Should I get Pesos?
Many people ask about how and where to convert USD (or Canadian) to Mexican pesos. Let’s start by what works for us and our guests. And that is not to, which I will further explain in a minute. If you do want to convert, it is best to do it at a bank. Airport and exchange kiosks don’t normally have a favorable exchange rate. Possibly your local bank before you travel but here is an idea that works for us. First bring some small bills and cash for tipping. (USD is fine), while some locals would rather have pesos, money is money and most are happy to receive it. (Please Keep in mind that many of the locals rely on tips to feed their families so if they treat you well do the same.) Oh, and bring cash for your fishing charter! More on that in a future post. Take a credit card that has no foreign transaction fees and use this for your purchases and dining. Make sure you let your bank card company know your travel plans so they don’t block transactions. Also we suggest Visa or MasterCard as some places don’t take American Express or Discover. When you check out, ask the merchant to charge your card in pesos. Thus your bank and not the merchant is doing the exchange. This will typically give you a better conversion rate. And hopefully the cash back or frequent flier miles will help get you back to Cabo sooner! Some people have a hard time understanding pesos. Here is a quick tip. The pesos is usually worth 5 – 7 cents in USD. So one way to do some quick math is to drop a zero and divide by 2. So 100 pesos is roughly 5 USD. Of course this fluctuates so when needed whip out your calculator. We don’t recommend using debit cards internationally. Debit cards expose your money instantly without fraud protection. Don’t use non-bank ATMs fraud has been reported on 3rd party ATMs near marina.
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