what currency to use in Mexico?

[Ichiro at sea]

Wondering which currency to use in Mexico. We are going to PV, Maz, and Cabo. Is it better to use US dollars or Canadian? Should we buy Peso's when we get there. We are on the "O" leaving on Sat. :confused:

[Copper10-8]

Wondering which currency to use in Mexico. We are going to PV, Maz, and Cabo. Is it better to use US dollars or Canadian? Should we buy Peso's when we get there. We are on the "O" leaving on Sat. :confused:

They like U.S. dollars, that's fer sure!


Maybe try some Loonies on them?;)

[Krazy Kruizers]

Welcome to Cruise Critic!!

The Mexicans love US dollars.

It would be a waste for you to change Canadian money to US money and then into pesos.

Check do a little changing of Canadian into US.

And remember that they do take credit cards.

[dutchess43]

If you can the best way to pay for purchases in with a credit card. I would change some money into US but not a lot. We have done these ports did ships excursions & used very litle US money.

[lorekauf]

Maybe try some Loonies on them?;)

Hey...we don't even like them here:D.

[Bakincakes]

Use US dollars or pesos.

[garydm]

As mentioned, USD are widely accepted. I assume the same is true for Canadian. I typically go to an ATM at the first stop and get about $50 worth of pesos to use for internet cafes, the ferry at Mazatlan, etc. Makes the math easier-I don't have to do it!

Gary

[dwkestner]

My experience is that you get a slightly better deal in pesos and that the atm exchange rate is generally the best. US Dollars are fine as well though don't expect us change

[lorekauf]

. I assume the same is true for Canadian.
Gary
I'd be shocked if they accepted Canadian.

[Typhoon1]

Rubles anyone?

[SuperTrooper00]

As an above poster said...the best thing you can do is have small US bills and coins. Basically all of your "change" will come in the form of pesos (which you will probably never use). Just an FYI.

[Ichiro at sea]

Sounds like US$ will work best. Now, should we book our excursions off the ship?

[SDHALFAN]

Sounds like US$ will work best. Now, should we book our excursions off the ship?

US$ would be best and, quite honestly I have usually received US$ in change (if I ever had any change coming back that is:D).

As far as the excursions off the ship go - well, it's hit and miss. You can probably find a much better deal on your own but you have to bear in mind that if you book a "private" shore excursion and anything goes wrong (the bus breaks down and you are late getting back to the pier) the ship can and will sail without you. Getting to the next port of call will be up to you and all the expenses are yours alone to bear. If you book a shore excursion and the bus breaks down, or there is unbelievable traffic on the way back to the pier, the ship will wait for you. They won't be happy about doing so but they are bound to do so since you booked the excursion through them.

If you are in port for a short amount of time, or if you are unfamiliar with the area, a ship's excursion would probably be your best bet. If you know the area, know how much time to allow to go from point A to point B and back to point A then you can take your chances.

Have a wonderful cruise.

Valerie:)

[casavaha]

It all depends on what you are buying. If you stay with the large stores and restaurants
close to the ship, you will probably get a decent rate. But if you go off the beaten
track then pesos will get you the most for your dollar.

I live in Mexico, some govt agencies will only take pesos (Electric Co., Ejidos). The larger
stores, Commercial Mexicana, Soriana, Sam's, Walmart will give you a decent rate.
Use credit cards for large purchases.
The peso is fluctuating around 14 pesos to 1 but I guarantee you that the small cafe or
tourist shop will probably only give you 10 or 11 to 1.

You can also go into an ATM at Scotiabank or Bancomer to get pesos, the rate will be
very good. Don't go to exchange houses or someone on the street.

Have a great cruise and enjoy Mexico.

Greg

[Ichiro at sea]

It all depends on what you are buying. If you stay with the large stores and restaurants
close to the ship, you will probably get a decent rate. But if you go off the beaten
track then pesos will get you the most for your dollar.

I live in Mexico, some govt agencies will only take pesos (Electric Co., Ejidos). The larger
stores, Commercial Mexicana, Soriana, Sam's, Walmart will give you a decent rate.
Use credit cards for large purchases.
The peso is fluctuating around 14 pesos to 1 but I guarantee you that the small cafe or
tourist shop will probably only give you 10 or 11 to 1.

You can also go into an ATM at Scotiabank or Bancomer to get pesos, the rate will be
very good. Don't go to exchange houses or someone on the street.

Have a great cruise and enjoy Mexico.

Greg

Thanx for the advice. I think we will buy 1000 peso's at Scotia. (Where is it from the ship when we get off). My wife and another couple are meeting friends staying in the Malecon. Is there one there?

[Ichiro at sea]

Welcome to Cruise Critic!!

The Mexicans love US dollars.

It would be a waste for you to change Canadian money to US money and then into pesos.

Check do a little changing of Canadian into US.

And remember that they do take credit cards.
Thanks for the great advice. I like to barter, so would it be better with US or buy Peso's when we dock. :confused:

[cubzter]

It all depends on what you are buying. If you stay with the large stores and restaurants
close to the ship, you will probably get a decent rate. But if you go off the beaten
track then pesos will get you the most for your dollar.

I live in Mexico, some govt agencies will only take pesos (Electric Co., Ejidos). The larger
stores, Commercial Mexicana, Soriana, Sam's, Walmart will give you a decent rate.
Use credit cards for large purchases.
The peso is fluctuating around 14 pesos to 1 but I guarantee you that the small cafe or
tourist shop will probably only give you 10 or 11 to 1.

You can also go into an ATM at Scotiabank or Bancomer to get pesos, the rate will be
very good. Don't go to exchange houses or someone on the street.

Have a great cruise and enjoy Mexico.

Greg

What Greg says is absolutely correct about the varying exchange rates you'll get via an ATM locally (which is generally much better) than the rate you'll get doing an on the spot exchange with the retailer.

BUT, one other thing you may want to research is what your bank will charge you to withdraw currency at a foreign bank.

Typically what we've found with most US banks (don't know about CAN ones) is there is often a flat ATM fee of, perhaps, $5 and on top of that you'll often be charged a "foreign currency conversion fee" of 3% (of which 1% goes directly to VISA/MC, not the bank). So you'd want to withdraw as much money as you need (or can since many ATMs will have a limit) with the FIRST withdrawal to keep from racking up individual $5 charges.

During my research for our last trip abroad I also found that when using a debit card for purchases many VISA/MC check/debit cards will charge the 3% currency conversion fee, but not the ATM fee.

What's kinda sneaky about the conversion fee portion of the transaction is that it's added into the amount withdrawn from your account on the backside but isn't necessarily line-itemed separately on your statement. In fact, there was a class action lawsuit about that a few years ago. The settlement included a refund of the fee for PAST transactions because the lawsuit alleged that it wasn't properly disclosed. Now that most banks have hidden that in their terms and is considered properly disclosed they continue to do it. Most consumer advocacy groups consider this fee ludicrous since the transactions are all done electronically (and automatically) so there is simply no way for the banks to justify it other than greed.

Anyway, the short verison of this tale is that while the exchange rate at an ATM is probably better, the fees charged by your bank may negate any advantage over the on the spot rate given by retailers...which you'll see posted in most places with a sign saying "$1 = 10 pesos" or whatever rate they offer.

[Ichiro at sea]

What Greg says is absolutely correct about the varying exchange rates you'll get via an ATM locally (which is generally much better) than the rate you'll get doing an on the spot exchange with the retailer.

BUT, one other thing you may want to research is what your bank will charge you to withdraw currency at a foreign bank.

Typically what we've found with most US banks (don't know about CAN ones) is there is often a flat ATM fee of, perhaps, $5 and on top of that you'll often be charged a "foreign currency conversion fee" of 3% (of which 1% goes directly to VISA/MC, not the bank). So you'd want to withdraw as much money as you need (or can since many ATMs will have a limit) with the FIRST withdrawal to keep from racking up individual $5 charges.

During my research for our last trip abroad I also found that when using a debit card for purchases many VISA/MC check/debit cards will charge the 3% currency conversion fee, but not the ATM fee.

What's kinda sneaky about the conversion fee portion of the transaction is that it's added into the amount withdrawn from your account on the backside but isn't necessarily line-itemed separately on your statement. In fact, there was a class action lawsuit about that a few years ago. The settlement included a refund of the fee for PAST transactions because the lawsuit alleged that it wasn't properly disclosed. Now that most banks have hidden that in their terms and is considered properly disclosed they continue to do it. Most consumer advocacy groups consider this fee ludicrous since the transactions are all done electronically (and automatically) so there is simply no way for the banks to justify it other than greed.

Anyway, the short verison of this tale is that while the exchange rate at an ATM is probably better, the fees charged by your bank may negate any advantage over the on the spot rate given by retailers...which you'll see posted in most places with a sign saying "$1 = 10 pesos" or whatever rate they offer.

Thanks again for the info!!! I plan to exchange (US)travelers cheques for paso's. Where would the best place to go? We will be going to the Malecon district to meet up with some friends.