Pesos

[Mach II]

My wife and I are heading to Playa on the 6th and have a question as to what increments of peso's work best for the new traveler. We will probably exchange 500.00 US dollars through our bank here. We are staying at the Royal and the 10 peso's equal an american dollar right ?. I just want to be able to keep things straight, lol.

She was telling me to just get it all in 10 peso denominations to keep it simple. Do you agree ?

[Heather]

Originally Posted by Mach II

My wife and I are heading to Playa on the 6th and have a question as to what increments of peso's work best for the new traveler. We will probably exchange 500.00 US dollars through our bank here. We are staying at the Royal and the 10 peso's equal an american dollar right ?. I just want to be able to keep things straight, lol.

She was telling me to just get it all in 10 peso denominations to keep it simple. Do you agree ?

NO WAY!! Ten pesos is a coin, that would be really heavy! Get a mix of bills. Bill denominations are 1,000, 500, 200, 100, 50, and 20 (which corresponds roughly to 100, 50, 20, 10, and 5 usd).

[Mach II]

I thought the exchange rate was 10-1, rookie here I admit. so they don't have a 10 peso paper ?, just coin ?

appreciate your response Heather!

[Heather]

Originally Posted by Mach II

I thought the exchange rate was 10-1, rookie here I admit. so they don't have a 10 peso paper ?, just coin ?

appreciate your response Heather!

The exchange is generally right around 10 to 1, however it has been higher lately, even to 13! So it does behoove you to pay with pesos now as merchants tend to give you only 10 to 1 even if the actual rate is higher.

They don't have 10 peso paper, that I've ever seen, anyway.

[TXMichelle]

While we were there I really seemed to always want the 50's and 20's.

The exchage rate flucuates and seems like someone posted it was 13 point something yesterday.

Print a cheat sheet from here:

FXCheatSheet® - Currency Converter for Travelers

I forgot to do that and I wish I had of when I got there.

Even with all I read here the money thing was still confusing for me. Even when I paid in pesos, I would sometimes get my change is USD. Sometimes we had to pay with a combonation of USD and pesos and no one cared.

I think it's better if you just stick with pesos, but because of drunkn...oh I mean poor planning on my part we didn't do that.

[Mach II]

20 peso's = 1.47 US. Now I am getting confused.

FXCheatSheet® - Currency Converter for Travelers

[Heather]

Originally Posted by Mach II

20 peso's = 1.47 US. Now I am getting confused.

FXCheatSheet® - Currency Converter for Travelers

As I said, it has generally been around 10 to 1 for years, but recently it has been higher. In town, you won't always get an exchange rate as high as you see "officially," so if you roughly calculate 10 to 1, you'll be ok.

[TXMichelle]

Yep - we found this to be the case. Sorry didn't mean to further confuse you, Mach II.

Originally Posted by Heather

As I said, it has generally been around 10 to 1 for years, but recently it has been higher. In town, you won't always get an exchange rate as high as you see "officially," so if you roughly calculate 10 to 1, you'll be ok.

[Mach II]

Will just get the 20 peso paper for when we are out and about and use American dollars for tipping at the AI. Again, just want to keep it simple as possible. Gracious for your help Heather and TXMichelle.

[Susie Q Roo]

Originally Posted by Mach II

20 peso's = 1.47 US. Now I am getting confused.

FXCheatSheet® - Currency Converter for Travelers

No need to be confused. That's a 13.6 exchange rate, meaning ONE USD buys you 13.6 pesos. But, in the stores, if you have $1, it will only give you the equivalent of 10 pesos. If you take money out of the ATM here, say, 1000 pesos, it will cost you only 73 dollars (depending on the individual banks involved), so it's really the best way to go.

[TXMichelle]

Yes! Get pesos and just use that! That was my plan all along...but I screwed it all up from the get go.

Next time!

[Babaloo]

just to reiterate...
pay with pesos
...if the restaurants, shops & bars are offering an exchange of 10-1, then it's a rip-off. You are losing over 30 cents on the dollar. However, they were very very quick to drop the rate to 9-1 (and even 8-1) when the dollar dropped this summer.
Buy your pesos in California or just get them at the ATM here.

Current exchange rate (10/25) is 13.44 pesos to the dollar

[JEZ]

I would avoid having any bills over 200Pesos in value. Simply put, alot of stores / bars / restaurants do not have change and it makes your shopping easier if you use 20/ 50/ 100 and 200 bills.

Get cash from the ATM at the best rates.

Don't pay for anything in dollars unless you want to over pay by 30%

[TXMichelle]

There is an ATM right at the Cancun AP in the baggage claim. While you are standing in line at Customs it will be to your left. This is the one I wish we had waited to use.

There is also one just down the street and to the left from the Beer Bucket...it's an indoors ATM so you won't see it from the street.

[little john]

You will get at least 12 peso's to the US buck now. Who knows in January!! 10 pesos is coin only...