Temptation Travel Tips #1 - Currency

Originally posted to the Temptation Cancun Community Facebook page, under the files section:
https://www.facebook.com/groups/temptationcancuncommunity/doc/677889638897602/


Temptation Travel Tips #1 - Currency


Many travelers have asked what type of currency to bring while visiting Mexico. I find that the answer varies with regards to your specific destination within Mexico, the specific resort you are staying at, and your Desire/ability to travel off-resort.

This specific article will deal with this question from the perspective of someone visiting Cancún and staying at Temptation Resort, and is based on my personal experience across many visits to this great resort.

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Although the official currency of Mexico is the Mexican Peso (International currency symbol MXN), in many tourist areas U.S. dollars are commonly accepted for payment.

Those traveling to Mexico from the United States or Canada for the first time, can initially experience a form of sticker shock, as prices are commonly written using the $ prefix (e.g. $11 representing 11 Pesos - about the cost of a soda in the local convenience store chain OXXO).

To add to this confusion, when using U.S. dollars, your change will likely be in Pesos, so unless you are quick with numbers while on vacation (read intoxicated), this can lead to being shortchanged very easily.

In tourist areas, it is not uncommon to also see goods priced in $US Dollars. If you are unsure about the price, simply ask the merchant whether it is 'Dólares Americanos' (Dollars) or Pesos.

Here are a few simple Spanish phrases that may help you to determine this:

En: Is this dollars or pesos?
Sp: ¿Esto es dólares o pesos?

En: Do you accept American dollars?
Sp: ¿Aceptan dólares Americanos?

En: How much does this cost in pesos?
Sp: ¿Cuánto cuesta este de pesos?

En: How much does this cost in American dollars?
Sp: ¿Cuánto cuesta este costo en dólares Americanos?

En: That is too much
Sp: Eso es demasiado
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I never studied Spanish in school, so these translations may not be perfect - I just wanted to keep it simple
If you want even simpler, try ¿Cuánto? (How much?) or ¿Cuánto en dólares? (How much in dollars?).


Currency Exchange:

Exchanging your currency into Pesos is usually fairly easy if you are staying in the tourist areas and Hotel Zone. Most hotels will do this for you at the front desk.

I find the front desk at Temptation Resort to be fair. The rate is updated daily and displayed prominently, and they already have your personal information on file, so you don't need to go carrying your passport around with you (which is a bad idea - keep your passport locked in your room safe).

Temptation Resort will exchange USD, CAN, EUR, and GBP into Pesos for you, and there are no additional service fees aside from the posted rate.

There is also a currency exchange directly across the street from the resort, and the one time that I used it, the exchange rate was moderately better than the hotel.

The best exchange rates will usually be found at a currency exchange or Bank in your home country, however, you can also visit a Mexican bank. Just make sure to bring your passport with you as it will be required (see note above).

Example exchange rates from www.oanda.com as of 9/23/2013

1 USD = 12.47 MXN
1 CAN = 12.10 MXN
1 EUR = 16.86 MXN
1 GBP = 19.95 MXN
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(Interbank Rate with 3% discount applied - This is the rate that a typical Bank in North America will charge
if you walk in to a branch to convert some cash. Credit card and cash advance rates may vary significantly
and can be 5-6% discounted from the Interbank rate)
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When I visit Cancún, my personal preference is to bring U.S. dollars in the lowest denominations ($1, $5 $10, $20). This allows me to reduce the risk of breaking a higher denomination bill and not getting a favourable exchange rate, especially when off-resort. It also allows me to tip the hotel staff more frequently and without handling a pile of Mexican coins.

The local bus costs $8.5 Pesos and the driver makes change for you. If I don't have the required Pesos, I usually just give him a U.S. dollar and let him keep the change as a tip.

Mexican Pesos circulate as both paper money and coins in the following denominations:

• Paper - $20, $50, $100, $200, $500, and $1000 pesos
• Coins - $1, $2, $5, $10, $20, $50 pesos

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The Mexican Peso is divided into 100 Centavos or cents, displayed as ¢.

The following Centavo coins are also circulated:

• 5¢, 10¢, 20¢, 50¢

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Check your change and make sure you aren't getting Centavo coins instead of Pesos. I don't want to get into a debate about whether this is done intentionally to tourists, but it has happened. The general rule is that the coins get bigger and thicker the more they are worth. Centavo coins are quite small (like a bus token) and should be easily distinguished by the ¢ instead of $.

Although crime rates in Mexico can be high compared to home, in the tourist zones it is less common and usually consists of pick-pocketing and petty crimes. I'm sure I don't have to tell you this, but be smart, and don't flash your cash in public. Take only what you need with you when going off-resort and have the money ready to pay for your purchase without having to dig through a wallet full of bills in full view of everyone.


Credit card theft can also be a concern while traveling, although I do prefer to use my credit card when making larger purchases. I like to make a trip to Downtown Cancún to the local Wal-Mart in order to pick up some of my favourite snacks and other food items. The R2 bus picks you up right outside the hotel and drops you right beside Wal-Mart.

Wal-Mart accepts major credit cards, and the prices they charge are similar to Canadian and U.S. prices for most goods. The exchange rate that you receive will be determined by your bank, so make sure to consider that before making your purchase with a card. Wal-Mart also has a currency exchange service, but I have never used it.

The reason I prefer to use a credit card, is so I can conserve the physical cash on-hand for merchants that won't or can't take plastic. If you choose responsibly to use your credit card only at established merchants, it should be just as safe as at home.

The downside to using your credit card, is that in order to conduct a purchase, you may need to provide your passport or other acceptable form of photo ID...There you go toting around your passport again.



Credit Card Tips:

• Avoid letting the credit card out of your sight
• Be aware of attempts to skim your credit card info

If the merchant needs to swipe your card multiple times, or says the machine
isn't working and needs to swipe it in another machine, this could be a warning
of a skimming operation.
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• Be aware of what the actual price that will be charged to your card is

A common scam is to quote you a price in U.S. dollars, and then charge you an
inflated price in Pesos based on their own back-of-napkin exchange rate
(you lose out twice on this, as the Pesos will also have to be converted by your
bank back to your home currency).
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• Ask the merchant if they have the ability to charge you directly in U.S. dollars

Some merchants have a different machine for U.S. dollar transactions vs. Pesos
and may be able to accommodate your request.
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• Make sure to inform your credit card company that you will be traveling to Mexico before you leave.

Provide them with your destination and exact dates of your trip, along with a
local contact number in case they need to reach you about any suspicious transactions.
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• Be prepared to show photo ID when using a credit card

Just about everywhere I have used a credit card, requires that you provide photo ID.
Good for you, and good for the merchant...Reduces credit card fraud.
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I find that locating an ATM in Mexico that is working and will take my specific bank card (debit card) can be a challenge at times, however, there is an ATM just outside the convenience store in the Temptation Resort parking lot that I have successfully used with a Canadian bank card. Dispenses Pesos only

I should make one thing clear. Although U.S. dollars are generally accepted, the citizens of Mexico are not able to freely convert them into Pesos. This leads to an underground economy based on exchanging dollars for Pesos. If you are socially conscious and want to avoid contributing to the underground economy, you may wish to tip the resort staff in Pesos so that they get the full value of the currency.

That said, I have spoken to many resort staff, and they really couldn't care what currency you tip them in. A tip is still a tip and is appreciated all the same!

The key is to be aware of the current approximate exchange rate for your currency, and to pay attention when paying for things.

Above all, be safe, have fun, and enjoy Mexico and Temptation Resort in particular!

 

Not a bad idea to get a second low limit credit card to use while traveling but still bring your high limit card and leave in your safe for medical emergancies.

As a Canadian I prefer to use pesos when tipping because the currency charge only applies once.

Each time money gets exchange into another there is a charge so the fewer times the better.

So we pay to exchange our money into USD then the staff pay to exchange to pesos, might as well just exchange into pesos.

Personally I bring a mix of both ( Steves cruise is listed and paid in USD) but mostly pesos and pay by credit card when I can.

The peso's are also water proof !

 

I really have to disagree with your post, but it's totally up to you,

If USD is not your native currency you will lose $$ every time you convert and you will lose further since USD is not the native currency of Mexico and each time you purchase something in Mexico the vendor will only give you a conversion rate that is most favorable to themselves.

Pesos are easily available at any bank in Canada, just give them a day or twos notice of how much(in Pesos) you want.

Right now $1 CAD converts to just over 12 MXP

As an example of how your $$ will go further

If you take a taxi and the taxi rate for the trip is 200 MXP - if you pay in USD they will expect $20 USD
(they only consider a 10:1 conversion ratio - same with most shopkeepers).

You are already losing about 2% in fees at the bank to convert to USD or MXP

So if you pay in USD that taxi ride would cost you $20.40 CAD (includes bank conversion fee)

If you pay in MXP that taxi ride would cost you $ 16 CAD (includes bank conversion fee)

As you can see if USD is not your native currency, your hard earned vacation $$ are worth close to 25% more by using MXP.

MXP is the official currency of the country......................

 

Other than spending the day with Steve and a few dozen of my closest friends on a boat...I've never found a reason to leave the resort. All I need is tip money! So much easier.

 

I feel it is respectful when in another country to use their currency whenever possible. When in Rome...

 

We have always used US dollars. Been there quite a few times, and never had a problem.. Take plenty of $1.00's with you for tips.

 

I have asked the bartenders,waitersand staff before if they would rather have USD or MxP. They did not care. I do think the biggest thing is that they live off there tips and they work there ass off for them. I do tip well, and appreciate good service!

 

Lol - when traveling in most countries you don't have a choice except to use the currency of that country - have you tried to pay for something in the USA with Canadian dollars recently

 

The one thing that is basically useless to them is any coins from other countries. Paper Money is fine, but they can't do anything with coins.

 

Unless you're a good guy any buy it from them, but it sure does add to the weight of your luggage on the way home.