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Pesos or U.S. dollars?

Vancouver, Canada
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43 posts
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Pesos or U.S. dollars?

I know that this area takes both the Peso and U.S. money but I was wondering if there was an advantage to haveing one over the other. I am Canadian so I have to change my money either way. Thanks a lot.

Toronto, Canada
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12,869 posts
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1. Re: Pesos or U.S. dollars?

My advice would be to take pesos. The merchants will only give 10:1 on US dollars when the actual rate is 12:1 or more. You will loose 20% on all purchases made in US dollars.

If you can tip 10 pesos for a drink you save 20% if you don't use a US dollar. 20 cents is not alot but if you add up all the drinks over a week, it could be up to 20 US dollars.

I've never found it a problem to get small denominations of pesos.

89183
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1,493 posts
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2. Re: Pesos or U.S. dollars?

Current rate is almost 14:1 for USD a little over 11:1 for the CAD. Rather than change twice just get pesos, if your local bank or exchange house is giving 11:1 do it there. Otherwise get it from a bank ATM when you're in Mexico.

Make sure you notify your bank or credit card company that you'll be in Mexico or you may have issues using the card.

http://www.x-rates.com/calculator.html Good site for currency exchange.

Vancouver, Canada
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3. Re: Pesos or U.S. dollars?

Thanks a lot. I see you are from Canada and yet you seem to know a lot about this place and area. I assume you have travelled there a lot?

Toronto, Canada
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12,869 posts
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4. Re: Pesos or U.S. dollars?

Been to the area many times or the years.

Lacombe, Canada
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252 posts
105 reviews
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5. Re: Pesos or U.S. dollars?

So for my little brain - if a price is listed as $400 at the resort, that means, it's approx $28 USD, is that correct? It took us awhile to get acquainted with the Dom Peso, so I want to have a better idea of the exchange in my head before we go to Mexico. Thanks!

Toronto, Canada
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12,869 posts
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6. Re: Pesos or U.S. dollars?

At todays exchange rate 400 pesos will be 29.22 US

http://www.oanda.com/convert/classic

The resort will use 10:1 as most places do and charge you $40 USD.

Thats why it is way better to pay in the currency of the country you are in, in this case pesos.

89183
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1,493 posts
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7. Re: Pesos or U.S. dollars?

400 pesos = a little over $28 US, so if they'll accept the $28 pay with that, otherwise paying with pesos is the better option. Most stores and hotels use the easier to use conversion of 10:1, it they do pay with pesos or a credit card if you have one that is from and American Bank. Apparently Canadian banks are allowed to charge a fee for foreign purchases. American banks are no longer allowed to do this.

Toronto, Canada
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12,869 posts
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8. Re: Pesos or U.S. dollars?

US banks are still charging a fee. They are just calling it an exchange fee:

www.bankrate.com/brm/news/cc/20010416a.asp

Canada
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9. Re: Pesos or U.S. dollars?

Is there an ATM close to the ABR or should we hit one at the airport when we arrive?

Lacombe, Canada
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252 posts
105 reviews
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10. Re: Pesos or U.S. dollars?

We can't get pesos into our bank before we go, so I was planning to take about $400 american, but maybe we should rethink and just take a couple hundred and pull pesos out via ATM when we get there. Thanks for the advice, much appreciated!