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Mexico Travel - Swap your greenbacks for pesos or you'll pay the price
from: James TruettCABO SAN LUCAS, Mexico -- If you feel safer using your
greenbacks to pay for your purchases in Mexico, you're paying a
hefty premium for your imagined security.
While many stores, restaurants and bars in all but the smallest
towns generally accept U.S. currency in payment, you can be sure
that little shopkeeper is smiling as you walk out his door!
You just gave him a bonus - as much as ten percent - just
because you paid in U.S. dollars.
The International Monetary Fund currency exchange rate between
the U.S. dollar (USD) and the Mexican Peso (MXN) is about 10.50
pesos to the dollar as of this writing, but that's not what you
get from that nice little shopkeeper, sexy waitress or friendly
barkeep.
Most establishments set their exchange rates 10% lower than the
bank's rate to accommodate natural fluctuations in international
currency markets. So, while the bank rate might be 10.50 pesos
to the dollar, it's not uncommon for local businesses to give
only 9.50 pesos to the dollar.
The result: you end up paying 10 percent more for your
purchases. If that doesn't sound like much, consider this. If
the average traveler to Mexico spends $2,000 USD during a
one-week visit, that visitor could be paying an extra $200 USD
if everything is paid in dollars.
For reference purposes, the average Mexican worker is lucky to
make $100 a week, so the extra $200 you paid would cover the
wages of a Mexican worker for two weeks!
The moral of this story? When in Mexico, ALWAYS pay in pesos,
and you'll get the cheapest price and save money.
To find out how to get the very best currency exchange rate, and
how to get your travel cash in a foreign currency before you
leave home, you'll want to check out the e-book, "50 Things You
Must Know Before You Travel to Mexico". The book contains vital
information for anyone planning to travel to, live in or retire
in Mexico.
For more information, go to:
http://truestarpublishing.com/ART101/
About the author:
James Truett, a former AP reporter, writes from his home in Cabo
San Lucas, Mexico. His
book, "50 Things You Must Know Before You Travel to
Mexico," contains vital information for anyone traveling to
Mexico. For details,
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Mexico Specific links
Mexico News
Mexico cartels paid $4.5 million political bribes: court
MEXICO CITY (Reuters) - Mexican drug cartels paid $4.5 million in bribes to buy protection and political favors in a state run by the country's main opposition party, U.S. court documents said on Friday, as the party leads polls to win the presidency in July. The money-laundering case in Texas charges Antonio Pena, arrested on Wednesday, with funneling cash from the feared Zetas cartel to ...
Read more...Mexico travel warning expands to 14 states
Mexico travel warning expands to 14 states Associated press Copyright 2012 Associated press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 03:04 p.m., Friday, February 10, 2012 MEXICO CITY - The U.S. State Department recommends Americans avoid travel to all or parts of 14 of 31 Mexican states in the widest travel advisory since Mexico ...
Read more...U.S. updates travel warning for Mexico
MEXICO CITY — The State Department advised Americans this week to defer “non-essential travel” to vast stretches of Mexico, warning that 14 of the country’s 31 states are so dangerous that visitors should avoid them if at all possible. For four other states, it counseled caution or extreme caution. Read full article >>
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