Where is the best place to exchange currency in Cancun? I procrastinated and was not able to get it from the bank. I know the airports do it but charge a pretty penny. I was wondering if any places in cancun offered any good exchanges. Thanks in advance. Eric
Your best option will probably be your hotel, but compare their rates with the casas de cambio, that you see along the streets. Not too long ago the banks stopped buying US Dollars, thinking that this would all but eliminate money laundering. So these little Cambio places now have little or no competition, so their rates have gotten worse. Then they take "your" dollars to the bank and buy lots more pesos and life goes on. Funny how gov't thinks they are smaller than the cartels who really do launder money and no doubt continue to do so. Suggest you bring $50 bills and pay for your purchases at Walmart, Costco, Soriana etc if you have them, as these rates are typically, but not always, better than what you can get from the hotels and at the "Cambios".
When we were there in JULY 2010 the rate at the airport was 12.5 pesos to USD. When you say the airport "charges a pretty penny" do you mean that the exchange rate really should have been better than 12.5 or is there is an additional charge for the exchange seperatley, if so approximatley how much?
Getting pesos Have you got something recent on that, T.J.? Last time I asked at the bank, they were changing dollars for tourists, but with a daily limit of about $300 USD, as I recall. Banks generally offer better rates than the money changers, if perhaps at some small additional inconvenience, when they are exchanging dollars. And, OP, you heard right, airports generally are not good places to exchange money, for at least two reasons: first, they typically offer the worst exchange rates of all, and that's true around the world, it seems; and, exchange a large sum at an airport, and you could make yourself a target for a mugging, anywhere around the world. If you insist on having local currency immediately upon arrival, a better choice would be to purchase currency in a modest amount, using an ATM at the airport.
I have to say that The Royal has had the same Exchange Rate of 11.50% for the last couple months. Never going up or down. The rate at most cambios I have seen downtown the last few days has been 12.30%. And I have heard the Hotels in general are not good at all.
Walmart was giving 12.90 the other day (You have to buy items there for them to give you the change in pesos.) There is a kiosk at "la Isla" in the hotel zone that gives 12.50, but you need to show them your passport to get the money.
Carrying a passport to the cambios or banks just seemed too risky to me. The risk of a lost passport was just not worth the little extra in pesos I might get versus my bank's exchange rate. So the past few trips we've done to Cancun, Isla Mujeres, Playa and Cabo we've carried a few hundred in US dollars for emergencies, a big stack of ones for tips and used the ATMs inside of banks ASAP once we got to Mexico. We got our US bank's exchange rate of the day which wasn't too bad. Plus, we were able to keep our Passports and emergency cash locked up for the whole trip. It made currency exchange worry free the entire trip. PS - Use the ATM's inside banks. If the machine gives any 500 peso notes take them directly to the counter for smaller notes. There have been a few instances of forgeries reported over the past couple of years. Each one I've read about have been the 500 note. If you get one from an inside a bank machine there's a better chance of not getting screwed. All the reports I read from those that got one from another ATM basically just got handed a $50 souviener as they could never get their money back.
What kind of ATM charges should someone expect in Mexico? Also, do the banks back home in the U.S. typically hit you for a atm fee for using the card internationally?
I agree that carrying your passport around is very risky, but that is the requirement at the money exchange at La Isla. The regular "casa de cambios" just ask you for you name before exchanging the money. Also, it is better to exchange bills less then $100. Many places will not accept a $100 or they may give you a hard time about it before they do accept it (if you tell them that is all that you have).
SHOW ME CPL The bank we use charges a 3% conversion fee. But all banks are different just call your bank to let them know when you will be over there so they do not put a block on your card and ask then.
