Is there a "best way" to get pesos?
 

Hello. What is the best way to get pesos? People have mentioned casa de cambios. What is that and how is it different from a bank? Also, many have suggested using ATMs. Are they difficult at all to use in Mexico? I've never used an ATM outside of here in the states. Thanks so much!

ATMs in Mexico work exactly the same way as in the US. One difference is that you may or may not get the option of doing your transaction in english, depending on the bank and where you are...

ATM's are the way to go. However they are not as common as in the states. Even on busy 5th ave in Playa I had a job locating the tiny, phone booth sized ATM booth. In Akumal there was only one ATM, and it was often out of service.

ATM's or cash will get you the best exchange. A casa de cambio is a currency exchange bussiness. They are used frequented by locals and travelers. They make their money by giving an exchange rate that is not quite as good as the going rate. Therefore they keep the difference. They are convienient and often have fairly good rates. With cash you can often come as close to the exchange rate posted in banks.

If you are going to Cancun or PDC, a great way to find ATM's is from the Mapchick's Maps. They are listed on her very detailed and useful maps.

From memory, I think it's mapchick.com

You can look for HSBC or Banamex/Citibank ATM's I'm sure you can get the info in english and very good rate.

The "best way" is an ATM and they are the same as at home (there has always been an option for English on the machines I have used). But do understand the numbers for amount that you punch in mean *peso*. So you want to select 3000 to get approx. 300USD worth of cash.

A casa de cambio is an exchange booth along the sidewalk. Rates are posted daily. They may be slightly worse exchange rate than the bank but much more convenient.

Please remember that it is important to notify your bank/credit union, etc. of the dates and the foreign country that you will be using your ATM/Debit card. Otherwise they may think it is fraudulently being used and deny any payouts.

Dependent upon where in Mexico you are going, you may not need much local money. In Cancun, the only thing I use pesos for is the bus, and so I get them at the hotel. I know it's not the best exchange rate, but $20 worth is all I need for a week. I don't waste my vacation time chasing all over town to save a few cents, and I don't have lots left over to change back at the end of the trip [where you also pay a fee]. I have found it to be similar in Cozumel - everybody will take USD. Less touristy areas may need pesos but not everywhere.

Remember they get you coming AND going - you will not get the same rate of exchange changing your money back to USD as you did getting the pesos. Plus you are likely to pay an additional ATM fee for withdrawals charged by your bank. And VISA has pretty well across the board upped it's foreign transaction fee to 3% if you use your credit card for anything.

Nothing you can do about any of these fees other than to know they are out there.

I never trade peso back into dollars. Plan carefully toward the end of your vacation, then save whatever's left for the start of your next trip!

The US-dollar thing is strictly a Cancun, Caribbean side tourist option. Elsewhere in the country definitely plan on doing your business using peso.

Big time scandel re: Banamex ATMs in SMda this last couple of weeks.
M

Thanks everyone. It sounds like ATMs are the way to go. Ok, I know I will probably sound ridiculously stupid here, but please, I am not really savvy about using foreign currency. Is it difficult to know how much change you're getting back when you pay with pesos? How many different types of centavos are there and what are their denominations?

What sort of scandal was there?

Nah, peso are easy to use.

The hardest part is sometime breaking large denomination bills that you will likely get from the ATM (200 or 500 peso notes). Remember to use them at a busy restaurants or large store for example, not when you need to pay the taxi driver 25 peso. Don't expect change from street or beach vendors either (they aren't trying to rip you off, for some reason small change is always in short supply).

The new coins are 2-tone with a rim around them and clearly marked 1, 2, 5, 10 peso. Anything smaller than a 1-peso coin is hardly worth dealing with (i.e., >.10cents).

If you are shopping at a supermercado, for instance, there will be a cash register just like home. And you will see your items ringing up. Just give the clerk a bill larger than the purchase amount shown, and get change.

The few times I've realized an error in change given, it's been an honest mistake (sometimes I got too much change back, and try to get that straightened out in my bad Spanish!).

As a MXPeso is worth about US$0.09, centavos are not really an issue.

The last two issues of the local English language weekly reported on the front pages that there have been numerous instances of identity theft (in Dec, Feb, Mar and especially in April) from the Banamex ATMs in the Jardin and next to the US Consulate in SMdA. Everyone is pointing fingers, but foreign bank users are stuck trying to prove fraud while their ATM cards are cancelled.

M

If you are nervous about using ATM, you can go with the plan of taking U.S. or Canadian cash and changing it at the casa de cambios.

Maybe this isn't true everywhere since I am speaking from Puerto Vallarta experience, but you will find casa de cambio in all parts of town, convenient, with posted rates, and only a teeny bit less of favorable exchange rates than the banks, ATMs, charge cards get/give.

Just returned from Puebla, Cholula, and Tlaxcala a couple of weeks ago, and got pesos just about every different way. My hubby always insists that we take travelers' checks (the hotel desk will change them for you), but I always change about $40 USD-worth right before going through customs/immigration for cabs, beverages, tips, etc. We used the ATMs everywhere....hubby did it without any problem (and his Spanish leaves much to be desired). I have been frequenting all parts of Mexico since the 80's and have dealt with the continuous peso fluctuation. Right now, it's fairly simple: as one bellhop told me last year "just cover the last digit with your thumb, and that's roughly about how many USD it is". I know that may sound silly, but my brain is lop-sided...all language and terrible math, so I end-up speaking like silk, but fumbling with money ("did I just pay him $7 or 70 cents?") ha. You'll get the hang of it after a few transactions. In the meantime, check-up on: xe.com for the latest exchange rates.

Thanks so much for the tips. I feel much more confident now. Thanks! :)