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Hello I have yet another question this one about money !
Last week through our local news we were informed that Mexico would no longer allow cash purchases over 100.00 (US)by visitors
today after contacting our travel agent with yet another question, she informed me that all purchashes have to be paid for with Pesos, no matter how small,WHAT !!
any one have any more info !!??
Have a great day !!
Mexico's currency is Pesos not Dollars, So if he/she purchase $100 equivalent to Pesos. That's what he should pay.Last week through our local news we were informed that Mexico would no longer allow cash purchases over 100.00 (US)by visitors
today after contacting our travel agent with yet another question, she informed me that all purchashes have to be paid for with Pesos, no matter how small,WHAT !!
any one have any more info !!??
Have a great day !!
Statistics:Posted by davebane — Thu Nov 11, 2010 2:14 pm
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It is the airline ticketing counters that will not accept anything but pesos or credit cards.
Statistics:Posted by katnsocal — Fri Oct 08, 2010 8:41 pm
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have a great day
Statistics:Posted by sunnyd — Mon Oct 04, 2010 4:56 pm
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Statistics:Posted by charlieb — Mon Oct 04, 2010 12:51 am
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Statistics:Posted by katnsocal — Sun Oct 03, 2010 11:04 pm
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There is so much conflicting info out there, and of course we want to do everything right !
I think we have the money info straight, now we just have to find 100ml bottles of everything that we may need
anyhow have a great day
Statistics:Posted by sunnyd — Sun Oct 03, 2010 6:26 pm
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Thanks for letting me know that in the smaller out laying areas they do not accept USD,I did not know that and I guess it makes me ignorant but in no way "Ethocentric"!!
Sunnyd,I don't think anyone was saying you were "Ethocentric." In the past few years people have found it more convenient to use ATM machines instead of taking the time to exchange at a bank or cambio. It is a matter of personal preference. I know there are people who open a separate account just for traveling thus keeping their at home finances separate from their travel money. I find that to be a hassle too, to open a totally separate account just for travel but I can see it would be better than worrying about having your account compromised and emptied out; that would not only totally mess with your vacation, but mess up any bills you have that are being paid while you are gone.
The problem with the outlying areas is many of them do not have banks or cambios in those areas. Taking US dollars means they have to make a trip to wherever the nearest bank is to change that money into pesos. In those areas dollars or canadian loonies are about as valuable as monopoly money, they can't use them in other stores so they are useless to them until they can get somewhere to exchange them.
The Mexican people are some of the nicest, warmest, most welcoming people you could ever want to meet.
Enjoy and have a great trip!
Statistics:Posted by katnsocal — Sun Oct 03, 2010 2:01 am
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katnsocal,Thanks for the positive info,
Have a great day !!
Statistics:Posted by sunnyd — Sat Oct 02, 2010 8:51 pm
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It is a matter of Mexican pride and culture which must be respected
Chuck, until this latest law went into effect I think you would have found an awful lot of people who do business with tourists that would argue that point with you. As one vendor told me when I asked him if it was an insult to be paid in US dollars, rather than pesos....this is a direct quote "Only the stupid people ask for pesos". 
The Mexican people that work with the tourists are very good business people, they figured out a long time ago that they could get more money if they exchanged that $10 bill for pesos; @ 12.5 they just sold the item for 12.50 instead of $10.00. I agree the peso is the currency of the country and in outlying non-tourist towns they would be insulted at being expected to take US or Canadian dollars, (it is difficult for them to exchange them and they look at it like it is an act of arrogance by rich people) but a tourist area like Vallarta whose economy is based on tourism, it was never a problem for them to accept the dollar and make the extra few pesos on their price. Now with the new law and the limits businesses can exchange per month too, it will not only be a hassle for the tourists but it will hurt the little guy who used to be able to squeeze a few extra pesos out of a sale by accepting dollars.
I am anxious to see how that affects the businesses who never accepted credit cards because of the high merchant fees and long delay in reimbursement that they had to deal with in Mexico. Again that will hurt the smaller businesses in PV, not the Sr. Frog's, etc. but the smaller family owned businesses that now must pay the fees or possibly lose the business.
Statistics:Posted by katnsocal — Fri Oct 01, 2010 7:49 pm
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Statistics:Posted by charlieb — Fri Oct 01, 2010 6:55 pm
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If a Mexican came to Canada and tried to use Pesos it could be a problem for them as trying to find a store/business to accept them would be in the nil range !! BUT unless Iam mistaken Mexico did/ does accept USD , so you are saying that they do not accept the USD any more ?
katnsocal,Thank you what you said is what we heard on the news, there will be a 100.00 cash limit on purchases(but the balance can be put on CC)also thanks for the tip on alerting bank/credit cards,will do that today,once again Thank You for the info !!
Statistics:Posted by sunnyd — Fri Oct 01, 2010 1:45 pm
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Each person is allowed to exchange $1500 US per month. You will have to take your passport with you to exchange money and the first time exchanging they will have you fill out a form, the information from which will be entered into a computer. After that you will just need to take your passport to exchange and your info will be in the computer. There is no limits on the amount you can take out of an ATM or put on your credit card. There is a $100 cash limit on purchases. The balance over $100 (if the purchase is over $100) has to either be put on a credit card or paid for in pesos.
The reason for the new laws is an attempt by the Mexican Govt. to cut down/stop money laundering.
Note if you have to pay departure tax, excess baggage or weight fees at the airport they can only be paid in pesos or on a credit card. The airport will not accept US dollars for these fees no matter what the amount is. There are ATM's and a money exchange in the airport, right near/in the departure area.
I hope that clears up any questions you have!
The new law has pretty much put and end to going to Mexico and never exchanging for pesos. Businesses have a whole different set of rules as to the amounts they can take in per month so you will find some businesses still willing to take dollars and others won't be.
Edited to add: If you are going to use your ATM/credit card make sure you notify your bank/credit card company before you leave of the dates you will be in Mexico and the area you will be in. If you don't they might just block your card for possible fraudulent activity. The ATM's in PV take a 4-digit number not 6.
Statistics:Posted by katnsocal — Fri Oct 01, 2010 8:03 am
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