money in mexico?
 

I am traveling in Oaxaca with my family and want to know how to carry my money efficently and safely,how to exchange money, etc.
Thanks

I assume similar to anywhere in Mexico, although I have not be to Oaxaca:

A combination of U.S. (or Canadian) cash to exchange into peso, an ATM card to withdraw peso directly, optional credit card and/or travelers checks for large expense and emergency backup. Use the ATM or change money at a bank (are Casa de Cambio - change windows on teh street available in Oaxaca?).

People have lots of ways of carrying their money depending on how safety conscious you feel the need to be. From in your wallet in a normal way, to using zippered pockets in your clothing, or a money belt or neck pouch worn under your clothes.

Since you mention traveling with your family, I'd divide the cash sources among the adults, then no single accidental loss would leave you stranded.

I go to Oaxaca frequently. I find the best thing to do is to bring as much cash as I am comfortable with. When I arrive in Mexico City to change planes I go to an exchange place and get maybe $100.00 U.S. in pesos so that I have some when I arrive in Oaxaca. I exchange the rest as I go along at whatever Casa de Cambio has the best rate. Banks often give a better exchange but the wait can be quite long. Again, make sure to shop the exchange rates at casas de cambio because the savings can add up. As I run low on cash I supplement it with money from an ATM. Get as much as you are comnfortable carrying so you don't keep running to the ATM and incurring fees for the exchange. Just in case, bring some traveler's checks. You get the worst exchange, but I have been to Oaxaca twice when for some reason the ATM's wouldn't take my card- so this is when the traveler's checks come in handy. Normally the ATM's work fine and I just re-deposit the traveler's checks when I get home. I might bring a credit card but usually don't use them as most places charge an additional fee for their use, so I would rather pay cash. As far as carrying money I have always stayed with friends or in a home stay arranged by a langauge school, so for me it has always been safe to leave valuables in my room. When I go around town or the Oaxaca Valley I carry my driver's license for ID and carry cash for the day and that's it. Usually I just carry it in a wallet in my front pants pocket. If I have a large sum I have a wallet that hangs inside my pants. So hopefully you will be in a place where you don't have to worry about valuables, or in a hotel where you can secure them in a saftey deposit box and it will be no big deal. Finally, I have been going to Oaxaca for almost 15 years, neither I, my family, or others that have traveled with us have been a victim of theft- so, if you are a little cautious you should have no problems. I was there for a couple of weeks in June and ready to go back. Have fun!

Hundreds of posts previously -
ATM for cash, and no fee Credit cards.
All else is brain dead.
M

In order to avoid "running to an ATM" (all the time) just get a lot out when you DO use it.

FORGET changing money..it is inefficient, cumbersome, etc., etc., etc...... use an ATM...they work just as well in Mexico as they do in the US.

Credit cards and ATM are not as readily accepted/available in all places. Do the last two posters have specific Oaxaca experience?

I'd listen to Dude- he gives excellent current advice.

Suze,et.al.
I have never had a problem in MX nor W. Europe. I live in San Miguel de Allende a few months a year.
You'll always pay a premium to exchange foreign currency or Travelers' checks and Cambios give better exchange rates than banks in SMdA.
M
Full disclosure - I pay all my bills including CCs in full each month and abhor interest and fee charges.

Two comments- I still think a back-up is wise as I have been unable to use my ATM'S in Oaxaca twice. No one in Mexico could explain why and my bank could not explain on my return to the U.S. Granted this has only been twice out of years of travel to Mexico, but it was a great inconvienience when it happened. As far as credit cards- they are good for restaurants, etc. However in Oaxaca City many businesses put a surcharge on the use of a credit card. Since I am adverse to additional charges what I suggest above has proved to be the cheapest way, in my case anyway, to do things.

Dude, etal,
Indeed, many merchants in SMdA give "cash discounts". These might range from 5% on big ticket household stuff to 20% for restaurant meals (incl drinks) on slow nights or in low season.
M

In puerto vallarta many of the smaller restaurants and hotels on the southside don't accept credit cards.

Cambios on the street are everywhere and rates are minimally worse than the ATM (when it's working and if it hasn't run out of cash like the one near the beach often does on weekends).

Living somewhere makes banking a different story. Less immediate needs.

I would recommed using credit or debit card to pay for restaurants and shopping, but its always good to carry some cash for the ocasional soda, small restaurants or street vendors. Every bank in Mexico will exchange your dollars, you require an ID (this is new). The bank HSBC opens at 8 and closes at 7:00 or 7:30, the other banks close earlier. You will find the best exchange rate at the airport, specially at the mexico city ariport (dont know if you flight directly to oaxaca). For me, a good second option are the american express offices, you dont need to be an amex cardholder to exchage money, in case you were wondering.