Cash or travelers checks for my trip to Mexico?

Question

I'm going to an all inclusive resort in Mexico and have never been to the country. I don't need to take alot of money but I want some money on hand for small purchases and a tour to Chichen Itza. I do not want to use my credit card because of fees charged by my bank for international purchases. Should I take cash and convert to mexican currency when I arrive or should I take travelers checks? I have about $500 to take, what should I do?

Answer 1

If you pay in dollars, you will not get your money's worth. They just round it off to 10 pesos per dollar...so you pay more. The actual exchange rate now is about 11 pesos to the dollar. It is better to use Mexican currency even if the place where you are accepts American dollars. Travellers checks are a pain to use here. The BEST thing to do is use your ATM card. You can take out the money in pesos as you need it and you get the best exchange rate. So not carry more than a small amount of cash at a time.

Answer 2

Cashing Travelers Checks

Answer 3

I am going to Mexico (Cancun) in just under 2 weeks. Last year I went to an all inclusive in the Dominican Republic and brought cash- I am planning on doing the same this year. My best friends went their last year and while you pay in US $ they may give change in Peso's. Also be careful when using the ATM- when you enter 100 it is Peso's not US Dollars and you are going to end up with something like 35 US dollars :)

With the amount of money you are bringing I would bring about 3-4 hundred in travelers checks and then the remainder in cash- less worries.

Also, use the safe in your room, there might be a small fee but it is always best when travling.

Answer 4

As a frequent traveler to this area, I recommend cash. Travelers checks aren't readily accepted by merchants and banks and or your hotel will charge a cashing fee.

The US dollar is accepted throughout all resort areas of Mexico and the border. You don't have to change it to Mexican $. Be aware of the current exchange rate or you may get cheated.

Government owned stores will give you the exact exchange rate for that day. Private merchants will round it off in their favor. Banks will charge a conversion fee, but like I said, it is not necessary to convert.

The farther from the tourist trap areas, the more willing the merchants are to bargain on the price and the cheaper the initial asking price.

Take about $100 in one dollar bills. Use them sparingly to tip help. Even though you don't have to tip, the all inclusive resort employees earn $20 US per month, and will treat you like royalty if you tip them.

Answer 5

My family owns a restaurant here in Mexico, you can almost everywhere pay with dollars, it's common, and some people prefers cash over traveler checks, once a guy left a traveler check to pay his check, but he was kinda drunk and his signature didn't looked like his original signature to the bank guy so didnt paid. . . i would say cash, you can go to an ATM in Mexico and retrieve just what you need.

Answer 6

You can take whatever you feel more comfortable with, I agree with several here: traveler checks are outdated, but they guarantee you will have your money if you lost them.

Don't worry, unless you are going to a tiny town in Mexico all over the big cities and resorts they cash travelers, in the lobby of your hotel they will for sure, besides banks, money exchange business, stores, and everywhere (not taco stands though) LOL
You will have fun!

Answer 7

I suggest travellers checks in $US in $10 and $20 denominations. You can always cash some for local $ at your resort. Just be very sure you have a good understanding of local $ and the value compared to US$. You will be doing a lot of bartering so be careful you don't get taken advantage of. Have a great trip!!

Answer 8

You should take cash. The retailers in Mexico do not like to take travelers checks and will only take credit cards if they have no other choice. It is probably like American vendors and the are charged by the credit companies to provide that service for thier customers. Also they can make money "under the table" when they are doing cash transactions versus a credit transaction.

Answer 9

Mostly travellers checks for safety. If you were near the US-Mexico border, I'd say bring some small US bills (ones and fives) because some stores in Mexico accept US money at fair exchange rates. Try to find a credit card that won't penalize you for international purchases (for your next trip).

Answer 10

Definetly cash. Not a lot of places will take travelers checks. And exchange it to pesos preferably, so you don't have problems with people not taking dollars.