Usd to Peso exchange in Cozumel

[cruisintime26]

I realize that there is no real need for Pesos in Cozumel. However we are visiting Progreso after Cozumel and you can get a much better price in Progreso with Pesos. Our last trip I exchanged in Progreso but it took close to a hour to complete the transaction at the bank. This trip we have nothing planned for Cozumel so I would like to exchange there to give more time in Progreso. I'm looking to exchange cash not exchange at a ATM. Does anyone have any suggestions on where to go to get the best exchange rate?

[blue_water]

Your other options are a casa de cambio (currency exchange) or a bank. The best rate is an ATM or bank, but we often use the casa de cambio for convenience when not converting large sums. Divisas San Jorge and other casa de cambios are in town, you can google their location. Not sure if there is anything closer to the pier...

[crewsweeper]

Bank ATMs, not non-affiliated "street" ATMs, usually provide a good exchange rate. There are limits on amounts that can be exchanged (US$ 300?) and you will need your passport. There are bank affiliated ATMs in Mega mart and Chedraui.

 

Behind the park next to Chedraui super market is a store called Elektra, it is owned by or is a branch of Banco Azteca. It can be fairly busy but in the past they have had very competitive rates in the past.

[blue_water]

The OP wants to convert US$ to Peso so ATM's are not an option. The ATM's do give you the best rate (but watch the fees).

 

Cruisintime, exchanging at a bank can take very long, and they take care of their clients before you. And if you are there on the 1st or the 15th of the month avoid banks (and especially bank ATM's). Almost everyone in Mexico gets paid twice a month via direct deposit and the bank offices and ATM's are mobbed.

 

The casa de cambio is the fastest method, and unless you are converting thousands of US $$ the rate is fine. You will see many of them, just compare for the best rate between a few as it does vary.

 

Note that you also need your original passport at a bank or casa de cambio, copies are no longer accepted.

Edited November 17, 2016 by blue_water

[rapata]

Why not purchase your pesos before you leave home, through your bank or a local currency dealer, or if you are going through a major airport they all have foreign exchange kiosks.

 

 

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[blue_water]

Many banks charge a flat fee to order pesos, and the airport exchanges are not great. Better off getting them there or not at all...

[c-leg5]

The OP wants to convert US$ to Peso so ATM's are not an option. The ATM's do give you the best rate (but watch the fees).

 

Cruisintime, exchanging at a bank can take very long, and they take care of their clients before you. And if you are there on the 1st or the 15th of the month avoid banks (and especially bank ATM's). Almost everyone in Mexico gets paid twice a month via direct deposit and the bank offices and ATM's are mobbed.

 

The casa de cambio is the fastest method, and unless you are converting thousands of US $$ the rate is fine. You will see many of them, just compare for the best rate between a few as it does vary.

 

Note that you also need your original passport at a bank or casa de cambio, copies are no longer accepted.

 

Many banks charge a flat fee to order pesos, and the airport exchanges are not great. Better off getting them there or not at all...

 

Agree with using ATM's for cash withdrawal but cambios for exchanging cash.

 

We usually use ATM but exchanged some notes a couple of weeks ago on the mainland and didn't need passport. I know you used to need them for ID with travelers checks but why with cash?

[blue_water]

Agree with using ATM's for cash withdrawal but cambios for exchanging cash.

 

We usually use ATM but exchanged some notes a couple of weeks ago on the mainland and didn't need passport. I know you used to need them for ID with travelers checks but why with cash?

 

You need original passport to exchange at a bank now, they accepted copies until earlier this year. Never needed a passport at an ATM...

We also never needed a passport at a casa de cambio, friends said they needed one recently...

 

We just built a home outside Playa and have been down 7 times in 18 months. Every visit we buy pesos to bring home and every time we return the US$ is worth more...go figure...but not a bad thing.

[sublarry]

Bank of America has a agreement with Santander bank. You can use their ATM at their bank with no transaction fees and you get the actual exchange rate. That won't happen at the local money exchangers.

 

 

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[sublarry]

I agree with Bluewater, banks at home will charge a large fee. We checked into Bank of America and Wells Fargo two years ago before we went for a week in Playa. Cash use the local changer, but if you want bang for the buck Bank of America works. For one day, probably local is the way to go. Check the rate right before getting on the ship or maybe guest services can tell you before you get off in Cozumel.

 

 

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[blue_water]

Bank of America has a agreement with Santander bank. You can use their ATM at their bank with no transaction fees and you get the actual exchange rate. That won't happen at the local money exchangers.

 

 

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BOA no longer has that agreement.

 

There is no fee at the Casa de Cambio, the rate is just a little lower than the ATM

 

Keep it simple - the op just wants to exchange a little cash for pesos - the casa de cambio works.

[cruisintime26]

Thanks for all the great information. I haven't been able to find a local exchange that doesn't charge a high fee. Also I'm not looking to exchange a lot of US dollars. Couple hundred max. I just want to get it done before I get to Progreso.

[maldenmusic]

I realize that there is no real need for Pesos in Cozumel. However we are visiting Progreso after Cozumel and you can get a much better price in Progreso with Pesos. Our last trip I exchanged in Progreso but it took close to a hour to complete the transaction at the bank. This trip we have nothing planned for Cozumel so I would like to exchange there to give more time in Progreso. I'm looking to exchange cash not exchange at a ATM. Does anyone have any suggestions on where to go to get the best exchange rate?

I've been to Progreso about 10 times and have never used pesos. American dollars are always accepted. In fact, once when I asked for change in pesos to take home as souvenirs no one had any.

[cruisintime26]

I've been to Progreso about 10 times and have never used pesos. American dollars are always accepted. In fact, once when I asked for change in pesos to take home as souvenirs no one had any.

 

Usd is accepted in Progreso but most venders do the math at 10 peso to 1 dollar. Actually exchanging to Pesos can save you a lot of money.

[c-leg5]

Usd is accepted in Progreso but most venders do the math at 10 peso to 1 dollar. Actually exchanging to Pesos can save you a lot of money.

 

Yes especially at today's rates, although it is a long time since I have seen anyone use 10:1 at any of the places I have stayed.

 

We always change to pesos for land trips but only use them on cruise ship days if we have some left over.

Edited November 20, 2016 by c-leg5

[cruisintime26]

Yes especially at today's rates, although it is a long time since I have seen anyone use 10:1 at any of the places I have stayed.

 

We always change to pesos for land trips but only use them on cruise ship days if we have some left over.

 

I'm sure the hotels and places would do better than that. The street vendors in Progreso seem to still use a 10 to 1 ratio. I suppose because it is easier for them to figure. We where there in February and if you went into the actual locals market that was how they seemed to figure it. They also seemed much happier when we told them we had Pesos. I'm not sure exactly why. It would have been greatly in their favor if we paid with usd.

[cruisintime26]

Apparently the day we will be in port is a holiday and backs will be closed. Will the casa de cambio still be open or do they usually close as well? Thanks again for all the help and advice. I really appreciate it.

[blue_water]

I'm sure the hotels and places would do better than that. The street vendors in Progreso seem to still use a 10 to 1 ratio. I suppose because it is easier for them to figure. We where there in February and if you went into the actual locals market that was how they seemed to figure it. They also seemed much happier when we told them we had Pesos. I'm not sure exactly why. It would have been greatly in their favor if we paid with usd.

 

Yes when we were in Playa last August/Sept most small places were still giving change for US$ at just 12:1, banks and cambios were exchanging at about 16.5:1, and credit card purchases at restaurants and big stores were running around 18.3:1. We just made payments for furniture and window treatments for our house there and got a 20:1 rate. So the peso has been steadily marching downward over the past 20 months that we've been going down.

[cruisintime26]

Does anyone know if the casa de cambinos are open when the banks are closed for a holiday? Also is there anyway to know the exchange rate you get at a ATM before the transaction? Thanks

[PatyCake]

"they take care of their clients before you." NOT TRUE! When you enter the bank you get in line just like everyone else. Some banks have seperate lines for Business Accounts, but use a different window. I live here and I have stood for 30 minutes behind tourists who did not have the correct paperwork or could not understand the teller and wasted our time. If you go into a bank be sure to have your passport and also a photo copy that they will keep.

[blue_water]

"they take care of their clients before you." NOT TRUE! When you enter the bank you get in line just like everyone else. Some banks have seperate lines for Business Accounts, but use a different window. I live here and I have stood for 30 minutes behind tourists who did not have the correct paperwork or could not understand the teller and wasted our time. If you go into a bank be sure to have your passport and also a photo copy that they will keep.

 

Thank you for correcting my statement, you are definitely right - it is first come first serve for the personal windows just as at banks at home, and clients do not have any kind of priority. There is a separate line for bank clients that are there for other reasons. We have seen locals get called to another window that had been closed, but it was very busy and that preferential service for clients can be observed anywhere.

 

But thanks for catching that, it was a misleading statement!

[cruisintime26]

The last time we cruised I exchanged in Progreso. I did have my passport but I didn't have a copy of it. The whole transaction took around 30 minutes though. I still don't know just what the teller was doing. She would count money and then place it aside and get more and count it and place it aside. After doing this several times and moving money from one place to another she finally counted out what she gave to me. Seemed like a odd way of doings things and certainly took a little bit of time. I just assumed it had something to do with the way they kept up with transactions they made.

 

I'm stilll curious if the case de cambinos are open on bank holidays. We will be in Cozumel Feb 6th and apparently that is a national holiday for Mexico and banks are closed.

[blue_water]

The last time we cruised I exchanged in Progreso. I did have my passport but I didn't have a copy of it. The whole transaction took around 30 minutes though. I still don't know just what the teller was doing. She would count money and then place it aside and get more and count it and place it aside. After doing this several times and moving money from one place to another she finally counted out what she gave to me. Seemed like a odd way of doings things and certainly took a little bit of time. I just assumed it had something to do with the way they kept up with transactions they made.

 

I'm stilll curious if the case de cambinos are open on bank holidays. We will be in Cozumel Feb 6th and apparently that is a national holiday for Mexico and banks are closed.

 

That was a strange transaction for sure. Our banking experiences in Playa and other areas are similar to at home (count the money twice and again when given to you) except we must present one original passport.

 

Yes the first Monday in February is the official holiday for Constitution Day and banks will be closed. I don't remember exchanging money on a holiday there and do not know if the casa de cambios will be open, sorry. Destination experts on the Cozumel forum on tripadvisor will know, and I asked that question in this current thread, it should be answered quickly.

 

https://www.tripadvisor.com/ShowTopic-g150809-i66-k10063008-Pesos_where_should_I_get_them_Or_do_I_need_them-Cozumel_Yucatan_Peninsula.html#79807487

[ZeroTX]

Bank of America has a agreement with Santander bank. You can use their ATM at their bank with no transaction fees and you get the actual exchange rate. That won't happen at the local money exchangers.

 

 

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This! The solution is don't bring cash. Withdraw money at an ATM in Mexico and it will give you pesos along with the best possible exchange rate (better than any casa de cabio, those are a rip-off). BofA doesn't charge any fees to use ATMs from Santander bank, which is one of the biggest in Mexico, so you can usually find one. You don't need a passport. You stick your card in, put in your PIN, withdraw pesos, print receipt, leave. Done.

Edited December 15, 2016 by ZeroTX

[cruisintime26]

This! The solution is don't bring cash. Withdraw money at an ATM in Mexico and it will give you pesos along with the best possible exchange rate (better than any casa de cabio, those are a rip-off). BofA doesn't charge any fees to use ATMs from Santander bank, which is one of the biggest in Mexico, so you can usually find one. You don't need a passport. You stick your card in, put in your PIN, withdraw pesos, print receipt, leave. Done.

 

I'm assuming there are no charges as long as you have a Bank of America account. I don't have a account with BOA. I have been considering using a ATM there but I'm not sure I would get a better rate than using a cambino by the time I figure in ATM fees. I'm not looking to exchange a lot of money. $200 US max.