US/PESO... Should I exchange?

Question

Should I converty my US dollars to Pesos when going to Mexico in November? If so how much do you recommend?

When going back home to the US, will I get the same amount back if I have pesos left over? Or will it be less?

Answer 1

There's lots of places to change money in Cancun. You'll generally pay a little more if you pay in dollars since most businesses keep the math simple and give you 10 peso for a USD while the exchange rate is usually a little higher. US dollars will be accepted everywhere, although you may get your change in pesos depending on the merchant.

If you get off the beaten track then you may find it easier to spend pesos, not because they won't accept the US dollar but because they may not have enough change. (e.g. You want to buy a bottle of water with a US $20, a little shop might not have enough pesos to give you change) . If you stay near the tourist areas this shouldn't be a concern.

Personally, I convert small amounts when I need them since I want to keep the amount of pesos I'm left with at the end of my trip to a minimum.

Answer 2

Fluctuations between US and Peso have been stable for the last two years. The value of a Dollar has oscilated between 10 and 11 pesos a Dollar.
If you travell to mexico you may need to pay in cash when you pay all the taxis, when you buy some souvenirs and think a little bit of some cheap restaurants. Most hotels and other stores accept credit cards, so, if I were you, I would calculate my daily waste in cash, just the way you calculate to travel somwhere else.
Taxis at the airports are expensive for Mexico Standards, you should think about 300 to 500 pesos. (30 to 45 bucks) for that concept. Other taxis in the city are not so expensive. Think about 100 to 250 pesos (10 to 20 bucks)
If you return with coins, you can not convert it again to pesos in your country. you will only be able to change the paper.
On the other hand, you could change your dollars here in Mexico. Most of the banks have a place to change the money. And some international hotels accepts payment on dollars.

Answer 3

The rate fluctuates everyday. I was in Mexico June 21 for 6 weeks. When I got there the rate was 1 dollar = 11.2 pesos. When I left a dollar was worth 10.8 or so. I believe now it is around 10.6 or 10.8. Check with your local bank on their rate and if its not conveniant exchange your money at a bank in Mexico. They will have the best rates. Do not exchange at the airports or hotels because they will only give you 10 pesos per dollar.

Answer 4

Youre definitely gonna want to have a slight portion exchanged to have on hand while touring, market shopping, etc. However, its not necessary to convert everything because most places will accept your American dollars, and (depending on where you go) they're used to tourist. If youre going to a rural area on the other hand, I would suggest having pesos on you, it attracts less attention.

If you have some pesos needing ot be switched back, it will depend on the current rate then as it is always fluctuating, but it usually remains within the same range so you wont lose a fortune :)

Answer 5

Apart from exchange rates changing by a few cents from day to day, when exchanging money, you have to pay a kind of commission fee.
For example, if you exchange $100 to peso, and the back again, even with exchange rates not fluctuating, you will probably get $99.70 back, or something around there. (This is only a guess, so I hope no-one gives me a hard time if I'm off by a bit.)
It's not a lot, but if you don't HAVE TO change, it'd be a lot easier not to change.

Answer 6

Mexico uses pesos ... so plan on using them. Don't change your money before getting to Mexico since the rates will be terrible. Use a 'casa de cambio' at the airport to change what cash you bring ($2-300us). Don't carry around a bunch of cash !!!

The exchange rate in each direction differs ... but not enough to worry about. Change it at the airport as you leave.

Tipping with US bills is nonsense unless thats all you have

Answer 7

THE PESO IS GOING UP. WHICH MEANS IT IS ALLREADY AT 11 PESOS FOR 1 DOLLAR. YOU CAN EXCHANGE AND IT IS BETTER AND JUST CALCULATE HOW MUCH YOU NEED. LIKE IF YOU NEED 5500 PESOS, YOU CHANGE LIKE 500 DLLS. OR $600.00 FOR YOUR SHOPPING NEEDS.
IF YOU HAVE PESOS LEFT OVER, THEN YOU GET THE BAD DEAL CAUSE THEN IT IS LIKE 11.12 FOR EACH DOLLAR THEY CHANGE AND YOU GET LESS. YOU WILL LOSE. SO THAT IS WHY I RECOMEND FOR YOU TO CHANGE. IN CANCUN THEY ACCEPT. U.S. DOLLARS BUT NOT ALL PLACES AT A GOOD EXCHANGE RATE.
YOU CAN ALSO WITHDRAWL FROM OVER THERE. I RECOMEND THE BANK BV V OR KNOWN AS BANCOMER. THEY GOT THE BEST EXCHANGE GOING.

SO TAKE CARE AND HAVE LOT'S OF FUN

Answer 8

use ATM card you get best rate only get what you need visa is best card you can use most any card with shared service like star or plus and more never any prob. with visa check card you never win when you exchange so plan not to have many peso it's best to dump them in Mexico best rate most of the time you will always do better exchange in country you visit.

Answer 9

You need Peso's,but keep some smaller U.S. currency for tipping purposes.Servers appreciate it.

Answer 10

get about 1000 dollars and if you dont use it just exchange it in a bank