Currency Exchange

What's the best way to handle money in port? I don't see us spending much and I think those type places have credit cards.

Where can I exchange cash for pesos?

A true bank ATM is usually the best in my opinion - Banamex, Bancomer, Santander, Scotiabank, Banorte, ... Changing cash in some "casa de cambio" in a tourist area might give you a worse rate. Of course if your bank fees are high and your not getting many pesos the cambios may be better.

When we are at restaurants in the tourist areas, we will often pay in US dollars. If we are buying a paleta or agua fresca from a small store or eating out of the tourist area, we will use pesos.

Last time I ate at a restaurant in Cabo, the difference was $0.50 more paying in dollars rather than pesos.

We have exchanged money at cambios. The rate is about 1-2 pesos off the official rate. You will need a passport to change money at a cambio. You can get money from ATM's, but check with bank/credit card to see what the service fee is.

Some local US banks have excellent exchange rates and very small, if any, transaction fees. If you're in Northern California, check out Mechanics Bank.

Buy enough to have enough pocket money to get to a port's similar bank ATM.

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Last month we paid 17:1 at dockside PV restaurant, official rate was 18.7:1. Walmart was giving par.

We use pesos at the smaller places, mercados, street vendors etc. We'll pay USD in the more touristy places.

FWIW $ is used for both Dollars and Pesos. You might see $Dllrs for USD.

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First off, you are wrong regarding credit cards. Many Mexican shops and quite a few restaurants accept Visa/MC. So if you have a Visa or MC with zero (or low) foreign exchange fees...its a good option. Otherwise, US Dollars are normally accepted in the Mexican ports...although you will often get screwed on the exchange rate. The best way to get Pesos is to simply use ATMs.

Hank

I always get about $500 US in Pesos at the Wells Fargo before we leave. I don't like spending any kind of time looking for where to exchange. You lose about 1 - 1.50 on the exchange rate but I'm ok with that and can pay for a cab when we get these in pesos. Your home bank may offer an exchange, check it out.

I have saved a lot by using pesos even when asking to be charged in pesos on the credit card. One place in Cabo at the marina said the tab in US was about $37 but when I got them to charge my card in pesos, it was about $25. At some places there is a huge difference and you can save a lot by having the pesos or a credit card if you trust the place not to skim you!

Hank or Ine --- or anybody else who is familiar with Cabo ---- is there a Santander ATM within walking distance of the tender pier? I don't want as much currency as B of A has as a minimum purchase amount but I do want some pesos before we hit some of the ports on our cruise. TIA!

Hank or Ine --- or anybody else who is familiar with Cabo ---- is there a Santander ATM within walking distance of the tender pier? I don't want as much currency as B of A has as a minimum purchase amount but I do want some pesos before we hit some of the ports on our cruise. TIA!

Just wanted you to know we did see your post. I cannot help with Cabo as PV is our winter home and we have not been in Cabo for a few years. We do have a few places in PV with Santander ATMs...but I am not aware of any near the port (Marina).

Hank

Just wanted you to know we did see your post. I cannot help with Cabo as PV is our winter home and we have not been in Cabo for a few years. We do have a few places in PV with Santander ATMs...but I am not aware of any near the port (Marina).

 

Hank

Thanks, Hank - we know where there's a bank in PV by the river.

For a short port stop I wouldn't bother with exchange just use USD. Unless you're buying a car it won't be worth the trouble. Just be aware of the exchange rate and don't overpay.

We have a condo in Rosarito and for now just visit a few times a year for 5-5 days at a time. We don't bother with taking pesos as we don't buy anything expensive enough to make it worth the trouble. All the places we eat bring the bill in both MXD and USD. My experience has been about 75% of the tourist places will take Visa or M/C. AMEX not so much. Usually there will be a big sign at the door "NO CREDIT CARDS" if they don't.

Google Maps or another Internet mapping site are always helpful for questions regarding where something might be located. You can then decide if it is too far of a walk.

https://www.google.com/maps/place/Santander+Bank%2FATM/@22.8820383,-109.9161238,17z/data=!4m5!3m4!1s0x86af4aef6e4d9b69:0x9f1e91c984524084!8m2!3d22.883096!4d-109.91489?hl=en

Thanks AtSea & Select....

Why bother when your ports happily accept the US dollar?

Why bother when your ports happily accept the US dollar?

I'm thinking of the craftspeople/artisans in La Paz & Loreto.... are they equipped to take credit cards? If so, then I won't bother to get pesos.

I'm thinking of the craftspeople/artisans in La Paz & Loreto.... are they equipped to take credit cards? If so, then I won't bother to get pesos.

Probably won't take CC. But will be more than happy to take USD. Just take a bunch of small bills as they won't give you back USD change.

Rule of thumb is if the place has a door don't haggle.

Interesting comments on this thread. We are frequent cruisers, but also just happen to live in Puerto Vallarta for about 10 weeks a year (for the past 13 years). When in Mexico I do not even think about using US Dollars as the Mexican Peso is the national currency :). But it is true that many shops, restaurants, taxis, and even some street vendors will accept US Dollars (although you will likely get any change in Pesos). So why don't we use dollars? Because a large majority of those that accept dollars are going to give you a lousy exchange rate (sometimes more lousy if they realize you are on a cruise ship).

So, does this mean that all cruisers should get Pesos (the best way is out of a local ATM)? No. For cruisers that are planning on spending little money ashore, getting Pesos might be more trouble then its worth. If your expenditures are low it is not a big deal to lose 10-25% on many transactions. But for many others it really does make sense to get some Pesos at your first port. Also be careful when using credit cards. Over the years we have had 3 cards compromised in Mexico and two times it had to have happened in very good restaurants. The general theory is that some waiters are less then honest and might copy credit card info. For those of us in the USA this is an inconvenience and not a financial loss...but its still a royal pain.

Hank

... Because a large majority of those that accept dollars are going to give you a lousy exchange rate (sometimes more lousy if they realize you are on a cruise ship).

 

...Over the years we have had 3 cards compromised in Mexico and two times it had to have happened in very good restaurants. The general theory is that some waiters are less then honest and might copy credit card info...

 

Hank

Makes sense to me that cruise passengers would get a worse rate as they would likely be viewed by vendors as less knowledgeable regarding exchange rates and local business practices.

In terms of credit card usage, the waiter/waitress should always come to the table with the machine and run your card directly in front of you. This is different than the US where the card will be taken from the customer. This cuts down on the copying of numbers as only some of the numbers are displayed on the printed copy.

Makes sense to me that cruise passengers would get a worse rate as they would likely be viewed by vendors as less knowledgeable regarding exchange rates and local business practices.

 

In terms of credit card usage, the waiter/waitress should always come to the table with the machine and run your card directly in front of you. This is different than the US where the card will be taken from the customer. This cuts down on the copying of numbers as only some of the numbers are displayed on the printed copy.

Using remote credit card machines (where they bring the machine to your table) was still not widely in use when we left PV in March. Most restaurants still took credit cards to the cashier or even into an office. We agree that the remote technology makes the most sense (this is the norm in most of the world outside North America). Many restaurant owners in Mexico prefer to use a single point of payment (i.e. cashier) as a way to keep control and protect themselves from employee theft.

As a part time resident for many years, I have changed my personal philosophy regarding credit cards. The first few years I would routinely use my MC and Visa cards (they have no foreign exchange fees) just about everywhere. But after having several cards compromised (and also hearing of others having similar issues) I became more careful about where I use credit cards. Now, I tend to rely more on cash which we obtain from bank ATMs in relatively large amounts (this minimizes the impact of Mexican taxes/fees which seem to average about $3 - $4 per transaction).

Hank