Current exchange rate?

[pokeypoke]

I reada a post a couple of months ago where shops and restaurant were giving a rate of 10 pesos per dollar when purchasing food/items with U.S. dollars. Is this still the case, seeing how the the U.S dollar is currently worth a little more than 12 pesos?

 

Thanks

[househunter]

Most of the merchants, at least in Cabo are still exchanging at 10/1 mainly because the math is so easy. If you are planning on spending quite a bit, pay in pesos. You can use an ATM, exchange at a bank there or buy some at your bank at home.

[Tgreene]

Restaraunts give you the actual exchange rate, especially when using a credit card. Or most keep true to the exchange rate. Most shops keep to the 10/1 ratio

[househunter]

Restaraunts give you the actual exchange rate, especially when using a credit card. Or most keep true to the exchange rate. Most shops keep to the 10/1 ratio

 

Actually in Cabo almost all of the restaurants and bars are still doing 10/1. It may be different in Maz and PV.

[quincytoo]

Actually in Cabo almost all of the restaurants and bars are still doing 10/1. It may be different in Maz and PV.

'

PV restaurants were still doing the 10/1 also last time we were down and just talking to friends who live there and it is still the same. Price you pay for not using that countries own currancy

[Hlitner]

One thing to remember about the Mexicans is that many of the business owners (and taxis) are excellent entreprenaurs and understand how easy it is to take cruise passengers "for a ride." If you try to use dollars in PV (where we spend 2 months a year) or in other ports, you will often find that you get 10 pesos for the dollar. Of course the current exchange rate is more than 12 to 1, but the Mexicans are happy to make more than a 20% profit on taking your dollars. On the public buses in PV, it cost about 45 cents (5 pesos) to take a bus. But, if you try to give the driver a dollar, he will take the dollar and give you no change (100% mark-up). My advice for those cruising to Mexico is that you get some pesos at the first port (the best rates are from ATM machines).

 

Hank

[Tgreene]

That is odd that you guys have only gotten the 10/1 in restaraunts. Each time I have been to PV, they posted the current ex. rate and when using a credit card we got the daily exchange rate.

[bmacri]

OK. Let me get this right.

If the sign says 350 pesos.........that's 3.50 in US?

Is there tax of some kind?

Can you still haggle in Acapulco?

[househunter]

350 peso would be $35.00 dollars.

[pokeypoke]

OK. Let me get this right.

If the sign says 350 pesos.........that's 3.50 in US?

Is there tax of some kind?

Can you still haggle in Acapulco?

 

If you go with the 10/1 ratio, it is $35.00 as Househunter said. If you go with the current exchange rate, paying in Peso's, it is $27.23. If I am not mistaken, in restaurants there is tax and the prices are set.

 

Pokey

[Cruiser63]

Sales tax in Mexico is 15%, except for the border towns and areas that are free ports, where it is only 10%. This tax though is included in the price unless it says plus I.V.A. Hotel tax is between 16 and 18% depending on the port.

 

 

Louis

[SDPadreFan]

One thing to remember about the Mexicans is that many of the business owners (and taxis) are excellent entreprenaurs and understand how easy it is to take cruise passengers "for a ride." If you try to use dollars in PV (where we spend 2 months a year) or in other ports, you will often find that you get 10 pesos for the dollar. Of course the current exchange rate is more than 12 to 1, but the Mexicans are happy to make more than a 20% profit on taking your dollars. On the public buses in PV, it cost about 45 cents (5 pesos) to take a bus. But, if you try to give the driver a dollar, he will take the dollar and give you no change (100% mark-up). My advice for those cruising to Mexico is that you get some pesos at the first port (the best rates are from ATM machines).

 

Hank

 

That's a bit of a stretch (more than 20%). In real terms, at a 10:1 exchange rate each peso is worth a dime. At 12:1 (sorry that I'm rounding things off a little) each peso is worth 8.33 cents so you are giving up 1.7 cents on each dollar you spend. On a hundred dollar purchase, that comes to a whole $1.70. I have to tell you that if you are going to sweat $1.70, then maybe travel is not for you. This is not meant to be mean, but a $1.70 means very little to most traveling tourists but it can mean a whole lot to the locals who live in Cabo and other towns. All you have to do is travel out to the "colonies" in Cabo where the working class of Cabo lives (and see how the children live as well), and you will no longer worry about $1.70. If you spent $1000 in a week in Cabo (in restaurents/stores/tours/fun stuff), you would still only be out $17.00. Lighten up those purse strings and help out some wonderful people, who for the most part work incredibly hard for very little money.

 

I'm off my soap-box now.

 

Slight adjustment, with today's rate, a peso is worth 7.8 cents instead of 8.3 cents. My bad.

[quincytoo]

:cool:

That's a bit of a stretch (more than 20%). In real terms, at a 10:1 exchange rate each peso is worth a dime. At 12:1 (sorry that I'm rounding things off a little) each peso is worth 8.33 cents so you are giving up 1.7 cents on each dollar you spend. On a hundred dollar purchase, that comes to a whole $1.70. I have to tell you that if you are going to sweat $1.70, then maybe travel is not for you. This is not meant to be mean, but a $1.70 means very little to most traveling tourists but it can mean a whole lot to the locals who live in Cabo and other towns. All you have to do is travel out to the "colonies" in Cabo where the working class of Cabo lives (and see how the children live as well), and you will no longer worry about $1.70. If you spent $1000 in a week in Cabo (in restaurents/stores/tours/fun stuff), you would still only be out $17.00. Lighten up those purse strings and help out some wonderful people, who for the most part work incredibly hard for very little money.

 

I'm off my soap-box now.

 

Slight adjustment, with today's rate, a peso is worth 7.8 cents instead of 8.3 cents. My bad.

 

I agree :)

 

If I were to be so rude and callous as to try to use my own countries currency or USD while in Mexico I certainly would NOT be trying to get the best exchange rate for it.

 

Funny thing I was just in New York and as a joke I tried to use a $10 Canadian bill, the storekeeper laughed at me, I wonder what HIS reaction would be if he tried to use a USD ten in Mexico and the store keeper laughed at him??

 

I am sorry but each time I see this question come up I have to shake my head.

 

People, it is so simple, whatever country you are in, use their currancy:cool:

[gregkn]

in my restaurant, we charge 10 pesos for one dollar.....when i see people wanting to pay in dollars, i inform them of our exchange rate, then i advise them that there are atm´s a block away, as well as exchange booths for them to change their dollars....it´s better for them to pay in pesos.

 

for anyone to suggest that restaurants here are in business to rip off tourists doesn´t know restaurants here......reputation is one of the most important things due to the high competition.

 

we insist on honesty with out guests.....if you find yourself in a restaurant with dollars in your pockets, before you are seated, ask the exchange rate....if it´s 10 to one, find the nearest exchange booth or atm.

 

by the way, when it was 9 pesos to the dollar a few months ago, we still had an exchange of 10 to 1.

[Hlitner]

Interesting post (the last one). We dine at over 40 different restaurants in PV every winter, and we could name quite a few that play the rip-off currency game and many that are very honest (regarding the last post, charging a 25% premium to exchange currency is OK?). We also could list restaurants that will disturb you during your meal by trying to sell time shares (while you eat). But listing such places would violate posting guidelines. The simple solution for cruise passengers is to get some Pesos out of an ATM. By the way, I would happily stand outside the cruise terminal and change anyone's dollars for 10-1, but I would be arrested by the local police for theft.

 

Hank

[pulledporky]

If you spent $1000 in a week in Cabo (in restaurents/stores/tours/fun stuff), you would still only be out $17.00. Lighten up those purse strings and help out some wonderful people, who for the most part work incredibly hard for very little money.

quote]

 

Just got off the boat yesterday so my heads still a little fuzzy, but I think you're off a decimal. $1,000 USD converts to $12,810 peso. At 10:1 you're giving up $281 USD on a $1,000 USD spend, roughly speaking.

 

Now as far as helping some of those folks, Friday in Cabo we were enjoying a bucket of beer at the marina when a little girls walks up and offers those little whistles for $5 ea. My friends wife (we'll call her Betty), in her best bargaining stature, waffled a bit so the girls said "allright, for you, 2 for $5". Now Betty is in the swing of things and she counters 3 for $10. The little girl thought for about a half a second and said OK. I waited until the kid left when I told Betty what she did. Betty started to call the girl back when I told her that little girls economy needs the 2 or 3 bucks a lot more than Betty does. I ordered a second bucket of beer and all was fine again.

[househunter]

That's a bit of a stretch (more than 20%). In real terms, at a 10:1 exchange rate each peso is worth a dime. At 12:1 (sorry that I'm rounding things off a little) each peso is worth 8.33 cents so you are giving up 1.7 cents on each dollar you spend. On a hundred dollar purchase, that comes to a whole $1.70. I have to tell you that if you are going to sweat $1.70, then maybe travel is not for you. This is not meant to be mean, but a $1.70 means very little to most traveling tourists but it can mean a whole lot to the locals who live in Cabo and other towns. All you have to do is travel out to the "colonies" in Cabo where the working class of Cabo lives (and see how the children live as well), and you will no longer worry about $1.70. If you spent $1000 in a week in Cabo (in restaurents/stores/tours/fun stuff), you would still only be out $17.00. Lighten up those purse strings and help out some wonderful people, who for the most part work incredibly hard for very little money.

 

I'm off my soap-box now.

 

Slight adjustment, with today's rate, a peso is worth 7.8 cents instead of 8.3 cents. My bad.

 

Actually I think you are off by a decimal. You would lose 170.00 from $1000, $17 from $100 and $1.70 from $10 and .17 from $1.00. That makes a big difference and is why we are buying pesos to use for the first time.

 

At 12/1 each peso would be worth 8.33US instead of 10.00US which is 17%!

[CowPrincess]

name quite a few that play the rip-off currency game

 

Why do you not expect to pay a slight premium for the convenience of using your own currency, instead of the currency of the country you are visiting? To call it a "rip-off currency game" is IMHO uncalled-for, and reflects badly on you. If you want the best exchange rate, buy pesos at a bank and use them.

[pokeypoke]

Househunter and pulledporky are correct - the decimal was off by a space and it does make a difference. However, I did not mean to spark a debate over being tight on money, pullin tourist money scams, helping the Mexican economy or whatever. I have no problem paying in U.S. $ for a 10/1 ratio just as I have no problem going to an ATM and getting pesos or using my redit card. I just wanted to know if most shops and restaurants were still using the 10/1 ratio.

 

Again, thanks to everyone for your replies and comments:).

 

Pokey

[househunter]

Interesting post (the last one). We dine at over 40 different restaurants in PV every winter, and we could name quite a few that play the rip-off currency game and many that are very honest (regarding the last post, charging a 25% premium to exchange currency is OK?). We also could list restaurants that will disturb you during your meal by trying to sell time shares (while you eat). But listing such places would violate posting guidelines. The simple solution for cruise passengers is to get some Pesos out of an ATM. By the way, I would happily stand outside the cruise terminal and change anyone's dollars for 10-1, but I would be arrested by the local police for theft.

 

Hank

 

I honestly think they are not trying to rip you off. The math is just so much easier at 10/1. We have been gettng that exchange in Cabo for over 10 years no matter if the actual rate was higher or lower. Easier for the merchants and much easier for the tourists!

[MSN-Travelers]

I reada a post a couple of months ago where shops and restaurant were giving a rate of 10 pesos per dollar when purchasing food/items with U.S. dollars. Is this still the case, seeing how the the U.S dollar is currently worth a little more than 12 pesos?

 

Thanks

 

Most stores are giving 12.0 as of today. Most money exchange is 12.2 and, much to my surprise, so is the Sheraton. We still use the local ATM because my bank doesn´t change a currency exchange fee on ATM transactions.

 

Enjoy!

[Jsme]

We were there last week and found an interesting conbination of exchange rates offered. It seemed it was different for every place we went into. Some were offering 10 to 1, 12 to 1 and found one place that offered 13 to 1. All of this was on the same day in the same port.

[pokeypoke]

While on the subject of currency exchange, I called my bank today (Bank of America) and inquired about exchanging money through BOA, using credit/debit card in Mexico and using ATM’s in Mexico. This is what I was told as of today:

#1 If I exchange U.S. dollar for pesos through my bank, it is a $7.50 service fee and you must exchange a minimum of $100 dollars which will give you 1,300 pesos as of today.

#2 If you use an ATM while in Mexico, there is a $5 charge plus a 1% fee on the dollar amount. So, if you withdrawal 1,300 pesos, your account will be debited $100, $5, $1 = $106

#3 If you pay in Mexico with debit/credit card, you are charged 3%. For an item that is 1,300 pesos, you end up paying $103.

This is with BOA debit/credit card only. Not sure what other banks charge.

[Hlitner]

After reading the post about BOA, if I was using that bank I would find another bank. Its amazing how folks will stick with a bank that charges all kinds of fees, treats them like 2nd class citizens when they want a loan, etc. My bank (actually a credit union) charges no fees for using an ATM, rebates some of the fees charged when I use my ATM at other banks, and when using an ATM in foreign lands gives us the wholesale rate of exchange less 2%. As to credit cards, many frequent travelers (we are in that group) have learned the wisdom of having a CapitalOne Master Card which is about the only credit card remaining that charges no fees for foreign currency transactions (most CCs charge 2 or 3%). This stuff is probably not important to those taking an ocassional trip out of the country, but for those who spend several months a year overseas we are talking real money.

 

Hank

[pulledporky]

#1 If I exchange U.S. dollar for pesos through my bank, it is a $7.50 service fee and you must exchange a minimum of $100 dollars which will give you 1,300 pesos as of today.

 

They charged me $6.50 and that included UPS second day to my house (I requested it ship to the bank though). Lot's of choices out there. Nice thing was I didn't have to find an ATM. That probably has more importance for a cruise vacation than a land vacation.

 

Sure wish I was back down there spending more pesos!