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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
Alleged perpetrator of mass beheadings in Mexico arrested
MEXICO CITY (Reuters) - Mexican soldiers have arrested an alleged perpetrator of the massacre of 49 people whose corpses were decapitated, dismembered and dumped on a highway last week. Daniel Elizondo, alias "The Madman," a leader of the Zetas drug cartel, was detained in the northern state of Nuevo Leon, a spokesman for the army said Sunday. Elizondo headed the Zetas trafficking operations in ...
Read more...Mexico's Ortiz says Greece exit could be worse than Lehman
ACAPULCO, Mexico (Reuters) - If Greece leaves the euro zone it could detonate a global financial crisis even worse than the 2008 credit crunch, dry up global trade financing and spur another U.S. recession, former Mexican central bank governor Guillermo Ortiz said on Friday. Heavily-indebted Greece is heading toward a snap election next month and global financial markets have swooned on fears ...
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Read more...3 Mexico army generals accused of helping narcotics gangs
3 Mexico army generals accused of helping narcotics gangs Houston Chronicle Copyright 2012 Houston Chronicle. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 11:26 p.m., Friday, May 18, 2012 In what could prove the biggest scandal to hit Mexico's military since it was deployed against gangsters five years ago, federal prosecutors are ...
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