Take Canadian or US dollars?
 

We're travelling to PDC at the end of January from Canada. Should we convert our money into pesos once we arrive or take American dollars along?

Where is PDC? Anyway, we always just take Cdn $'s to Mexico - the cambios convert, no problem and you will probably get a better rate. Stop at the airport exchange and pick up a few US $'s and some pesos just to help you with the taxi's to get to your hotel. From the airport, they often want US $'s - have fun.

This question comes up a lot. We never take Canadian dollars to Mexico (or anywhere other than Canada, for that matter!). I usually take about $100 USD with me from Canada, so that I've got some cash. Then I use an ATM to get pesos or I use my Visa. Note - some places in Playa del Carmen won't take Visa, so you do need some cash. I didn't find that you would get a better rate with CAD at a cambio. I much prefer using an ATM - I really don't like to carry a lot of cash on me. <BR> <BR>Some CIBC ATMs here in Toronto offer US cash, so that's where I get the USD. If I have any left at the end of the trip, I deposit back into my account.

Teri: <BR> Go to your CDN bank and buy Mexican pesos before you leave. This eliminates any exchange with the USD (major ripoff) and allows you to deal with a bank that speaks English and there are no hidden fees. This is the least confusing way. It does mean, however, that you are carrying a large amount of money on you. It's worth the risk in my opinion. John.

When I travelled to Mexico I found that bringing CDN dollars would be a big mistake. The US dollar was a better bet even after figuring out the cost of changing CDN to US $ in Canada. <BR> <BR>Somehow I think if you buy Mexican pesos in Canada you wouldn't get a great rate. There are few people who change dollars to pesos in Canada compared to how many people are changing dollars to pesos in Mexico... <BR> <BR>If you do want to buy US dollars(cash or traveller's checks) in Canada to take with you do not buy from the banks...It's true they're a rip-off. However, if you buy at a foreign exchange shop you'll get a much better deal. This is the case in Vancouver anyway. <BR> <BR>About using your credit or debit cards...If the card company changes the amount in pesos to US dollars and then to CDN dollars then you'll be paying too much...In some countries this is the practice, but I can't remember if it's in Mexico. Further, ATM transaction fees may mean $5 or more depending. Try to find out how they convert such transactions before you go...Nevertheless, bring a card offers good security when you need more money...

John - we disagree! Why pay for the horrendous exchange to U.S. dollars and then pay again to change those U.S. dollars to pesos in PDC! I took Canadian dollar travellers cheques to the RIU Yucatan two years ago and plan on doing the exact same again come Jan. 27th when we return to this wonderful resort! Sorry I got off track. Anyhoo, the exchange rate at the front desk of the hotels and the booths in town were changing from Canadian to pesos at almost the same rate as when I went to the banks here in Toronto and bought some pesos to have in my wallet for the trip down. I found it much easier to pay everything in pesos and just convert in my head approx 6 pesos to $1 Cdn to know how much something was costing me in Canadian money. To have U.S. dollars then change to pesos, I won't know what I was paying for something in good old Canadian dollars. <BR>When you are out shopping and it's a smaller item, it's better to have pesos so you can barter. And if you are buying a large item on credit card, then you'll be pleasantly surprised to get home and find an even better exchange rate applied on your purchase by Visa. My husband paid for his diving by credit card (make sure they are processing it in pesos and not U.S. $ and his Visa bill came in at like 6.7 pesos to one Cdn $. <BR> <BR>So just buy some pesos before you leave and take Canadian dollar traveller's cheques and one credit card and that's all you will need. Trust me.