Mayan Dollar Scam

[idlenote]

Below is from last weeks newsletter at scambusters.com:

 

 

The Mayan Dollar

 

We've mentioned currency confusion before but this is a new

one on us.

 

In Mexico's Riviera Maya earlier this year, Scambuster Keith

was mightily impressed by the low prices offered by traders

for souvenirs at the famous Chichen Itza heritage site.

 

"Only five dollars," the trader would shout, thrusting a

handmade bag or an ornate stone carving in front of him.

 

But once hooked, he discovered this price turns out to be

"Mayan dollars," a non-existent currency that someone

apparently dreamt up and many traders now use.

 

This means the exchange rate can be whatever the trader wants

it to be -- US$10 seems to be the most popular, but US$5 is

also used.

 

Of course, once you discover this, you can back out of the

deal but if you already agreed to the purchase, this can be an

uncomfortable experience.

 

Since Keith's experience, use of the "Mayan dollar" ruse has

been reported from other parts of this beautiful area. It does

a great disservice to the Mayan people.

 

Action: Well, now that you know about this one, you won't fall

for it. But it does emphasize the point about knowing your

exchange rates. If you struggle with this, carry a pocket

calculator with you.

 

Also, it's probably not a bad idea to ask what currency the

sale price is in before agreeing to the purchase.

 

 

Haven't come across this personally, but I know from personal experience that Chichen Itza is dreadful just because of the constant harassment by the peddlers who are inside the site. I think there's one every five feet on each side of the paths.

 

Just one more thing we have to watch for.

[idlenote]

I just realized that I have personally heard of this. We took the trip from Calica to Tulum on Thursday, on the journey there the tour guide was telling us about a lady who bought a T shirt at one of the shops there, the cost was $16.00, she paid for it with a credit card and when she got the slip back she was charged $160.00.

 

The guide said he told her to dispute the charge when she got back to the US and she said she would think about it!

 

Buyer Beware.

[GTJ]

I just realized that I have personally heard of this. We took the trip from Calica to Tulum on Thursday, on the journey there the tour guide was telling us about a lady who bought a T shirt at one of the shops there, the cost was $16.00, she paid for it with a credit card and when she got the slip back she was charged $160.00.

 

I'm not sure if anything was done wrongly here. In most countries credit card charges are made in the local currency. The "$" symbol is used to indicate pesos. So if she was charged $160, and assuming the credit card was issued by a U.S. bank, it would be converted into U.S. funds, about USD 12.24, and then most issuers would add a 3 percent fee, for a total charge of USD 12.61.