I bought Pesos from RBC when we went last year. 2000 MXN cost me CDN$209.20. I then withdrew more Pesos from a bank machine, 1000 MXN cost me CDN$88.17 plus CDN$5.00 that the RBC charged me (Plus system fee). The Mexican ATM charged me nothing (bank on Isla Majeur). So 1000 MXN from RBC in Canada was $104.60 versus 1000 MXN in Mexico costing $93.17. I saved $11.00 using the Mexican ATM. Just my experience, can't say yours would be the same BUT when we go to Cancun next I will only take a limited amount of Pesos to get me by for the first few days and withdraw from a BANK ATM (only a bank, I'm not that trusting). My experience as a Canuck is that the staff were happy to accept either US$ or Pesos and nobody complained about getting either. The van driver had some CDN $5 and $10 bills in his tip jar so they take that too but likely not as happily.
Here are two points to remember about current conversion and spending money in Mexico Point 1 If you are coming from any other country than the USA, then it is probably better to use Pesos(the official currency of the country) when in Mexico. Every time you change from one currency to another you will lose money during the conversion process - also as stated previously you generally get the best rates(lowest conversion fees) from your home currency into Pesos using the local Mexican ATMs (ie at the airport, etc) Point 2 The following is not a "local ripoff scheme" but just the way things work If you get a local taxi and ask how much (in Pesos) to go to a particular location and he answers 130 Pesos. When you get to your destination (knowing that the conversion rate from USD to MXP is $1 US = 13 Pesos) hand the driver $10 USD - the driver will be mad and will ask you for $13 USD - most service business(ie taxi, shops) still use the old conversion rate of $1 USD = 10 MXP So bottom line - for most local purchases, taxis etc if you pay in Pesos you will end up paying the correct amount
Thanks for sharing your experience. We will do as you suggested...only take a limited amount and withdraw the rest of what we need from a Mexican ATM. Thanks!:icon_lol:
I usually take $100 in $1 and $2 denominations for tips for the week. It's alot easier, and makes it eazy to tip often, both bartenderrs, buffet waiters and maids. If you run out, just hit the ATM , they have the best % exchange rate, and the international transaction fee is usually cheaper ($1.75 USD per transaction, as opposed to a withdrawl from a ATM here in the USA not associated with your bank, like $3.00!)
