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Money Exchange

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Michigan
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867 posts
11 reviews
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Money Exchange

All,

Mike and I will arrive in Cozumel Friday the 23rd. We are flying into the Cozumel airport. I don't know if there is a money exchange at the airport or not. Does someone have this information?

Also, are there banks or a safe place in town to exchange US dollars for pesos. I want to pay for meals and incidentals in pesos, if at all possible. The hotel fee can go on a charge. Appreciate any information you can provide.

I know about the ATMs but am waiting for a debit card that may not arrive in time. Therefore, I resort to cash. Thanks for any help. Gayle

Rockport, Texas
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for Cozumel
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1. Re: Money Exchange

Gayle I don't remember seeing a place at the airport but there are many cambios scattered around downtown. I don't think the exchange rate is as good as you would get with the ATM card. There are several banks around the plaza as well.

Cozumel, Mexico
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for Cozumel, Merida
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2. Re: Money Exchange

Last I remember, the airport does have a money exchange but the rates are

bad. I would try to wait and do it in town.

Liverpool, New York
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3. Re: Money Exchange

I'm sure the Destination Experts can correct me if I'm wrong, but I seem to remember that some people found a good rate of exchange if they paid for goods at Chedraui in dollars and got pesos back.

It might be worth a try to get you through until you can go to a bank or wherever you choose.

Rockport, Texas
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4. Re: Money Exchange

Both Chedraui and Mega give you a good exchange rate when buying stuff...

Michigan
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867 posts
11 reviews
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5. Re: Money Exchange

Okay..................I pick up a 6 pack of Diet coke and pay with a $50. bill. Mike goes behind me and picks up some cheese and crackers and pays with a $100. bill. We can do this daily and make out. Cool. I wonder if El Presidente will mind when I take all the high end stuff out of the frig. and put in diet Coke and cheese. Oh well. my room. my treats. Gayle.

Someone told me that now I need a bank account at the banks to exchange money. I guess the cambio's must be what you call the money exchange? They are suppose to be okay. What is the current rate anyway? I don't mind losing a buck or two, but I could lose a lot over one week. Gayle

Rockport, Texas
Destination Expert
for Cozumel
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6. Re: Money Exchange

Last week it was 12.4 and 12.5 pesos to the dollar.. but some of the places (taxis especially) are 10-1 along with most of the beach bars along the East side -

Saginaw, Texas
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2,548 posts
3 reviews
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7. Re: Money Exchange

Sounds like a good plan, MOL.

Last time we stayed at El Pres the price for a can of Coke Lite was six dollars US.

Cozumel, Mexico
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for Cozumel
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6,577 posts
37 reviews
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8. Re: Money Exchange

I think AMEX runs the cambio at the airport. It has consistently been the worst exchange rate on the island.

Mega and Chedraui will return your change in pesos as noted above and the rate isn't too bad.

My bank has jacked up their foreign ATM fees so I remove the maximum at one time or simply cash out at Mega with change

Michigan
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867 posts
11 reviews
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9. Re: Money Exchange

Yeah Mark,

The great Diet Coke exchange at Mega is starting to sound like a good idea, isn't it. I know I will want some soft drinks and something to munch on. Mike will want a jar of salsa handy. Hmmmmmm forget the airport thing, thumb my nose at the banks and just pick up snacks every other day and that will work. Thanks. I like that. Some travel column once wrote about "taking back the refrigerator in your room" (using it for your own stuff. I never thought of removing all the junk and putting in my own. I am going to do just that. Gayle

cozumel
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1,157 posts
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10. Re: Money Exchange

The casa de cambio at the airport charges NO Commission! (none do), but their rates just happen to be about 20% lower, possibly not just the worst on the island, but along with the one at the Cancun airport, the worst in the country.

Last week the peso rate hit a new one year low. The exchange rate fluctuates lately about 5% in the course of the week. Both Mega and Chedraui have decent rates usually, but are slow to correct to market changes. They can be better or worse than a decent casa de cambio downtown. Chedraui most always gives change in pesos, but Mega often returns change in dollars. I never try to get more than 40-60% of my change in pesos. Please don't dare try to buy a pack of gum with a $100 bill.

The exchange rate has been close to 12 to 1 for a long time. Until recently that wasn't very good. Last week the rate dipped below 12 for first time. People still don't understand the difference between the the buy and sell U.S. dollar rates. I could buy dollars with pesos for 12.10, but would have received less than 12 buying pesos with dollars last week. Any place "posting" 12.4 or 12.5 last week was robbing people on credit card transactions.

Mark, get a new bank for ATM debit withdrawals. My bank changed their policy and fees five times in 18 months, the last change eliminated the foreign currency transaction fee, just raised the out of network to $5 dollars per transaction. I'll accept a 1% charge for a $500 dollar withdrawal.

The casa de cambio just beyond Banamex in the pedestrian area, the one in the back of the black coral shop, most often has the best rate. Some places have lowered their rates to 11.40 even 11.20 last week when the bank rate dipped to 12, a new one year low.