No More Paying With Dollars in Mexican Tourist Areas

[Norwegianlatvian]

Who or what is Mexio? :confused:

 

..I start to understand how you got more than 17000 postings..:rolleyes:

[mgm61]

last thurs when I went to the bank I asked her about the exchange rate.

Your $100. would be $1173 pesos.

she didn't have any info on service fee to get pesos. Have to call the toll free number.

[Ine]

It's not your money they're worried about. They are trying to prevent money laundering by the drug cartels. You remember them, the people who sell drugs to your willing fellow Americans. We could help Mexico alot more if we would convince our drug consuming fellow citizens that they are the real cause of the problem. The unfortunate losers are the Mexican people!

 

I agree and please donot forget that many of the weapons used during this drugwar in Mexico came (were bought) in the USA.

Why is it difficult to pay with pesos, plenty of ATM's around to get them.

Maybe it is time people realise that the US$ isnot accepted worldwide anymore.

[JeanieRich]

Can anyone tell me what the fees are to use a credit card for out of the country (USA) purchases? I'm hearing as high as 6%. What ATM fees were in Mexico? We are booked for a cruise in December and I would love to avoid as many fees as possible. If one does tours it's easy to spend more than $100. Thank you, Carol in CA

 

I just got back from Mexico on the Mariner of the Seas and US $$ are still being accepted freely for purchases under $100. If you plan to spend over $100 either get Pesos from a bank ATM or use your Credit card at well established business.

[JeanieRich]

One time I didn't tell my bank I was going to Mexico and the ATM machine took my ATM card! Seriously, this time I am hand carrying a letter into my bank and making sure they know I'm going so I don't loose my card to a machine! Carol in CA

I've used my credit card in Cozumel many times. I'd rather not carry large amounts of cash around. Just be sure to let your bank know where you're going...

[Synical Investor]

Can anyone tell me what the fees are to use a credit card for out of the country (USA) purchases? I'm hearing as high as 6%. What ATM fees were in Mexico? We are booked for a cruise in December and I would love to avoid as many fees as possible. If one does tours it's easy to spend more than $100. Thank you, Carol in CA

 

Phone your credit card company. All are different.

[Synical Investor]

Twis in Coz last Dec 2009. Our $$ were taken. I would like to point out something. If the dollars are torn or missing a small section or ratty looking' date=' they won't take it. SO get new or pretty new $$.

 

Looking forward to have a great meal there again.[/quote']

 

This is NEW. December 2009 and November 2010 are very different dates.

 

This went into effect approx. mid Sept.

 

Live here, know that. Signs posted clearly at Home Depot, AutoZone, Walmart, etc.

 

And to everyone saying that they don't want to take your USD, tough luck, that's silly.

 

THIS IS A LAW!!!!!!!!!!!!!

 

They can't go to their bank and deposit more than the allowed USD per month!!!!!!!! They must show their credentials in order to exchange $$$$$.

 

Yes, Mexico is getting more and more computerized.

 

And using a credit card is just as safe, if not safer than the U.S. I've only had my card compromised more than a couple of times in the U.S.

 

Imagine that!!!!

 

P.S. agree on the torn money.

[irishgirl]

I was in Costa Maya 10/20/10 and Cozumel 10/21/10 and had no problem using USD. None of the vendors asked for Pesos, nor did they mention them.

 

Judy

[Cuizer2]

Can anyone tell me what the fees are to use a credit card for out of the country (USA) purchases? I'm hearing as high as 6%. What ATM fees were in Mexico? We are booked for a cruise in December and I would love to avoid as many fees as possible. If one does tours it's easy to spend more than $100. Thank you, Carol in CA

 

Ask your bank.

[Kellie Poodle]

This is NEW. December 2009 and November 2010 are very different dates.

 

This went into effect approx. mid Sept.

 

Live here, know that. Signs posted clearly at Home Depot, AutoZone, Walmart, etc.

 

And to everyone saying that they don't want to take your USD, tough luck, that's silly.

 

THIS IS A LAW!!!!!!!!!!!!!

 

They can't go to their bank and deposit more than the allowed USD per month!!!!!!!! They must show their credentials in order to exchange $$$$$.

 

Yes, Mexico is getting more and more computerized.

 

And using a credit card is just as safe, if not safer than the U.S. I've only had my card compromised more than a couple of times in the U.S.

 

Imagine that!!!!

 

P.S. agree on the torn money.

 

That law doesn't work here at the border. The merchants just take their cash across the bridge and deposit it in their US Banks.

 

Most of the merchants and dentists that do business in our little border shopping town live and bank in the US.

[saintbernardlover]

I don't have any problems with the regulations but would rather not have to pay the 4% International ATM charges that my debit card will charge. We don't really plan on buying anything, but will need to pay for Dolphin Encounters in Cozumel for three which will be over $300. Are traveler checks the best way to pay? Thanks

[Cuizer2]

I don't have any problems with the regulations but would rather not have to pay the 4% International ATM charges that my debit card will charge. We don't really plan on buying anything, but will need to pay for Dolphin Encounters in Cozumel for three which will be over $300. Are traveler checks the best way to pay? Thanks

 

When I was there I used a credit card.

[Synical Investor]

That law doesn't work here at the border. The merchants just take their cash across the bridge and deposit it in their US Banks.

 

Most of the merchants and dentists that do business in our little border shopping town live and bank in the US.

 

Oh, yeah, right. Sure they do :rolleyes:

 

Ever hear of the IRS?

 

They'd be foolish to deposit all of their Mexico earnings into a U.S. Bank.

[scottbee]

I don't have any problems with the regulations but would rather not have to pay the 4% International ATM charges that my debit card will charge. We don't really plan on buying anything, but will need to pay for Dolphin Encounters in Cozumel for three which will be over $300. Are traveler checks the best way to pay? Thanks

 

Math Lesson

 

Most places on the street will give you 10 pesos for 1 US Dollar cash as the 'cash exchange rate', maybe 11:1

If you use your credit card, you'll get 11.7 pesos for $1.04 ($1 + 4%); the bank rate plus 4% or about 11.25:1

 

So would you rather use $1 cash and get 10 or 11 peso? or $1 credit card and get 11.25 ?

[Hlitner]

We live in Puerto Vallarta for about 2 months a year and have been telling cruise passengers that it pays to use Pesos. The current exchange rate is a little better than 12:1 but if you find a merchant who will take dollars they will probably give you 10:1...which is a total rip-off. As to ATM machines (this is how we get all of our money in Mexico) the local ATM fees are usually about 6 pesos per transaction (50 cents). In addition, there is usually a 1% hidden interbank fee built into the ATM card exchange rate. Any other fees would be those charged by your bank (our credit union charges zero fees). Using an ATM will get you the best rates. As to credit cards, if you happen to have a CapitalOne card you will pay no transaction fees. Other credit cards charge anywhere from 2 -5% with the typical charge = to about 3% (sometimes hidden in the exchange rates and other times disclosed on your statement). This is still much better than the 20% + you lose when you try to use dollars. It will be a few more months until we know the true impact of the new Mexican currency regs, but you can expect to find more and more merchants and venders who will no longer accept dollars.

 

 

Hank

[TPKeller]

I'll second that recommendation for CapitalOne. They still do not charge foreign currency exchange fees. Apparently they are being joined by a few other specific cards as well. Maybe a trend?

 

http://travel.usatoday.com/destinations/dispatches/post/2010/11/chase-british-airways-visa-drops-foreign-transaction-fee/130047/1

 

Theron

[melmar02]

Has anyone encountered issues paying for a cab with US $? It should be way under the $100 limit, but I was just curious.

[andrzej5914]

Just got off the Radiance yesterday. We stopped in Cozumel and Costa Maya on Monday and Tuesday. As long as the purchases were under $100, they took $ without a question. Taxis? the same.

 

The stores did have signs about the $100 limit.

[Cuizer2]

Has anyone encountered issues paying for a cab with US $? It should be way under the $100 limit, but I was just curious.

 

Well, are you buying the cab, or just using it to run around Dallas?

[rudikins]

Has anyone encountered issues paying for a cab with US $? It should be way under the $100 limit, but I was just curious.

 

I used U.S. $ while taking a taxi a couple of weeks ago in Cozumel. Before I got in, I asked how much it was to the cruise ship from where I was. The taxi driver "seven dollars", so that is what I paid. He didn't even mention pesos.

[scottbee]

Math Lesson

 

Most places on the street will give you 10 pesos for 1 US Dollar cash as the 'cash exchange rate', maybe 11:1

If you use your credit card, you'll get 11.7 pesos for $1.04 ($1 + 4%); the bank rate plus 4% or about 11.25:1

 

So would you rather use $1 cash and get 10 or 11 peso? or $1 credit card and get 11.25 ?

 

Sorry, I used 11.7 as the exchange rate example here, according to today's rates it's closer to 12.2

 

10:1 'street' exchange rate (sometimes 11:1)

12.2:1 official exchange rate

11.73:1 exchange rate w/ 4% credit card surcharge (12.2/1.04)

 

so I ask again, what's the better deal ?

Use US Dollars and get 10 or 11 pesos per dollar on the street;

or use a credit card and get 11.73 pesos per dollar?

 

but please; continue to keep paying in US Dollars, so those of us smart enough to get pesos can continue to get a better deal.

[dunblane.andersons]

Thats gotta be one of the most arrogant and obnoxious things I've read here a while.

Wow.:eek:

 

Totally agree with you!!

[manu4evr]

Well, are you buying the cab, or just using it to run around Dallas?

Another outstanding and informative post. What would we do with out such knowledgeable posters.:rolleyes:

[buckanear]

Totally agree with you!!

 

You can read Carl's posts and you'll notice that he has the same attitude all the time (ie. won't speak "foreign" because it's too much of a hassle, he speaks American). I don't understand why people like that bother traveling to other places. Are they trying to experience another culture or force their own on other people?

[uksimonusa]

I look at this as im on vacation from america , carrying american dollars . If they want to sell me something they can take my money or I wont buy. Im buying something i probaly dont need . Im being a tourist spreading the wealth. If more peoply do the same they will stop this nonsence . CARL

 

Wow, spreading the wealth is no good if the people you're speading it to cannot use or spend it, sometimes it hurts to call myself an American

 

Thats gotta be one of the most arrogant and obnoxious things I've read here a while.

Wow.:eek:

 

Couldn't agree more