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Exchanging money in Cozumel - 11/7/2012 11:09:19 AM
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Notch
Posts: 1224
Joined: 5/4/2007
From: Pittsburgh, PA
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Just a couple of questions about exchanging USD in Cozumel.
Do you keep up on the MXN exchange rate when you travel down on a vacation? We have noticed that most things are marked in USD down there but we still like to have pesos on us.
I have a gadget on my computer screen that tracks pesos and it currently says 13.13$ pesos to 1$USD.
AAA's quoted me 12$ pesos to 1$USD. Do you think that is a fair rate or would I do better just waiting and exchanging in Mexico? I'm thinking I'd probably be charged a 1$ pesos fee down there also. I hate wasting time on vacation exchanging if I can avoid it.
Thanks,
-Notch
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RE: Exchanging money in Cozumel - 11/8/2012 7:28:15 AM
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Notch
Posts: 1224
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Let me simplify my question:
What would the exchange rate be today if I walked into a bank in Coz?
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RE: Exchanging money in Cozumel - 11/8/2012 11:09:59 AM
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pato
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The exchange rate changes daily at banks and ATM's. That is were you will get the best rates.
Always better to get pesos after you get to Mexico than before you go and the ATM's are the best for that.
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RE: Exchanging money in Cozumel - 11/8/2012 1:55:29 PM
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Notch
Posts: 1224
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From: Pittsburgh, PA
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quote:
ORIGINAL: pato
The exchange rate changes daily at banks and ATM's. That is were you will get the best rates.
Always better to get pesos after you get to Mexico than before you go and the ATM's are the best for that.
Thanks pato.
It's too late to buy pesos here now anyway. Wouldn't directly from a bank be the best way to exchange?
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RE: Exchanging money in Cozumel - 11/8/2012 2:19:48 PM
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Vancouver Sundog
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quote:
Wouldn't directly from a bank be the best way to exchange
Possibly
There may be a long lineup
They may want you to have an account with them (I believe the Tulum banks did this earlier this year)
There will likely be a cambio near the ferry dock that gives a 12+ rate
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RE: Exchanging money in Cozumel - 11/8/2012 8:14:06 PM
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Steve O
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From: Chicago
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I don't know about anyone else but I bring down less than $50 US with me when I go. There is no reason to have American dollars on you. The airlines don't even take cash anymore. Usually by paying in pesos you will save enough for a dinner for every $5000 pesos you withdraw from your bank. ATM's are the way to go. If you pick up a copy of Por Esto (Mexican newspaper) they have a column in there that shows what areas have the best exchange rates. The airport is usually listed in the top 3 or 4 of the list. Actually you wont find that much of a difference between which ATM's you use to make it something to worry about. All the rates change daily. I would call my bank and tell them that you will be using the card in Mexico. It's easier to deal with here than trying to call an 800 number from there when they won't give you any money.
When on Cozumel I usually use one of the ATM's at Mega or Chedraui for convenience. If not, anyone will do as long as it is not a private one. ATM's are everywhere now so it is not a problem. Try to use an ATM that will let you swipe the card instead of putting it in. I have only had a problem once with a machine eating my card and that could be a problem if you don't have a backup.
For the past 5 or 6 years I have used a Capitalone debit card for use in Mexico only. I get charged no ATM fees and there is no foreign transaction fee. That saves me 3% on the transaction fee and a dollar or so on the ATM fee. When you stay for a long period of time it can add up but nothing to worry about for a one or two week vacation.
I wouldn't stand in line at a bank to exchange money because the lines are to long with people doing normal business. You will get better exchange rates in Mexico from any ATM than you will from AAA. Go spend your money and don't worry. Have a good time.
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RE: Exchanging money in Cozumel - 11/8/2012 8:41:50 PM
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Notch
Posts: 1224
Joined: 5/4/2007
From: Pittsburgh, PA
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quote:
ORIGINAL: Steve O
I wouldn't stand in line at a bank to exchange money because the lines are to long with people doing normal business. You will get better exchange rates in Mexico from any ATM than you will from AAA. Go spend your money and don't worry. Have a good time.
Great advice. Thanks for the help Seve O!
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RE: Exchanging money in Cozumel - 11/10/2012 10:20:19 AM
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pato
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If you do decide to brave the lines at a Mexican bank keep in mind that you will have to show your passport to exchange USD for pesos.
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Gracias, Steve.
