Are you going to Mexico and taking dollars with you? Now we will tell you everything you need to know about the circulation of American dollars in this country. You can feel as secure in Mexico with dollars as with any other convertible currency.
Does the $ sign in Mexico represent the American dollar?No, in Mexico the $ sign represents the Mexican Peso — Mexico's official currency (MXN). In Mexico you will see a $ sign on almost all price tags — the price is in pesos. But the price in dollars (USD) will be indicated as US$ or U$S.
What cash currency is best to take to Mexico?Of course, American dollars! Dollars can be exchanged at any bank or exchange office; dollars can be used to pay at almost any large or medium-sized retail outlet in Cancun and Playa del Carmen. In banks you can exchange other basic freely convertible currencies, but you can pay with them in stores — It’s unlikely, although some retail outlets also accept euros.
Do not take cash rubles to Mexico. You have no right to exchange them in banks or pay with them at retail outlets.
Is it worth buying dollars before traveling to Mexico?You will need cash dollars to prove your solvency to immigration officials upon arrival in Mexico. Usually 500 dollars is enough. If the rest of your money is in national currency, it is better to put it on a card. There are no problems with paying by card in Mexico, and if you need cash in pesos, it is more profitable to withdraw them from the card at an ATM.
When buying cash dollars in your home country before a trip, you lose twice: the first time when buying, the second time when selling in Mexico. Meanwhile, when paying by card, the conversion rate of your currency into pesos, which depends on your bank or payment system, will always be more favorable.
How much cash dollars are you allowed to bring into Mexico?You can bring in up to $10,000 per family without having to declare this amount on paper. Of course, when going through customs control, adults can split up and carry a large amount.
Imports of more than $10,000 are subject to written declaration, which requires a declaration on the export of money from your country.
Where can I change dollars?Dollars can be exchanged at the cash desk of any bank branch or at exchange offices. You are required to have your passport with you. In addition, you have the right to be asked to fill out a form where you will be required to indicate your personal data and source of currency. Answer the last question simply: guest of the state.
San Jorge exchange offices are widespread in Cancun and the Riviera Maya. You can find out the exchange rate in advance by visiting themwebsiteand selecting the desired city.
Mexican banks and exchange offices do not charge additional fees for exchanging foreign currencies. You can exchange banknotes of any denomination and year of issue. Old banknotes and banknotes with defects may not be accepted.
You have the right to read that the most favorable exchange rate — at the airport. At the airport, the rate may indeed be higher than in tourist areas, especially compared to the rate in hotels or when purchasing excursions. But it will be lower than when exchanging in the city.
Do they accept old and worn-out bills in Mexico?Banks and exchange offices accept dollars of any denomination and any year of issue without restrictions. In addition, they accept torn bills and those with inscriptions and foreign stamps. Heavily worn banknotes can be taken.
How to pay with dollars in stores?Many stores in Mexico accept dollars, but only in certain cities. Widely accepted in the resort towns of Cancun and Playa del Carmen, not accepted in Mexico City. You can see the exchange rate in the window or at the checkout. Often this exchange rate is higher than in exchange offices. But in order to pay in dollars at this rate, you must buy goods for at least 50% of the cost of the peso bill (that is, if the bill is 100 dollars, you must buy for at least the equivalent of 50 dollars). If you buy for a smaller amount, the rate will be different, not so profitable, they will announce it to you. They will give you change in pesos.
This is an official exchange. The legislation opens the way for Mexican companies to accept dollars from consumers as a means of payment, however, the price of a product or service must be indicated only in pesos. On the receipt you will see the amount in pesos and the equivalent in dollars.
At some retail outlets, when paying by card, you may be offered a choice of payment currency: pesos, dollars or euros. You have the right to choose a dollar, and payment will be without bank commission. But since the price of the product is initially denominated in pesos, you also need to know the exchange rate of the retail outlet itself in order to understand which currency is more profitable to pay in: dollars or pesos. In most cases, paying in pesos is still more profitable.
Is it allowed to withdraw dollars from ATMs?Yes, it is allowed. The ATM must clearly indicate that it can dispense dollars, otherwise you will receive a transaction in pesos. Many tourist areas have ATMs that dispense dollars. But most often this is extremely unprofitable. If you think that you have a dollar card and you will receive dollars at a 1:1 rate, then you are mistaken. Even if you withdraw from a dollar card, you will face a double conversion plus pay a withdrawal fee. First, your dollars are converted into pesos, then the pesos are converted back into dollars and given to you. You will never know the conversion rate in advance, in which, among other things, your bank may participate. Or you will still receive dollars at a 1:1 rate, but the ATM commission for withdrawal will be one that you will not like.
Dollars cannot be directly withdrawn from the card at bank branches.
All Mexican banks have withdrawal limits for both pesos and dollars. In most cases, this is 400-600 dollars per day depending on the bank (limits are denominated in pesos), but never more than 1,500 dollars per day. The northern states of Baja California and Baja California Sur have their own higher withdrawal limits. Your bank probably also has its own limit. Bank of Mexico regulations state that foreigners are limited to $1,500 cash exchange per month, but we have never heard of such restrictions being applied in practice.
Is it possible to open a dollar account in Mexico?Let's start with the fact that it is almost impossible for a traveler to open a bank account in Mexico. An individual, a resident or even a citizen of Mexico, cannot open a dollar account unless he resides along the northern border or in the states of Baja California (Tijuana) and Baja California Sur (Los Cabos). To open a dollar account in the rest of Mexico, you must be at least an entrepreneur and show a source of income from abroad in foreign currency.