Dollars to Pesos

[Bigtank1958]

I'm sure this has been asked before, but where do you get the best rate when changing Dollars to pesos? Is it possible to change pesos back to dollars or should I just monitor my pesos and not change more than I need? What does dive shop staff prefer to have there tips in pesos or dollars?

 

[mikeycanuk]

I prepay (negative balance) a no exchange fee credit card and withdraw the cash at an established bank ATM. Thing is to take enough out so the 33 pesos fee is negligible. And why convert back to dollars? I just save them for the next trip.

 

[JamesBon92007]

I usually go the MEGA or Chedraui and withdraw pesos from the Banamex ATM with my debit card. I have doubts about using my credit card in Mexico but do use it occasionally. Often you will end up paying less if you pay in pesos, regardless of the conversion rates. Just make sure you tell your bank who issued your debit card that you are going to Mexico. I used to use the Banorte ATM machines (mainly Puerto Vallarta) but the last time (and I mean the last time) they charged me a high fee and gave me a low exchange rate instead of the current rate. So far I've only found one place that would not accept pesos. Unless you don't expect to return to Mexico for a long time (does anyone who goes to Cozumel not return?) I would hang on to some pesos. We do the "bag drag" from CUN so we always leave with enough to get back on the ADO bus and ferry, and get some dinner and a taxi. This last time (a couple of weeks ago) we left with a few too many pesos and the exchange rate has gone up so we are coming out a little behind. Usually we come out ahead though

 

[Streydog]

Everything above. It is nice to have a few Peso's when you arrive the next time and it gives you an excuse to go back sooner. If you want to burn through Peso's, just eat a meal at the Cancun airport.
I don't think it matters to DM's in what currency you tip in as long as you convert the currency correctly. I love it when you ask a cab driver how much the fare is. "Five", Oh you mean 50 Peso's?, "oh Yes". It works the other way too.

 

[MargaritaMike]

I take US currency and change $100 at a time to pesos at the currency exchange on the SW corner of Avenida Lic Andrs and Avenida Joaquin Coldwell (Calle 11 Sur and Avenida 30 Sur). They are one of the two best rates in town. They pay a small bonus rate the first time you exchange. You'll need your passport and driver license. After the first time you won't need your passport. They post the current rate outside very visibly. I don't do credit cards for anything unless I prepay something while I'm in U.S. I take one with me, but it is kept in a very secure location.

Cheers - M²

 

[RayfromTX]

The best way is to get a charles schwab account with a debit card. You can go to any bank atm and get pesos at the best rate possible. Yesterday I got 19.6 when my bank app was showing the official rate as 19.73. They will charge fees but schwab will refund the fees at the end of each month. There is no better way to get pesos in cozumel except as a gift. When I left one in a machine they had one at my house the next day. They are a great bank. I think Fidelity is similar. You will have to also have an investment account but you will not be required to put money into it or use their investment services. I learned about this here on Scubaboard.

 

[DFDubb]

The best way is to get a charles schwab account with a debit card. You can go to any bank atm and get pesos at the best rate possible. Yesterday I got 19.6 when my bank app was showing the official rate as 19.73. They will charge fees but schwab will refund the fees at the end of each month. There is no better way to get pesos in cozumel except as a gift. When I left one in a machine they had one at my house the next day. They are a great bank. I think Fidelity is similar. You will have to also have an investment account but you will not be required to put money into it or use their investment services. I learned about this here on Scubaboard.

This is the best option for anyone that travels internationally at any sort of regular interval. No fees, no start up costs, all ATM fees refunded, no minimum balance, and just flat out no BS. Their "High Yield Investor Checking Account" (which is what this account is called) is so awesome that I'm now using the investment account (you don't have to) quite a bit to buy stocks and mutual funds. Their fees for this are extremely competitive as well.

 

[JamesBon92007]

The best way is to get a charles schwab account with a debit card. You can go to any bank atm and get pesos at the best rate possible. Yesterday I got 19.6 when my bank app was showing the official rate as 19.73. They will charge fees but schwab will refund the fees at the end of each month. There is no better way to get pesos in cozumel except as a gift. When I left one in a machine they had one at my house the next day. They are a great bank. I think Fidelity is similar. You will have to also have an investment account but you will not be required to put money into it or use their investment services. I learned about this here on Scubaboard.

That sounds great. As far as I know, when I use the Banamex machine I get the current exchange rate but have to pay a small fee (about $1.56 US for 3000 pesos on the Banamex receipt). Now I'm not so sure about the exchange rate--I'll have to check that more carefully. On my Banamex receipt is says I paid 30.74 pesos in fees but it does not say what the exchange rate was. I paid $161.95 US for 3000 pesos so that works out to about 18.52 and if my memory serves me well I think the rate was about 18.6 on that day. However, on my bank statement it says my bank also charged me a "Cross-Border Fee" of $2.92 and that the ATM fee was $1.00 US for a total of $3.92 for 3000 pesos. A week later I withdrew 4000 pesos and the total fees were $4.92. Nowhere on my bank statement is there a charge of $1.56 so that is confusing. It looks like it's time to get a Charles Schwab account.

 

[DjDiverDan]

Not sure that there is one "best way" for everyone. IF you have access to a Charles Schwab or Fidelity account, with no ATM fees, that is probably the best way, with the best exchange rate and lowest cost. You only need to be careful which ATMs you use on Cozumel. If you don't have access to one of those, then a Bank debit card or ATM Card might be your next best option, although banks vary on just how close to the official exchange rate they are; I've seen Bank of America pay some ridiculously bad exchange rates. Again, take care which ATMs you use. Using a Credit Card usually results in the charging of cash advance fees plus ATM fees, so that's usually a poor choice. If you brought cash, U.S. currency, the Mexican Banks offer the best exchange rate, and they don't charge a fee - they make their money from the discount to the official rate which they pay. The downsides are: (a) you probably won't get as good an exchange rate as the big discount brokers offer, though better than most Bank debit cards; (b) you MUST bring your Passport with you for the exchange, and can only exchange a limited amount (it used to be $500 U.S. maximum per trip; I THINK it is now limited to a total of $1500 U.S. per month); and (c) you can only exchange during banking hours. Exchanging cash at a Cambio - a currency exchange booth - is more convenient, but won't get you as good an exchange rate as the banks. But it's usually not bad, so the convenience is well worth the fewer Pesos you get.

I'm with the other posters here -I don't worry about having a few extra Pesos at the end of a trip, since I know (believe?) that I'll be back. Pretty certain I have about 230 Pesos in my Dive Wallet right now. Enough to get me a ticket on the shuttle if I fly into Cozumel, or an ADO Bus ticket and maybe a Ferry ride if I do the Bag Drag.

 

[JamesBon92007]

I'm with the other posters here -I don't worry about having a few extra Pesos at the end of a trip, since I know (believe?) that I'll be back. Pretty certain I have about 230 Pesos in my Dive Wallet right now. Enough to get me a ticket on the shuttle if I fly into Cozumel, or an ADO Bus ticket and maybe a Ferry ride if I do the Bag Drag.

We ended up with way more pesos at the end of this trip because a dive op on Isla Mujeres wouldn't accept pesos. In Mexico. Really.