Saving Money in Mexico
When travelling to anyplace in Mexico, the U.S. dollar is widely accepted everywhere. When you go for dinner, your "check" will always have an amount in U.S. dollars and an amount in Pesos. No matter where you go, everyone will invariably quote you a rate in dollars first.
The problem is this, you are losing a huge amount of money. In most cases you'll be losing upwards of 25%. It all stems from the way that the amount is calculated. Having dined at many resaurants myself, I typically get offered an exchange rate of between 10 and 11.5 pesos to the dollar. What you might not know is - the going rate at the bank these days is around 14.5! To see what the current peso exchange rate is for the US Dollar, Canadian Dollar British Pound and the Euro you view the exchange rates on the Sun Cabo Website.
All over town you will see currency exchange kiosks offering the "best rate". They have them at the airport, in plazas, almost anywhere there are tourists. Trouble is, they don't pay much better either - typically a little more - maybe 11.8 or something like that.
However, there are many ways to get a much better rate. 1) Use the ATM machines. I have found this to personally be the most convenient way to get the best rate. Simply use your ATM card to withdraw "pesos" directly from your account and your bank will do the conversion at a much better rate ( typically 1% below the going rate - so 13.5% in this case ) automatically for you.
2) There's an American Express bank in San Jose Del Cabo. If you feel like making the trip, they will give you a fantastic rate all the time which is very close to the actual rate.
3) If you live in an area where your bank keeps Pesos on hand ( think close to the Mexican border ). See what your bank is selling pesos for before you travel to Mexico. You should be able to save quite a bit of money this way as well.
Taking a little time to exchange your money into the local currency will not only save you money and make your vacation dollar go further, but it will also put your mind at ease not having to worry about what exchange rate you're going to have to pay for your lunch or dinner. Change early, save money and be happy!
The problem is this, you are losing a huge amount of money. In most cases you'll be losing upwards of 25%. It all stems from the way that the amount is calculated. Having dined at many resaurants myself, I typically get offered an exchange rate of between 10 and 11.5 pesos to the dollar. What you might not know is - the going rate at the bank these days is around 14.5! To see what the current peso exchange rate is for the US Dollar, Canadian Dollar British Pound and the Euro you view the exchange rates on the Sun Cabo Website.
All over town you will see currency exchange kiosks offering the "best rate". They have them at the airport, in plazas, almost anywhere there are tourists. Trouble is, they don't pay much better either - typically a little more - maybe 11.8 or something like that.
However, there are many ways to get a much better rate. 1) Use the ATM machines. I have found this to personally be the most convenient way to get the best rate. Simply use your ATM card to withdraw "pesos" directly from your account and your bank will do the conversion at a much better rate ( typically 1% below the going rate - so 13.5% in this case ) automatically for you.
2) There's an American Express bank in San Jose Del Cabo. If you feel like making the trip, they will give you a fantastic rate all the time which is very close to the actual rate.
3) If you live in an area where your bank keeps Pesos on hand ( think close to the Mexican border ). See what your bank is selling pesos for before you travel to Mexico. You should be able to save quite a bit of money this way as well.
Taking a little time to exchange your money into the local currency will not only save you money and make your vacation dollar go further, but it will also put your mind at ease not having to worry about what exchange rate you're going to have to pay for your lunch or dinner. Change early, save money and be happy!
Labels: currency exchange, los cabos, mexican peso, money
posted by Dave at
9:01 AM
0 Comments:
Post a Comment
<< Home