Discussions

Just wondered what the rest of you travelers do? I am going to Mexico in the new year and I was wondering if you guys take American money or Peso's? Pros and cons of taking either one?

I just returned from Mexico on Thursday (Cancun) and both American and pesos are widely accepted. I took Canadian money, and exchanged it right at the hotel. Everything I purchased had the price listed in both American, and pesos. Have fun!!

I was taking American currency for my first trip. And using the exchanges. But found it was worth the effort of finding the Mexican equivalent to Scotia Bank. They accepted my debit card, and gave me pesos at a true blue exchange rate. Those exchange windows always gouge you.  
 
If you can't take the time, get your pesos before you go. If possible. Or, if you can afford to throw your money away. Just wait.

Take Canadian or Pesos. You'll get a better rate with pesos when making purchases. For larger purchases (restaurants, excursions etc.) used my credit card. You can usually exchange money at your hotel, or will get a better rate at a bank in Mexico. Don't exchange to US, then again exchange to pesos as you'll lose out each time. May as well go direct from Canadian to pesos. Though they do accept US everywhere. I have also used my bank card to take out more pesos.

You can't get your Canadian dollars exchanged for pesos here in Canada, as banks don't have pesos. You will have to exchange your Canadian dollars to pesos when you arrive in Mexico

Use their currency for local purchases.  
Exchange Cdn. money with your debit card when you get there and use a credible bank (Bank of Nova Scotia) or the visible National Mexican Banks to withdraw.  
 
Bottom line: don't use airport or corner machines  
 
Debit is best there, as passing someone a Canadian or US bill may be just a hassle.  
 
When in another country, use their currency. It's a lot easier.  
 
How would you be in a retail shop here if someone asked you to exchange Peso's? When in the country, use the country's currency.

belkin said "You can't get your Canadian dollars exchanged for pesos here in Canada, as banks don't have pesos. You will have to exchange your Canadian dollars to pesos when you arrive in Mexico "

Banks will bring Peso's here no problem. It might take a couple of business days. With the big banks (RBC, TD, Scotia), sometimes they have them on hand right here in Brandon. It's best to call your branch first. I have been lucky.  
 
Don't listen to 'belkin'. I can assure you that banks can get pesos or any other currency in the world in with enough notice. 3-5 days.

And we have always taken US dollars as they prefer it at the resorts for tipping etc. I did however come across a few smaller shops outside the resorts that only take pesos....we use our credit cards for excursion trips, restaurants in town and shopping as well. Have fun!

Didn't do a lot of shopping but what we did I used US for and also for tipping. The only thing I bought pesos for from the hotel was for the bus.

money can't always be exchanged with debit card, it depends on the bank. I was also recently told in Mexico that the length of your PIN number can impact whether your debit will work or not out of country. Kelley, you stated, debit it best. I politely disagree. You would hate to get all the way to Mexico and be left with an unaccepted debit card. Point it check: I was at a Starbucks at a Mexican airport on Thursday, and both the people if front of me had their debit cards rejected when attempting to pay. The workers say it happens a lot with certain banks. Credit card is widely accepted however. Using american money, if that is what you are more comfortable with, is also widely accepted. And I don't understand how handing someone money is a "hassle"? After all, isn't that how money has always been exchanged?  
 
Edited by belkin, 2016-11-19 23:46:32