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Canadian Dollars exchange

Ottawa, Canada
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63 posts
6 reviews
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Canadian Dollars exchange

Hi

Where is better to exchange money - in Canada or Mexico?

We will be in Tesoro Ixtapa, is there any place to exchange money close to resort

Thanks

Joanna

osage,mn
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14 posts
9 reviews
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1. Re: Canadian Dollars exchange

IMO i just use the ATM at the bank near the hotel. The ATM's give peso's and they give the best rate of return. There is a Banamex and a HSBC near the Tesoro, which is where we are also staying.

New York City, New...
Destination Expert
for Yucatan Peninsula
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19,245 posts
71 reviews
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2. Re: Canadian Dollars exchange

the best rates are usually available in the country where the currency is used. I just get money out of a bank affiliated ATM machine at the airport and then again in town.

If I don't have pesos left from another trip, I arrive with none and have never had a problem finding an ATM in the airport in any country.

If your hotel doesn't have an ATM, you can probably find a lot of them in town. Hotel front desks don't give the best rates usually, but if that's your only option…

suitcaseready.com

Ottawa, Canada
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63 posts
6 reviews
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3. Re: Canadian Dollars exchange

I don't feel safe to use my debit card in Mexico, I would rather take cash, but where is the best place to exchange $$ to peso, also is it better to take US$ or CDN$?

Thanks,

Joanna

Airdrie, Canada
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901 posts
10 reviews
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4. Re: Canadian Dollars exchange

We use the Scotia Bank in Zihuatanejo and it has never been a problem. You need to take photo copies of your passports to give to them and also show the original. You can exchange $1500.00 per person per month.

Edmonton
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8,300 posts
14 reviews
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5. Re: Canadian Dollars exchange

We have been using our debit cards for years with no issues with safety or anything, but if I am taking cash, I like to exchange here and have the pesos on hand. No need to take US$ and I believe the $1500/month is for US$ only, not Canadian.

Zihuatanejo, Mexico
Destination Expert
for Zihuatanejo
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3,808 posts
30 reviews
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6. Re: Canadian Dollars exchange

Definitely don't pay exchange to change to US and then pay exchange to convert to pesos. Not all banks here will change Canadian, but some will. I would try Scotiabank, since the Purses say they have done it there.

Airdrie, Canada
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901 posts
10 reviews
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7. Re: Canadian Dollars exchange

We use the Scotia Bank but we exchange US dollars not Canadian, since my husband receives some of his pay in US Funds. We like to use the US for our holidays.

BC
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4,267 posts
168 reviews
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8. Re: Canadian Dollars exchange

Joanna, you might just want to order pesos from a bank at home, before you leave. Check the rate that they will give you. I order pesos from TD Bank online and it shows you the rate/amount you will get before you go ahead with the order. It is 5 percent different from the interbank rate. If you used an ATM you would pay a 3 percent difference from the interbank rate and then also pay for your ATM usage fees. So net cost of this convenience is less than 2 percent.

I am also a Scotiabank customer, so usually use Scotiabank ATMs in Mexico, you do not pay any fee to use them when you are a customer. But my last trip in February, I had a bit of US$ cash sitting in my drawer so thought I would bring that, as it felt like "free money" to me, given that it was only keeping my socks company.

It was quite a bother to change, so if you don't like line ups, I say to order your pesos in Canada. This area is completely different from the Yucatan, where you can change money quickly and easily all over the place. I went to the Santander bank in Ixtapa, (it is not far from the Tesoro) there was a big line up, so we went into Zihua and ate. Came back later in the afternoon and got a nice coffee at Lillians next door. Went into the bank at 3:15. Massive big line up and only two tellers---this would never happen in Canada!

At 3:55 I was still back in the line and a lady came around and said that there would be no more foreign exchange transactions done that day. I had been chatting with a lady in front of me from the USA, she bailed out. I waited. Ten more minutes and the teller told me that at 4 pm the computer closes foreign exchange transactions, that is why he couldn't change my US$. He told me to come in the morning and use the business teller--it never had more than 1 or 2 people lined up. I asked him for a piece of paper so that I could use that special teller and he wrote something on a slip.

So in the morning I went to the bank and used that teller. The bank was not near as busy that day. My US$ money was changed quickly, no problem. I had brought a copy of my passport but he called a lady over to photocopy my passport. I overheard another man from the USA in the bank saying he had to go out and find a place to make a photocopy, so...????

Minnesota
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5,826 posts
12 reviews
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9. Re: Canadian Dollars exchange

Where ever you go to exchange Cash for Pesos, bring your Passport with you or you will not be able to exchange.

That said, I have been using my Debit Card at the Ixtapa/Zihuatanejo/ and Airport ATMs for 14 years, two to three times a year, and the only issue that I have ever had is the ding dongs at the bank shutting off my card even though I call them before leaving.

Keith

Vancouver BC
Destination Expert
for Vancouver
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9,056 posts
187 reviews
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10. Re: Canadian Dollars exchange

There is no reason to think using a bank card in Mexico is different from anywhere else in the world. Over many years my only bank card (minor) screw-up was in a dinky town in France. Suggest you arrive with a minimum of, say, 1000 pesos so that exchange is not your arrival priority.

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