We often used to take US Dollars to the bank to exchange for Pesos. They then stopped that and said you had to pay it into your bank account first and withdraw Pesos via the ATM. This wasnt too much of a problem since the transaction went through immediately. But now they wont even allow that. The only way to deal in Dollars is to have a Dollar account with the bank, so we are told. This is Banamex, cant speak for other banks but I expect it's the same.
So how are the Cambios getting their money into their accounts after tourists exchange them? Has this happened before?
They probably have Dollar accounts I did read reports that on Isla Mujeres they stopped taking Dollars at the bank, that was maybe a year ago dont know if it's still the case there.
Steve, we have had a difficult time exchanging dollars, so we go to the ATM and withdraw pesos from our US account. Do you know if banks are not accepting or exchanging dollars for business reasons, or is it prompted by the government in an attempt to slow down the drug trade? It will be interesting to see what effect it will have on the tourism industry. I can just see the media announcing that Mexico will no longer accept US dollars which needless to say will have further negative impact on tourism.
I'm not sure this is really that unusual, worldwide: at times, German banks have refused to exchange U.S. dollars, owing to the problems of counterfeiting of that currency which, in spite of all the changes made to it in recent years, is still a popular target. Withdrawing cash from your U.S. bank account, using your debit/check card, at one of the many ATM machines available all over Cancun, remains the cheapest, most convenient way to get pesos to spend while you're here. If you have need of dollars, a number of ATM machines are set up to dispense USD, using your debit/check card: I'm most familiar with HSBC Bank, on Tulum, where they have two such machines, along with the others that dispense pesos.
I dont know for sure, but I suspect it's another one of those anti drug money laundering initiatives that effects everyone but the ones it's intended to. Tourists and locals will still be able to change dollars at cambios and hotels as far as I know. Maybe so, but I'm sure Germany doesnt have the dual currency system as exists here. Thousands of hotel and entertainment workers receive tips in Dollars, taxi drivers and shopkeepers receive them too and need to be able to do something with them. I agree, have been suggesting this to tourists for years. But our problem is not withdrawing, it's depositing as we sometimes get paid in Dollars. I guess we'll have to use the cambios - which kind of defeats the whole object of the banks not offering exchange services. That, or use them for groceries - Costco were offering 12.3:1 yesterday
Sams Club last week gave an exchange of 13.2. We ended up going back in and doing more shopping...just to get rid of the dollars he had on him.
When I spent a couple of months in Merida recently my friend Eddie had trouble changing dollars. They had the signs with the exchange rates but they would not exchange. Go figure. We figured it was when the dollar was heading down an a pretty good clip. But banks are like bookies. They make the money on the spread and the spread is to get bettors / customers on both sides of the spread. But we found one bank that was no problem. I still have a pillow case full of pesos I bought at $15 to $1. I dread when the run out. Jeje. Maybe I ought to check out a bank or two and see what they say. Anyone know about the exchange place at Plaza Hollywood around the corner from Starbucks? The used to pay a few centavos higher than the banks but last time I checked, they were paying less.
Banks won't exchange American currency? So what do you do if you don't have a dollar account here and you don'r use an ATM? I'm probably one of the last hold outs, but I have never used and ATM machine and don't plan on using one anytime soon. WIll the Casa de Cambios still accept foreign currencies?
Up to this point, I don't think anyone's offered a credible reason for why Mexican Banks don't want to take USD. There's clearly some situations in which they will- as an example, a deposit to a USD account, but this doesn't really help us understand the general reluctance. At this point, all we can say is, "The dollar just ain't what it used to be."
