Discussions

All of the past posts on this issue here on ebrandon are from 2011 so I would like to ask for more current information on whether to buy us currency or pesos here before travelling to a Mexican resort. Thx And is there a best place in Brandon to buy pesos? My credit union has to order them in.

I was there a couple weeks ago, and have been 5 times in the past 3 years and have used USD everytime with no trouble. Just bring smaller bills. Lots of $1 for tips, I found it hard to break bigger bills ($50-$100) to get smaller bills.

Personally, I just use Cdn when I go to these places. Bring a little bit of American small bills to get you through the first day or two for tips. Once you get to the tourist areas, there are plenty of places that will give you as good or better exchange rates for Cdn to their currency than Cdn banks will. Worst places to exchange your money is usually at the airport, and often closely followed by the Hotel.  
 
The less times you exchange your money, the less times you contribute to the bank or money exchanges profit margins. Exchanging for US currency here, then paying an exchange rate there to spend/exchange the US currency is just throwing your money away.

Every time we've gone to Mexico we have exchanged for US dollars before going. The banks love to take our money for US as they get a fee for doing so. We were told by our contact in Puerto Vallarta to just bring Canadian and exchange it for pesos at the hotel - - you save one exchange and save money. Like another person has said-take a little US money in small denominations for tips,etc. and exchange your money once there.

Another question on the same topic...  
For an All-Inclusive vacation, how much cash did you take? Was it too much/not enough?

We are also heading down there shortly and were wondering if they accept Canadian dollars or if they would prefer US.  

To an all inclusive I bring approx $300-400 USD. This may seem like a ton but I enjoy excursions. Most excursions are approx $100 a pop. I am a fan of souvenirs and tip everywhere (even if just a buck at a time). I was told once to bring some pesos to use for bargaining because with USD they will just take $10 for 100 pesos when in reality it may cost you 9.50 ( for example). But I find it easier to bring one type of currency with me. Thankfully, most resorts provide a locked safe for you to keep your money in so that you don't have to worry about holding onto all that cash the entire time!

I was once asking a bartender at a resort if they prefer Canadian money and I was told no, that it is useless to them. Maybe just one mans opinion but that's the only one I have!

Like someone said, a little cash for the first day is good (cab from the airport, first meal, etc.). But US vs Peso really doesn't make a difference. Even better, just take your debit card and withdraw from a 'reputable' bank machine down there. Scotiabank, for example, has a machine in the old town in Puerto Vallarta. Gives you pesos and takes the money directly from your account at about the best exchange rate possible (even accounting for the machine fees). I've done the math both ways and debit was cheaper for me, and way easier. Just don't use 'no-name' bank machines at convenience stores and such. There are plenty of national and international banks there.

As some others do, I just take some leftover pesos from the year before and use them to get started upon arrival, then seek out the Mexico National Bank's ATM's.  
 
There is some good info on Trip Advisor about currency. It also doesn't hurt to look up your resort on Trip Advisor to see what others experiences have been at said resort with any currency tips.  
 
Just a little thing, but it's said that it's sometimes a little extra work for the Mexican people if tipping in Cdn. or US dollars. It means they have to go to a bank to exchange the money for Pesos. I just try and put myself in their shoes. If someone tipped me here in Pesos, it would take an extra trip to the bank to exchange for my own Country's currency.  
 
I think it's just a lot easier for them to receive Peso's which is their own currency. Just my thoughts. Have a wonderful vacation!  
 
Currency info here:  
 
http://www.tripadvisor.ca/mgo-g150768-s601?rev=90  
 
Check out your resort here:  
 
 
http://www.tripadvisor.ca/  
 
 
 
 
 
Edited by Kellye, 2015-12-10 10:56:03

Some great advice!

Also, Do inform your financial institution know you are travelling as well to Mexico as well and give them your dates. They appreciate it and it might save some heartache and red flags if you're withdrawing funds there.

I do not understand why anyone would now take a bunch of American cash down there with the exchange rate being where it is? The Canadian dollar to Peso has held up alot better.

aBUFAmember said "Like someone said, a little cash for the first day is good (cab from the airport, first meal, etc.). But US vs Peso really doesn't make a difference. Even better, just take your debit card and withdraw from a 'reputable' bank machine down there. Scotiabank, for example, has a machine in the old town in Puerto Vallarta. Gives you pesos and takes the money directly from your account at about the best exchange rate possible (even accounting for the machine fees). I've done the math both ways and debit was cheaper for me, and way easier. Just don't use 'no-name' bank machines at convenience stores and such. There are plenty of national and international banks there. "

For interest sake. We ordered pesos at our local bank and paid $7.50 per 100 pesos. We got more pesos at an ATM machine in the hotel lobby which worked out to $8.35 per 100 pesos. Most of the vendors quote in US funds. Real stores with cash registers are in pesos but will convert to US dollars. I would get either but definitely not Canadian funds. Loonies and toonies have no value there.  
 
I'll also add that our tour company (Sunwing)sold us some excursions and didn't mention they were quoting US funds. They then converted to pesos to charge the credit card. Looking at my statement a $75 price quote worked out to $111 Cdn on my cc statement.  
 
Edited by bigmoe, 2016-02-29 11:17:46