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Advice please on money!

Scotland, United...
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Advice please on money!

Hello,

I know this question has already been asked many times on here so please forgive me!

I am going to Mexico in August and was planning on changing my money into pesos with it being there currency, however a few people have said lately that i should take dollars instead :/

A friend of mine said she took dollars as its easier to work out what your spending, but i'm just wondering if there's any other reasons to take dollars instead of pesos? I've tried to have a look online and i'm getting conflicting stories - some people say it costs them to change dollars to pesos so they charge more if you pay in dollars. Some say if you pay in dollars you get change back in pesos so you get less for your money, while others say they prefer to be paid in dollars! My friend also said her mum went with pesos and ended up exchanging them to dollars while she was there, not sure why?

I understand it makes more sense to take their currency which is what i was planning to do but it's just with people saying to take dollars instead i'm a bit confused now!

Again i know this topic has been covered a lot on here but i'm hoping anyone who has been recently can give me a bit of advice on what to take please?

Many thanks

Clare

9 replies to this topic
Fife, United Kingdom
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1. Re: Advice please on money!

Your far better getting pesos as you are from the UK. The exchange rate is excellent just now so it's a good time to get some. Everywhere accepts US dollars to make it easier for Americans but you will get more for your money if you uses pesos.

Texas Gulf Coast...
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2. Re: Advice please on money!

Certainly Mxn pesos are the national currency, so you won't go wrong getting and using them. Understand that they (Mexico) also use the "$" sign to designate Mxn pesos, so sometimes that can be confusing.

*If* you have any USD laying around from a previous holiday to the States, you can certainly take and spend them just as freely as you can Mxn pesos. However I *would not* convert your pounds sterling to USD for your upcoming trip to the Cancun / Riveria Maya area.

Your friends are correct in that if you pay for something in USD, you will be given your change back in Mxn pesos. Also if a business accepts USD for a purchase, you need to understand that they (the business) are free to set their own exchange rate (i.e. the rate at which 'they' convert USD to Mxn pesos; and this does not need to be tied to any official rate.

If you give USD to Hospitality employees (i.e. Resort, waiters, Camaristas {maids}), it does not 'cost them' anything to exchange them, as they will simply spend them in stores that accept them without any hesitation for whatever goods they might need (i.e. groceries, clothing, etc.). Just make sure that these bills are in good condition, no rips or tears, and no marks on them. (US coins have no value in Mexico). Occasionally you will come across some employees that actually prefer USD to Mxn pesos for tips, due to the relative stability of the USD (as least as compared to the Mxn pesos). This is the case if they are saving for a major (big) purchase that will take some time to get enough funds.

So in summary, if converting your pounds sterling to travel funds, get Mxn pesos. If you have any leftover USD laying around from a previous trip to the States, you can take and spend them just as you would Mxn pesos. Safe travels.

¡Diviértanse!

Bonnyrigg, United...
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3. Re: Advice please on money!

Another vote for pesos, much better exchange rate from UK. Also i find it easier to work out £ to pesos and back than i do pesos to dollar to £. Last time i looked around 25 pesos to the pound.

Scotland, United...
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4. Re: Advice please on money!

Brilliant, thank you all for your advice! I'll stick to pesos, would it be an idea to maybe take some dollars for tips or in general would pesos be okay for this?

Piedmont, Oklahoma
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5. Re: Advice please on money!

Keep it simple, go with pesos. No sense for anyone besides americans to bring dollars.

New Hampshire
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6. Re: Advice please on money!

The simplest thing to do is withdraw pesos from any ATM. The ATM's in Mexico take most cards, and the fees at most are reasonable. There's one right in the airport.

Connecticut
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7. Re: Advice please on money!

The rate today is 27.3 pesos to the £. You'll get close to that using a credit card or ATM in Mexico. Buying them will be a point or so less. If you have dollars you can take them for tips. Don't get them if you don't already have them.

Fife, United Kingdom
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8. Re: Advice please on money!

Just tip in pesos as well. Get plenty of 20s and 50s for tipping your resort will exchange your larger peso notes into smaller ones for you. 20 pesos is the equivalent to 1 USD.

Edited: 07 June 2018, 21:33
Fife, United Kingdom
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9. Re: Advice please on money!

Here's a good site that compares currency.

https://travelmoney.moneysavingexpert.com/

I bought my pesos from tesco who delivered next day.

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