Money Matters in Puerto Vallarta

• Places to Explore
• Sights
• Restaurants
• Hotels
• Entertainment
• Shopping
• Activities
• Travel Tips
• Features

Money Matters

Prices in this book are quoted most often in U.S. dollars. We would prefer to list costs in pesos, but because the value of the currency fluctuates considerably, what costs 90 pesos today might cost 120 pesos in six months.

A stay in one of Puerto Vallarta's top hotels can cost more than $250, but if you aren't wedded to standard creature comforts you can spend as little as $50 a day on room, board, and local transportation. Lodgings are less expensive in the less-developed spots north and south of Puerto Vallarta as well as the charming but unsophisticated mountain towns like San Sebastián del Oeste.

You can get away with a tab of $50 for two at a wonderful restaurant (although it's also easy to pay much more). The good news is that there are hotels and eateries for every budget, and inexpensive doesn't necessarily mean bargain basement. This guide will clue you in to some excellent places to stay, eat, and play for extremely reasonable prices.

Prices throughout this guide are given for adults. Substantially reduced fees are almost always available for children, students, and senior citizens.

ATMs

ATMs (cajeros automáticos) are widely available, with Cirrus and Plus the most frequently found networks. However, the transaction fees charged by your bank can be up to $5 a pop; before you leave home, ask your bank about fees for withdrawing money in Mexico.

Many Mexican ATMs cannot accept PINs with more than four digits. If yours is longer, change your PIN to four digits before you leave home. If your PIN is fine yet your transaction still can't be completed -- a regular occurrence -- chances are that the computer lines are busy or that the machine has run out of money or is being serviced. Don't give up.

For cash advances, plan to use Visa or MasterCard, as many Mexican ATMs don't accept American Express. Large banks with reliable ATMs include Banamex, HSBC, BBVA Bancomer, Santander Serfín, and Scotiabank Inverlat.

Banks

Banamex (Calle Juárez, at Calle Zaragoza, Centro. 322/226-6110. Plaza Marina, Local 37. 322/221-0733. Calle Emilianio Zapata 48. 322/224-8115. Paseo de los Cocoteros s/n, Paradise Plaza, Nuevo Vallarta. 322/297-0688). Banorte (Paseo Diáz Ordaz 690 at Calle L. Vicario, Centro. 322/222-4040. Calle Olas Altas 246 at Calle Basilio Badillo, E. Zapata. 322/223-0481. Blvd. Francisco Medina Ascencio 500, Zona Hotelera Norte. 322/224-9744).

Credit Cards

Credit cards are accepted in Puerto Vallarta and major hotels and restaurants in outlying areas. Smaller, less expensive restaurants and shops, however, tend to take only cash. In general, credit cards aren't accepted in small towns and villages, except in some hotels. The most widely accepted cards are MasterCard and Visa.

When shopping, you can often get better prices if you pay with cash, particularly in small shops. But you'll receive wholesale exchange rates when you make purchases with credit cards. These exchange rates are usually better than those that banks give you for changing money. The decision to pay cash or to use a credit card might depend on whether the establishment in which you are making a purchase finds bargaining for prices acceptable, and whether you want the safety net of your card's purchase protection. To avoid fraud or errors, it's wise to make sure that "pesos" is clearly marked on all credit-card receipts.

Before you leave for Mexico, contact your credit-card company to get lost-card phone numbers that work in Mexico; the standard toll-free numbers often don't work abroad. Carry these numbers separately from your wallet so you'll have them if you need to call to report lost or stolen cards. American Express, MasterCard, and Visa note the international number for card-replacement calls on the back of their cards.

Throughout this guide, the following abbreviations are used: AE, American Express; D, Discover; DC, Diners Club; MC, MasterCard; and V, Visa.

Currency

Mexican currency comes in denominations of 20-, 50-, 100-, 200-, and 500-peso bills. Coins come in denominations of 1, 2, 5, 10, and 20 pesos, and 10, 20, and 50 centavos. (Ten and 20-centavo coins are only rarely seen.) Many of the coins and bills are very similar, so check carefully.

U.S. dollar bills (but not coins) are widely accepted in tourist-oriented shops and restaurants in Puerto Vallarta. Pay in pesos where possible, however, for better prices. Virtually all hotel service personnel also accept dollars.

Currency Exchange

At this writing, the peso was fluctuating between 10.2 and 11 pesos to the U.S. dollar. Check with your bank or the financial pages of your local newspaper for current exchange rates. For quick, rough estimates of how much something costs in U.S. dollar terms, divide prices given in pesos by 10. For example, 50 pesos would be $5.

ATM transaction fees may be higher abroad than at home, but ATM currency-exchange rates are the best because they're based on wholesale rates offered only by major banks. And if you take out a fair amount of cash per withdrawal, the transaction fee becomes less of a strike against the exchange rate (in percentage terms). However, most ATMs allow only up to $300 per transaction. Banks and casas de cambio (money-exchange bureaus) have the second-best exchange rates. The difference from one place to another is usually only a few centavos.

Most banks change money on weekdays only until 1 PM (though they stay open until 3 or later). Casas de cambio generally stay open until 6 and often operate on weekends; they usually have better rates and shorter lines. Some hotels exchange money, but they help themselves to a bigger commission than banks for providing you this convenience.

You can do well at most airport exchange booths, though not as well as at the ATM machines. You'll do even worse at bus stations, in hotels, in restaurants, or in stores.

When changing money, count your bills before leaving the window of the bank or casa de cambio, and don't accept any partially torn or taped-together notes: you won't be able to use them anywhere. (If you do end up with a torn bill, you can change it for a bill in good condition at any bank.) Also, many shop and restaurant owners are unable to make change for large bills. Enough of these encounters may compel you to request billetes chicos (small bills) when you exchange money.

Traveler's Checks

When traveling abroad meant having to move around with large wads of cash, traveler's checks were a godsend, because lost checks could be replaced, usually within 24 hours. But nowadays credit cards and ATM cards have all but eliminated the need for traveler's checks, and as a result fewer establishments than ever accept them in Mexico. If you do decide to use traveler's checks, buy them from American Express (some levels of cardholders might get them for free) or at a bank. You must always show a photo ID when cashing these checks.