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Restaurant currency exchange

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Des Moines, Iowa
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58 posts
23 reviews
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Restaurant currency exchange

We were last in cabo 2yrs ago and noticed this time many restaurants showing US dollars and peso rate. If you do the math many are skimming about 2percent on the exchange. Some actually claim the have excellent exchange rate (admitting its not the current bank rate). Add tip to us rate and the margin is pretty fat. Anyone else notice this?

Springfield...
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86 reviews
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11. Re: Restaurant currency exchange

I ate at a restaurant in February that gave only 10 to 1. I can't remember for sure but I think it was the restaurant at the Bahia. I remember it was at one of the places that I had vouchers for, otherwise I would have paid in pesos.

Boise, Idaho
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465 posts
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12. Re: Restaurant currency exchange

Just there end of May - agree that all restaurants we ate at were 12-12.5 to 1. If it wasn't posted I did the math on the receipt and it ended up being in that range. Happy Endings might have been 13 to 1 even? After the fees with ATMs to get pesos the USD exchange rate would have worked out better.

Danville, California
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112 reviews
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13. Re: Restaurant currency exchange

CaboHooligan let me try to make it simple. The current interbank rate is 13.0212. So what does this mean at a restaurant? It means that if the restaurant rate is lower than 13/1 you should pay in pesos or with a credit card. In the unusual event it is higher you should pay in USD. Pretty simple.

As for purchasing pesos at the interbank rate that is easy to do but requires an ATM card from a bank that will reimburse ATM fees as all ATMs in Mexico now charge a fee (on my last trip it ranged from 20-60 pesos). Fidelity, Schwab and certain high end accounts (i.e. Chase) will reimburse those ATM fees so you get the true interbank rate Capital One has no ATM forex fee. This means that if you use a no fee ATM card (again easy to find in search) you will see a charge of $76.79 if you take 1000 pesos at an ATM. Now if your restarant bill is 1000 pesos and they use a rate of 12/1 then it will cost you $83.33. No shocker - the restaurant owners are generally not stupid. Again in many years the only people I find that give you a better rate are taxi drivers - either they can't do the math or want USD.

Danville, California
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14. Re: Restaurant currency exchange

Also I might add this is even more reason to use a no forex fee credit card for all expenses. On a one week trip to Mexico we usually end up spending <$100 in cash because almost everybody in Mexico takes visa/mc now except taxis and small restaurants. Use a credit card, get the interbank rate every time, no other fees. Simple. Bonus: with many cards you also earn miles or cashback.

15. Re: Restaurant currency exchange

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