Are pesos needed?

[Ashland]

23 hours ago, Ine said:

But please remember NO COINS! They cannot be exchanged. 

Agree...and always have small bills...makes it a lot easier.

[choppe]

Using pesos will get you better rates for "on your own" excursions or transportation.

[deelightfull]

On 7/18/2022 at 5:25 PM, Hlitner said:

Tour guides are happy to accept US Dollars.

 

Hank

To pile on to a million correct answers, my Father-in-law started a business as a tour guide in Mexico City (in the 1960s) specifically so he could get paid in US Dollars.  😁 Your tour guide won't have a problem at all with dollars. 

[ATSEAMYLIFE]

On 11/13/2022 at 11:40 PM, canadjineh said:

If your bank is a member of the Global ATM Alliance (44,000 cash machines in over 40 countries) you can use your debit card to withdraw in pesos with no surcharge or access fees.  

Not totally  accurate. My CU is a member. They don’t charge me, but the Mexico Bank ATM does and it’s a non-reimbursable “service charge”.  HSBC and Santander both do it. 

[Hlitner]

5 hours ago, ATSEAMYLIFE said:

Not totally  accurate. My CU is a member. They don’t charge me, but the Mexico Bank ATM does and it’s a non-reimbursable “service charge”.  HSBC and Santander both do it. 

Using ATMs in Mexico will generally mean paying some fees/taxes but it is generally a great deal when compared to changing cash.  Most ATMs will charge a combination of taxes/fees varying from about $50 (pesos) - $75 (pesos) per transaction.  So we are talking about $3 - $5 US.  If you get a small amount out of an ATM this can be a significant percentage.  But withdraw $300 - $500 (US) worth of Pesos and those taxes/fees become negligible.  And you will generally get a wholesale interbank rate of exchange minus 1%.    But beware that ATMs will show you a screen which offers you an exchange rate (which is not that good) as if that is your only option.  This is called "Dynamic Currency Conversion" and it is simply a legalized rip-off by the banks.  Always say NO to these currency conversions (you may also get it with a credit card purchase) and you will then get the international banking conversion rate which is generally 7-10% better.    The screens are designed to scare you into accepting the conversion rate, but just say NO.

 

For folks that do not understand all this stuff I would suggest you Google "Dynamic Currency Conversion" and read about this legalized bank theft.   

 

 

Hank

[pppiglet]

Also, most ATM's in Mexico won't accept your ATM card if your pin is more than 4 numbers. Mine is six and I could not get cash out. Luckily my husband's was only 4. 

[New2cruise2022]

FWIW, I’m planning on bringing some pesetas that I have exchanged at home in the US, and bring American dollars as well. But I’m only there in port from the cruise and the needs aren’t substantial. 

[Hlitner]

On 11/30/2022 at 5:38 PM, New2cruise2022 said:

FWIW, I’m planning on bringing some pesetas that I have exchanged at home in the US, and bring American dollars as well. But I’m only there in port from the cruise and the needs aren’t substantial. 

I hope you realize that "pesetas" and "Mexican Pesos" are two different things.  Pesetas used to be the currency used in Spain, but they were replaced (years ago) by Euros.

 

Hank

[New2cruise2022]

33 minutes ago, Hlitner said:

I hope you realize that "pesetas" and "Mexican Pesos" are two different things.  Pesetas used to be the currency used in Spain, but they were replaced (years ago) by Euros.

 

Hank

This was a muscle memory typo. I lived in Spain for a good while before the Euro days. Doesn’t make me any less of an idiot for replacing pesos, with pesetas — either way, thanks for the correction for me and the rest of the gang reading along. 🤓

[Hlitner]

24 minutes ago, New2cruise2022 said:

This was a muscle memory typo. I lived in Spain for a good while before the Euro days. Doesn’t make me any less of an idiot for replacing pesos, with pesetas — either way, thanks for the correction for me and the rest of the gang reading along. 🤓

We still have some psetas and French Francs at home.  Maybe some day they will have value as collector items :).

 

Hank

[New2cruise2022]

5 minutes ago, Hlitner said:

We still have some psetas and French Francs at home.  Maybe some day they will have value as collector items :).

 

Hank

Worth a memory at least!

[kelleyd]

Resurrecting this post because I'm in the parking lot of Chase about to buy pesos.  For those interested the dollar is weaker against the peso these days,  or rather the pesos is becoming stronger. 

Just getting the pesos to make sure my tour operator is made whole even though it's costing me a bit more then booking through the big tour/travel site 

[New2cruise2022]

5 hours ago, kelleyd said:

Resurrecting this post because I'm in the parking lot of Chase about to buy pesos.  For those interested the dollar is weaker against the peso these days,  or rather the pesos is becoming stronger. 

Just getting the pesos to make sure my tour operator is made whole even though it's costing me a bit more then booking through the big tour/travel site 

I brought them on my recent trip (this past week) to Mexico. I got a much better rate when I used pesos. Cab rides were almost $3 USD cheaper when I used pesos. 

[kelleyd]

44 minutes ago, New2cruise2022 said:

I brought them on my recent trip (this past week) to Mexico. I got a much better rate when I used pesos. Cab rides were almost $3 USD cheaper when I used pesos. 

I ended up not buying today.  The rate is not great right now. 

[New2cruise2022]

14 minutes ago, kelleyd said:

I ended up not buying today.  The rate is not great right now. 

Right. And I had some before I left. Either way, it is great. We found in general, Mexico is not as cheap as it used to be. Cabo was very expensive. In Ensenada we took a cab away from the city to have food in a local spot. They did not have many Americans at their restaurant, like ever. Mind you, we went during the middle of the day and I speak the language so we felt mostly comfortable. I would not probably have done it if there were circumstances to make us any more vulnerable. But the prices away from tourism were amazing. We ordered 8 bottles of coke and basically tried everything on the menu — $30 USD with the conversion. Cabo was more than twice that for the same. 

[Hlitner]

2 hours ago, New2cruise2022 said:

Right. And I had some before I left. Either way, it is great. We found in general, Mexico is not as cheap as it used to be. Cabo was very expensive. In Ensenada we took a cab away from the city to have food in a local spot. They did not have many Americans at their restaurant, like ever. Mind you, we went during the middle of the day and I speak the language so we felt mostly comfortable. I would not probably have done it if there were circumstances to make us any more vulnerable. But the prices away from tourism were amazing. We ordered 8 bottles of coke and basically tried everything on the menu — $30 USD with the conversion. Cabo was more than twice that for the sae.

Got Pesos out of the ATM the other day (we live in Puerto Vallarta now) and only got 18.72 to the US Dollar.  Last year we were getting nearly 22:1.  I guess we could all say, thank you Joe and Congress.

[kelleyd]

2 hours ago, Hlitner said:

Got Pesos out of the ATM the other day (we live in Puerto Vallarta now) and only got 18.72 to the US Dollar.  Last year we were getting nearly 22:1.  I guess we could all say, thank you Joe and Congress.

Chase was 17.12 today. There is an app, Remitly, that looks pretty good.  Great conversion,  can send to yourself.  Close to 18.72.

From what I'm reading the peso is coming on pretty strong in the world market.