Dollars or Pesos

[carbon]

What currency is the best to use in Mexico.

[RonVal]

Although many advise/recommend that travelers should adhere to the old "when in Rome ..." saying, I've always suggested that people should do "whatever you feel most comfortable" in doing.

 

U.S. dollars are widely accepted in Mexico (so long as you're not looking to pay for a $10 item with a $100 bill). If U.S. is your preferred method of payment, stick with small bills (i.e. nothing larger than a $20). Also keep in mind a small peculiarity ---> that, if any of your bills are overly-worn or have a missing corner (or tears), they won't - on all liklihood - be accepted for payment. Also keep in mind that small businesses, beach vendors, and buses prefer/require Mexican pesos.

 

Not that big a deal to exchange your U.S. money for pesos (about 11 pesos to the dollar) ... and, because evrything's priced in Mexican currency, might make it that much easier.

 

In any event ... a good rule-of-thumb is that, whatever the Mexican-peso price is ... the U.S. equivalent is about 10%. For example, MX$100 is about US$10, MX$600 is about US$60, and so forth.

 

Take your pick.

 

 

RonVal

[RonVal]

Forgot to mention that, if you excahnge your dollars for pesos, you DO make out a little better than spending U.S. dollars.

 

If the exchange rate is, say, 11 to 1 ... restaurants (and many businesses) will convert your dollars at only 10 to 1 (sometimes even less).

[MSN-Travelers]

What currency is the best to use in Mexico.

 

First and foremost … US dollars spend just fine wherever you go. Should you try to get and spend Pesos vs. US dollars? That is truly a matter of personal preference thing and there are a number of factors that will influence your decision.

Tourist Mexico is still a cash oriented country. Most merchants are not willing to absorb the fees that the credit card companies charge them on each transaction. Generally, you will pay more for items you purchase with a credit card. They will flat out add a 3-5% fee or they will not bargain to as low a price as if you were paying in cash. Some restaurants may add a service charge fee if you pay by credit card but most don’t.

The exchange rate changes daily and most merchants will post a sign at the door indicating what they will offer at that moment. The rate is generally a little lower than the official international rate. Here is where you need to know the current rate before you pull out the plastic vs. paying cash. Most credit card companies have started to charge an international currency exchange fee. The amount that you think you will save by getting better exchange rate with plastic may be wiped out (and then some) by the credit card company fee.

Do not expect to get US money back as change. US coins don’t exist in the Mexican economy. You can’t spend them and you will not get them back. They are extremely reluctant to give up (back) US paper dollars. You really have to make a big stink before they will give US currency in change.

Expect street vendors, beach vendors and taxi drivers to only work with cash and to automatically use an exchange rate of 10:1.

I vacation in Mexico for 2-4 weeks at a time. I do just about everything in pesos and I get them from the ATM. My bank charges me a currency exchange fee on VISA credit card purchases but doesn’t charge me a fee when I use my ATM card to get cash directly from my checking account.

My recommendation, for the average cruiser, is to bring a pocket full of ones, fives and tens. They spend like 10, 50 and 100 peso bills. Use your credit card where it is accepted and to your personal advantage. ATMs are all over the place. If you find a sweet deal on something you just have to buy and the best price is a cash price then head to the ATM and get what you need for that purchase. And … call your credit card company before to travel to tell them where you will be and when you will be there. If not, their fraud prevention department will likely shut your card down.

Enjoy!