canada $'s for peso
 

First time to Mexico. We are going to the Mayan in mid Nov. Should we exhange our canadian dollars for pesos before we go or for US dollars. If I buy US(which is at a VG rate now) and pay the exchange rate, will I be paying to exchange US to pesos again in Mexico?
Will they accept CAD $'s, I know most of the US states will not accept our colourful looks like play money.

ab,
As always, no/low fee local ATMs for cash (pesos) and CC's are the most convenient and have the most favorable conversion rates. Yesterday's ATM w/d was at 10.69 (MXN/USD) - the international rate earlier in the AM was 10.87 and the local cambios were 10.60. CC transactions are usually a fraction better than ATMs, so I would guess that my two will be maybe 10.72.

At each conversion you'll be paying a small (as I recall, not so small in Canada) fee, so multiple conversions (CAD - USD - MXN) make no sense.
M

Just checked www.XE.com
1USD = 10.9653 MXN
1CAD = 9.3468 MXN
I should have waited to get my ATM pesos,lol.
M

Thanks Mikemo

We will use our ATM card when there for peso's. The fee is $3.50 each time so will use sparingly. We also have some USD left from another trip that we'll take and use the CC as much as possible. The peso's will probably be mostly for tips.
B

Not sure where the Mayan is, but I used pesos visiting Monterrey and Mexico City. What I've done typically is bought enough pesos in Canada at a bureau de change to give me enough pesos to hold me over until I get to an ATM in Mexico (say, enough for a taxi to my hotel and to pay for the first night of the hotel), maybe CAN$60-$100 worth. From then on, I just use the ATMs. You might want to find out if there are ATMs at or near your hotel.

ab,
Sounds like you need a no fee US bank -USAA Federal Savings Bank is open to all and has none of the Canada fees.
M

Poor babies,
Your governmental taxes and Banks have been ripping you off for many, many years.
M

M Don't feel too sorry for me. I never pay bank charges at home. I use my Credit Union's own ATM machines for no charge to get cash and Amex and Visa for everything else.
Also I live in an oil rich prov which has no sales tax and has decided that because we have a balanced budget and excess oil revenues, to pay every man, woman & child $400. And don't forget pretty much free health care. I work at an airport and see lots of travelers who unfortunetly get to use our health care and they often say its the best.

The bank said they charge $10. plus 1% to order in pesos for me so I am going to use the ATM as you suggested. I can use it 3 times before it starts costing me more that ordering the money before we leave.

Mike is right use your ATM. But if you want to change Canadian dollars the best way to do it is to change them in Mexico for the best rate. I usually change U.S. currency right at the airport at whichever casa de cambio has the best rate- you can do the same with CND. After that ATM's.

ab,
re: your Canada health care system: please allow me, with 40 years as a US physician (NBME, ABIM, AMNM, ABR) and personal indemnity health care insurance, to strongly disagree.
I would not use your system if it was free.
M

I think the question was about exchanging dollars for pesos, not the merits of one country's health care over another - or did I miss something?

My two CC transactions on 12 October were at $10.81MXN/USD. That's the biggest "spread" over the $10.69/1 at the ATM this year.
M