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Pesos or dollars?

London
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138 posts
3 reviews
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Pesos or dollars?

CAn someone advice on which is best to take with me? Also, is it better to just withdraw it at the cash point there? Take sterling with and change it there or what?

Thanks

Vancouver
Destination Expert
for Akumal, Riviera Maya, Quintana Roo, Puerto Morelos
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1. Re: Pesos or dollars?

Most of the TA experts recommend pesos especially if you are not from the US - why lose on the exchange twice

ATMS are recommended - just check out the fees charged by your home banks

See the other Sterling post

Queretaro City...
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2. Re: Pesos or dollars?

Yes, cashpoints (or ATMs) are readily available and you can withdraw pesos directly.

Alberta
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3. Re: Pesos or dollars?

My experience is that the ATM's in Mexico most often use the PLUS system (owned by VISA). Just ask your own bank what they will charge you for a PLUS withdrawal. We pay $3, but banks vary. It is good to minimize transactions to reduce exchange costs.

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Mexico
Mexico
North America
Ivybridge, United...
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4. Re: Pesos or dollars?

Hi.

We have just got back and my advice would be to take pesos no need for dollars at all. The best rate we saw out there was 13 to the pound check the rates back here before you go. On our credit card LLoyds rate was 19.54 to the pound.

Breda, The...
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5. Re: Pesos or dollars?

If you pay with Dollars you often get your change back in Pesos, so it cost you your money annyway, we allway's take our Euro's cash with us and change them in Playa.

London
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6. Re: Pesos or dollars?

Thanks for all your replies...

So dillyday am i correct that you got a better rate here with the bank that out there?

Alberta
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7. Re: Pesos or dollars?

At a bank atm in Mexico I would expect you would get a rate of about 19.05 pesos per pound, plus a couple of pounds service fee - as of a few minutes ago. See the link below to get current rates. In the box where it says rate, you can see the interbank rate, which is what banks trade currency at. More likely you will get the +/- 4% Cash rate. Set it at that to get a realistic exchange rate. That said some credit cards are 2% and some even zero.

Edited: 17 August 2010, 22:26
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Mexico
Mexico
North America
Alberta
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3,730 posts
39 reviews
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8. Re: Pesos or dollars?

Sorry, forgot to post the link:

http://www.oanda.com/currency/converter/

Ivybridge, United...
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111 posts
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9. Re: Pesos or dollars?

We made the mistake of taking dollars for taxis, tips etc. For trips I paid by credit card mxn pesos charged @ 19.5861

I don't know the bank rate out there but in the hotel it was something like 13

we did draw cash out of HSBC cash point will get back to you with the rate (can't find the slip at moment)

texas
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10. Re: Pesos or dollars?

There were a couple of stores on 5th avenue that gave us dollars back for change so it depends on the establishment.