How to take money to Coz

[stevsgarage]

It is always advisable to know the exchange rate of the country you’re visiting, but I have often found the opposite to be true. In fact in Nicaragua we got 15 to 20 better than the official rate using US currency when we were there in the early 90's.
In Mexico I have seen it go both ways.
:froggy: :froggy:

 

[DocVikingo]

I, too, have seen it go both ways in Mexico, and other foreign locations as well. I try to have a little of each currency on hand and pay with whatever is exchanging most favorably.

In any event, just as a point of general interest here's a website that allows for up-to-the minute tracking of conversion rates on currencies worldwide---> http://www.xe.com/ucc/.

As we speak, a greenback fetches MX10.24 pesos--sweet.

Best regards.

DocVikingo

 

[driftdvr]

Not to be-labor all the great points already made but please note that there are still many "locals" places that do not even accept charge cards for payment...those that do often add a 4-7% surcharge for doing so.
Traveler's checks were becoming more widely accepted here until last year when a lovely couple came with counterfeit traveler's checks and racked up thousands of dollars of purchases at the finer hotels/restaurants and stores. This made everyone a bit more wary ~ if the big stores couldn't catch a fraud, then the little shops felt they didn't stand a chance either. You can still try to use them but at least you'll know why you're getting the "eyeball" when doing so!!
As to pesos or dollars...it does go both ways ~ some places will incent you to pay in dollars while others incent you to pay in pesos...so it's good to have both on hand. Why is it like this?? Some businessmen have USDollar banking and would rather have the more stable dollars stored up while others only have PESO accounts and find it a hassle to convert for paying their bills. Another factor is whether at any given time while you are here, the dollar is weakening against the peso...these folks want whatever currency "gets them ahead"!! As a client ~ you have no way of knowing any of this...so just have both with you and use whatever currency is incented AT THAT MOMENT!!

Remember, even though Cozumel looks like a bright, shiny, well developed city...in many ways, it's just superficial...the infrastructure just isn't here. It's still an island, isolated in the Caribbean in a part of a 3rd world country just now being developed. Many days the phones don't work and the power goes off for hours!! So CASH IS KING really...especially when you can't call to get a card authorization!!

 

[scubasteve27]

Generally,I take about 400.00 in SMALL bills,mostly 1s,5s,10s--lotsa ones!!!I keep about 500-600 in 100's stashed in resort safe and exchange them downtown if need be.Last year my brother took travelers checks and they were a pain in the butt to cash-long lines at the bank,and they do have different time schedules than we're used to -I say take DOLLARS!!!!! Hi Nancy de Anda [Mrs.Shake & Bake] throw an e mail at me .Hope this was of some help-and listen to Nancy she's a resident of Cozumel.Have a BLAST!!!!!!

ASTA--

SCUBA STEVE

 

[stevsgarage]

From one scuba steve to another, It looks like we are in total agreement. :froggy: :froggy:

 

[richhagelin]

I just got back from Coz. I wish I wouldn't have taken any pesos. Everyone takes dollars. Only thing I wish I had done different with my US money is to take more small denominations (5's and 1s). The taxis and many of the other small things eat up those 1s fast and then you are sort of out of luck when you want to pay 6,7,8 or whatever.

Rich Hagelin

 

[ggunn]

In the 20+ visits I have made to Cozumel since 1978, including the one from which I just returned 4 days ago, I have never once had a traveler's check refused at a shop, restaurant, dive shop, fishing boat, or bar. This past trip, I got caught without taxi money, so I bought a couple of beers with a $100 cheque in a small restaurant. The bartender didn't even blink. As far as cheques being a pain to deal with, signing my name and writing my address on the back isn't really a whole lot of trouble; it's easier than looking for an ATM. It's certainly safer than carrying a lot of cash.

YMMV, of course. ;^)

 

[5615mike]

I have always taken a 50/50 split between USD/Pesos. Depending on the purchase you can get better deals with one or the other currency. This last trip the dollar has not been so strong so fewer pesos do you get for your money........I hate when that happens.

 

[curtissqd]

I was talking to a couple of the dive operations and hotels today and they said, that if you pay cash or travellers - no taxes but if CC then pay taxes - I think it is about 7% so if your hotel bill is $1K - that will buy a few beers and me, well I rather drink beer than pay taxes.

Just my opinion though.

Cheers,
Curtis=-)