LoisLane777

Hi, I am traveling to cancun next week. Which is the beter option- convert dollars to pesos in the US or withdraw cash from ATM in Cancun?

MikeT

Wihtout a doubt, ATM in Cancun.

TC

Do take note - ATM withdrawals are not free. Your bank will charge you a fee each time you use the machine. Some as much as $5 per withdrawal + a currency conversion fee. The best....take US dollars and use those. They are accepted everywhere. You will get change in pesos or you can convert your US dollars into pesos once you arrive in Cancun. If you decide to use the ATM, I suggest you withdraw the maximum amount of money each time you use it to cut down on the number of fees charged by your bank. Remember when using a Mexican ATM -- the dollar amount you key in is for PESOS - not dollars, so make sure you do the math first.

suze

As above, it depends on what your bank charges for foreign ATM transactions.

Realize when you spend USD directly you'll probably get a 10/1 exchange rate. If you change peso or withdra direct it will be more like 11/1.

I always use peso in Mexico because it seems the right thing to do. But I know, because Cancun is heavily touristed, things are different there than the rest of the country.

TC

Yes, you will most likely get about 10 to 1 for your USD. However, you won't get 11 to 1 anywhere. 11/1 is the official exchange rate --the one listed on the currency exchange. Exchange agencies, your hotel, no US bank ahead of time will give you that rate. Most everyone uses 10/1 in Cancun/Cozumel area because it makes the math so easy. The fees for doing exchanges quickly eat up any slight favor you would get from exchanging ahead of time. We got 10.6 with no fees at our hotel in Cozumel in February. The best/cheapest way is to bring US cash from home.