Dollars to Pesos in Cabo

[BrightStar]

We are looking for some advise on the best place for purchasing pesos in Cabo. We will have 4 more Mexican ports after that and want to exchange money once so that we have enough to cover most of the costs for all of them, so are looking for the best place to go that is convenient to the ship pier, gives a good rate of exchange, and has a low set exchange fee. Any suggestions are appreciated!

[98Charlie]

We are looking for some advise on the best place for purchasing pesos in Cabo. We will have 4 more Mexican ports after that and want to exchange money once so that we have enough to cover most of the costs for all of them, so are looking for the best place to go that is convenient to the ship pier, gives a good rate of exchange, and has a low set exchange fee. Any suggestions are appreciated!

 

I could tell you today about what I saw last month in Cabo but that rate might be totally different by the time you get there.

 

Not sure how many dollars you want to change into pesos and why you want to change them but generally speeking, Dh wanted to change about $40 into pesos in Cabo and found a place right up by the marina that offered an acceptable rate. We only wanted a few pesos to use at flea markets, etc. at the 2 remaining ports of call on our cruise.

 

Most, if not all, vendors you encounter along your cruise will accept American $$ for payment. It's best to be aware of the current exchange of $$ to pesos before you begin bartering with the locals. If the local person you are bartering with doesn't compute pesos to $$ to your liking you just tell them you're not interested and walk away. If they really want your business they will barter down to the #of pesons/$$ you are willing to spend.

 

Have traveled Mex. Riviera 5 times over the past year and have probably transferred less than $100 to pesos for shopping, etc. Mostly we transfer $$ to pesos to ride the local bus systems.

 

Dianne

[Ashland]

Stick with american $, less hassel that way..All local vendors etc. take $. Mexican Riviera is really more Americanized than some places in America.;)

[Loganeski]

When in Mexico do as the mexicans...use Pesos.

Vendors have to change US$ into Pesos themselves and will not give the best rate.

You can use US$ in shops but change will be Pesos again.

But the best way to get Pesos is by using an ATM.

[jasmith52]

But the best way to get Pesos is by using an ATM.

 

Just to be clear how to do this, look on the back of your ATM card. There probably are some ATM network symbols on your card (eg. PLUS, STAR, Interlink) etc.

 

If you find a bank ATM with one of those (ATM network card) symbols then your ATM card will work in that machine. You will probably be charged a conversion fee of maybe 3% of the total and possibly another ATM fee of maybe 10-20 pesos from the banks who owns the ATM. However this bank conversion rate will be much much better that any money changer will give you.

 

I have used this technique in a number of countries all around the world and it seems to be the least costly way to change money.

[BrightStar]

We are going to 5 Mexican ports and doing all activities on our own, which is why we want to pay in pesos rather than dollars, since most vendors convert pesos at a rate of 10 to the dollar vs. banks convert pesos at a rate (currently) of 12 to 14 pesos per dollar.

 

Using an ATM is better than going into a bank and excahanging actual dollars? Do all ATMs and banks exchange at about the same rate and with about the same fees?

 

I realize this may seem like a lot of questions for a relatively small amount of money, but I am also curious what others experiences are for our future reference if we vacation in Mexico.

 

Thank you.

[Puffinater]

We always convert before we go. We just stop by our local bank and exchange the $ to pesos. It is much easier and cost effective to use pesos.

[SDPadreFan]

In Cabo, on the main drag is a small "strip mall" called Aramburo Plaza. There is a bank there called Santander Bank. As of June of this year, they were still exchanging dollars. Some of the banks in Mexico have stopped (temporarily) because of the exchange rate going north of 13 to 1. They may resume once the peso gains some strength again. But the Santander was still doing it as of June 2009. At a bank - you are looking for a sign that indicates they are operating as a "Cambio" (money exchange). At a bank, you will get the closest to the official exchange rate. There may be a small buy/sell offset, but it will be less than what an ATM charges because the ATM may not only have the buy/sell offset fee (AKA: usage fee), but you will also get dinged by your bank at home for the international transaction. There are a few banks that wave this if you use one of their partner banks.

 

Besides, the above bank, there will also be money exchangers (Cambios) along the marina walk as you get off the tender. The only real concern with those, is the long lines that may form from all the cruise ship passengers.

 

Have a great cruise. Thanks for being a good traveler and showing respect for the host country by using their currency.

 

One other thought. Always use clean, fresh American money (no ink spots or tears) when exchanging. Many countries (especially in Europe) will refuse to accept old, beat up bills from another country. When we know we are going to travel, we always start saving our pristine 20's, 10's, & 5's to take with us.

[98Charlie]

We are going to 5 Mexican ports and doing all activities on our own, which is why we want to pay in pesos rather than dollars, since most vendors convert pesos at a rate of 10 to the dollar vs. banks convert pesos at a rate (currently) of 12 to 14 pesos per dollar.

 

Using an ATM is better than going into a bank and excahanging actual dollars? Do all ATMs and banks exchange at about the same rate and with about the same fees?

 

I realize this may seem like a lot of questions for a relatively small amount of money, but I am also curious what others experiences are for our future reference if we vacation in Mexico.

 

Thank you.

 

Your assumption that all vendors convert $$ to pesos at 10 to the dollar is not really true as to what we saw on our Mex. Riveria cruise in Sept. We found much better rates in ports than that but if you don't want the hastle of changing your $$ into pesos, you should convert them at your local bank before traveling.

 

Dianne

[BrightStar]

Thanks to everyone for your ideas on this subject, and special thanks to SDPadreFan for your direct and thorough reply to our questions.

[Packedready]

We exchange $ for Peso's using the ATM. You will get the best rate available and save a lot. We have gotten items and services for 1/2 what we would have paid if we used $.