Exchange rate?

[bryanmc57]

What's the current exchange rate on the island?

Thanks

 

[Snoweman]

That depends on what you are doing. When I visited in May, it was about 19.5 to 1. But...., I have seen some places increase the peso price or lower the exchange rate. It's best to have Pesos (cash), American dollars and a credit card with no Forex fees. Then you can use what method you need for the best deal.

 

[bryanmc57]

I'm looking for the rate at the casa de cambio or banks.... Just trying to decide if I want to change money in the US or on the island.

 

[Snoweman]

I always exchange by taking out at the ATM. I find I get the best exchange rate, so long as I take out the maximum amount and diffuse the ATM fee.

 

[Vic K]

Good advise from @Snoweman . Always get money from atm for best exchange rate. In June we got around 20.10 to usd today you might get 18.1 from atm, little lower from cambio and even lower at local us bank. We opened an account in Santander because of local branch in Cozumel. Also lot of people on scubaboard have accounts with Charles Schwabb for no atm withdrawal fees. Either ways never use roadside atm when in Cozumel. Have fun

 

[JimJam2]

Been following it on Wall Street Journal web site. Currently 18.6 to 1 (USDMXN Currency Prices and News - Mexican Peso - Wall Street Journal). It fluctuates a lot and the exchange will take a sip of the transaction.

 

[ggunn]

I'm looking for the rate at the casa de cambio or banks.... Just trying to decide if I want to change money in the US or on the island.

There's no reason to travel with a lot of US$ and exchange it for pesos on the island if you have ATM access to your bank account. Just use a bank owned ATM and get your cash in pesos. Do NOT use the standalone ATMs out on the sidewalks around town; they are notorious for being hacked.

The cambios charge for their services; using them may eat up any savings you may reap from using pesos.

 

[Snoweman]

There's no reason to travel with a lot of US$ and exchange it for pesos on the island if you have ATM access to your bank account. Just use a bank owned ATM and get your cash in pesos. Do NOT use the standalone ATMs out on the sidewalks around town; they are notorious for being hacked.

The cambios charge for their services; using them may eat up any savings you may reap from using pesos.

Ummm...., on one purchase, I got a MUCH better deal by having USD compared to a credit card or pesos. And, no, it wasn't illegal drugs - at least not in MX.

 

[MargaritaMike]

Unless you are spending thousands of dollars, the difference in exchange rates between the banks and the casa de cambio is fairly small. I was just there and changed dollars to pesos at cambio store (I think it's San Jorge) at Calle 11 and 30th. For example a casa de cambio at 7th and 60th was 17.80 San Jorge was 17.95 Scotia bank was 18.00. My advice is to find somewhere you are comfortable with and do it. ATM usage IN A BANK may be the best route.
I agree to carry dollars and pesos. Pay cash with pesos when you can and you'll save money IMO

Cheers -

 

[flyboy08]

ATM anywhere in the world beats bank conversion rates! Period!

You'll find the ATMs in the grocery store....Mega.