Cozumel to reduce diver numbers?

[BTravlin]

I use my PNC debit card at the ATM and pay like $8 pesos at the machine but PNC charges me nothing as long as the ATM is part of their network. Get an excellent exchange rate too.

 

[jhayes75]

I called my dive op in Cozumel and he told me tipping in USD in not a problem for his DM's.

Capitol One does not charge fees to use ATM's in Cozumel.

 

[Jax]

My experience in Mexico, not just Coz, diving 4-8 times a year -

1. They happily accept anything you want to give them.

2. If you DO use pesos, remember the ten-to-one conversion a lot of Americans use as a conversion 'shorts' the crew a bit. Eg, Giving US $10 or MX $100 . . . that MX $100 is actually US $8. I usually give MX $130.

3. I prefer to give the currency of the country, simply because it is their country, and they can use their money immediately.

 

[Firefyter]

2. If you DO use pesos, remember the ten-to-one conversion a lot of Americans use as a conversion 'shorts' the crew a bit. Eg, Giving US $10 or MX $100 . . . that MX $100 is actually US $8. I usually give MX $130.

You're right when you say that the MX $100 is closer to US $8. You're wrong when you say that this shorts anyone. If it's actually US $8, and I give him US $10, then he's gotten more than MX $100. He's ahead, which is why lots of people convert to pesos. The 10-to-1 conversion is beneficial to the locals, not the tourists.

 

[judydivescoz]

I always use pesos for anything I do in Cozumel outside of paying the dive op I use. For me it makes it clear as to just how much I am paying for something. I do not have to worry about exchange rates at a shop or restaurant. I will tip $150-$200 pesos for a 2 tank dive. The crew will take us$$ no problem, Firefyter is right, at the current exchange rates the $10 tip is now worth more in pesos.

 

[Jax]

You're right when you say that the MX $100 is closer to US $8. You're wrong when you say that this shorts anyone. If it's actually US $8, and I give him US $10, then he's gotten more than MX $100. He's ahead, which is why lots of people convert to pesos. The 10-to-1 conversion is beneficial to the locals, not the tourists.

Clarification: Some Americans give MX $100 as it is "close enough" to 10. I'm pointing out that the MX $100 is what is shorting the crew.

If you are going to give Pesos, give MX $130.

 

[JenLoves2Dive]

Also, if you bank with Bank of America, and want to use an ATM in Cozumel, use Santander bank. BOA waives any ATM and foreign transaction fees when using a Santander ATM. (ATM is in pesos.) Located next to El Capi Navigante, (Avienda 10 between Calle and 5 Sur). It's a quick two block walk from the square. This has saved me a ton over the years! Paying an ATM fee in Cozumel and then a foreign transaction fee on your bank's side, adds up quickly.

 

[JenLoves2Dive]

Actually, I do live here and I am a business owner.

Businesses can have USD accounts with certain banks, but not individuals with personal accounts. If a business does not have a USD account, all they have to do is change the money at the change house and then deposit the pesos - same with individuals - although I can pretty much guarantee you that individuals are not depositing their cash USD. Everything deposited into a bank account here gets reported to SAT (MX IRS) and is taxable income - so they aren't depositing tip money. There is also a new tax on cash deposits - which is crazy to me - but at least for businesses, there is a tax deduction for it that 0's it out.

What is this new tax on cash deposits?? I haven't seen anything like that on my Mexican Bank statement and I made a cash deposit...however, I've had already paid taxes on it in the U.S.

 

[BTravlin]

I have heard it is 2% but am not certain of this.

 

[JenLoves2Dive]

I have heard it is 2% but am not certain of this.

2% ? Wow. That's crazy. It is not anywhere on my statement. hmmm