Money exchange help needed

[Dancingfish Senior Member Find all posts View Profile Close Dancingfish]

In 2 weeks my kids are headed to Mexico (Mp in NV)-- World travelers they are not! Seeking alittle advice on exchanging money-- Should they exchange their money before they go? or once they get there? and if so where does one do this? At the airport?
Thanks!

[Pstreet1 Senior Member Find all posts View Profile Close Pstreet1]

We exchange some money at the bank before going, just so we'll have money when we first arrive.

After that, the hotel will exchange for you; any bank will exchange for you; the atm machines will give you pesos.

[barndweller Moderator Find all posts View Profile Close barndweller]

We, too, are going to Nuevo Vellarta in 2 weeks. I asked at my bank. They said to simply use my ATM card for all purchases. That insures the best exchange rate & eliminates the need to carry cash. Take only a small amount of pesos for first day cab fare or such. The hotels & resorts all have ATM machines for access to cash should they want some. My bank made a note on my account of the dates I will be in Mexico & the location so they can monitor any suspicious activity. Most large stores & resorts will accept American dollars as well.

[Dancingfish Senior Member Find all posts View Profile Close Dancingfish]

I know this will sound silly but how much mexican cash do you think would be needed? I figure cab rides and little off beat restuarants do not take credit cards or cashflow cards And I would guess that you get a better deal using peso's due to the exchange rate?

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

Almost all the travel gurus say "carry a small amount of local currency and if you need more go to an ATM."

Since the peso is about 10 peso/dollar, I'd carry at least 1000 pesos or about $100

[Fern Senior Member Find all posts View Profile Close Fern]

You don't want to use your credit card at restaurants...too much temptation for somebody to clone the number. You are much better getting pesos from an ATM (use it only when the bank is open) or even using US $ (which means you will probably only get 10 pesos to the dollar).

JMHO.

Fern

[3kids4me Super Moderator and Super Mom Find all posts View Profile Close 3kids4me]

We had the opposite problem in Mexico...we ran out of U.S. dollars and really could have used them. You can use them to pay for almost anything (and I think you get a better deal on some things), and if you run out, there is just now way to get more without paying a bundle!

Sharon

[basham Senior Member Find all posts View Profile Close basham]

Why is Mexico different in this regard

You don't want to use your credit card at restaurants...too much temptation for somebody to clone the number.
Fern

I would think in the US this would apply also. Almost to any place a credit card is presented. It is an inherent problem.

How is Mexico different.?

[JWC Super Moderator Find all posts View Profile Close JWC]

I would think in the US this would apply also. Almost to any place a credit card is presented. It is an inherent problem.

How is Mexico different.?

Fern's advice about not using your credit card is a very good idea. Credit card and ATM card theft is quite common in Mexico. Only use the ATM's inside the banks.

Make sure that you also check if there is a foreign currency transaction fee for using your credit card or ATM. Most of the credit card companies now charge a fee that is typically 1-3% on foreign currency charges. You may not notice it as it is usually not stated as a separate fee but is included in the conversion rate.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

If they are flying through Mexico City, they can change currency at the airport at a good rate and no commission, or at least that was so the last time I was through there. This is an exception to the usual rule that airport exchange counters tend to be ripoffs. The only other airport I can think of that I would exchange money at is Zurich (and there it makes a difference which terminal you do it in - the bank in one charges a commission and the other does not).

I would NOT change through a bank at home - often horrible rates and commissions.

[Dancingfish Senior Member Find all posts View Profile Close Dancingfish]

Thanks for the tip about exchanging at the airport. Thats probably a good idea!