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Noleakman
Newbie
Posts: 13
Registered: 9-8-2008
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Dollars or Pesos
I am going to Cabo in sept ! Can I pay for the hotel in Dollars ? I hear there is some new money rules!
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DENNIS
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Location: Punta Banda
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Money is money. If using dollars, just be aware of the exchange rate of the day so you don't get excessivly screwed.
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Trueheart
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I echo Dennis' comment. Also be aware that different hotels use different #'s when converting peso charges to USD. You might want to ask your hotel
concierge what their exchange rule is prior to going, if the difference is that important to you.
In the past, Solmar has always treated me fairly on the exchange. One "good" example.
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mcfez
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I have never used pesos in Mexico (25+ years). USD is accepted darn near everywhere. I do however...take the bulk of my cash....in 5 and 10's. Some
smaller merchants has a issue with breaking a USD 20 bill
Do indeed know the exchange rate.
Old people are like the old cars, made of some tough stuff. May show a little rust, but good as gold on the inside.
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bajamigo
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Get the pesos. I see a lot of places where the exchange rate for your dollars is in the 10 - 11 range when exchange rates even at the cases de cambio
is in the high eleven's. Pemex is usually one of the worst offenders.
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Heather
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Just find an ATM machine when you get there and take it out of your account in pesos.
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ligui
Senior Nomad
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For a hotel bill use your credit card . Why pay in bills ?
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Bob and Susan
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i was just at the border
11.3
pemex 11.5
better rate at the gas station using dollars
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Cypress
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You better have a pocket full of $$$$ down in Cabo. Euro's, US green backs? They'll empty your wallet no matter what it has in it.
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bajajudy
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You cannot spend over $250 usd in cash in any one transaction.
There are signs in Costco and other places stating this law.
BUT check with you hotel.
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nbacc
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Just remember that any change you get back will be in pesos when you use US dollars. That is where is gets confusing for some people. Be sure and
take small bills if you plan to use US bills. Nancy
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oxxo
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| Quote: | Originally posted by nbacc
Just remember that any change you get back will be in pesos when you use US dollars. |
Nancy is correct, you will get your change back in pesos. And some establishments charge you as much 15% to take your dollars. It is always best to
use pesos in Mexico.
I have never found Los Cabos to be any more expensive than other places I have visited in Baja. A 12 peso taco is a 12 peso taco just about anywhere.
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Dave
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| Quote: | Originally posted by oxxo
Nancy is correct, you will get your change back in pesos. And some establishments charge you as much 15% to take your dollars.
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Charging usurious interest on money exchange is illegal. Mexican law states that any establishment accepting foreign currency is required to post a
daily exchange rate and the advertised rate can only be within acceptable limits. There is actually a government website with daily rates.
http://www.sat.gob.mx/sitio_internet/asistencia_contribuyent...
Of course, this being Mexico means the above doesn't mean beans. 
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DENNIS
Platinum Nomad
Posts: 29510
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| Quote: | Originally posted by Dave
doesn't mean beans. |
I like beans.
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mcfez
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There you have it, Noleakman
A clear understanding on monetary matters in Baja 
Old people are like the old cars, made of some tough stuff. May show a little rust, but good as gold on the inside.
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Bajahowodd
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Unless things have changed dramatically, USD is accepted universally in a huge resort area such as Cabo.
I note the prior mention of using a credit card for your hotel. almost all restaurants but the taco stands also will take plastic. There are few that
will not.
Pesos are good for buying Pemex, if you are renting a car, or driving there. Also good for shopping for junk on the beach or in town.
We have drivin to Cabo several times a year for quite some time. On the way, we use ATMs to obtain pesos, which we use for Pemex, and other small
transactions. But most of the hotels we stay in, and most of the restaurants we eat in accept plastic.
I also know people who fly to Cabo, always use dollars, and complain that they end up flying home with a bunch of pesos in their wallet because they
got ehm in change.
Bottom line is that especially if you are flying, you really don't need to exchange to pesos. If you feel the need to have some, go to one of the
plethora of ATMs around town. My experience has been that if you feel the need to exchange it the hotel, rates vary drastically. If you go to an ATM,
you will incur a transaction charge, but you will get the actual current interntional exchange rate.
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luv2fish
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In the past I have had very good experiences by withdrawing from ATMs in Mexico. I got a much better exchange rate and was not charged any
commission. Matter of fact I got more money than was actually withdrawn from my account. Also if you bank with Citi you can use Banamex which is Citi
Bank Mexico, you will not get those atm charges.
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nbacc
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Be sure and call your credit card company and let them know you are going to be using your card in Mexico............not good when they deny you. I
call every time I go. Nancy
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DENNIS
Platinum Nomad
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Location: Punta Banda
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| Quote: | Originally posted by nbacc
Be sure and call your credit card company and let them know you are going to be using your card in Mexico............not good when they deny you. I
call every time I go. Nancy |
Excellent tip. I live here and use my cards a lot....construction and bar bills...and I get frozen out of one or the other regularly.
Not a problem here, but if I were on the road, it would be very uncool.
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mcfez
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atm gets lock up too :-(
Old people are like the old cars, made of some tough stuff. May show a little rust, but good as gold on the inside.
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