can I use canadian money in mexico

[gypse]

Does anyone know what currency I can use in
Mexico. We are coming to Mexico soon, never been before but friends told us we could use our own canadian money. Which would be the easiest for us, can someone give us info on this it would be greatly appreciated. Thanks in advance.

[bsimpson]

Hola! Also from Canada. If you arrive without Pesos, you could use loonies/toonies for immediate items such as a porter at the airport to haul your luggage, but I'd strongly advise buying Pesos before you arrive and using a credit card where possible for purchases (where they take credit cards). Right now, you can get about 6 Pesos per Cdn $ at banks in Canada - you will not likely get that by trying to do an exchange in Mexico. Also, if you can get to an ATM, use your debit card to make withdrawals (in Pesos) - better rate. If you have Pesos, it makes life a lot easier when it comes to negotiating prices in stores, etc. - less hangup than arguing over what you/the vendor feel is a fair Cdn.-to-Peso rate. You can bring some large denomination Peso bills with you then exchange for smaller bills at your hotel - no "rate" issues. Hope this helps.

BTW: There ARE some restaurants/stores that will NOT accept credit cards (they've been ripped off), so again, when in doubt, have Pesos with you.

[Jennybean]

I have tried to use Loonies and Toonies before in PV, and was told they would not accept them - no Canadian change.....Bob, where did you use them?

I don't recommend exchanging a lot of your Canadian $$ before you go, because you will not always get the 6 pesos/Cdn dollar exchange rate, or whatever the current rate is in PV. Trust me on this one. Plus you will pay anywhere from $3.00 to $8.00 for the exchange "fee" that most exchange houses and some banks use for their processing purposes. It's not worth it - the best rate I ever got from a bank was 5.75 pesos to the dollar, and when I landed at the PV airport 24 hours later, the rate was 6.3, with no fee for exchange - BIG difference. Exchange maybe $75 before you go so you have enough money to get in a taxi, and buy dinner and a couple of drinks for the night. Next day, hit the ATM and keep using that for the rest of your trip. ATM's and the banks have the best exchange rate, and the ATM is all I ever use anymore....hotel rates for exchange are far lower than the going rate on the street.

I use my credit card only for large purchases, never for day to day, and I always request the carbon slip. Had a friend on a recent trip for his wedding, and someone in his wedding party had their credit card number lifted at a bar he used it in, and whammo, somebody charged a whack of stuff to his card. Luckily, he was fully covered for fradulent charges, but a lot of places in PV, in Mexico period, still use the old carbon copy credit slips, so it's easy to lift a number. Just remember that and be aware.

I guess bottom line is I always use pesos - makes life much easier. I also always bring a tiny pocket calculator with me too in case I've had too many margaritas to do the math.....(-:

[bzy1]

They do NOT take coin.

Do not exchange ANY money before you go to PV. You will not only pay a fee, but get a crummy exchange rate.

When you pass customs- "red light/green light"- go to your left, there is a cambio (money exchange) with no fee- excellent rates. There is also a bank, and it is open during normal hours, excellent rates.
There is also an ATM.

ATM's are all around PV. Easy to use, in English and Spanish. Your best bet for exchanging money. Take out the max, so it cuts down on fees, which are minimal. Save your slips in case of any error. (I have yet to have an error after at least 50 transactions, but to be safe...)

Your PIN must be 4 digits. If you have a 5 or more digit pin, change it at least a week before you leave. I also bring 2 ATM cards, cuz if one dets demagnatized, you're SOL...(not the beer:)

Before I leave the airport I exchange at the bank or cambio most of my U.S. currency. This way I have cab money and don't have to worry about having pesos until they run out. Then I swing by an ATM and refill the pockets.

I never bring travelers checks as I have found they waste my time.
Harder to cash than currency and the ATM is the very best bet for saving time and getting the best exchange with little or no wait.

[bsimpson]

Hola! Not sure where you folks are buying your Pesos in Canada but on Friday, the Royal Bank was selling at 6.02 to the Cdn $. My wife works at a Royal Branch & confirmed that. By Saturday, that was down to 5.999 but still a lot higher than the 5.3-5.4 being mentioned. We have been buying up Pesos (because of the rate) and leaving them in the safety deposit box for our next trip).

P.S. As of first thing this morning the Royal rate is .1673 or 5.98 to the $

[bsimpson]

Sorry....forgot. The porters at the airport were quite delighted with the Toonies. They probably don't LIKE to take coin as they have to go through the exchange hassle but DID definitely take our toonies. Maybe they threw them away....NOT!

[ushuaia]

I've found here in Calgary that many banks don't carry Mexican pesos. I have only been sucessful at the Thomas Cook places where the rates are not good at all. I agree with Bzy1. Don't buy any pesos here (or if you feel really uncomfortable take $75 worth as PVJennyBean suggested).

[bzy1]

Hey Bob,
There is always a fee from Canadian Banks or United States banks when ordering pesos, (or any foreign currency) and you have to wait a few days before you can pick them up. The average fee for $500.00 is $35.00, and that really drops the exchange rate when you compare total cost. It's pointless for me to order currency, go back to pick it up, pay the fees, when I could have taken my US$ and my ATM card and visited one of the 3 options right at the PVR airport, for zero fees, except $1.50 USD for my ATM transaction fee for 3000 pesos.

Banks and cambios in Mexico do not take foreign coin of any kind for exchange. If I am wrong, lord knows I checked Bital and Banamex, I would love to stand corrected.

I will say that even when the world currency rate for the pesos is listed at 9.34 pesos per US$, you will not get that amount when you factor in costs for ordering (banks don't keep a safe of foreign currency) or when you are in Mexico at the bank or cambio. Both have hidden costs when it comes to exchanging money and pass those on to you in the form of a lower exchange rate. The only way to get the very best exchange rate is to use your ATM or credit card as Visa/Mastercard/AMEx give you the best exchange rate on the day of purchase. The "nuevo peso" floats now, so the exchange changes (or could) about every 20 minutes. Since 1996 the peso has stayed pretty consistent. Usually between 9.0 and 9.8 per US$

[Jennybean]

Plus Bob, your wife works for the bank, and I know from my sister (who also works for a bank) that bank employees get the best rates without paying the fees (at least that's the way it works at CIBC). I bank with the Royal, and have always found that most of their branches did not carry pesos, but were willing to order them for the set fee. They always waived the fee for the traveler's checks because I was purchasing directly from my bank account, but not on the pesos purchase. Thomas Cook always has pesos, but charges you the most horrible rates and tacks a fee on top. There are some private exchange houses in Calgary, but they don't have very flexible hours, so they aren't always an option unless I take a day off. The last trip I took I only exchanged about $25 before I left. The rest I did at the airport and through the ATM.

I bet the porters thought the toonies were the new 20 peso coins.....they are almost identical! Oh well, amused as they were, I bet those toonies are necklace charms now. (-: I have a friend who is a jeweler down there and he makes pendant charms out of loonies and toonies, if his customers bring them. Very cute actually.

[pt]

Hola from PV! Jenny/Brenda are correct...No coins are 'exchangable' (sp?!) here in PV unless you have HUGE amounts and only at certain banks. I know because I have a HUGE jar of Cdn coins and US quarters that the guys on the boats, bellboys, porters at airport, etc give me to change someday when I go on vacation (to US/Canada). Paper money only. Unfortunately, it's getting a bit more difficult to change Cdn $ here - many restaurants, shops won't accept it because the exchange rate is too low. For example: American Express won't change Cdn money. So best bet is to do what Brenda says - change your $. Plus, remember that whatever rate (exchange rate) you might see for Cdn to pesos in Canada is not necessarily (or ever!) the exchange you will receive here in PV. Thanks!

[Jennybean]

Hey PT, roll that Canuck money and send it up - I will get the guys some paper cash they can exchange to pesos! LOL