Currency recommendations for Coz

[diversmith]

Howdy...my wife and I finally booked and went with Park Royal and we leave Feb 25th

As of late, what are the recommendations for taking currency and credit cards? Our airfare and hotel package is already paid in full and I am wondering what we should take with us and when we should convert cash. We have Visa, M/C and AMEX for cards. Will that work the best for paying off the hotel for any additional charges and paying for diving? I have also heard to take plenty of one dollar bills to tip with which could get you better service at the hotel as they come to recognize you. What about eating and shopping in town and renting a car for a few days for sightseeing (what's is the best method for paying)? We have an AI plan but would like to eat dinner in town a few nights and maybe grab just a few little things to take home. What's the best location for converting cash?

Thanks for the help

 

[BTravlin]

Credit cards are a good way to pay for many things while in Coz provided you have the right card. Check all of your cards to see what their terms are for international transactions. Some cards charge between 1-3% for a foreign transaction fee. The credit card companies will generally give you a great exchange rate but if they charge you the 2% foreign fee it's not such a great deal after all. I have a Capital One card that does not charge such a fee and that's the one I carry to Coz. Also, if you don't travel overseas much, it's a good idea to notify the card company of your trip plans so that the fraud dept doesn't freeze your card while there.

As for cash, I usually change $300-400 into pesos as soon as I get there at one of the money exchanges offices known as cambios. Last time I was there the exchange rate was about 12.25 pesos to the dollar and the cambio gave me 11.25. If you're paying in dollars the locals will often use 10 to 1 on the conversion so over the course of a week that will add up.

Others recommend using the ATM machines around town where you also get a very good exchange rate. I'll leave the rest of your questions for someone else to answer.

Have a great trip!

 

[judydivescoz]

We always bring minimal dollars and get pesos at an ATM in town. There is a range between 10:1and 13:1 that you as an exchange rate at restaurants and shops. Paying in pesos makes it very clear just how much we are paying when the item or dinner check is priced in pesos. The exchange rate a vendor or restaurant uses is at their discretion. Remember, if someone uses 10:1 exchange with your dollars you may loose between 25-30% of your moneys value. We always tip in pesos as well.
We pay for our car rental with a credit card.
If you decide to use us dollars, make sure that they are not old, worn or torn. Damaged bills are worthless. Restaurants and shops will not take them, leaving a damaged bill for a tip is like leaving nothing at all.
Enjoy your trip!!

 

[vlkr]

the recommendation on capital one is a good one if you are going to be using a credit card. it is one of the few which does not rip you off on exchange rates. i would take some small usa bills to get you through until you get to an atm. we use the one on the southeast corner of the square in hsbc bank. never had any problems. there have been problems with atm machines in playa. another option is the old fashioned travelers checks (or is it cheques?)
btw, be on the square sunday eve. nice party.

 

[Aigtbootbp]

Use your debit card at a local ATM. You will get the best exchange rate. Then use Pesos for all your local purchases.

 

[MMM]

I agree with the comments recommending the ATMs and paying for everything in pesos, although your credit card will probably be fine for settling up extra hotel charges. Most small businesses in Coz will charge you extra if you use a credit card (or a discount if you pay cash) as they are assessed usage fee. In addition to knowing exactly what you are paying when using pesos, it's more convenient for the locals insofar as they won't need to exchange the foreign currency themselves. Just think of how impressed you'd be if I tipped you in Canadian $...

 

[mstevens]

I use dollars ONLY for things that are priced in US dollars. The only legitimate example I have is diving, since most operators price their services in USD.

Everything else I pay in pesos, which I get from the ATM, or use a credit card and specify that I'm paying in pesos not dollars.

People usually really want to get paid in dollars. One reason is that they can round the exchange rate in their favor. I once got handed a bill in dollars and said I needed it in pesos. When it came back, it had been converted from the price posted in pesos to dollars then back to pesos - it ended up almost 20% higher than it should be.

 

[AGUINNES]

Use your debit card at a local ATM. You will get the best exchange rate. Then use Pesos for all your local purchases.

Agree but make sure you notify your bank you are going to Mexico several days in advance. Bring some emergency cash in case your ATM card does not work.

 

[hynan]

We did the ATM on our next to last trip to Coz and found that we were docked 3% by our bank. The last trip we changed to pesos at our US bank and discovered that the exchange rate in Coz was better. Next trip we will bring US dollars to Coz and exchange down there.

Mike

 

[rakay]

If you rent a car, make sure you buy their car insurance. Don't rely upon your own credit card coverage or home auto coverage.

If you don't buy their insurance through the rental company, they might find something wrong with the car and say it was your fault. They will make you pay. I had a friend that happened too.

We get the car insurance they sell and we have never had a problem with the rental company.

Other than that, lots of ones and you can use credit cards for many other bills.