Below are two links that I took from another site. I wonder what impact this will have on tourism, general business conditions for the merchants and what further impact for ex-pats and service workers. Has anyone seen an increase in difficulty changing or using US $ recenly? Before we start I know we can use the ATM's to draw money. I am curious if this is a little bit of sensationalism or is exchanging becoming even more difficult. Spanish article: bbc.co.uk/mundo/economia/2010/06/100608_0537… English translation: translate.google.com/translate…
It's interesting how lacking in detail the article is about why the banks are not exchanging pesos for dollars; and, under what conditions they will still do so. Banks don't just stop doing something profitable to them, like exchanging currencies, without a reason, such as an order from the Bank of Mexico to stop; yet, the article says nothing about it. Instead, the article speaks only in general terms about dirty money coming in from the U.S., which is something banks don't usually get concerned about unless made to do so. There's more to this, and it probably has to do with monetary policy, but I've not been able to locate truly definitive information about it, beyond what's already been posted on this forum. Perhaps others can.... Currency exchange operations, not banks, still exchange pesos for dollars. So far as I know, it's not a problem for tourists, but it is for local people, who hate to exchange for anything less than the bank rate, but still need pesos for many things. (They can use dollars for many things, like grocery shopping, for example, but the rate is less favorable there, too.)
for what it is worth Banks and businesses in mexico have not always been the most friendly when it comes to money. Lord help you if you have a peso with a tear, something written on it etc. most places will not take it. That philosophy would seem to play itself out well if there were a fear of counterfeit money in the air. I very seriously doubt it has to do with the strength of the dollar vs. the peso. Let's be real if the dollar turns down the peso is really f'd up.
I just started in a job that has me selling a product at different resorts. My boss wants us to stop accepting USD as payment, but we have seen a MAJOR decline in sales when we are only taking Pesos. Tourist who generally don't leave the HZ don't see a need to convert their money and they are also at an All Inclusive and don't need much cash on them anyway. Needless to say, she is working with the Owner to figure out how we can still take USD and the company not feel any backfire from this. Plus I like to make USD in commission every once and awhile for my trips back to the Mother Land!!!
i went to usa cell yesterday they will exchange money for pesos but only 400usd at a time rate was 12.68
Do a lot of places in Cancun accept discover cards? and how much of a fee is it to use the atms in cancun?
This can vary greatly, depending on who your bank back home is, and what relationship they may have, if any, to Mexican banks. To know if you will do better at one bank than another, here, check with your bank, before leaving home. Using credit cards in ATMs can cost quite a lot, and is best avoided, if possible. Just for examples of costs, using cash cards in ATMs here, my bank recently raised their fees and now charges me $5/transaction; and HSBC bank- which I often use in Mexico- recently raised their fees to around 40 pesos, total/transaction. It's now costing me, ballpark, $8/withdrawal. Others, with accounts at Bank of America, find they pay no fees when using Santander Bank, or Scotia Bank, in Mexico, according to reports I've read. The amount you can withdraw from your bank account will also vary, most often with the limit your bank back home sets on these transactions being the maximum you can withdraw, per day, here in Mexico. Some banks, like mine, will require you notifying them you intend to use your cash card abroad before they will work in a Mexican ATM machine (my bank did not used to require this: it, like the higher fees, is new). :icon_cry:
I don't get why people use dollars here anyway, or why they are accepted. This is NOT the USA! Can I use pesos if I visit Miami or Detroit or Boston? Nope, so why should I ever see a US dollar here?
CancunCunuck, My wife and I have a house in Cancun and we rarely use dollars. I used to bring cash with me and convert to pesos and use pesos. There are people who visit Cancun for a holiday who do bring dollars and may not be familar with how and where to convert these to pesos and so,do end up using dollars. There are others who visit for periods of time that do know how and where to convert who just don' have or take the time to bother converting to pesos. My original question is/was has anyone seen a negative impact upon the businesses or tourism? I ask this as it is becoming increasingly difficult to convert dollars to pesos in Cancun. I do understand that pesos can be withdrawn at ATM's(which I do,much too frequently) however I believe there are a number of tourists who are reluctant to use foreign ATM's. I realize this forum is for people who live in Cancun and I thought this might be the place to get an idea as to what impact if any is being felt by businesses and overall tourism. I have traveled to other countries and will always try to use local currency. There are times when it is difficult to convert upon arrival and I've either had to use dollars or another country's currency until I was able to convert. It is strange that so many Americans expect to use dollars when in other countries yet the US in general only deals in dollars. Please, before anyone starts I don't want this thread to turn into the world monetary situation and it's relationship to the dollar. Just asking the question as to what if any impact has been seen with the current exchange situation in Cancun.
