|
 The
local currency in Mexico is Mexican pesos. US dollars are
widely accepted in the Border region Tijuana to Ensenada
providing the unusual experience of being able to shop and
pay in dual currency.
Credit cards are widely
accepted, with the exception of Gas stations where the local
provider Pemex will mostly only accept cash.
There
are many Bank ATM machines form
Banamex and Bancomer, more recently HSBC tellers have also
been introduced, providing visitors with easy access to
cash.
American checks may also
be accepted by business with whom you establish long term
relationships and providing that that are equipped to accept
checks.
The
following article appeared at
http://www.advantagemexico.com/money.html and provides
some additional information on money related matters in
Mexico.
The only
point of contention with this article is that the border
zone operates under the dual currency (Mexican Pesos and US
Dollars) but none the less provides some useful information.
Mexico Money:
In terms
of convenience, some significant improvements have been made
since Mexico's banking industry was nationalized in 1982. In
1991 the government began privatizing the industry. Fourteen
of Mexico's 18 banks were auctioned to the private sector by
the end of 1992.
The
industry is rebounding and modernizing to accommodate
increased international trade and the significant
restructuring of the Mexican domestic economy.
Its two
largest banks are Banamex and Bancomer. Nationwide there are
over 6,300 branches. Many branches have spruced up their
public areas, and the number of teller machines you can craw
Mexico money from (pesos) has quadrupled since 1991.
In fact,
it is now possible for visitors to access ATMs. Bancomer
ATMs are now in the Cirrus and PLUS systems, and even offer
Spanish/English language menus. Machines will dispense
pesos.
Money is
often exchanged at casas de cambio (exchange houses) that
are open longer hours and offer quicker service. Although
dollars are widely accepted (and often preferred), we
recommend using pesos during your stay.
Note
that the worst exchange rates are often at hotels; the best
are actually obtained by using a Visa check card to access
money in your checking account at "official" international
exchange rates. Exchange houses and banks are the next best
option with a slightly lower rate for travelers checks.
Exchange fees are not charged.
We
recommend exchanging $20-30 into Mexico money (pesos) before
leaving the U.S./Canada. This way you'll arrive in Mexico
with pesos for cab fare to your hotel. Also, carry $20-30 in
one-dollar bills– they're great for tipping.
Credit
cards are widely accepted, with Visa (the most widely
accepted in Mexico) and Mastercard being the cards of
choice. American Express is becoming more widely accepted at
the larger hotel chains, but don't count on it elsewhere.
When
checking into hotels, clients are often asked for a credit
card for incidental charges, and asked to sign a blank
charge slip. This is a common practice and should not be
viewed with suspicion.
Capitalizing on the Value of the Dollar:
Whenever
possible, eat, sleep, dine, and shop where the Mexican
nationals do. Peso rates at establishments more attuned to a
local versus an international market have remained more
stable. The greatest bargains are at inland cities, and
beach destinations that cater to Mexican travelers more than
foreign visitors.
Exchanging US dollars for pesos in Mexico is fine. Canadian
currency is a better rate when drawn through an ATM machine
than at an exchange company.
Rates
for currencies other than US or Canadian can be really bad,
so plan on either drawing money through an ATM or purchasing
American Express Travelers Checks (IN US DOLLARS) before you
leave your country.
Use
pesos rather than dollars for transactions in Mexico. In
general, restaurants, shops and taxis will exchange your
dollars at a rate lower than what is paid by local casas de
cambio. By exchanging dollars for pesos, and then shopping
with pesos, you will maximize your savings.
Use
credit cards whenever possible. There are two reasons for
this. First, your purchase will be converted into dollars at
an exchange rate more favorable than what you will likely
earn by changing dollars into pesos at, say, your hotel.
Second,
if you use a Visa check card to draw money directly from
your checking account, you will save time waiting in line to
exchange travelers checks or dollars and the exchange rate
will be calculated using official international rates.
If you
are coming from a country other than the United States,
using a credit card to draw money from an ATM is more
important than ever as banks and currency exchange places
throughout Mexico will offer you exchange rates that are
down right insulting. |
