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Paying on the east side...

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Houston, Texas
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289 posts
20 reviews
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Paying on the east side...

I know you can not use credit cards on the east side, but the couple we are traveling with prefer not to convert US money over to pesos...will they take the US money on the east side?

TIA

SK
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1,216 posts
59 reviews
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1. Re: Paying on the east side...

Of course. They will lose on the exchange rate though. As long as they're prepared for that.

Edited: 01 June 2012, 01:55
Pinehurst, North...
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1,144 posts
101 reviews
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2. Re: Paying on the east side...

You will usually get a 10-1 exchange on the east side. considering the exchange has been around 14-1 lately you would be much better off with pesos. If you are just staying for one day that wouldnt be all that bad. But if you are staying for a week I would convince them otherwise.

Branson, Missouri
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130 posts
2 reviews
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3. Re: Paying on the east side...

It's Mexico, the currency is the Peso, not the dollar. They need to get over it ;)

Cozumel, Mexico
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for Cozumel
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37 reviews
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4. Re: Paying on the east side...

Last week the ceviche mixtos at Punta Morena was 250 pesos on the Spanish menu. On the English menu is was $25 usd.

At 13.7:1 that is a 37% price clip.

Not all places use 10:1, but is does vary from place to place. Last week Mr. Sancho's used 12:1. A 13% difference. However the difference between Sancho's and PM is that Sancho's uses the same menu. PM has two.

Edited: 01 June 2012, 11:19
Ruston, LA
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668 posts
6 reviews
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5. Re: Paying on the east side...

Tell them that their dollar is worth $1.20 to $1.40 if they will get some pesos.

I went to the bank at 6 this morning. Put in my debit card followed the prompt and did a max withdraw of 6,000 pesos. Took less than a minute. Been doing that for years without an issue.

Tell your friends that they are going to Mexico. That it is a foreign country and that pesos are the official currency. And that they will lose on every transaction. Just think of it as a built in 25 to 35 percent tip on everything you buy.

I pay for my diving in dollars and pretty much use pesos for everything else.

Edited: 01 June 2012, 12:40
Dallas, Texas
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1,539 posts
24 reviews
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6. Re: Paying on the east side...

"Tell them that their dollar is worth $1.20 to $1.40 if they will get some pesos."

-Hey thanks, that's a GREAT way to phrase it simply, so that people understand how much they are otherwise getting ripped off.

Minneapolis...
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3,350 posts
42 reviews
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7. Re: Paying on the east side...

@ cozumeldiver: "I pay for my diving in dollars and pretty much use pesos for everything else."

We pay for diving with a Capital One Visa card -- best exchange rate and no foreign conversion fees. Just make sure the merchant puts through charges in pesos (or appropriate currency of country) and doesn't convert to dollars for you. In Feb. we got a better exchange rate on CC transactions than we did pulling pesos from ATM.

Ruston, LA
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668 posts
6 reviews
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8. Re: Paying on the east side...

Just a note on the exchange rate. The businesses that take dollars adjust their rates so they don't lose money. By that I mean that the merchant or his representative has to take the dollars to their locate bank. Then they have to stand in line and this can take quite some time. Not as many tellers as we're use to back in the states.

Either they have to deposit the dollars into the company bank account or they simply exchange dollars for pesos. And there are certain guidelines about how much they can exchange each month. This in dealing with the new drug/cartel laws. All this takes time away from the merchant's business.

Granted those doing 10:1 when the prevailing rate is say 12:1 is a pretty good cushion. This is exactly the opposite as when traveling to the Cayman Island. Your $1US is worth 80 cents Cayman before you even step off the plane.

Cozumel
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60 posts
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9. Re: Paying on the east side...

I don't understand why you say getting ripped off. My menue is in USD and Pesos. My exchange is 10 to 1. If your bill is $25usd it will be $250 pesos so I think if you pay in pesos you are getting a discount.

When I travel to the US and try to pay in Pesos they just laugh at me.

Fort Worth, Texas
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85 posts
27 reviews
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10. Re: Paying on the east side...

I see the bankrate is 14.3:1. if you get charged 10:1, you're definitely better off paying in pesos.

$400 peso restaurant tab:

10:1 - $40 USD

14:1 - $28.57 USD

thats a considerable difference

MC