familiar with Mexico .

 

Thank you !!

I've posted my recent experience with this in another thread but copied here for you...

http://boards.cruisecritic.com/showthread.php?p=48741899

They will have foreign exchange places and ATMs. In my experience with traveling, ATMs are a good way to get local currency.

-Sean

I see your 1st stop is Puerto Vallarta. There is an money exchange at the port just after the gate. I have found the rates to be the same or better than the cambios in town. Before we go to Mexico, we check the exchange rate.

Most restaurant's exchange rates are 1-2 pesos below the official rate. When we buy something at a store, we will ask them in dollars after they tell us in pesos. Then we decide which way to pay. In November, the stores we went to were about 3 pesos below the official rate.

If you are not going to tourist places, then I would use pesos, otherwise dollars are fine.

At the moment Walmart will give 17.50 (can change by the day!) for you US$ when shopping there, which is a good exchange rate. They give back change in Pesos. However many other stores/restaurants might give between 15 or 16.

Indeed ATM in general is the best way to get Pesos.

You can order pesos ahead through a bank. When in Mexico, only use ATMS at a bank or inside a store. There is a lot of skimming going on at the corner ATMS.

If you're not going to Mexico again could just 'suck it up' and pay a lower rate. The shops at the pier in PV were giving 16:1 when the exchange rate was 16.8:1 back in October and November.

At the moment Walmart will give 17.50 (can change by the day!) for you US$ when shopping there, which is a good exchange rate. They give back change in Pesos. However many other stores/restaurants might give between 15 or 16.

Indeed ATM in general is the best way to get Pesos.

At Walmart, is there a limit how much you can get back? For a while the markets wouldn't give pesos in change. Lately we've been ok using a US$20 and getting pesos back from our US$6 purchase.

Walmart is across the street from the cruise dock.

Hi, we're on the same sailing as you.:) This will be our 2nd time doing this itinerary.

To get the best exchange rate, We use a (bank) atm to withdraw local currency.

While some shops will pull out a calculator and give at(or near) the going exchange rate for purchases, often, restaurants&bars don't bother to constantly change their printed menus(w/ listed prices in both MXN and USD) to keep up with the current rates.

In some cases, they could still be using two year old menus from when the rate was only 12.5/1, or even rounded down to the 'gringo rate' of 10/1 -- Which is easiest to calculate.

The current rate(as of today) is just under 18/1 FWIW.

Most everywhere will accept USD as payment, so for a few small purchases, it's fine to just pay with dollars. However, if one has an established on shore spending budgets for mutiple ports(ie. a few hundred dollars), it may be worth it to exchange to Pesos for what is a one-time reasonable atm fee.

The XChange/Cambio places are a rip-off as they usually give a pretty unfavorable rate instead of charging a flat fee regardless of amount.

Last time, we took the local (EL CENTRO) bus to Old Puerto Vallarta and used an ATM at one of the banks there to withdraw pesos. The ATMs work just like the ones in the U.S.(4-digit pin accepted)/CIRRUS network etc. However, one needs to be conscious that the set amounts offered are usually in Pesos(unless otherwise noted). So one needs to choose their amounts based on that -- If one inputs 200 thinking that they're taking out $200USD, they'll end up with 200 pesos -- Which is worth about $11. $200USD = (about)3600 pesos.

Keep in mind (as stated above), most everywhere will accept USD, so it's not necessary to have pesos, but in my personal experience, one usually will get the best rate(s) purchasing products/services using local currency throughout the world.

Another word of advice. Even if it has a price tag(and especially if it doesn't), the price is always negotiable and haggling is expected. Some people feel awkard bargaining, especially in a foreign country where there may be language barriers...But understand that usually the first price suggested is a high ball, and often, vendors can and do drop way down from their lead-off price. Don't let pushy vendors rip you off. There are plenty of shops/vendors, and they all sell similar souvenirs. Shop around and be happy with the price that you're willing to pay.

If using an ATM check your bank fees. There are no exchange fee cards available. If not, it's usually a 3% fee + any ATM incurred fees. Bank exchange rates are never the official rate.

Check the official rate at xe.com. In October and November the cambio in PV was one peso off the official rate, no ID needed.

We do not think that the cambios are "rip offs" at all!

They will have the exchange rate posted and it is usually very close to the official one.

We live near the border of Mexico and exchange money all the time at those places instead of at the ATM which will probably have other fees attached.

There are cambios all over Mexico and right near the port in Puerto Vallarta. If you are not spending a lot of money then you can just stick to USA $$s!! It only makes a big difference if you are spending a lot!

If you're not going to Mexico again could just 'suck it up' and pay a lower rate. The shops at the pier in PV were giving 16:1 when the exchange rate was 16.8:1 back in October and November.

 

 

 

 

 

At Walmart, is there a limit how much you can get back? For a while the markets wouldn't give pesos in change. Lately we've been ok using a US$20 and getting pesos back from our US$6 purchase.

 

Walmart is across the street from the cruise dock.

Yes it must be reasonable and as far as I know they will not change over US$ 250,-. But what tourist for a day will need that much.

If I buy groceries (or souvenirs, T shirts etc.)there for e.g. US$ 3,- I have no problem paying with US$ 20,- and getting change in Pesos. If you are 2 Persons let each person pay themselves.

Next to Walmart in Vallarta there is Sam's, but they give back change in US$.

Cruising down to Puerto Vallarta next week and wondering what the approx. exchange rate is at the cambios. I know the official rate is $1/18.47 peso. I do not need to know about ATM's as I don't take debit/credit card off the ship.

Just debating whether or not to get pesos at my bank. They are giving me an exchange rate of $1/17.30 pesos.

TIA

Cruising down to Puerto Vallarta next week and wondering what the approx. exchange rate is at the cambios. I know the official rate is $1/18.47 peso. I do not need to know about ATM's as I don't take debit/credit card off the ship.

 

Just debating whether or not to get pesos at my bank. They are giving me an exchange rate of $1/17.30 pesos.

 

TIA

I would wait and get pesos at your first stop. Banks are never give a great rate and the peso is dropping daily.

BTW - why no credit cards off the ship? Depending on your card, all you pay is a %1 fee to Visa/Master Card for usage and you automatically get the best exchange rate. I use my card all the time in Mexico without problem.

I would wait and get pesos at your first stop. Banks are never give a great rate and the peso is dropping daily.

 

BTW - why no credit cards off the ship? Depending on your card, all you pay is a %1 fee to Visa/Master Card for usage and you automatically get the best exchange rate. I use my card all the time in Mexico without problem.

If you really need to know - I only need money for food and small trinkets. I don't buy anything that costs a lot of money.

I am glad you use your card in Mexico, but I have no need to. I just want to know the exchange rate at a cambio.

If you really need to know - I only need money for food and small trinkets. I don't buy anything that costs a lot of money.

 

I am glad you use your card in Mexico, but I have no need to. I just want to know the exchange rate at a cambio.

If it is about a small amount, just pay in US$, even when the exchange rate may be not that great.

Ine--

Do you know what the stores/restaurants are using? 17:1? 16:1? 15:1?

Thanks

I would wait and get pesos at your first stop. Banks are never give a great rate and the peso is dropping daily.

 

 

 

BTW - why no credit cards off the ship? Depending on your card, all you pay is a %1 fee to Visa/Master Card for usage and you automatically get the best exchange rate. I use my card all the time in Mexico without problem.

Because it's not a flat 1%.

If the exchange rate is 18:1, the bank is using 16:1 +1%. Not the exact numbers but we just encountered this on another trip.

We've been compromised with cards before. We change our cards when we get home.

Ine--

Do you know what the stores/restaurants are using? 17:1? 16:1? 15:1?

Thanks

Most stores and restaurants will display what their dollar change is. Today Walmart was 17,70. Sam's will be the same, but they give back change in US$. Costco is in general about the same as Walmart.

I have seen restaurants displaying 15 or 16 most of the times.

Since we have a car I donot use cabs, I have no idea what they use.

Most stores and restaurants will display what their dollar change is. Today Walmart was 17,70. Sam's will be the same, but they give back change in US$. Costco is in general about the same as Walmart.

I have seen restaurants displaying 15 or 16 most of the times.

Since we have a car I donot use cabs, I have no idea what they use.

Thanks. Walmart is consistently about a peso or so under the official rate. Never seen the rate posted at restaurants. But then, we don't usually go to the typical tourist places.

Thanks. Walmart is consistently about a peso or so under the official rate. Never seen the rate posted at restaurants. But then, we don't usually go to the typical tourist places.

Walmart is often a little above what banks will give when exchanging dollars. Remember there is always a difference between buying and selling dollars, apart from charging costs what some exchange offices do.

Just back from Puerto Vallarta. Official rate (that us mortals never get) was 18.9:1. Walmart was giving 18.5:1.