David R. Says:
What’s the best way to exchange money in Mexico?
IL Latin America Correspondent Jason Holland Says:
Hi David,
Your ATM card is likely to give you pesos at the most favorable exchange rate. But before you leave for Mexico, call to tell your bank that you’ll be in Mexico and to make sure that your card will work there with your PIN number (you may need a number with more or fewer digits). And ask, too, if there is a fee for the currency exchange and what that fee is.
Banks can exchange cash for you, as can exchange houses. Banks are usually open weekdays from 9 a.m. to 3 p.m.—sometimes later. Larger banks may keep some branches open on Saturday mornings. Travelers’ checks are rarely used, and you may have trouble cashing them.
Exchange houses tend to offer longer hours and to be open on Sundays when the banks are closed. Keep cash on hand for shopping, as many boutiques do not take credit cards. Or, if they take credit cards, they may charge higher prices when you pay with them.
Vendors in the street or in local farmers’ markets will never take cards and often don’t have much change—so carry small bills.
Remember, you can learn everything you need to know about Mexico in our Escape To Mexico guidebook.