yet another edition of the same old currency question

[Craig]

I hope nobody minds but I have a question about Currencies, when reading some of the reports that are posted, people talking a bout using US dollars when in Mexico, can you use Mexican peso as well as U S dollars, I know this sounds daft but some countries prefer other types of Currency then there own for certain things.

Coming form Briton (England) I just want to be sure of what to get before we arrive.
Plus do we need a visa? lol
Regards
Craig

[krazy4playa]

Originally Posted by Craig

I hope nobody minds but I have a question about Currencies, when reading some of the reports that are posted, people talking a bout using US dollars when in Mexico, can you use Mexican peso as well as U S dollars, I know this sounds daft but some countries prefer other types of Currency then there own for certain things.

Coming form Briton (England) I just want to be sure of what to get before we arrive.
Plus do we need a visa? lol
Regards
Craig

Naturally they like the "green back". However, I have found when I use the USD and the change comes back in pesos their exchange rate isn't as favorable as the exchange booths or banks. I always change my money and use pesos. There are plenty of exchange booths and banks on every corner. I just change what I'm going to use for the day.

[Craig]

Thanks for the quick reply, looks like U S traveller’s checks
and ok with the peso.

Regards
Craig

[krazy4playa]

Originally Posted by Craig

Thanks for the quick reply, looks like U S traveller’s checks
and ok with the peso.

Regards
Craig

I have cashed US travelers cheques at the exchange booths with little problem. They usually want to see your drivers licenses and write your full address on the back of each one and sign it front and back and put your drivers license number on the back. So if you have many it can take some time. I typically use my cash machine card. Couple of reasons. One I'm a banker. And I know what ever cash I pull out my bank will give me the best rate over the last 30 days. Second it's fast and I can take cash out in increment that I need for the day. Any small fee you get charged for using the machine you will more than make up for in the exchange difference. I also use it at restaurants too unless they will give me a better deal for taking cash. I also only use cash machines that you slide your card on and not the ones that suck you card into them. Probably not a problem I'm just leery that the machine will suck my card in and not give it back. Also use your cash card attached to your checking account at least for US banks is safe. Under US banking Regulation E if there is an charge that you dispute you can call your bank and by law they have to put that money back in your account immediately and then they have 45 days to research what happened if they find out it was your fault they must give you 10 days notice before pulling the money back out. This give you the chance to reconcile your account so you don't go overdrawn. They also have to reverse any fees associated with the questionable withdrawal if it made you account go negative.

Hope this gives you some more info. If you do not bank in the US check with you bank on the protection policies that are in place in you country. My guess is that they probably have similar laws.

[denisea]

Originally Posted by Craig

Thanks for the quick reply, looks like U S traveller’s checks
and ok with the peso.

Regards
Craig

I agree 100% with Kecee's advice... ATM's are definitely an easier way to go than traveler's checks. We've traveled to Playa with traveler's checks for the last 8 years and recently traveler's checks have become somewhat of an inconvenience in Playa. The only reason we don't use our ATM card is because of how our financial accounts are set up and linked to each other... we would need to open a separate account just for this purpose and it's not worth the added expense for us... at least not at this time.

When we were in Playa from December 22, 2004 through January 10, 2005 we used travelers checks. We brought dual signature Visa Traveler's Checks in denominations of $20, $50, $100 and $200 USD as we always have in the past. That trip was the first time we ever ran into any difficulties using them. Here's a recap of the various inconveniences that we ran into...

1. Both the banks and cambios we went to now required a passport to a cash traveler's check... in the past all we needed was a driver's license.
2. Scotiabank on the corner of Av 10 y Constituyentes Av would not cash our traveler's check... the reason we were given is that they didn't have any change.
3. Several cambios had signs saying they cashed traveler's checks... however, when we tried to cash them, we were told that they did not cash them.
4. All cambios gave a lower exchange rate for traveler's checks than cash... this was something we'd never experienced in the past.
5. The day before we were leaving, the cambio we had used during our entire stay suddenly decided that they were no longer honoring Visa traveler's checks.

During my solo trip in March 2005, I used cambios the few times I needed to cash traveler's checks. Some would take them, some would not and some would only cash a certain amount (generally, not more than $200 USD).

During our trip in August 2005, we used cambios a few times to cash traveler's checks. We had no issues, however, a passport was required to cash them.

[james]

Originally Posted by Craig

I hope nobody minds but I have a question about Currencies
...
Regards
Craig

If you have something unrelated to the current thread, as in this case, you should start a new one. I've broken this off for you. Keeping threads on topic (mostly) has the advantage of getting more eyes on your question and also assisting others with the handy search function since searching by thread title/subject is an option and helps narrow down the information very efficiently.

subliminal note: This question has been covered many times and is actually listed as a question to be avoided in the sign-up agreement, and the announcement on this forum marked PLEASE READ. It's not that we don't want to talk about it but that we've already talked about it so many times and there isn't anything new to add. The search function is very handy when it comes to this, and the "Read More" tab on our navigation even lists a page called Currency and Communication where we talk about this too.

Short answer: Use ATMs and pesos. As a Brit you'll never need to get wrapped up in dollars. Just use pesos all the time. It's Mexico.

As for your visa, I think a quick call to your consulate would offer the most peace of mind. That's what I would do.

closing this one.