Pesos conversion in US or Mexico, tips
 

Hi everybody,

I am wondering if you would get some pesos in states in advance before traveling to Cancun Mexico.
If you would, where do you go ?
Additionally, do you usually tip in US dollars or pesos when you are in Cancun?
How much is appropriate ?

Thank you very much

You should tip in Pesos because they have to take the USDs and have them exchanged. Also, many people from the USA give out torn, worn, marked, or outdated bills that are hard to exchange so giving Pesos are best. But nobody there will refuse the USDs as most of the help is grateful to get extra money. But Pesos are better to deal with.

You should tip just like you do in your home country. Tip 15-20% of the bill. Housekeepers daily since they could change daily.

You can get Pesos from the ATMs in Cancun, order them from your bank online with mail delivery or go into a branch, but call first to make sure they have enough on hand..

As a side note, the USD has lost value compared to the Mexican Peso so tipping in the USDs is giving a tip less than it should be plus they have to pay currency exchange fees. Tip in Pesos.

Your best option to get cash is to withdraw from local ATMs using a fee-free US debit card (e.g., a Schwab card or similar). Bring some USD only for use as a backup.

One thing to keep in mind is that foreign debit cards may not work at some Mexican ATMs. If you stick to the major commercial banks, you should be fine, but if you try the card at a bank like Azteca, Elektra, or whatever, it probably won't connect to the international network. If your ATM fees aren't reimbursed, I find that Banorte and Citibanamex seem to charge the lowest fees, while BBVA is absurdly high.

Also, don't pay/tip in dollars. This isn't Argentina. The peso is extremely stable, and it's just a pain for people to have to exchange currency, particularly small amounts.

If you are a Bank of America customer, Scotiabank does not charge a fee; both are members of the Global ATM Alliance.

No ATM fees, but "Bank of America will assess an international transaction fee of 3% of the converted US dollar amount." :rolleyes: However, "The international transaction fee may be waived for certain account relationships."

The OP will be charged a conversion fee and, in all likelihood, a commission to buy Pesos at their bank in the states.

At least, using the Global ATM Network, there will be no transaction fees of $3 - $5 assessed by both the bank that owns the foreign ATM and the bank where the OP has their account.

And with my acting moderator's hat on, the OP has all the information that they need and any further discussion of this subject belongs in the following thread in the Credit Cards Programs forum:

Re-reading my post, I realized that my rolleyes could be taken as though it were directed at your post. That was not my intent at all. I was rolling my eyes at B of A making a big deal at the top of that page that you can "avoid the non-Bank of America ATM $5 (!!) usage fee ... as well as the ATM operator access fee" by using one of their partners' ATMs. Only near the bottom do they say oh, by the way, we're still going to charge you 3% of all the money you withdraw.

Nevertheless, it is good to know that this option exists; you're right, OP most likely would be charged even more to buy foreign currency before leaving home. Thank you for the link, as well as the link to the other thread with better options.

I do have the Schwab card and am planning to use it to get cash in Mexico.

Thank you

Then you're fine. Don't overthink things. Assuming you're only there as a tourist for a week or two, I'd take maybe $200-300 US in $20s, just to use as emergency backup in case the entire ATM network collapses or you find yourself in the middle of a remote village where you stumble across some beautiful handicraft you just can't live without, the seller doesn't take cards, and the closest bank is far away.

If you're going to Cancún and sticking to tourist places, you can probably function almost entirely with plastic. But I'd still take out at least a couple of hundred dollars' worth of pesos to pay for snacks and drinks, public transportation, souvenirs, entry to museums or tourist attractions, and the like. Also, cheap restaurants like taquerías will often be cash-only.

EDIT: Not that you asked, and you may already do this anyway, but I'd suggest calling Schwab to notify them of your travel before your trip. I never used to do this, and then I had a couple of instances where I tried to use my debit card to get cash in Mexico, or even Canada, and they froze my card due to suspected fraud. Since then, I've made a practice of submitting a travel notification beforehand, and I've never had a problem.

Thank you for all the information! Do you think we should exchange for some pesos now? We would eventually use them as we cruise out of New Orleans to Cozumel and Progresso or Costa Maya at least once a year.

That's a good question. A question I have pondered over the last several months. Every week I wait and see how far the value of a USD is, it just keeps getting lower so I've been withdrawing large sums of money from the ATM and glad I did because it's gradually going down down down.

It's quite noticeable now if you live in Mexico, but visiting it's not really a big deal in my opinion unless you're staying in a upper tier hotel resort on the beach paying in Mexican pesos, then you'll get hit pretty hard. Here's a chart, so your guess is as good as mine.

https://cimg1.ibsrv.net/gimg/www.fly...a0f01d16ce.png
https://cimg2.ibsrv.net/gimg/www.fly...e11da9e8ab.png

You'll get a better exchange rate in Mexico for your USD. However, I simply withdraw pesos from the ATM and don't brother bringing USD with me. Best ATM's are from banks, not those private ATM's, stay away from those. The ATM's with lowest fees are Santander and CIBanco.

Just an exchange rate update for future visitors: The rate is now hovering around 16.XX MXN pesos per USD.
https://cimg6.ibsrv.net/gimg/www.fly...f20e8f10ad.png

https://cimg4.ibsrv.net/gimg/www.fly...896f3d628a.png

And here's a short article that just came out:

Mexican Super Peso Strikes Again

FYI - The US Dollar is strongly gaining on the Mexican Peso now for anyone visiting in the near future. Your dollar will stretch longer now😁