New currency law in Mexico

[Tips The Cancun Legend]

I received a letter from my travel agent informing me that there have been changes in the currency law and as a result in the airports and hotels the US Dollar will not be accepted. The maximun amount of US currency that can be deposited into a personal account is 4000 and 7000 for a business. It is aimed at stopping money laundering. Bare this in mind people make sure you have some pesos at least. I reckon places will still love the dollar and i prefer to use it because i can calculate it back into pounds quicker in my head. Lol

[V]

Although a lot has been made of this, I wouldn't think this is much of a burden for tourists.

The use of your credit cards to pay hotels and others, and the use of ATMs (they're everywhere) to obtain pesos, remain unimpaired.

You can also exchange up to $300 USD/day at local banks. Legal currency exchange operations, too, are found all over the city.

Waiters, and other staff, happy to get generous tips in USD in the past, remain just as happy to get them, as there are many places where they can spend them, legally and freely, at supermarkets and elsewhere, just as you can.

Plan ahead, but don't worry: this is just a detail, and won't stop you from having a great time, in Cancun.

[icecube88]

I have a trip planned to the Rivera maya area in 2 weeks. Was planning on bring US Dollars and credit cards as back up... Is the US dollar accepted or are they cracking down on it do to the new laws??

[V]

Have a look at my post, just above yours.

You won't have any problems unless you're planning to deposit more than $4,000 USD per month, cash, into your Mexican bank account!

Tourists are not likely to run afoul of this law; it just requires a little thought about how you'll take care of your expenses, here.

Your plans sound fine, to me, icecube, unless you were really hoping to pay for everything, in cash, in USD.
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[NicHamburg]

Would be interessting if this applies to every currency or just the US-Dollar.

Mostly we Europeans get totally screwed when using foreign ATMs. ( Creditcards are not so popular here, and most of us dont have one) Hillarious fees.!! So my tactic is basically to bring a large pile of cash and exchange it at the Bank..

But changing the amount of max 300 US$ would mean if have to go to the Bank every 2nd day.....

That sucks...

[Tips The Cancun Legend]

Change your money before you go

[icecube88]

V...I'm going to be there for about 4 days....Plannning on a trip to Xel-Ha...I was going to pay in cash...Thinking about the Party hopper tour or just catch a taxi...Pay in cash also...LOL...I talked to my travel agent and she gave me a small e-mail telling me that i am allotted $100.00 a day. Anything over that amount will be needed to be payed in pesos/ Credit card/Traveler's checks...How strictly is this new law inforced??

[V]

Hi, ice. That $100/day limit must be imposed by your agent or tour operator, not a limit required under Mexican Law. Mexican businesses are the ones likely to have trouble disposing of large amounts of USD, with a $7,000/month deposit limit for local businesses.

I can't imagine taxi drivers not taking dollars, but they will expect everything to be rounded up in their favor. You might have to pay $10 for a 100 peso fare, for example, to please them. If you had time, you could check online to see if the Party Hopper Tour charges in dollars, or pesos.

With so many banks in Cancun, and so many currency exchanges around, and a $300/person/day limit at banks, for tourists, I would think this is not going to be much of an issue for you. Change your money every time you have a chance, and try to stay ahead of your need for money, rather than trying to exchange at a time of day when you see all the other tourists rushing to change their money, if you decide to bring USD with you. I never have to wait more than a few minutes at banks, but I've learned to avoid going when they first open, as that's the time everyone else shows up, creating the rush they are hoping to avoid!

Steve, the owner/administrator of this board will be the best source of current info on this question, because he himself does business here and may at times be paid in dollars. He may be enjoying our five day long Mexican holiday, now, celebrating the bicentennial of Mexican independence from Spain, but he'll pop up here before long, I suspect.
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[Steve]

There's no truth in the 'cant use dollars any more' statement. You can still use as many as you like but the problem is many companies are having trouble changing large amounts so it's easier for them if they just tell you a blanket dollars arent accepted any more. I suspect thisis the case with your TA, they dont want to be lumbered with Dollars they cant bank, so are saying this so that payments for tours etc are made in pesos in the first place.

As for everyone else the only place I know stopped taking Dollars recently is McDonalds. Taxi drivers will take anything, including your first born.

That said I have always believed Pesos offer the best value even for those from the US. Pesos via the atm is the way to go.

See the following thread for more recent discussion on this:
Mexicans not accepting dollars

[Ally]

so this hasn't been discussed in a while or if it was i missed the discussion when i was looking. whats happening with the dollar there? in the past we've always brought most of our money for clubs and stuff in US but my friend got back from mexico last week (cant remember what city) and she said lots of places weren't accepting it. a few places even let them pay in Canadian but not US. i just want to know if im going to have to order pesos at my bank. i dont mind but i have a harder time with pesos than dollars lol

[Tips The Cancun Legend]

Same here it is easier for me using us dollars because i can't figure how much i am being charged easily. Every £ is 17.something pesos that will just confuse me. But that being said i can't be bothered to keep going to the cash point and the exchange rate might be crap so i will get pesos before i go and some us dollars for tips.

[hw711]

You get better rates at the ATM (1% above interbank exchange rate) than exchange places, especially if you can find a bank that has relationships with your bank so you can take out money fee free. For example, if you have Barclays ATM card, you can use Santander bank ATMs without fee.

[Tips The Cancun Legend]

interesting, I am with Satander.

[hw711]

Originally Posted by Tips The Cancun Legend

interesting, I am with Satander.

Wow, it's crazy they try to charge you so much fees to use Ssantander ATM in Mexico even you are with Sandander UK. I guess rules with UK banks are a little different. In that case, your best bet is probably get pesos and US$ from your bank in UK before you leave. Just be careful carrying all that cash.

[mr_gill]

Im coming from the UK at the end of the March and was going to bring only pesos. Should i definitely bring some US $ too? I thought you end up getting bumped on the rate if you pay for stuff in Mexico in US $$?!

[chach]

Yeah i was thinking of bring some dollars too but even our travel agency here in the UK said the same thing that they dont accept Dollars anymore

[hw711]

Originally Posted by mr_gill

Im coming from the UK at the end of the March and was going to bring only pesos. Should i definitely bring some US $ too? I thought you end up getting bumped on the rate if you pay for stuff in Mexico in US $$?!

Yes, most of the time, it's against your best interest to pay in US$ because most place will not give you a good exchange rate because they are in the business of making money off you, not doing you any favors. But every once a while, someone may get lazy and round off the exchange rate for a whole number which sometimes may be to your favor (depending on the rounding). I wouldn't count on that happening too often though. If you are not from the US, there is really no point in bring US$.

[Tips The Cancun Legend]

I have decided pesos it is. Might have to follow kellz lead and bring a couple hundred dollar bills for some tips.

As for getting robbed henry, the last 2 times i took cash and have been lucky that money never went missing. I would rather get robbed on the street than by these mafia banks that rob me legally. Lol

[kellz!]

@tips that's the way you got to do it ....

[BlueSurf]

We have always used US dollars and never had a problem.

[Steve]

Nothing has changed since my last post. I dont know why 'travel agents' are still saying dollars arent accepted but they are wrong.

Originally Posted by Steve

There's no truth in the 'cant use dollars any more' statement. You can still use as many as you like but the problem is many companies are having trouble changing large amounts so it's easier for them if they just tell you a blanket dollars arent accepted any more. I suspect thisis the case with your TA, they dont want to be lumbered with Dollars they cant bank, so are saying this so that payments for tours etc are made in pesos in the first place.

As for everyone else the only place I know stopped taking Dollars recently is McDonalds. Taxi drivers will take anything, including your first born.

That said I have always believed Pesos offer the best value even for those from the US. Pesos via the atm is the way to go.

The only reason to bring Dollars is if you are familiar with them because they are your home currency. Pesos have always been the best way in terms of not being ripped on exchange rates and always will be.

[Ally]

i'm glad the dollar isn't going to be a problem. i prefer it regardless of if i get ripped on the exchange a little bit down there. its just way easier for me to manage. plus if i dont spend all of my cash down there i live like an hour away from the border so i can always hang on to it and go shopping but i dont want a bunch of extra pesos. i'll be bringing some us and some pesos but i just wanted to make sure the dollar wasnt going to get refused

[ToriB]

I exchanged a $100 US bill today at a Cambio with no questions. If it's legit, they are gonna take it. Most stores, like Walmart will post signs if they don't take $50 US bills or a $100. And most of you will not be leaving the Hotel Zone, so you will have no problems. I have yet to hear any guests complain.

[kellz!]

So best bet is to exchanged dollars here at the US instead of doin it in Mexico?

[tgordon2191]

Originally Posted by Ally

i'm glad the dollar isn't going to be a problem. i prefer it regardless of if i get ripped on the exchange a little bit down there. its just way easier for me to manage. plus if i dont spend all of my cash down there i live like an hour away from the border so i can always hang on to it and go shopping but i dont want a bunch of extra pesos. i'll be bringing some us and some pesos but i just wanted to make sure the dollar wasnt going to get refused

Yea thats a good point...you don't really want to be leaving Cancun with a lot of pesos. If you do, you would have paid to get it switched to pesos and then paid again to get switched back. Unless you just want some souvenirs of course

[ToriB]

Only if the rate is good. Right now, at the Cambios in the Hotel Zone, the rate is 11.10-11.45 pesos to $1. Most places that offer the "better" rate require a passport. Which I think is dumb cause you should never walk around with it. If you exchange back at home, you may get a better rate, but your bank may also charge a fee. I have worked in three branches and none had international money on the premise. It had to be ordered. I think you are better off doing it here, in the Hotel Zone. OR Find out what your ATM charges for International withdrawls, and take out Pesos there...at the best rate possible. My bank has NO affiliation to any here and they don't charge me a cent to take out money. And then the ATM here will probably charge you between $2-$3.

[HammieJ]

yeah I usually exchange at least $500 american at the nearest american express store. you can find one by googling for one! They still charge you a fee but usually its not that bad.

[tgordon2191]

Yea I have a small local bank and they dont charge either, ATMs would have to be my way to go. On a side note, I usually tell them I'm going on vacation to avoid any red flags. Spending hundreds of dollars in a foreign country might look kinda suspicious!

[ILikeRoastBeef]

So am i screwed if i bring US Cash to pay for everything? I have 2 grand in 10 dollar bills wtf am i suppose to do with all these?

[hw711]

Originally Posted by ILikeRoastBeef

So am i screwed if i bring US Cash to pay for everything? I have 2 grand in 10 dollar bills wtf am i suppose to do with all these?

Make it rain at a strip club.

Or deposit it back to your bank account and take your atm card to Cancun with you?