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Usd to Peso exchange in Cozumel

cruisintime26

By cruisintime26,
in Cozumel

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blue_water

blue_water

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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.

 

I've read several reports with links to the BOA site stating that the BOA/Santander contract no longer exists so double check that.

 

Most folks who are visiting Mexico for a week or longer will carry a debit card tied to a travel account and use the safer ATM's to withdraw pesos. You have to be aware of any fees the ATM charges or your bank charges. Also be sure to use a separate account for your debit card to limit your risk of loss in the event your card is skimmed at the ATM. You also want to monitor your monthly statements for several months after returning home. Our card was skimmed in March and used in other areas of Mexico 4 months later, for example. So IMHO it's not worth saving a very trivial amount to get a slightly better rate withdrawing from the ATM versus exchanging at a cambio. If you were staying for a week or two we'd have a different recommendation, obviously.

 

For a day visitor the casa de cambios or banks are the obvious choice for exchanging currency. Casa de cambios are not rip-offs at all. They are simply another option for exchanging currencies - they are money exchange houses and are private businesses in business to make a profit. We often use them when the bank isn't available or we're just exchanging a small amount of US cash as in the OP's case as the rates are not that different when it comes to smaller amounts.

 

The best rate is what your credit card bank gives you using your credit card (with no foreign transaction fee), then the ATM (watch those fees). Bank exchange rates are a little less than the ATM, and casa de campo rates are a little lower than the bank.

 

The best answer regarding whether cambios are open on holidays is that they are private businesses, and virtually all private business in these tourist areas of Mexico are open on a daily basis, holidays or no. They may close early but you will certainly find one open.

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ZeroTX

ZeroTX

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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.

 

My experience with exchange houses everywhere is that their rates are horrific. I'm also not keen on giving my passport to someone on the other side of glass who is not a government official.

 

Even if you do have to pay a withdrawal fee from your bank, I would bet that you will do better at an ATM. You can just call your bank and ask.... If you have a large national bank, also check with them about partner banks in Mexico, if possible. I found out about Santander by calling my bank (BofA).

 

BofA did not have a partner in Bolivia when we visited there, but we withdrew cash (Bolivians) from a large chain bank ATM there with no problems. Fees were minimal and the rate we got absolutely destroyed the rate they would give us locally.

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PatyCake

PatyCake

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Bank of America is no longer free of fees at Santander. You will save the 34 peso ATM fee and no ATM fee from BOA...BUT BOA now charges a 1-3% foreign exchange fee now. I have a Charles Schwab account because they do not have any fees and reimburse the local ATM fee.

 

Take note that we now have fewer Casa de Cambios on the island due to some new fees the government wanted to charge them. Many closed their doors as it was not affordable. They usually are open on bank holidays with the exception of Christmas, New Years, Easter

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cruisintime26

cruisintime26

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Bank of America is no longer free of fees at Santander. You will save the 34 peso ATM fee and no ATM fee from BOA...BUT BOA now charges a 1-3% foreign exchange fee now. I have a Charles Schwab account because they do not have any fees and reimburse the local ATM fee.

 

Take note that we now have fewer Casa de Cambios on the island due to some new fees the government wanted to charge them. Many closed their doors as it was not affordable. They usually are open on bank holidays with the exception of Christmas, New Years, Easter

 

Thanks a lot. That's the answer I was looking for.

 

I'm really unsure about using my debit card in Mx. I don't travel very often at all and I don't think it would be worth the hassle of setting up a separate account just to withdraw money on the occasional trip to Mx. If I visited often I would certainly look into to doing so.

 

Does anyone know what the current rate is on exchange at the cambino? This will probably be the route that I go because with the limited amount I'm looking to draw I just don't think it's worth the risk to draw from a ATM.

 

I can order here through Wells Fargo. By the time you add in their fees with their exchange rate, it comes up to almost 18 pesos per dollar. I may just go ahead and order through them and already have it done when I get To Cozumel.

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c-leg5

c-leg5

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Yes but you will not get that good of a exchange rate at a cambino. I was wondering what the actual exchange rate was at a cambino.

 

It varies from day to day so you would need to know from someone who was there today just as the rate you quoted from the bank is not necessarily what you would get when you order them. That said we found the rate to be quite good at the cambio although I don't know how much it varies from one to another. We used it for the first time the last time we were on the mainland and there was only one where we were. I don't think it was as good as an ATM but we weren't sure of the ATM's that were available.

Edited by c-leg5
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cruisintime26

cruisintime26

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I've done some more research on exchanging here. Seems the best rate that I am able to get locally is going to be 17.41 peso per dollar. Can anyone tell me how that will compare to using a cambino in Cozumel?

 

Thanks again for all the advice and help. I really do appreciate it.

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blue_water

blue_water

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Unfortunately there is as much misinformation here now as there is good information.

 

Just relax and stop agonizing over a few dollars. Hit the cambio when you get there (horrific rates?), or if you want to know exactly what your rate is use your bank. From what I'm reading on current rates I'd go with the 17.4 and get back to planning fun stuff...:)

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blue_water

blue_water

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That is way off, Casa de Cambio should be right about 19. I will check today when going out to pay bills...yuk

 

Please do PatyCake.

I can't remember what we were getting from our bank during our last visit in Sept and the cambio was slightly lower of course. As you know the peso has been steadily depreciating. We've been down 7 or 8 times recently (having a house built) and each visit we would bring pesos home thinking how smart we are. :rolleyes: Well I guess we're not very smart! :p

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cruisintime26

cruisintime26

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The current exchange rate at banks is about $20.15, at cambios $19.20. So the best option is to hit the cambio when you arrive.

 

Thanks so much for the info blue_water. I really do appreciate it. Is there a cambino in Cozumel that you would recommend dealing with?

Edited by cruisintime26
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cruisintime26

cruisintime26

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PatyCake could you tell me how to get to the cambino? Can I just tell a taxi driver that's where I want to go? All we have ever done in Cozumel is go directly to a beach for the day. We are planning on checking out downtown this time and walking around a bit. Thanks so much for your help!!

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cruisintime26

cruisintime26

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What cruiseline are you coming into? And what are your plans for the day?

 

We will be coming in on Carnival. We are planning on going downtown and shopping a little and looking around. We've never been downtown at Cozumel before so it will be a new experience for us. We really have no desire to go to a beach this time. The only thing I really have planned for Cozumel is getting Pesos. I would like to find a cambino downtown if possible. If not we could take a taxi to a cambino and then downtown.

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blue_water

blue_water

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Thanks so much for the info blue_water. I really do appreciate it. Is there a cambino in Cozumel that you would recommend dealing with?

 

No, just look for the best rate without going out of your way or wasting time.

Enjoy your cruise:)

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PatyCake

PatyCake

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If you are going into town just go to the Zocolo (square). Facing away from the water at the clock end of the park, walk straight 2 doors from the corner on the right. Not the corner with the 7/11 but the one with restaurants. There is a jewelry store , it may say black coral. Just go in there and tell him you want to exchange money. It is done behind closed doors because they have not taken care of the new ridicules government fees. Ask for Asolfo

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cruisintime26

cruisintime26

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If you are going into town just go to the Zocolo (square). Facing away from the water at the clock end of the park, walk straight 2 doors from the corner on the right. Not the corner with the 7/11 but the one with restaurants. There is a jewelry store , it may say black coral. Just go in there and tell him you want to exchange money. It is done behind closed doors because they have not taken care of the new ridicules government fees. Ask for Asolfo

 

 

Thanks so much for the info!!

 

Do you have a recommendation for a locals place to eat?

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