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Old 06-16-2010   #1 (permalink)
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Restrictions on Buying Pesos

Just read that new monetary restricitions will limit Tourists and Mexicans without banks accounts to exchanging only $1,500 US per month for pseos. Does anyone know if this applies to cash machines? norestriciotns on Pesos to dollars.
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Old 06-16-2010   #2 (permalink)
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Originally Posted by 1lostmaya View Post
Just read that new monetary restricitions will limit Tourists and Mexicans without banks accounts to exchanging only $1,500 US per month for pseos. Does anyone know if this applies to cash machines? norestriciotns on Pesos to dollars.
From everything I've read it only applies to taking US cash to the bank to exchange for pesos and to deposits of US cash into bank accounts, not bank (or ATM) withdrawls in pesos.
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Old 06-16-2010   #3 (permalink)
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Was just reading this here.

Could have an effect on the amount of Mexican businesses accepting dollars as payment if they can only bank up to 7,000 a month.
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Old 06-16-2010   #4 (permalink)
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I just posted this here:

http://www.playa.info/playa-del-carm...ml#post1604587


after reading it on Trip Advisor today.
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Old 06-16-2010   #5 (permalink)
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Was just reading this here.

Could have an effect on the amount of Mexican businesses accepting dollars as payment if they can only bank up to 7,000 a month.
Sounds unrealistically restrictive to me. Consider a larger Cozumel dive shop. They pulling in that much in less than a week.
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Old 06-16-2010   #6 (permalink)
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pay in pesos, the currency here in mexico
what is the problem??
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Old 06-16-2010   #7 (permalink)
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Originally Posted by snappysammy View Post
pay in pesos, the currency here in mexico
what is the problem??
I wholeheartedly and unequivacally agree with your fundamental point. I've read more than a few pissy posts about the acceptance of dollars/exchange rates, as though we'd consider it completely normal to be offered MXP for goods and services in the US. It drives me to distraction.

Upon completion of the customs process, our very next move is the ATM.

My only point was the one that I thought I made. Many businesses do business in USD. Dive shops being one of them. Most car rental agencies another. A limit of 7,000 pesos per month seems overly restrictive, and I wonder if that limit is correct.

Frankly, I don't care one way or the other. I'm perfectly happy to remit the currency requested.

Last edited by WaterRat; 06-16-2010 at 11:19 PM..
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Old 06-17-2010   #8 (permalink)
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I wholeheartedly and unequivacally agree with your fundamental point. I've read more than a few pissy posts about the acceptance of dollars/exchange rates, as though we'd consider it completely normal to be offered MXP for goods and services in the US. It drives me to distraction.

Upon completion of the customs process, our very next move is the ATM.

My only point was the one that I thought I made. Many businesses do business in USD. Dive shops being one of them. Most car rental agencies another. A limit of 7,000 pesos per month seems overly restrictive, and I wonder if that limit is correct.

Frankly, I don't care one way or the other. I'm perfectly happy to remit the currency requested.

i could be wrong, but i believe businesses must accept pesos by law
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Old 06-17-2010   #9 (permalink)
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"i could be wrong, but i believe businesses must accept pesos by law"


You are correct Snappy...Even though many places advertise USD prices, any credit card purchase will be in Pesos.

As a non national, I am not allowed to deposit ANY USD into any bank account (except cheque or wire transfer) so, any USD we get we use for purchases at Sam's and City Club which actually has a higher exchange rate than the banks, and give change in pesos.

Most merchants will not provide bank rates, nor should they, and many only offer a 10 to 1..so, best for tourists is to pay in pesos.
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Old 06-17-2010   #10 (permalink)
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shopping on fifth

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Originally Posted by snappysammy View Post
pay in pesos, the currency here in mexico
what is the problem??
I rarely do any shopping on fifth avenue but was looking for a special tshirt for my grandson. Every big shop had prices listed in pesos-american dollars and euros. I was really surprised since I thought taking american money was a no-no now because of this new banking law. So what is with that?
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Old 06-17-2010   #11 (permalink)
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Originally Posted by rainmaker View Post
"i could be wrong, but i believe businesses must accept pesos by law"


You are correct Snappy...Even though many places advertise USD prices, any credit card purchase will be in Pesos.

As a non national, I am not allowed to deposit ANY USD into any bank account (except cheque or wire transfer) so, any USD we get we use for purchases at Sam's and City Club which actually has a higher exchange rate than the banks, and give change in pesos.

Most merchants will not provide bank rates, nor should they, and many only offer a 10 to 1..so, best for tourists is to pay in pesos.
I am a US citizen here on a Tourist Visa. I have checking accounts, ATM cards, drivers license and own property. I bank with BankComer. I am allowed to deposit somewhere around two thousand U.S. cash per month with no penalty. I can transfer unlimited dollars without penalty.

If I deposit more than a couple of thousand dollars per month I then get a government tax on the excess.

Hope this helps.
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Old 06-17-2010   #12 (permalink)
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I am a US citizen here on a Tourist Visa. I have checking accounts, ATM cards, drivers license and own property. I bank with BankComer. I am allowed to deposit somewhere around two thousand U.S. cash per month with no penalty. I can transfer unlimited dollars without penalty.

If I deposit more than a couple of thousand dollars per month I then get a government tax on the excess.

Hope this helps.
When was the last time you deposited USD CASH in an account at Bancomer????
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Old 06-27-2010   #13 (permalink)
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When was the last time you deposited USD CASH in an account at Bancomer????
I do it routinely. Never have been not able to. There's no restriction now if you are willing to pay the tax (or whatever the govt down here calls it).

There is a great deal of false info passed around here. Don't get me wrong, I love the site. But, like any other site, there are alot of people passing on bad or incorrect info.
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Old 06-27-2010   #14 (permalink)
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I do it routinely. Never have been not able to. There's no restriction now if you are willing to pay the tax (or whatever the govt down here calls it).

There is a great deal of false info passed around here. Don't get me wrong, I love the site. But, like any other site, there are alot of people passing on bad or incorrect info.
the info was not false at the the time
they were not allowing dollar deposits and changed the policy, again
i hope they can find one they like and stick to it
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