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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
Parents of Frenchwoman Cassez confident Mexico will free her
MEXICO CITY (Reuters) - The parents of a Frenchwoman imprisoned in Mexico for kidnapping said on Tuesday they are optimistic the Supreme Court will free her after reviewing the case that has caused a diplomatic rift between France and Mexico. Florence Cassez, 37, has maintained she is innocent since her arrest in 2005, but the Mexican government has defended the conviction that sentenced her to ...
Read more...Mexico leftist moves into second in presidential poll
MEXICO CITY (Reuters) - Mexico's leftist presidential hopeful Andres Manuel Lopez Obrador pushed into second place behind opposition frontrunner Enrique Pena Nieto with just seven weeks to go before the vote, a poll showed on Tuesday. Lopez Obrador, who narrowly lost the 2006 race to President Felipe Calderon, had 20.5 percent support in the poll by Consulta Mitofsky, up 1.4 percent from last ...
Read more...Front-runner in Mexico race pledges plurality
The front-running candidate in the race for Mexico's July 1 presidential election pledged on Monday to respect transparency and plurality if elected, things his Institutional Revolutionary Party was not known for during 71 years in power.
Read more...Mexico Peso Touches Strongest in Week on Efforts to Boost Growth
Mexico’s peso reached the strongest level in a week on speculation European leaders will step up efforts to support global growth, encouraging demand for the Latin American nation’s higher-yielding assets.
Read more...Being a Journalist in Mexico Can Be Deadly
Marco Avila, a reporter in Sonora, Mexico was buried over the weekend after being found in a black garbage bag. He's the sixth current or former journalist killed in Mexico in less than a month. Considering the number of gruesome atrocities committed by the country's drug cartels (the latest being the 49 decapitated, hand-less, foot-less bodies found on the side of a highway), it makes sense ...
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