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Why exchange Dollars

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Michigan
12 posts
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Why exchange Dollars

I don't understand all the fuss about exchanging dollas to pesos.

If you keep in mind that a Peso is worth .07 U.S., you don't save very much if anything.

Most of the prices in Cancun are adjusted occasionally to keep pace with the exchange rate.

So it really doesn't matter if you get on the bus and pay 13 pesos or give him a U.S. dollar.

Dinners are the same way.

For example, take a $20 dinner;

The menu might be figured as 12 to 1 and you exchanged at 13 to 1. You will save less than .03 cents.

If you end up with extra Peso's at the end of your trip, you will sell them back for less than you bought them for making the exchange even less important.

I don't know, maybe I'm missing something.

If you could find goods with an exchange rate set long ago at 9-1 and could exchange at 14-1, it might make sense but those days are gone.

Calgary
Destination Expert
for Akumal, Riviera Maya, Cancun
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22,413 posts
8 reviews
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1. Re: Why exchange Dollars

First of all, 'cos you're from Michigan, I'll make the assumption that you already have US dollars. In which case, provided you can find vendors who really are giving close to the bank exchange rate, then you're absolutely correct - changing your pesos to dollars probably isn't worth the hassle (unless you plan on going on a spending frenzy).

However, there have been recent posts indicating that many merchants are still giving rates as low as 10 pesos to the dollar. According to xe.com, the current mid-market rate is 14.54 pesos to the dollar. That means you're paying 45.4% MORE if you use dollars and are only getting 10:1. So, on a 200 peso tab, you plonk down your US$20 and the reality is that you've overpaid by $6.25 (200 pesos divided by 14.54 = 13.75). On one 200 peso tab, it's not a big deal but you start adding that up over a week or two and the difference becomes significant.

For anyone who doesn't have US dollars on hand, it simply does NOT make sense to convert to US dollars at all. Since doing a currency exchange is unavoidable for us, we are all better off to go straight to pesos.

Oh and on your math ... assuming you mean a US$20 dinner .... 20 x 12 = 240 pesos; 20 x 13 = 260 pesos for a difference of 20 pesos. At 14.54 (which, by the way is the interbank rate, you won't find anything that good), then the differnce works out to US$1.37. Again, it's not a significant sum but it's more than 3 cents.

Harrisburg...
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3,257 posts
2 reviews
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2. Re: Why exchange Dollars

Most vendors, restaurants, etc are only giving 10 to 1. When I am spending between $500-$1000 US additional in Mexico, we are talking $2000-$4000 pesos difference. That's exceedingly more than pocket change.

Michigan
12 posts
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3. Re: Why exchange Dollars

I understand you point.

I have been here 9 days now going, downtown to local stores, Isla shopping center, walmart, various hotels and local resturants and I haven't found any goods or services or meals with an exchnge rate of less than 13 to 1. I haven't seen any exchange rate giving more than 13.8 to 1. It's a very tight range. Even if you exchange at 14-1, I don't think it is worth it unlerss like you say, you plan on spending a large amount of money.

TX1
Southlake, Texas
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4,696 posts
15 reviews
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4. Re: Why exchange Dollars

Maybe it would be nice to use the currency of the country you are in?

Calgary
Destination Expert
for Akumal, Riviera Maya, Cancun
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22,413 posts
8 reviews
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5. Re: Why exchange Dollars

The loose cannon here is what rate vendors are giving. If you can get 13:1, then I completely agree with you - dollars are the easy solution. Unfortunately, as noted by Iwantogo, that rate doesn't appear to be consistent.

kansas city
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1,454 posts
22 reviews
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6. Re: Why exchange Dollars

I am with TX1- we can use dollars at home everyday- fun to use the local currency when on vacation

Calgary
Destination Expert
for Akumal, Riviera Maya, Cancun
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22,413 posts
8 reviews
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7. Re: Why exchange Dollars

"Maybe it would be nice to use the currency of the country you are in?"

Whilst I agree that there's an element of "etiquette" to this whole thread, as a business person myself, I can tell you that if I could sell my wares AND score a 40% bonus on top by taking a foreign currency, I'd do it in a heartbeat.

Danville, California
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1,753 posts
112 reviews
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8. Re: Why exchange Dollars

yes, you are missing something. the rates you get quotes in $ are always worse than the rates you pay in pesos.

here's an example: i bought a beer at the airport at the stand outside arrivals. the price on the sign was 45 pesos, but i didn't have any pesos so i paid $5. if i had exchanged my $ (by taking money from an ATM) i would have recevied 13.4x5= 67 pesos. so if i paid in pesos i would still have 22 pesos left - that's equal to 3 bus rides or 2 diet cokes at the resort.

all the merchants rip you off on exchange rates now. it didn't used to be that way as the merchants wanted you to pay with $ because the peso has always been weak. but these days greed has overtaken them as they know most people will simply accept what they are offered.

so the smart traveler will try to pay with pesos rather than $.

OHIO
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68 posts
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9. Re: Why exchange Dollars

We will be stayin at the Royal Solaris, where is the nearest bank that will give a good exchange rate?

10. Re: Why exchange Dollars

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