$100 US Cash Limit
Moderators:admin, Moderators
-
jalapenojohan
- PV Fan
- Posts:28
- Joined:Fri Jul 09, 2010 10:10 am
- Location:La Peñita Mexico, Ladner, BC and Pt. Roberts, WA
New rules for US cash in Mexico now require a maximum of 100 dollars for any purchase. Some stores have stopped accepting dollars completely. The changes took effect September 15th and they are causing some confusion so I have trolled the web for the latest facts and rumours.
New money regulations
"Effective September 14, 2010, the Mexican government will cap the amount of dollars foreigners can exchange for pesos in banks and currency exchange establishments to no more than 1500 USD per month."
You need your passport to exchange at the bank or cambio now. Your passport information is entered into a computer and it is tracked at any Cambio/bank you go to.
Most stores will no longer accept $100 bills. Credit cards and debit cards are not included in the $1,500.00 per month limit.
Another FALSE rumor that was posted on Air Canada's website was that NO US or Canadian money was being accepted anymore. That is true ONLY for the FEES/taxes, etc you must pay to the airline when you leave Mexico (i.e. Baggage fees). Those fees must be paid by either Pesos, Credit Card or Debit Card, no exceptions). This applies to all airlines flying out of Mexico.
Thre is so much FALSE information being spread on the internet. Stores are still accepting US and Canadian money, just not large bills.
JUST AN FYI, if you are a Bank of America customer and DON'T WANT TO USE credit cards (alot of businesses won't accept them) or an ATM machine. BofA has a free service for their customers called Safe Send to Mexico. You can send money directly from your bank account to Santandar Bank in Mexico. You are given an ID # to use to pick the money up at the bank, that and your passport for identification will get you Mexican pesos at the current bank rate the day you pick it up.
You need your passport to exchange at the bank or cambio now. Your passport information is entered into a computer and it is tracked at any Cambio/bank you go to.
Most stores will no longer accept $100 bills. Credit cards and debit cards are not included in the $1,500.00 per month limit.
Another FALSE rumor that was posted on Air Canada's website was that NO US or Canadian money was being accepted anymore. That is true ONLY for the FEES/taxes, etc you must pay to the airline when you leave Mexico (i.e. Baggage fees). Those fees must be paid by either Pesos, Credit Card or Debit Card, no exceptions). This applies to all airlines flying out of Mexico.
Thre is so much FALSE information being spread on the internet. Stores are still accepting US and Canadian money, just not large bills.
JUST AN FYI, if you are a Bank of America customer and DON'T WANT TO USE credit cards (alot of businesses won't accept them) or an ATM machine. BofA has a free service for their customers called Safe Send to Mexico. You can send money directly from your bank account to Santandar Bank in Mexico. You are given an ID # to use to pick the money up at the bank, that and your passport for identification will get you Mexican pesos at the current bank rate the day you pick it up.
New rules for US cash in Mexico now require a maximum of 100 dollars for any purchase. Some stores have stopped accepting dollars completely.
Suggestion you might want to re-phrase what you are saying and what you have on your website. AS I said there is so much inaccurate information posted on websites for PV that no one knows what is going on.
When you state that they 'REQUIRE A MAXIMUM" of 100 dollars it reads like you are NOT ALLOWED to purchase anything less than a $100 purchase.
The Maximum of $100 per transaction in stores is the amount you can spend in one transaction in US or Canadian currency. If you purchase $200 in merchandise, you can pay up to $100 in cash (foreign currency) and the balance in pesos or a credit card.
Vendors are in business for themselves so this "store/corporation rule" does not apply to them. You may find they tell you they want pesos at certain times as they also have a limit that they are allowed to exchange per month.
-
jalapenojohan
- PV Fan
- Posts:28
- Joined:Fri Jul 09, 2010 10:10 am
- Location:La Peñita Mexico, Ladner, BC and Pt. Roberts, WA
Thanks for the suggestion Mate. Clarity is what I was hoping for so I have changed the statement to:
New rules for US cash in Mexico now require that not more than USD100 cash be applied to any transaction. For example if you buy something for 2,300 pesos you could pay up to USD100 with greenbacks and the remaining by pesos or credit card.
Your comment includes Canadian currency. I have not seen any other reference to Canadian currency being limited. Could you please tell us from where you got that suggestion.
New rules for US cash in Mexico now require that not more than USD100 cash be applied to any transaction. For example if you buy something for 2,300 pesos you could pay up to USD100 with greenbacks and the remaining by pesos or credit card.
Your comment includes Canadian currency. I have not seen any other reference to Canadian currency being limited. Could you please tell us from where you got that suggestion.
Basically you can NOT pay more than $100 US for any transaction period!
You want to spend more you will have to pay in pesos!
So do not bring down cash unless you plan on only spending $100 at a time, the easiest thing is bring the ATM card debit or CC and get out paeos at a bank ATM. They pay the best rates anyways.
You want to spend more you will have to pay in pesos!
So do not bring down cash unless you plan on only spending $100 at a time, the easiest thing is bring the ATM card debit or CC and get out paeos at a bank ATM. They pay the best rates anyways.
Johan,
The current restrictions involve US and Canadian currency, mainly because those are the two foreign countries that produce the most currency exchange from the tourist industry. I think you are seeing more mention of the US dollars because until recently when the Canadian currency came close to the same exchange value as the US currency, Canadians would do a triple exchange and get US dollars to spend to benefit from the higher exchange rate.
The current restrictions involve US and Canadian currency, mainly because those are the two foreign countries that produce the most currency exchange from the tourist industry. I think you are seeing more mention of the US dollars because until recently when the Canadian currency came close to the same exchange value as the US currency, Canadians would do a triple exchange and get US dollars to spend to benefit from the higher exchange rate.
Tourists are still allowed to exchange over $100 in a transaction at the cambios and banks. So for those who don't want to use an ATM in Mexico, and alot of people don't, they can still bring cash and exchange as they always have. There is a limit of $1,500 per month that can be exchanged and you must have your passport for ID at the Cambio or bank. But you can also purchase something in a grocery store with US currency and get pesos back without showing your passport. So there is no need to tell people not to bother bringing cash. Again misinformation is only confusing the situation.
Basically you can NOT pay more than $100 US for any transaction period!
You want to spend more you will have to pay in pesos!
If you go to a store and the bill is over $100 US you can pay $100 and the balance in pesos . If it is a small store they may not even accept dollars because they are only allowed to deposit a set limit of American or Canadian dollars per month.
Also it is smarter to NOT carry alot of cash with you, use a CC or debit card and only carry the cash you intend to spend on that outing.
Also it is smarter to NOT carry alot of cash with you, use a CC or debit card and only carry the cash you intend to spend on that outing.
The problem with your advice is there are not that many establishments that take credit cards in PV and certainly not the small stores. They have to pay very high merchant fees to the CC companies and the CC companies do not reimburse the stores in a timely manner.If you go to a store and the bill is over $100 US you can pay $100 and the balance in pesos . If it is a small store they may not even accept dollars because they are only allowed to deposit a set limit of American or Canadian dollars per month.
Also it is smarter to NOT carry alot of cash with you, use a CC or debit card and only carry the cash you intend to spend on that outing.
No one said anything about carrying a large amount of cash around, most people don't walk around at home with large amounts of cash either. I leave my money locked up in a room safe along with my passport, tourist card, etc.
Did you not see "only carry the cash you intend to spend on that outing."?
Also when I go it is normally alot longer than 2-3 days so I won't be going down with a few thousand in my pocket. If a family goes down for say an average of a week they will spend more than $100 US per day. The best thing is use your debit card and or credit card because the banks/ATM's give you the BEST rates! The cambios are a ripoff IMHO.
Why go down with a pocket of cash?
Also when I go it is normally alot longer than 2-3 days so I won't be going down with a few thousand in my pocket. If a family goes down for say an average of a week they will spend more than $100 US per day. The best thing is use your debit card and or credit card because the banks/ATM's give you the BEST rates! The cambios are a ripoff IMHO.
Why go down with a pocket of cash?
-
howard_jax
- PV Master
- Posts:719
- Joined:Tue Apr 10, 2001 7:57 pm
- Location:Jacksonville, Florida
