Does it make most sense to convert $ to Pesos at home to use instead of US$

[tusconcam]

This is probably a no brainer but does it make most sense to covert some money to pesos at home prior to travelling on my cruise at the end of April?

 

My girlfriend and I will be stopping at 2 other ports that using US money is easier to take/figure out as it will be used for tips for service; however in Cozumel we plan on doing a Bar Hop on the East side and will be eating and drinking at various bars/restaurants and hope to shop near the piers/downtown as well.

 

I have looked up the US/peso exchange online but am I correct to assume that exchange rates may vary between places particularly on the East side of the island?

 

I have read that paying in US$ some patrons had been given a higher price and others got a poorer exchange rate.Is that something that anyone could chime in about?

 

Will I get a better deal per say if I pay in pesos?

 

I've seen a bunch of restaurant menus online in US and in Pesos too. If I were to take pesos I hope I can get a menu in pesos just so I don't have to do some mental math/exchange work in my head. (I will be doing some drinking too lol).

 

Many yrs ago I used to just divide the pesos by 10 to get the US exchange. Not so easy to do now with a different rate (and one that might fluctuate from place to place too) I suppose.

 

Finally, we have to take a taxi and am aware that there are posted rates. Does it make sense to use US or Pesos there?

 

Thanks for your patience and assistance with these questions.

[monicajay]

For Canadians it is best to go straight to Pesos. We only went to a place (the Money Bar) that takes credit cards. The amount that came through on our card was about 15 % cheaper than if we had paid in US $ that we purchased in Canada.

 

That being said, many places on the East side do not take credit cards so buying some pesos in advance wouldn't be a bad idea.

[JohninDC]

You'll pay a fee and lose something to convert either US dollars or Canadian currency into Pesos. Easy solution is to bring lots of small denomination US dollars -- cab drivers on Coz and all over the world never seem to have change when you pull out a $20 :(

[NightOne]

This is probably a no brainer but does it make most sense to covert some money to pesos at home prior to travelling on my cruise at the end of April?

 

My girlfriend and I will be stopping at 2 other ports that using US money is easier to take/figure out as it will be used for tips for service; however in Cozumel we plan on doing a Bar Hop on the East side and will be eating and drinking at various bars/restaurants and hope to shop near the piers/downtown as well.

 

I have looked up the US/peso exchange online but am I correct to assume that exchange rates may vary between places particularly on the East side of the island?

 

I have read that paying in US$ some patrons had been given a higher price and others got a poorer exchange rate.Is that something that anyone could chime in about?

 

Will I get a better deal per say if I pay in pesos?

 

I've seen a bunch of restaurant menus online in US and in Pesos too. If I were to take pesos I hope I can get a menu in pesos just so I don't have to do some mental math/exchange work in my head. (I will be doing some drinking too lol).

 

Many yrs ago I used to just divide the pesos by 10 to get the US exchange. Not so easy to do now with a different rate (and one that might fluctuate from place to place too) I suppose.

 

Finally, we have to take a taxi and am aware that there are posted rates. Does it make sense to use US or Pesos there?

 

Thanks for your patience and assistance with these questions.

 

I did the Bar Hop in Cozumel. We ate at Playa Bonita (one of the stops) and the menu prices were is pesos. We got "beaten" on the exchange rate. See my post (#7) in this recent thread:

 

http://boards.cruisecritic.com/showthread.php?t=2325959

 

When we bought beers/drinks at the bars they always charged us an even amount in USD. lf I remember correctly beers cost $3 USD pretty much at all the stops.

 

Bottom line though is how much is your time worth? If you are not making big purchases and spending less than $100 during the stops then it may not be worth your time to save $10-$15 total. :)

[Keith1010]

I too would use USA currency.

 

Keith

[crewsweeper]

I'm with Carl on this one, assuming you can get a fair rate at your local bank. Small US bills ($1s and $5) for drinks and small items. Pesos for the food at places on the east side as prices are quoted in pesos and the bar/restaurant can change peso pricing at any time to help them on the exchange.

 

You can't haggle in bars/restaurants; but if buying a big ticket item and the vendor says 14 pesos per dollar when back home it was 18 and all you have is $ and really want the item, haggle lower total pesos or just fork over the $. Not that big of deal. If the vendor says the old standard 10 to 1, walk away.

[OCruisers]

We always us the US$. It's easy and convenient! :)

[Purvis1231]

I would not spend money to get Pesos but I have a friend who regularly travels to Mexico and he brings me some Pecos. I found that you can get some good deals on small items such as t-shirts and sunglasses. Plus I use Pesos for tips in Mexico.

[Bananner]

Everywhere I went in Cozumel took US dollars. I think you would lose money trying to get the currency exchanged, but that's just my opinion.

[NightOne]

Everywhere I went in Cozumel took US dollars. I think you would lose money trying to get the currency exchanged, but that's just my opinion.

 

How specifically would you lose money? :)

[Bananner]

How specifically would you lose money? :)

 

Just in the exchange rate/transaction fees I mean :)

[NightOne]

Just in the exchange rate/transaction fees I mean :)

 

Yes, but you would make up for that (and more) by not getting the exchange rates the local merchants will use. :D

[bruadhin]

Would the merchants even accept Mexican Pesos in Cozumel? I got the impression the de facto currency is US dollars.

[NightOne]

Would the merchants even accept Mexican Pesos in Cozumel? I got the impression the de facto currency is US dollars.

 

 

The official currency still is the Mexican Peso. :)

[Pops, Esq.]

Just in the exchange rate/transaction fees I mean :)

 

But, seeing as how the OP is Canadian, there is an exchange rate/transaction fee loss to convert to US dollars, too.

[bruadhin]

The official currency still is the Mexican Peso. :)

 

And? Often de facto trumps official. :D

 

I'm going to ask the cabbie next time if I can pay in Pesos. At least if I remember to ask.

[smokinmike]

Trust me - the cab drivers will take pesos. Of course you could help them out greatly by paying 10 bucks for a ride downtown from Puerto Maya.

[vettecruiser1]

Was just there in December. The exchange was 17 pesos to $1 us at the exchange right across the street from the pier. Most vendors use either 10 to 1 or 12 to 1. Very easy to see they prefer you pay in dollars sense they making a extra 10 percent on every purchase. We bought 1700 pesos for $100 plus a $2 fee. Every time we bought something we used there conversion and it worked in our favor. Shirt marked $5 was 50 pesos, when really it should have been close to 85 pesos if they knew the right exchange rate. Same with cab ride most everything is prices in $. Cab ride was $10 once I asked what it would bee in pesos the cabbie said 120 pesos, using the 12-1 conversion, when really he should have charged 170 pesos. My advise is let you $ work for you in countries we the $ is strong. They want you to pay in $ for convenience, but in reality you are losing a good bit money by not exchanging. If you buy too many pesos just exchange them back really easy same place or buy some more stuff. We usually get between $100-200 every time and it seems we normally never had much left over, any left is usually spent buying the $1 beers walking around.

[Cruise-mom]

I'm also considering getting some Pesos as I would be exchanging Euros for Dollars anyway, so it might save the exchange rate on the Dollar and then the conversion in port? We are visiting Chankanaab and it states on their website and the email confirmation I received that they only except Pesos (cash), although I have read that others have used Dollars there.

[przyk]

Was just there in December. The exchange was 17 pesos to $1 us at the exchange right across the street from the pier. Most vendors use either 10 to 1 or 12 to 1. Very easy to see they prefer you pay in dollars sense they making a extra 10 percent on every purchase. We bought 1700 pesos for $100 plus a $2 fee. Every time we bought something we used there conversion and it worked in our favor. Shirt marked $5 was 50 pesos, when really it should have been close to 85 pesos if they knew the right exchange rate. Same with cab ride most everything is prices in $. Cab ride was $10 once I asked what it would bee in pesos the cabbie said 120 pesos, using the 12-1 conversion, when really he should have charged 170 pesos. My advise is let you $ work for you in countries we the $ is strong. They want you to pay in $ for convenience, but in reality you are losing a good bit money by not exchanging. If you buy too many pesos just exchange them back really easy same place or buy some more stuff. We usually get between $100-200 every time and it seems we normally never had much left over, any left is usually spent buying the $1 beers walking around.

 

No one told me there would be math involved in my cruise. The calculations become even more fun once you have had enough margaritas or beers.

 

I convert dollars to pesos for multi day land vacations in Mexico, but for me the cost of time on a short port of call day does not justify exchanging money to save a few bucks. Besides you will most probably end up taking pesos home with you or buying something you would not otherwise have bought and that will eat up your savings.

[vettecruiser1]

Not very hard math. But next time you go add up how much American money you spend. If is like most $200-$300 for your excursion or whatever then if you would have used pesos you would have saved $20-$30. To the average person that is a pretty good discount. As for bringing pesos home if is less then $170 pesos sure we bring them home since that is less then $10 if more then we convert back. As for us we usually end up in Cozumel every year or so and money unlike food does not go bad. Just keep put it in the travel drawer and use it the next time. Once you convert their is really no math, most vendors walk around with calculators. I have asked to use so to haggle a better price.

 

Like I said if you don't covert you are not letting your dollar which is weak in most countries work in your benefit. Mexico is one of the closest countries were your dollar is really strong. And I have only seen the jewelry store actually look at the daily conversion rate to give you a price. The 10-1, 12-1 was the conversion rate 9 years ago.