Mexican Peso rates changing

[Jeepgeek]

Good morning folks,

 

So I have not been to Mexico in years (like 35 or so), does the exchange rate change (Most notably the recent drop) change the prices in Cozumel or Costa Maya, or are things priced in USD? We lived in Germany where we actively traded dollars for DMarks on a daily/weekly basis, but more recently we vacation in Aruba which is tied to the USD.

 

Thanks,

 

Russ 

[Guest toodle68]

Just visited both those ports and everything was in US dollars..  the one thing I was told to watch for was getting change in local currency which you do not want.. Take cash and have enough small bills that you don't need change.

[DocLC]

You'll only notice a difference in places where they actual convert from pesos to dollars (e.g., smaller mom and pop type places). Otherwise, most things are advertised in USD.

[Matt]

Don't worry about pesos, they take dollars everywhere.

[CGTLH]

Just got back Jan 22, 2017. The going rate was 1 USD to 18 MXN. The market rate was in the 21.5 range.

 

The places what will let you deal in Pesos it does work to your advantage. For example, a purchase from Los Cinco Soles that came up as $51.50 USD was $926.25 MXN. Once charged in Pesos/MXN (this case they did a dynamic currency conversion on the CC terminal in error, 3.5% fee) it wound up being $43.89 USD.

 

Another purchase from Los Cinco Soles was $46.50 USD/$836.33 MXN, hit the card at $38.57 USD (This time it was charged in MXN, no foreign transaction fee CC).

Then a cash transaction that was $60 MXN. After conversion it was $3.33 USD. Gave $4 USD, got back $10 MXN.

 

On the flip side, some places will down right refuse to work in Pesos. Diamonds International was one, would not budge one bit from working in USD. Sure it might have been different if I had a pile of notes I could have dumped on the counter. Amount was $270 USD, trying to push them to $5500 MXN.

 

In the end, I think it all comes down to comfort level. It really doesn't bother me to use a credit card internationally, never use a debit. In the event a card does get compromised, have backup a card that can be used. Unless you are able to get and exchange Pesos locally in the US at a reasonable rate I wouldn't bother.

I would be very hesitant to use an ATM card unless you have a "burner" bank account with a very small amount of funds in it. Plus you would run in to potential ATM and conversion fees. Also, most ATMs that I saw the lowest note dispensed was $200 Pesos.

[RestingBird]

When we bought some Tequila in Cozumel the salesman showed us the math/exchange rate and said it would show up fine on our credit card as $80, not 1000 pesos (or whatever the exchange rate is). My wife was sceptical, but true to his word it came out right. That was a vendor in the port shopping village by the dock.