Twin Cities Business Daily

What's the exchange rate that you will get on American dollars in most places of business in Mexico?

In Mexico is common that dollars yield a higher return over travelers checks because the exchange rate merchants will give you is a better deal than, say, cashing travelers checks at the hotel or a tourist spot where they charge a fee on each check.

Public Comments

1. It's 10-1 or 13-1, i think. I really don't remember.
2. "Merchants" will usually just round it off and give you 10 pesos to a dollar...a big loss for the American. so, do not exchange money with merchants, or buy things using dollars. Use your ATM card to get money out in pesos as needed. You will get the best exchange rate this way.
3. A lot places use 10-1, but I believe its actually 12-1.
4. ATMs are the way to go, expecially with Bank of America accounts. BofA has no ATM fee and there is no ATM fee for withdrawal of pesos at ScotiaBank and Santander Serfin. You get the current exchange rate ( which today is 13.35 to a dollar). You might consider opening a special account with BoA for your traveling...verify your local bank ATM fee and policy. Make sure your 4 digit code works...let them know you will be traveling to Mexico to preclude any hold on your accout for fear of identity theft. Cash conversons are always better than traveler's checks. Merchants sometimes advertise a better rate that the official exchange rate for purchases but that is a crock, they get it back with higher prices. Hotels give poor conversion rates. Sometimes Casas de Cambio beat the bank's exchange rate..you have to shop around.
5. Think ATM. At the ATM machine you will get the current rate with no middle-man or business doing a 10-to-1 conversion because the math is too hard at 13-to-1. Travelers checks are very hard to cash.