Another Currency Exchange Question

[BrewingDiver]

ATM's are ATM's...your bank is always the one doing the conversion.

The only fees to worry about are the same as with any ATM....the transaction fees imposed by the MX banks are 7 to 15 pesos per transaction....your bank may however charge you a transaction fee up to $5 - but they'll do that regardless of the ATM machine unless it's their machine - so airport or not, they're all the same really.

You are right, I guess I was thinking of those booths with decent posted rates, but then hit you with a commission charge. At 7 to 15 pesos per transaction I won't worry too much, and I think my bank will waive the $5 but no big deal. I intend to minimize the number of visits to the ATM, although I always seem to underestimate.

Thanks for the info!

 

[Christi]

You are right, I guess I was thinking of those booths with decent posted rates, but then hit you with a commission charge. At 7 to 15 pesos per transaction I won't worry too much, and I think my bank will waive the $5 but no big deal. I intend to minimize the number of visits to the ATM, although I always seem to underestimate.

Thanks for the info!

Denada

 

[BrewingDiver]

When I went, I took cash. I took travelers checks to pay the hotel and dive OP, I think. Maybe I paid one or the other with Visa in advanced. Regardless, I just brought what I thought I would need in USD cash.

Most businesses in Coz take US currency. Make sure the bills are NOT RIPPED. They will not take ripped bills.

Many businesses in Coz also take credit cards, however I've read some funky things about exchange rates and fees on credit cards, so I stayed away from using them.

Some places in Coz will take USD currency, but give return change in pesos. This makes things difficult because one has to wonder if you are getting ripped off! But most places give change from USD in USD.

I tipped in US currency as well on the dive boat. The captain and guides did not have any issue with that whatsoever. Why would they as most of the island accepts that currency.

Exchange rates change constantly, so why deal with them. Just take US, and it works. Most in town restaurants list pricing in USD, so it's almost like being in the US.

I've never had a problem spending USD there (except ripped bills!). But, at the same time, if we eat out daily, plus some other spending, I figured we could save a couple hundred bucks or more for a 10-day trip compared to the 10:1 we got in the past, and that some places still give you. As I understand it (first time non-AI), you can ask for the Spanish menu at least some places, and the prices could be in pesos. I can speak some Spanish so not a problem.

Hotel/diving will probably be paid either by travelers checks or credit card, like you do.

You are right about the CC issues. The biggest may be that some merchants need to charge an extra 15% to cover their cost of accepting them there. Ouch!

 

[loudives]

Just got back and the rate was 13-13.5 this past weekend at the little booths in town with no fee. Found that the prices at the store has not gone up so make sure to use peso there! They won't give you 13 for you USD.

BTW I have noticed that the little booths that used to be everywhere are fewer and ATMS have increased.

 

[BrewingDiver]

Just got back and the rate was 13-13.5 this past weekend at the little booths in town with no fee. Found that the prices at the store has not gone up so make sure to use peso there! They won't give you 13 for you USD.

BTW I have noticed that the little booths that used to be everywhere are fewer and ATMS have increased.

Well that is a better rate than I can get here, and that's on top of the increase we have seen this week. So okay, most if not all will be from ATMs in my favorite place. Thanks!