Buying Pesos
 

I am taking a 2 week trip to Cancun in November. I have been watching currency exchange rates, and have noticed that the rates are around 9.4 pesos to the dollar at most local banks. Is this a good rate to buy at, or would you suggest waiting until getting to cancun to exchange?

That is a VERY good rate. If you can exchange now without much of a cost, I'd suggest doing it.<BR>We always wait until we get there, but it's not necessary to.<BR>We were there in April, and the rate at our hotel's cambio was only in the 8.4 to 8.6 range. (Plus they charged us a fee as well.)<BR>

WAIT until you get to Mexico! You will get a better rate of exchange and avoid (possible) service charges from your home bank or exchange agency (i.e., Thomas Cook).<BR><BR>You can see ACTUAL exchange rates by typing in "foreign currency exchange rates" into any search engine and checking one of many websites.<BR><BR>Today the peso is trading 9.962 to the USD.<BR><BR>Rates fluctuate daily and are normally posted at the casa de cambio (change windows) and banks in Mexico.<BR><BR>If you use ATMs you will get the best daily rate, but most likely have an international transaction fee per withdrawl imposed by your own bank ($0-3).

A couple notes about Nancy's post & advice... a hotel rarely gives the best exchange rate!<BR><BR>I can only speak to Puerto Vallarta, but there are no fees involved doing business at the cash windows on the street or in a bank, and exchange rates as of last December were in the 9.0 - 9.4 range (reflecting daily changes as I mentioned above).

"Money." My advice was to do it now only if there is little cost involved.<BR>I'm aware of how to exchange other than at the hotel. Some people may not be comfortable with financial transactions in other countries.<BR>We exchange at our hotel because it is convenient, not because we are not aware of other methods of exchange, and that they are less costly.<BR>You have given Ryan good information, and if he chooses to wait until November, I hope he will have rates as good as what's available now.

Ryan,<BR><BR>Wait untill you get into cancun you are going to definately get a better rate. we just came back yesterday and at the american express place by our hotel the rate was 9.89. I would wait.

Nancy~ But realize, you didn't bother to mention there were other places than your hotel where you could have gotten a better rate or avoided the service charge.<BR><BR>I was trying to give Ryan the most *complete* answer to his question.<BR><BR>"Some people may not be comfortable with financial transactions in other countries"???? What's that about?

Hey folks, there are fees when you exchange money at windows on the street or in banks. The fee is reflected in the exchange rate. For example a casa de cambio may give you 9.4, or a bank 9.5. However the actual exchange rate might be 9.9, that's how they make a living. Likewise, the exchange rate for traveler's checks will be a little lower so they get paid for their services. Most of the time ATM's are best. Also if you are changing a lot of money look around and see who has the best rate. normally excange rates improve as you move away from where the tourists hang out.

Jeez Money,<BR>I didn't realize you had "guidelines" for how I should answer someone's questions, or that I should answer it the same way you do for the sake of "completeness."<BR>I gave Ryan info that I thought would be helpful, and I don't really give a flip what you think about it.<BR>How about letting people post without being critical of what they say?<BR>Some people may not want to go into a bank or to a cambio agent and deal with a possible language barrier or go to an ATM on the street.<BR>Duny is right, there are fees no matter where you exchange, but you didn't "bother" to mention that, did you?<BR>I gave an option and so did you. <BR>Get off your high horse...

Let's see Nancy... You got a low exchange rate from your hotel, but that's OK. You're afraid to go to a bank (they might speak Spanish!) or use an ATM on the street.<BR><BR>I am not on a "high horse" but clearly have more experience and am comfortable dealing with things-Mexican. My attempt was to pass this along to Ryan.<BR><BR>(Of course the casa de cambios make money somehow, for example they offer 9.3 pesos to 1USD when the actual daily exchange rate is 9.7).

I hvae not encountered a language barrier in changing money. You hand the person US cash; typically they run the math on a calculator and hand you the tape showing the math along with pesos in return.

Money. You have made some grossly incorrect assumptions about me. I'll clear them up for you.<BR><BR>Let's see Nancy... You got a low exchange rate from your hotel, but that's OK. &gt;&gt;&gt;<BR>We get our exchange at the hotel, which charges only a small bit more than the cambios, but we're fortunate enough to be wealthy, and we don't like to wait in line, so the little bit of $$$ doesn't matter to us. The convenience of taking care of financial matters at our hotel with the concierge is worth the extra money to us. <BR><BR>You're afraid to go to a bank (they might speak Spanish!) or use an ATM on the street. &gt;&gt;&gt;<BR>My husband is nearly fluent in Spanish, and I can speak it well enough to go anywhere by myself comfortably. I personally do not use ATM's anywhere. I feel conducting my personal financial business out on the street is a bit crass.<BR><BR>I am not on a "high horse" but clearly have more experience and am comfortable dealing with things-Mexican. My attempt was to pass this along to Ryan. &gt;&gt;&gt;<BR>We have been to Mexico every year twice a year for the last 10 years for more than 160 days in total. If you check under my name on this board, you will find 100's of pointers I have given to people with questions about the places I've been to. You clearly DO NOT have more experience with all things Mexican. If you did, you would be appreciative of ANYONE trying to be helpful instead of pretending to be an expert when it's clear you're not.<BR><BR>(Of course the casa de cambios make money somehow, for example they offer 9.3 pesos to 1USD when the actual daily exchange rate is 9.7). &gt;&gt;&gt;<BR>The rate was lower during our visit - ergo our receiving less.<BR><BR>Do you have any more questions I can clear up for you?<BR><BR><BR>

If you are going to stay in Cancun, why exchange at all since you will always lose money in any exchange transaction? I am serious. I don't think I exchanged any money on my last trip there. I used a credit card wherever it was accepted and what little cash I used for taxi fares, etc. I paid in USD. Just thought I'd offer another option.

Nancy has a "concierge" at her hotel.<BR>She is "wealthy".<BR>She finds use of ATM "crass".<BR>She has spent "160 days" in Mexico.<BR><BR>To the rest of the sincere and helpful posters on this thread, rich or poor, please forgive this exchange and waste of time.<BR>

Nice try "Money."<BR>You just had to keep pushing it didn't you?<BR>Now that I called your bluff, you're embarassed. You should be... You're the one wasting people's time, not me. <BR>Aren't you going to bash the person who suggested not exchanging because it's not what YOU'D do? <BR>Not everyone is the "world traveler" you profess yourself to be, and anyone who wants to give a tip on this board should be able to do it without having some pretentious wannabe criticize their posts.

For Nancy, I never 'bashed' anyone. I never 'professed' to be a 'world traveler'.<BR><BR>My posts replied to the original question. If someone does not want to use peso in Mexico, fine by me.<BR><BR>"Pretentious wannabe"? Want to be what?<BR><BR>I have been a regular poster on several travel boards, for a couple years now, and believe it or not, you are the 1st person to take such strong exception with any of my contributions.

money. shut up. you just have to get the last word in. you criticized her posts and insulted her. she fought back. no one cares about you or nancy. this is an information forum not a playground. give it a rest.

It's only a pity you don't stay in the UK. <BR>I'm going to cancun in October and at the moment it's about 14.50 Pesos to the Pound.