We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Changing dollars to pesos

Chapala, Mexico
Destination Expert
for Chapala, Puerto Vallarta, Nuevo Vallarta, Ajijic, Chapala
Level Contributor
12,723 posts
528 reviews
Save Topic
Changing dollars to pesos

Hola Ixtapa......question for the locals.....

Right now in the state of Jalisco, many banks such as HSBC and Bancomer and who knows what others are no longer changing dollars to pesos. I was told by Bancomer bank manager that this was a cooperation with the government in trying to curtail drug money laundering and drug cartel activity, but that it may or may not apply in other states of Mexico, so my question is are the banks in Ixtapa changing dollars to pesos right now, like as of today, tomorrow? Thanks in advance,,,see ya all in a month!!!

Zihuatanejo, Mexico
Destination Expert
for Ixtapa, Zihuatanejo, Cabo San Lucas
Level Contributor
11,283 posts
6 reviews
Save Reply
1. Re: Changing dollars to pesos

Banamex stopped in December...Scotiabank is still taking dollars. Come prepared...

Bay Area
Level Contributor
236 posts
933 reviews
Save Reply
2. Re: Changing dollars to pesos

Banorte is exchanging dollars for pesos. Bring identification. I think the maximum to exchange was $450.

West Kelowna, Canada
Level Contributor
1,081 posts
3 reviews
Save Reply
3. Re: Changing dollars to pesos

While that sounds like a good reason, I don't think that is the answer. It think it is more chasing the bouncing peso. Say they made 1000 exchanges a day @ US$500 each with the peso starting at 15:1, that is 7,500,000 pesos, they close the till at 5 and the ratio is now 14:1, they lose 500,000 pesos. go the other way and they have a 1,000 PO'd clients.

Use the ATM's, no hassle, at the moment rates.

Queretaro City...
Level Contributor
14,503 posts
10 reviews
Save Reply
4. Re: Changing dollars to pesos

Bezerk's information is correct. It is nothing to do with exchange rates. When the peso was "bouncing" (in fact the dollar was bouncing not the peso!) the banks had a much larger spread between buy and sell rates in order to cover themselves - trust me, they ended up making a fortune on dollar/peso exchanges.

Fresno, California
Level Contributor
2,299 posts
96 reviews
Save Reply
5. Re: Changing dollars to pesos

Thank you for the info. I'm a little confused as how exchanging dollars to pesos is money laundering.

Queretaro City...
Level Contributor
14,503 posts
10 reviews
Save Reply
6. Re: Changing dollars to pesos

The dollar is the currency of the illegal drug market. All the money the cartels hold is in dollars. Since they are in a country where the currency is the peso they have to convert their money to pesos to use it. Making this process difficult is one way of annoying the drug cartels.

West Kelowna, Canada
Level Contributor
1,081 posts
3 reviews
Save Reply
7. Re: Changing dollars to pesos

Am with you Craig. But I'm sure SteveMex is correct on the the banks making money, couple weeks back a friend went into the bank and exchanged some cash, they would only give him 13.5, the ATM rate at the time was over 14.5.

Now I'm not a banker or an economist, so as to what was bouncing around I don't really know, all I know is the exchange rate was. I am sure that was the reason for the limited exchange BUT the war on drug cartels in Mexico is a great media hype. Face facts, you aren't going to stop your international money exchange due to drugs. Though it does sound good!!!

Zihuatanejo, Mexico
Destination Expert
for Ixtapa, Zihuatanejo, Cabo San Lucas
Level Contributor
11,283 posts
6 reviews
Save Reply
8. Re: Changing dollars to pesos

It IS BECAUSE of the drug money laundering and drug cartel activity.

Chapala, Mexico
Destination Expert
for Chapala, Puerto Vallarta, Nuevo Vallarta, Ajijic, Chapala
Level Contributor
12,723 posts
528 reviews
Save Reply
9. Re: Changing dollars to pesos

I gave you the facts per the bank.......it has nothing to do with exchange rates, for that matter the exchange rate changes many times per day......

How do you think the drug cartels utilize their money, by changing from dollars to pesos.....and such, you can't just walk into a bank and change thousands upon thousands, who knows millions and expect no one to expect anything suspicious. If they use in states in abank , the IRS will observe, and it is traceable. If they change to pesos...hmm...no trail, no nada....money laundering...

I am going to an AI resort in Ixtapa, so think I'll just avoid it all, no banks, no ATM, just pay up front and small cash and credit cards, thats it for me for this year....or maybe I'll just stay home.

10. Re: Changing dollars to pesos

-:- Message from TripAdvisor staff -:-

This post was determined to be inappropriate by the TripAdvisor community and has been removed.

To review the TripAdvisor Forums Posting Guidelines, please follow this link: http://www.tripadvisor.com/pages/forums_posting_guidelines.html

Our staff may also remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason. Thanks for being a part of the TripAdvisor travel community!

Removed on: 18 April 2009, 13:41
Get answers to your questions about Ixtapa
Recent Conversations