What money to use when shopping?

[sha308]

We went to Cozumel in march shopped around the pier had American money but am curious as to which is better,this or convert to Mexican money can anyone help? Thanks to all

[NinaCO]

In Cozumel, they WANT U.S. dollars. That includes taxi drivers, waiters, and shop keepers. I've read that if you want to deal in pesos, the best deal is to use your credit card. (Better rate than converting the dollars yourself.) I've always paid in good old cash which almost has more bargaining power than credit cards (no fee to the merchant). Most merchants in Cozumel treat travellers checks as they do cash.

[solita]

No advantage to convert UNLESS you are spending a very large sum...then your will actually get more buying power for your dollar if you do exchange dollars into pesos. Most shops give a slightly lower exchange rate than cambio shops...or places that just exchange money. Example, the exchange rate today is 11.23 and a shop might give you 11.10. So if you were buying an item that cost $400 pesos, it would cost you $36.03 with dollars. But if you exchanged dollars for pesos, it would cost you $35.62. Not that big of a savings, don't have to wait in line to exchange.

Selling back pesos for dollars you LOSE money. If you have $1100 pesos than you want to convert back to US dollars, you only get $95.16 dollars. But it get the 1100 pesos, it took $97.95 so you lose $2.79 converting back. These figures are just bases on what the exchange rate was this morning. It varies hour to hour.

Just pay in US dollars and make sure you get your change in US also! Remember, that US coins have NO value here...no exchange place will take them! Just bills!

[cruisegirl1990]

10 pesos is equal to $1 if that helps. They may give you some pesos back, depending on if they have American change.

[NnJ2010]

Better yet....put it on your credit card if you can.

You get the protection of using the card (if there is anything wrong with the purchase) and usually the credit card's exchange rate is better than what you will get for exchanging currency plus no commission/fee for 'exchanging' it that way.