Haha! I just realized that Penelope and Monica weren't making out with each other. She's making out with some other girl. I'm kind of disappointed.
Anyway back to the currency lol. Its about 17 perso to 1 pound at airport money exchanges etc but if you take your current account card/debit card and draw money from the atm in mexico you should get about 21 perso to 1 pound. You will be charged about 3 pounds for that transaction. So what you do is you draw 1 weeks worth of money from the atm and you should get more perso for your pound! So your asking why you would get a better rate from the atm well banks trade at the actual exchange rate for that day. But money exchanges take the actual exchange rate and then sell the currency at a lower rate and thats how they make money.
Thanks for the tip Patbish, I'll def change my money into Peso when I arrive - btw how did you find out all this???
well 1st things 1st you should never change ur money at the airport, they will rip you off something mental! If you're taking cash with you, change it at a local exchange for a better rate, if not, do what Patbish says and use the ATMs. as rates go at the moment (FOREX rates not consumer, knock a few cents off for that one) £1000 = $1423.92 (USD 1.42392) £1000 = $20839.1 (MEX 20.8391) wont matter if you get USD and change to MEX, just get MEX or just get USD will still get the same amount.
I have always used atms and found it to be cheaper when abroad and i read on yahoo on why it was cheaper thats about it! Lol
ATM IS the cheapest way to go. Money exchange's main purpose of existence is to make money off the spread of the buying and selling currency. Consumer banks make (most of their) money by having you deposit your money in their banks. They provide many convenient services like ATM withdraws to make you want to put your money in their banks. When you withdraw money in a foreign, you are using the exchange rate that your bank uses which doesn't have the premium exchange places tag on. That's why you get better rates. The only downside is that you usually have to pay out of network ATM fees. That can be avoided if you have no fee ATM accounts or if your bank is in a global alliance with other banks. For example, Bank of American, Barclays, BNP Paribas, China Construction Bank, Deutsche eBank, Santander, Sctiabank, Westpac, and ABSA don't charge each other out of network fees. So when I use my Bank of America ATM card at Santander ATMs in Cancun, I don't get charge anything.
