Peso's or Dollars?

Discussion in 'Cancun Forum' started by Bainsey, Aug 22, 2007.

  1. Bainsey

    Bainsey Enthusiast Registered Member

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    Simple enough question, which do I take... Peso's or Dollars?

    So far, I have cashed over $390 dollars (around about £200) and was wondering if I needed to get any peso's when I next exchange more money rather than just getting more dollars?
     
  2. Klaw

    Klaw Guest

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    I'm running off to work now so I don't have time to give you a lengthy answer....use the search function and you'll find this question has been asswered many times. :lol:
     
  3. Michael F.

    Michael F. Moderator/1st CC Member Registered Member

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    eh, from now on just work with pesos instead of dollars. That way you won't lose as much in the process when purchasing items charged in pesos. Vendors will not work out an exact conversion when you want to pay in dollars...you end up paying more.
     
  4. Bainsey

    Bainsey Enthusiast Registered Member

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    To be honest the only time we are going to spend any money is on trips, nights out and shopping in the malls.

    There will be obviously the odd taxi ride to.

    Thanks for the tip on the search Karan but what do you think on my situation bearing in mind that we are all inclusive at the Riu Cancun?
     
  5. Klaw

    Klaw Guest

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    Even if you're all inclkusive I say stick to pesos if US dollars are not your national currency.

    It will save you money.
     
  6. Steve

    Steve Administrator Owner

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    I agree.

    If USD is not your home currency then pesos is better. Otherwise you'll end up juggling three different currencies in your head (Pesos, Pounds and Dollars), and you dont need that on holiday.

    I would also recommend using the ATM machines for the best rate. I've lived here 3 years but still do much of my banking in the UK and use the ATM all the time.
     
  7. Bainsey

    Bainsey Enthusiast Registered Member

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    Thanks for the advice guys. Just a bit peed off about having spent £200 on dollars so far now I know what you have told me! :roll:

    I dont have a credit card but do have a Maestro Debit Card. Will this work for me?
     
  8. Klaw

    Klaw Guest

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    It should...I know many people from Europe who have taken money out of the ATM with their debit cards with no problems.

    But alert your bank that you'll be using it in Cancun just to be safe. Wouldn't want them denying use thinking the card had been stolen or something.

    And check with them to make sure your bank doesn't charge some ewtraordinary service fees for use abroad. Most don't but it's best to knwo for sure.
     
  9. dynamus

    dynamus Enthusiast Registered Member

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    Better do pesos

    Welcome to the board, though I'm also new on the Board and in Cancun

    I think pesos is your best alternative. Because very often vendors and taxi drivers round up dollars to $ 10.00 pesos, when the actual exchange rate could be $10.65 pesos per instance.

    However, people living on "tips" would appreciate more dollars and euros!
     
  10. T.J.

    T.J. I can choose my own title Registered Member

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    I have a couple of comments.

    1. It is usually better to exchange for pesos in Cancun than from your depature point.

    2. Don't buy US$ with GBP and then buy MXN in Cancun. There is basically a commission every time you exchange so no need to put another 2.5% in their pockets.

    3. Some hotels give bank rates but others don't. Banks are better than the little exchange houses you see everywhere.

    4. The bank rate in downtown Cancun was $10.93 pesos for $1US on Monday. The dollar has gone up from $10.78 in only 2 weeks. That is good for anyone buying pesos.

    5. These are real live rates, not something from the internet that you may or may not find here.

    6. What the other posters were meaning about paying in dollars is that if something is priced at $100 pesos, if you want to pay in US$ it will be $10. But with that same $10 you can get almost $110 in pesos.

    7. I do not know the exchange rate for GBP or Euros but it is consistent with the rate for USD if that makes any sense. THe same proportion if you do the math. Again, just don't exchange twice or it will cost you an extra 2.5%-3%.

    Hope this helps.
    T.J.
    In Cancun
     
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