cash, credit, or traveler's checks in Coz

[Wristshot]

I use an ATM to get Pesos for most of the spending. I also bring some small bills for Taxis and Tipping until I can get to an ATM.

Of course I always save a few Pesos at the end of a trip for the beginning of the next trip.

Remember to set aside some Dollars for the return trip! Pesos can buy you a meal in the Cancun airport, but Dallas or Houston or beyond will probably want dollars! I had set aside enough to pay for the shuttle ride home in July, but nothing left to tip the driver! (fare was higher than expected so money set aside for his tip went to paying the increase.)

The only problem that I had with money management was that the dive operation charged me extra for using a credit card. With a credit card, there is "banking" so they have to claim it, so they charge extra. I think it was 6%, but I am not positive. By the time I discovered that the first trip, it was too late to draw enough out of an ATM to cover it.

Bringing an extra credit card, "just in case" is a good idea. I have been on trips a couple times where something happened that the primary card was not usable, and I was darn glad to have a backup. (just like diving!)

My two cents, and only because you asked.


Wristshot

 

[Christi]

As many posters have stated, many places in Cozumel either do not accept credit cards or they will charge an additioanl fee and your bank will most likely charge you a foreign conversion fee.

There are ATM machines all over the place and you will get the best exchange rate for yor money this way. As CozuDiver said, most of the machines give pesos, although we do have an HSBC with a few ATM machines that dispense dollars now as well. HOWEVER, you will do much better paying for things in town with pesos. Most places have a set exchange rate which is always lower than the actual exchange rate.

So to summarize my long winded answer...bring a little cash for the first day, small ills for tipping and taxi's, and bring an ATM card and maybe a credit card for emergencies.

First and foremost...have fun and enjoy the island!!! :dazzler1:

 

[krick]

Isn't anyone just a little concerned about taking a debit card?

With a credit card, federal law limits your liability to $50.
That isn't the case with debit cards. Depending on how quickly you report the loss, you might lose everything.

http://www.ftc.gov/bcp/conline/pubs/credit/atmcard.htm

 

[HammerNoMore]

I was also thinking that traveler's checks might be an option.

Traveler's checks are abosulty worthless in Mexico. Everyone "claims" to take them but 3 out of 4 times when I tried to use them the business would say the signatures don't match and refuse to accept them. Unless your signature is exactly the same every single time, all trying to use one will do is turn it into a worthless piece of paper (until you get back to an US bank which will have no trouble accepting even the pre-signed checks).


James

 

[HammerNoMore]

Also you should be aware that some businesses either don't take plastic, or charge extra for using plastic. Local car rentals and dive OPs are the ones I'd check with first before assuming that they will accept credit cards.

This is why I love chargebacks. Smart Car tried to pull this crap on me on one trip. I rented the car, placing the deposit on the credit card, when I returned it he wanted to charge me an extra $20 over the agreed upon price to pay with the credit card. It's always easier, especially in a foreign country to just pay and let American Express fix it on the back end.

James

 

[ggunn]

No need to mess with travelers checks. Not everyone accepts them or credit/debit cards.

I've been going to Cozumel since 1978, and never, not even once, has any place of business on the island refused to honor a travelers check from me.

Another good thing about using traveler's checks is that I can set the budget for the trip before I leave, and by counting what's left I can see how I'm doing. I only use the ATM card as a safety net.

Cheers,

 

[Even_Stephen]

My wife and I were in Coz back in July. We had no problems whatsoever cashing travelers cheques. We had no problems whatsoever using an ATM to get pesos. We had no problems whatsoever using dollar, pesos, or a combination of the two for any transactions. We had no problem whatsoever using credit cards at the hotel (Presidente) or any eatery in town. We DID, however, find that our dive shop (Scuba Du) wanted a heafty surcharge for credit cards. I believe this is common among most dive shops. As far as your friend being afraid his/her credit card would be stolen ... I don't see why it would be any more likely in Coz than it would be at home or anywhere else. Street crime/petty crime appeared to be non-existant on Coz. From what I can gather, most of the criminal activity there is from the cops extracting "fines" from gringo drivers on the east side of the island.

So my advice is this: Take some cash for small purchases and cab rides. Take plenty of small bills for tipping. Take some cash or traveller's cheques to pay the dive operator. Use your credit card at places where there is a reasonable or no surcharge (Using a credit card gets you a good exchange rate, BTW). Have your debit card with you in case you need more cash from the ATM. Be aware that the ATM will only dispense pesos (you want to spend all your pesos before leaving Coz).

 

[tboxcar]

I would not worry too much about carrying credit cards and ATM cards and having them stolen. We just returned from an 'around the world' trip and carried them all. I like keeping two sets of credit cards and ATM's in 'different places', (one on me, and one somewhere else, either hotel safe or sewed into a travel bag, also at least two US$100 bills in ‘odd spots’).
Remember Cash is King! The US$100 Bill is still 'the boss around the world', do make sure your cash 'looks new' and is clean. My recent trip in Indonesia (diving Bunaken Island) we were with the dive master on the way to the boat and needed to change the US$100 Bill. Many stores in Manado refused to take soiled or dirty bills, so I always ask the bank for nice clean ones (they look at me funny sometimes). ATM's are still the best way to get money, in almost any country! Credit cards, (if you can use them, get so many surcharges put on them it gets ridiculous, but do carry them with you). Travelers Cheques, I always carry at least a certain amount with you, for emergencies! Worse comes to worse an expensive hotel will cash them at a 'bad rate'. I like to keep a copy of my credit cards, and TC receipts at home with someone safe. If there is a problem then I call them up and they can read me the numbers off.
When traveling overseas, you can never be too careful, but don't let it turn into a paranoia.

 

[alcina]

Traveler's checks are abosulty worthless in Mexico. Everyone "claims" to take them but 3 out of 4 times when I tried to use them the business would say the signatures don't match and refuse to accept them. Unless your signature is exactly the same every single time, all trying to use one will do is turn it into a worthless piece of paper (until you get back to an US bank which will have no trouble accepting even the pre-signed checks).
James

We were there end August/beginning September 2004 and had no problems anywhere with traveller's cheques. All the restaurants, the dive shops, the little shops, the hotel, the supermarket - no one blinked an eye to accept payment or to cash them into pesos for us. And my signature varies wildly from day to day

 

[Hochhauser]

Agreed with everyone about using ATM and Credit card... one caveat. Bring some cash to last you at least 1-2 days. Sometimes the ATM machines are down. We arrived this Saturday and neither ATM machine could dispense cash now. Worked fine on Sunday.

Also, make sure you let your bank know you are traveling overseas. I had a problem once where they cut off my card because they thought it was fraud. I've called everytime since and have never had a problem.


Lisa