Whether you have vacationed in Playa del Carmen a few times or if you thinking about a Playa del Carmen vacation, here is our Playa del Carmen vacation tip of the week for October 17, 2012, how to deal with currency exchange on vacation.
Money can be confusing on vacation, find out the facts on Mexican currency rules
Our big tip for money and currency tip in Mexico is that rules continue to change. We can provide you with the facts today, but this could be outdated information in a few months from now. If you are unsure ask us, we live in Playa del Carmen and it is important that we stay up to date on currency rules, exchange information (not rates but how to exchange money and where) and the best way to take advantage of good exchange rates so you save money on vacation.
In 2010 currency rules changed in Mexico. US dollars were easily accepted everywhere and there was never a question as to how to deal with US dollars, pesos and in some cases Euros. In 2010 this all changed and US dollars are not as easily accepted due to new banking rules imposed on businesses and on visitors. Read on, and empower yourself with information before you arrive and make smart money decisions before you arrive in Playa del Carmen, the Riviera Maya or any destination in Mexico
Rule #1 You can only exchange up to 500 USD per week with a passport at local banks. This applies to visitors and local businesses. Now you can bend the rules a bit can change money at different banks so you could change money each day up to 500 usd.
Tip – Order pesos at your local bank before you arrive and bring some with you. Your exchange rate will be very good at home and you will gain more pesos than you have ever down here. Now that is a savings for you. Most international banks will need some lead time so order in advance.
Rule #2 Most ATM’s have a limit of 250 usd to 450 usd per day. The exchange rate is good and you can then just take out what you need and not have to carry cash around with you. It is much easier to pay for things in pesos and you will get more bang for your buck or euro. ATMS do have a small service charge so think through your withdrawals. It is better for you to withdraw once a day than three times a day.
Tip – Talk to your bank before you leave and see if there are service charges on their end when using international ATM’s. Some banks charge and soem banks do not.
Best way to maximize exchange rates and make your vacation easy
The best thing to do is to travel with your credit card, your ATM card and some pesos and you will be able to get what ever you wish when you want to and not have to struggle with different currencies while on vacation. Your vacation will take on a whole new meaning, even if your flight is only 1 hour or 2 hours, you will now feel like you are in a foreign country on an adventure.
The final tip is this, and many forget this little tip. If you are left with Peso bills at the end of your trip, you can walk into your bank at home and change them back onto your home currency….how great is that! Nothing is wasted, nothing lost. If your bank has a foreign exchange counter, you can obtain your home currency back for any peso bills you have left over…or you can save them for your next trip! The choice is up to you. We of course say save it for your return trip, cause we know you will be back!