Okay, I'm really confused on the best way to change the american dollar to the mexican peso. Should I exchange some of it before I leave or after i arrive there? If I wait till I get there, should I do it at the airport or the bank to get a better rate? And how about tipping, does anyone know how much I should give someone? And how much American money do you think I should carry?
2006-07-26 13:05:07 · 12 answers · asked by jcscandy247 2 in Travel ➔ Mexico ➔ Cancun
Banks give better exchange rates than the airport.
I recommend that you exchange some pesos before you go, and put the rest of your money in US Traveler's Checks. That way, if you keep the receipt and something bad happens, you can get your money back.
You can exchange any travelers checks at any bank in Mexico.
Good luck and have fun!
2006-07-26 13:31:46 · answer #1 · answered by Adam 7 · 0⤊ 0⤋
Used to be, about 10 years ago, the very best way was simply use your ATM. The rate was "best interbank rate" so the exchange cost you only around 1-2%. That was then. The greedy banks got wise to this and started charging HUGE fees for international cash withdrawals.
It really varies with the bank. Down here in Mexico we are robbed blind using ATMs in other countries - my bank charges 15% in Canada and the US.
Most US banks are much more competitive than their Mexican counterparts, so ask your own bank what the rates are. If they are reasonable, i.e. similar to what you would pay through a bank or currency exchange, then the ATM is the way to go. ATMs are everywhere in Mexico, malls, major stores, many hotels etc. (just be careful using them at night especially in isolated locations!)
2006-07-27 22:28:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Take a couple hundred cash and change it at the airport. After that get pesos from an ATM. If your exchange rate is 10 to 1 .. like the poster above ... you are loosing 10% because the actual rate is closer to 11 to 1.
2006-07-26 13:44:13 · answer #3 · answered by sparks_mex 6 · 0⤊ 0⤋
As of last week, it is MUCH better to take money out of a US bank thru a debit card. The exchange rate is higher than the banks' exchange in Mexico, even taking into consideration the fees that are charged (5 to 8 pesos).
The exchange right now is about $10.80 to $10.85 per dollar if you take dollars to a bank or an exchange house. It is at least $11 (after fees) if you withdraw money out of your account via a debit card (VISA, Mastercard, etc).
2006-07-28 14:13:52 · answer #4 · answered by susan999 3 · 0⤊ 0⤋
Most places will still accept american money. For tipping...tip in US dollars. So whatever is a good tip in US dollars will be a good tip after they convert to pesos. I was told by a local the best thing to do was to pay for most thing in dollars because you are going to get change in pesos. Since the exchange varies so much is a good way to make sure your getting the best exchange rate...per this local.
2006-07-27 08:34:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Well let me tell you the basics... one dollar is about 10 pesos so If I were you I would keep that in mind and change the American money when you get there and exchange it in a bank, well they usually pay better. Tips, well about five dollars or fifty pesos depends on the service.
2006-07-26 17:29:38 · answer #6 · answered by m.v 3 · 0⤊ 0⤋
Is better to change it when arriving to Mexico, at the airpot. Just change te necesary amount to get to hour hotel, and then go to a bank downtown to change more money, they're open Mon-Fri 9 am to 3 pm, you can always use your Visa or Master Card cards to pull money from ATMs, or to pay in big restaurants, malls, hotels, etc. Most places accepts also AMEX, but don't trust!
Don't carry at the same time more than $300 USD cash, because you won't need more for a day or two, and if you lose it is not so bad.
2006-07-26 13:21:45 · answer #7 · answered by woht 5 · 0⤊ 0⤋
Dont worry about exchange in Cancun we just got back from there and used US dollars the whole time. Its 10 peso's to a dollar. so 20 peso's is 2 dollars etc.
2006-07-26 13:15:46 · answer #8 · answered by hope_16502 1 · 0⤊ 0⤋
Based on my experience, you don't really need to exchange. Most of the tourist places will accept American money. Most resorts will also have an exchange desk in the lobby. My best advices it to make sure you exchange only what you will spend. Otherwise you lose money on the Mex-US rate.
2006-07-27 06:46:07 · answer #9 · answered by KAREN D 1 · 0⤊ 0⤋
You seem to have had good advice. If you need a good currency converter to get an idea of the rate the there is one on the page below.
2006-07-26 17:27:04 · answer #10 · answered by berlingoffer 5 · 0⤊ 0⤋