Traveler's Checks on Coz...Same as Cash??

[MN Jeff]

I have been reading that dive ops, car rental places, etc. in Cozumel have an aversion to credit cards due to the high fees they charge the Mexican merchants. I can see why they prefer cash, but my question is would traveler's checks be equal to cash?

How about when it comes to exchanging money, is there any additional fee for using travelers checks?

 

[Photocoz]

I can only speak for my business, but I believe I am not too far off base with MOST businesses here on island - travelers checks are great, and treated the same as cash. I do not charge any extra fees for them. And yes, that is correct the bank charges us such outrageous fees on the cc transactions we ALL prefer cash, and many of us only accept cash or travelers checks. Another GREAT alternative, bring your ATM card and hit the ATM's for pesos - that's cash too!!!!
Just as a sidenote on travelers checks - please pay attention whe you are doing the counter signature - it really does need to be pretty close to your original!!! And do not fill in the "pay to the order of" until you speak to whomever you are giving the traveler's checks to. Also please understand that if the signatures don't match, or you accidently do the counter signature in the "pay to the order to" space - we CANNOT accept them - even if you scratch it out & put your initials - we have NO WAY TO CASH THEM AT THAT POINT. I know, seems pretty fussy - but it is what we have to deal with to do business down here! Pretty okay trade off if you ask me!!!

 

[5615mike]

I have found that most DO do prefer cash and will certainly accept travelers checks. Some still do accept cc's. I have never had a problem cashing travelers checks in Coz. I have rented vehicles several times while on the island and they have always accepted cc's but you might check when you make your reservation. If your going during high season I would suggest a reservation. We never go during high season so we have never had a problem getting a jeep.

 

[Photocoz]

I knew I forgot to add something here - when cashing travelers checks for cash, you will recieve pesos, not U.S. dollars. This holds true at the hotels and exchange houses (casa de cambio).
Waiting in line at the bank to change your travelers checks will get you a slightly higher exchane rate, but for the amount of time you are going to waste waiting in line - in my opinion it's not worth it (unless you are changing REALLY large amounts of $$$) Best rate of exchange - AND FASTEST SERVICE - casas de cambio (The American Express at Punta Langosta is ALWAYS a great choice) but remember to bring your passport for identification WHEREVER you want to cash them.
Chedruai (our grocery store/Walmart) gives a FABULOUS exchange rate - I always pay in dollars, get my change in pesos & it is a great deal. I have never tried to pay with travelers checks at Chedruai, maybe someone else out there has & can shed light on this part.

 

[ggunn]

I knew I forgot to add something here - when cashing travelers checks for cash, you will recieve pesos, not U.S. dollars. This holds true at the hotels and exchange houses (casa de cambio)
Waiting in line at the bank to change your travelers checks will get you a slightly higher exchane rate, but for the amount of time you are going to waste waiting in line - in my opinion it's not worth it (unless you are changing REALLY large amounts of $$$) Best rate of exchange - casas de cambio (The American Express at Punta Langosta is ALWAYS a great choice) but remember to bring your passport for identification WHEREVER you want o cash them.
Chedruai (our grocery store/Walmart) gives a FABULOUS exchange rate - I always pay in dollars, get my change in pesos & it is a great deal. I have never tried to pay with travelers checks at Chedruai, maybe someone else out there has & can shed light on this part.

Traveler's cheques at Chedraui are no problem; I use them there all the time when I am on the island. You won't ever find me in any part of Punta Langosta, though. ;^)

Cheers,

 

[Photocoz]

Traveler's cheques at Chedraui are no problem; I use them there all the time when I am on the island. You won't ever find me in any part of Punta Langosta, though. ;^)

Cheers,

Thanks for the info on Travelers Checks at Chedruai - since I've never tried - I never knew!!!!!

 

[HammerNoMore]

It has been my experience that travelers checks are a really bad idea in Mexico. Places who claim to take them will not unless the signatures are identical, and I mean rubber stamp identical. Once you've signed it and the store refuses to take it, nobody else will even look at it.

Though I did get a free meal once in Cancun because the restraunt preferred to give me the meal than to make change for my travelers check.

James

 

[ggunn]

It has been my experience that travelers checks are a really bad idea in Mexico. Places who claim to take them will not unless the signatures are identical, and I mean rubber stamp identical. Once you've signed it and the store refuses to take it, nobody else will even look at it.

You've posted this before, and I've gotta say that I respectfully but emphatically disagree. I have been going to Cozumel on traveler's cheques since 1978 and I have never even once experienced the slightest reticence on the part of any restaurant, bar, hotel, shop, fishing boat, or dive operator to accept a cheque from me as payment. Last trip, I bought a couple of $1 beers at a bar with a $100 cheque, and the bartender didn't bat an eye; he gave me change in pesos at damn near the bank exchange rate. I did ask him before I signed it, but he had no problem with it.

My signature is totally illegible and has a lot of variability, especially after I've used it a lot in rapid succession, as in signing a bunch of cheques, so it's not that I can "rubber stamp" it, either.

I can't speak for the rest of Mexico, but on Cozumel I've never seen the problem you describe, either for myself or anyone in any of the groups that I have gone with in many trips there.

YMMV, of course... ;^)

 

[Christi]

It has been my experience that travelers checks are a really bad idea in Mexico. Places who claim to take them will not unless the signatures are identical, and I mean rubber stamp identical. Once you've signed it and the store refuses to take it, nobody else will even look at it.

Though I did get a free meal once in Cancun because the restraunt preferred to give me the meal than to make change for my travelers check.

James

I ditto EVERYTHING Holly (Photocoz) said. I will only add that if you wonder why they are so picky about travelerc checks here this is why:

Remember it is a foreign currency, so they take extra precautions. If you are changing them in a change house, make sure you have a photo ID in case your signature isn't "rubber stamp" perfect. However, if you pay your dive shop, hotel, whoever with them, if your signature is questionable, we don't have your ID to prove that it's you who signed them...that's where the problem comes about. Just take an extra second or two to make sure you are signing in the proper place and in teh sme way you originally signed. If you mess up, you can always take them back home with you and deposit them in your bank account or cash them at your bank...since the original signature is yours. So it's not like you would lose that money.

Also, as Holly said, leave the "pay to the order of" blank. If you make it out to the merchant, they cannot change it in the change house and may not even be able to deposit it in their bank because here in Mexico, many of us have our commercial/public business name, and then we have the "legal" corporation name which is the name on the bank account. I actually have a bank stamp I use on my travlers checks. I know this is alot of information, but it will help you understand that dive shops/hotels, etc. are not being difficult, we are just restricted in many ways and bank employees don't have the authority to make decisions...They have a box and must stay within that box.

Thanks Holly for explaining this to everyone!!!!!!! You helped us ALL out! I need to come see you!

 

[HammerNoMore]

You've posted this before, and I've gotta say that I respectfully but emphatically disagree. I have been going to Cozumel on traveler's cheques since 1978 and I have never even once experienced the slightest reticence on the part of any restaurant, bar, hotel, shop, fishing boat, or dive operator to accept a cheque from me as payment. Last trip, I bought a couple of $1 beers at a bar with a $100 cheque, and the bartender didn't bat an eye; he gave me change in pesos at damn near the bank exchange rate. I did ask him before I signed it, but he had no problem with it.

My signature is totally illegible and has a lot of variability, especially after I've used it a lot in rapid succession, as in signing a bunch of cheques, so it's not that I can "rubber stamp" it, either.

I can't speak for the rest of Mexico, but on Cozumel I've never seen the problem you describe, either for myself or anyone in any of the groups that I have gone with in many trips there.

YMMV, of course... ;^)

The one and only time I attempted to use them in Mexico, I had the following results:

1. Dive shop/hotel on Cozumel. No problem accepting them.
2. Restraunt in Cancun, made me sign 5 times in various locations then handed it back and said the meal was on them.
3. Hotel in Cancun where I was staying and had my credit card on file. Watched me sign and then refused to take it.

It wouldn't surprise me to know that Cozumel is more leniant than Cancun, or it could just be that the dive shop had already given me everything I was paying for so it was worth the risk.

The two in Cancun basicly left me pennyless so to speak as they had rendered my last two checks worthless (at least in Mexico). No big deal, I thought, it's my last night, I'll just hit an ATM at the airport on the way out. Turns out there aren't any ATM's at the airport and there is no place to get food in Cancun airport without cash. I was quite hungry by the time I got home. I have no desire to repeat such an experience and will not be using travelers checks in MX in the future.

When I returned to the states I immediatly called American Express to complain. They apologeticly told me that the problem was quite common in Mexico and that the banks were at fault as they often refuse to take them without identical signatures, leaving the merchant high and dry.

James